MeritValue

JinkoSolar Holding Co., Ltd.

JKSdata completeness 88%15 fiscal years on file
The thesis, from the filings

JinkoSolar Holding Co., Ltd. earns about 81% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $4.47 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.41B1$12.1B2$16.7B3$12.6B4$9.37B5
Net income$113.1M6$90M7$485.6M8$7.47M9−$635.6M10
Operating cash flow$67.6M11−$841M12$1.95B13$2.31B14$154.7M15
Capital expenditure$1.36B16$1.78B17$2.15B18$1.25B19$455.6M20
Free cash flow (derived)−$1.29B11−$2.62B12−$206.2M13$1.06B14−$300.8M15
Total debt—————
Cash & equivalents$1.31B21$1.49B22$2.26B23$3.43B24$2.86B25
Diluted shares205.7M200.4M226.1M210.0M208.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$107.9
your share of equity
Profit it earned you last year
−$30.5
Free cash flow it threw off
−$14.44
Debt you’d be carrying
—

10 shares is a claim on $107.9 of net worth that earned you −$30.5 and generated −$14.44 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
81% avg · 5y
FY21 33%FY22 35%FY23 176%FY24 —FY25 —

It earned an average 81% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$4.47
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$90M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001410578-22-001053 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-23-000828 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-051665 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001410578-25-000970 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001104659-26-050737 (RevenueFromContractWithCustomerIncludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001410578-22-001053 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001410578-23-000828 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-051665 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-000970 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001104659-26-050737 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001410578-22-001053 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001410578-23-000828 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-051665 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001410578-25-000970 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001104659-26-050737 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001410578-22-001053 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001410578-23-000828 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-051665 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001410578-25-000970 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001104659-26-050737 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001410578-22-001053 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2022-12-31 · accession 0001410578-23-000828 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2023-12-31 · accession 0001104659-24-051665 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2024-12-31 · accession 0001410578-25-000970 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2025-12-31 · accession 0001104659-26-050737 (CashAndCashEquivalentsAtCarryingValue)