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Nextracker Inc. Financials

NXT
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Nextracker Inc. (NXT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NXT FY2025

Margin expansion and cash conversion turned Nextpower from a cash-consuming grower into a self-funded profit model.

From FY2022 to FY2025, gross margin rose from 10.1% to 34.1%. Over the same span, operating cash flow swung from -$147.1M to $655.8M, a pairing that suggests the business did not merely add revenue; it now keeps far more of each sales dollar and turns that improvement into cash.

In FY2025, operating cash flow exceeded net income by $146.6M, and free cash flow still reached $621.9M. That matters because earnings were backed by cash generation, while capex remained light enough that most operating cash stayed available after reinvestment rather than being tied up just to maintain the business.

Cash rose from $474.1M in FY2024 to $766.1M in FY2025. With long-term debt at $0 and the current ratio at 2.1x, the balance sheet now looks built for internal funding, a notable contrast to the earlier period when operations were consuming cash.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 68 / 100
Financial Profile 68/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Nextracker Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
69

Nextracker Inc. has an operating margin of 19.6%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 69/100, reflecting efficient cost management and pricing power. This is down from 21.6% the prior year.

Growth
66

Nextracker Inc.'s revenue surged 20.3% year-over-year to $3.6B, reflecting rapid business expansion. This strong growth earns a score of 66/100.

Leverage
87

Nextracker Inc. carries a low D/E ratio of 0.74, meaning only $0.74 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
46

Nextracker Inc.'s current ratio of 2.45 indicates adequate short-term liquidity, earning a score of 46/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
67

Nextracker Inc. converts 14.4% of revenue into free cash flow ($513.6M). This strong cash generation earns a score of 67/100.

Returns
74

Nextracker Inc. earns a strong 25.1% return on equity (ROE), meaning it generates $25 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 74/100. This is down from 31.3% the prior year.

Altman Z-Score Safe
8.02

Nextracker Inc. scores 8.02, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($19.6B) relative to total liabilities ($1.7B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Weak
3/9

Nextracker Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed
0.96x

For every $1 of reported earnings, Nextracker Inc. generates $0.96 in operating cash flow ($562.9M OCF vs $585.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.6B
YoY+20.3%
5Y CAGR+24.4%

Nextracker Inc. generated $3.6B in revenue in fiscal year 2026. This represents an increase of 20.3% from the prior year.

EBITDA
$727.9M
YoY+11.5%
5Y CAGR+32.9%

Nextracker Inc.'s EBITDA was $727.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.5% from the prior year.

Net Income
$585.9M
YoY+15.1%

Nextracker Inc. reported $585.9M in net income in fiscal year 2026. This represents an increase of 15.1% from the prior year.

EPS (Diluted)
$3.84
YoY+10.7%

Nextracker Inc. earned $3.84 per diluted share (EPS) in fiscal year 2026. This represents an increase of 10.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$513.6M
YoY-17.4%
5Y CAGR+41.1%

Nextracker Inc. generated $513.6M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 17.4% from the prior year.

Cash & Debt
$1.1B
YoY+42.9%
5Y CAGR+41.9%

Nextracker Inc. held $1.1B in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
150M

Nextracker Inc. had 150M shares outstanding in fiscal year 2026.

Margins & Returns

Gross Margin
32.6%
YoY-1.5pp
5Y CAGR+13.2pp

Nextracker Inc.'s gross margin was 32.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.

Operating Margin
19.6%
YoY-2.0pp
5Y CAGR+6.3pp

Nextracker Inc.'s operating margin was 19.6% in fiscal year 2026, reflecting core business profitability. This is down 2.0 percentage points from the prior year.

Net Margin
16.5%
YoY-0.8pp
5Y CAGR+16.5pp

Nextracker Inc.'s net profit margin was 16.5% in fiscal year 2026, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.

Return on Equity
25.1%
YoY-6.2pp
5Y CAGR+25.1pp

Nextracker Inc.'s ROE was 25.1% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 6.2 percentage points from the prior year.

Capital Allocation

R&D Spending
$120.9M
YoY+52.3%
5Y CAGR+56.2%

Nextracker Inc. invested $120.9M in research and development in fiscal year 2026. This represents an increase of 52.3% from the prior year.

Share Buybacks
$395K

Nextracker Inc. spent $395K on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$49.3M
YoY+45.3%
5Y CAGR+82.1%

Nextracker Inc. invested $49.3M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 45.3% from the prior year.

NXT Income Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue $880.5M-3.2% $909.4M+0.5% $905.3M+4.7% $864.3M-6.5% $924.3M+36.1% $679.4M+6.9% $635.6M-11.7% $719.9M
Cost of Revenue $583.1M-6.1% $621.2M+1.4% $612.4M+5.1% $582.5M-5.8% $618.7M+41.1% $438.5M+6.7% $410.8M-14.9% $482.5M
Gross Profit $297.4M+3.2% $288.1M-1.6% $292.9M+4.0% $281.7M-7.8% $305.7M+26.9% $240.9M+7.2% $224.8M-5.3% $237.4M
R&D Expenses $43.2M+47.4% $29.3M+8.9% $26.9M+24.7% $21.6M-8.6% $23.6M+17.4% $20.1M+4.7% $19.2M+16.2% $16.5M
SG&A Expenses $100.6M+21.6% $82.7M-2.2% $84.6M+14.5% $73.9M-14.8% $86.8M+23.0% $70.6M-2.2% $72.1M+18.6% $60.8M
Operating Income $153.6M-12.8% $176.1M-2.9% $181.3M-2.6% $186.2M-4.6% $195.3M+30.0% $150.2M+12.6% $133.5M-16.6% $160.1M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $9.0M-81.7% $49.3M+37.4% $35.9M+6.2% $33.8M-17.3% $40.8M-4.7% $42.8M+115.0% $19.9M-26.6% $27.2M
Net Income $150.6M+14.8% $131.2M-10.6% $146.9M-6.6% $157.2M+0.2% $156.8M+36.0% $115.3M-0.1% $115.4M-5.2% $121.7M
EPS (Diluted) N/A $0.85-12.4% $0.97-6.7% $1.04 N/A $0.790.0% $0.79-6.0% $0.84

NXT Balance Sheet

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $4.1B+7.2% $3.8B+3.6% $3.7B+8.2% $3.4B+6.2% $3.2B+7.0% $3.0B+7.8% $2.8B+5.4% $2.6B
Current Assets $2.8B+11.2% $2.6B+5.0% $2.4B+9.2% $2.2B+3.5% $2.2B+8.2% $2.0B+11.8% $1.8B+5.1% $1.7B
Cash & Equivalents $1.1B+14.9% $952.6M+12.7% $845.3M+13.7% $743.4M-3.0% $766.1M+10.5% $693.5M+23.4% $561.9M+19.1% $471.9M
Inventory $262.3M-4.7% $275.3M+24.5% $221.2M-2.6% $227.1M+8.5% $209.4M-3.6% $217.3M+21.2% $179.3M+8.0% $166.0M
Accounts Receivable $417.0M-7.8% $452.2M-17.7% $549.2M-0.8% $553.6M+17.2% $472.5M+3.2% $457.9M+28.1% $357.6M-11.0% $401.9M
Goodwill $488.9M+0.8% $485.3M+2.5% $473.7M+6.5% $444.9M+19.9% $371.0M+0.1% $370.6M0.0% $370.6M+12.9% $328.4M
Total Liabilities $1.7B+5.4% $1.6B-2.0% $1.7B+6.3% $1.6B+1.2% $1.6B+0.4% $1.6B+4.9% $1.5B-0.3% $1.5B
Current Liabilities $1.2B+7.3% $1.1B-3.1% $1.1B+8.5% $1.0B-0.1% $1.0B+14.2% $904.6M+12.2% $806.3M+0.4% $803.0M
Long-Term Debt N/A N/A N/A N/A $0-100.0% $138.8M-1.2% $140.5M-1.2% $142.2M
Total Equity $2.3B+8.5% $2.2B+8.3% $2.0B+9.9% $1.8B+11.0% $1.6B+14.3% $1.4B+11.1% $1.3B+14.4% $1.1B
Retained Earnings -$2.0B+7.1% -$2.1B+5.8% -$2.3B+6.1% -$2.4B+6.1% -$2.6B+5.8% -$2.7B+4.1% -$2.8B+3.9% -$2.9B

NXT Cash Flow Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow $171.4M+39.1% $123.3M-34.0% $186.9M+129.8% $81.3M-65.7% $237.3M+65.0% $143.8M-6.5% $153.8M+27.3% $120.8M
Capital Expenditures $17.8M+276.5% $4.7M-69.4% $15.5M+37.4% $11.3M+11.7% $10.1M+12.7% $8.9M-25.6% $12.0M+315.6% $2.9M
Free Cash Flow $153.6M+29.6% $118.5M-30.8% $171.4M+144.6% $70.1M-69.2% $227.2M+68.5% $134.9M-4.8% $141.8M+20.2% $118.0M
Investing Cash Flow -$28.6M-80.7% -$15.8M+64.5% -$44.5M+54.7% -$98.1M-457.9% -$17.6M-96.6% -$8.9M+80.8% -$46.5M+58.9% -$113.1M
Financing Cash Flow -$520K-164.0% -$197K+99.5% -$40.5M-580.0% -$6.0M+96.0% -$147.2M-4442.8% -$3.2M+81.2% -$17.3M-73.1% -$10.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A $0 $0 N/A N/A

NXT Financial Ratios

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin 33.8%+2.1pp 31.7%-0.7pp 32.4%-0.3pp 32.6%-0.5pp 33.1%-2.4pp 35.5%+0.1pp 35.4%+2.4pp 33.0%
Operating Margin 17.4%-1.9pp 19.4%-0.7pp 20.0%-1.5pp 21.6%+0.4pp 21.1%-1.0pp 22.1%+1.1pp 21.0%-1.2pp 22.2%
Net Margin 17.1%+2.7pp 14.4%-1.8pp 16.2%-2.0pp 18.2%+1.2pp 17.0%0.0pp 17.0%-1.2pp 18.2%+1.3pp 16.9%
Return on Equity 6.5%+0.4pp 6.1%-1.3pp 7.4%-1.3pp 8.7%-0.9pp 9.6%+1.5pp 8.1%-0.9pp 9.0%-1.9pp 10.8%
Return on Assets 3.7%+0.2pp 3.5%-0.5pp 4.0%-0.6pp 4.6%-0.3pp 4.9%+1.0pp 3.9%-0.3pp 4.2%-0.5pp 4.6%
Current Ratio 2.45+0.1 2.36+0.2 2.18+0.0 2.16+0.1 2.09-0.1 2.200.0 2.21+0.1 2.11
Debt-to-Equity 0.74-0.0 0.77-0.1 0.85-0.0 0.88+0.9 0.00-0.1 0.10-0.0 0.11-0.0 0.13
FCF Margin 17.4%+4.4pp 13.0%-5.9pp 18.9%+10.8pp 8.1%-16.5pp 24.6%+4.7pp 19.9%-2.4pp 22.3%+5.9pp 16.4%

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Frequently Asked Questions

Nextracker Inc. (NXT) reported $3.6B in total revenue for fiscal year 2026. This represents a 20.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Nextracker Inc. (NXT) revenue grew by 20.3% year-over-year, from $3.0B to $3.6B in fiscal year 2026.

Yes, Nextracker Inc. (NXT) reported a net income of $585.9M in fiscal year 2026, with a net profit margin of 16.5%.

Nextracker Inc. (NXT) reported diluted earnings per share of $3.84 for fiscal year 2026. This represents a 10.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nextracker Inc. (NXT) had EBITDA of $727.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

Nextracker Inc. (NXT) had a gross margin of 32.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Nextracker Inc. (NXT) had an operating margin of 19.6% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Nextracker Inc. (NXT) had a net profit margin of 16.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Nextracker Inc. (NXT) has a return on equity of 25.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Nextracker Inc. (NXT) generated $513.6M in free cash flow during fiscal year 2026. This represents a -17.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Nextracker Inc. (NXT) generated $562.9M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Nextracker Inc. (NXT) had $4.1B in total assets as of fiscal year 2026, including both current and long-term assets.

Nextracker Inc. (NXT) invested $49.3M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Nextracker Inc. (NXT) invested $120.9M in research and development during fiscal year 2026.

Yes, Nextracker Inc. (NXT) spent $395K on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Nextracker Inc. (NXT) had 150M shares outstanding as of fiscal year 2026.

Nextracker Inc. (NXT) had a current ratio of 2.45 as of fiscal year 2026, which is generally considered healthy.

Nextracker Inc. (NXT) had a debt-to-equity ratio of 0.74 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Nextracker Inc. (NXT) had a return on assets of 14.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Nextracker Inc. (NXT) has an Altman Z-Score of 8.02, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Nextracker Inc. (NXT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Nextracker Inc. (NXT) has an earnings quality ratio of 0.96x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Nextracker Inc. (NXT) scores 68 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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