JinkoSolar Holding (NYSE:JKS) Q4 Loss Worsening Fuels Bearish Margin Narrative

Simply Wall St.04-18

JinkoSolar Holding (NYSE:JKS) closed out FY 2025 with fourth quarter revenue of C¥17.5b and a basic EPS loss of C¥28.65 per share, while trailing twelve month revenue was C¥65.5b with a basic EPS loss...

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Over the past few reported periods, revenue moved from C¥20.7b in Q4 2024 to C¥17.5b in Q4 2025, with quarterly basic EPS shifting from a loss of C¥9.28 in Q4 2024 to a loss of C¥28.65 in Q4 2025 and from a small profit of C¥0.44 in Q3 2024 to a loss of C¥14.32 in Q3 2025. This sets...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4519":"光伏太阳能","BK4588":"碎股","BK4526":"热门中概股","JKS":"晶科能源","BK4585":"ETF&股票定投概念","BK4141":"半导体产品","NYSE":"纽交所"},"translate_title":"晶科能源控股（纽约证券交易所股票代码：JKS）第四季度亏损恶化加剧了利润率的悲观情绪","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"JKS":1.5,"NYSE":1.5},"content_text":"JinkoSolar Holding (NYSE:JKS) closed out FY 2025 with fourth quarter revenue of C¥17.5b and a basic EPS loss of C¥28.65 per share, while trailing twelve month revenue was C¥65.5b with a basic EPS loss of C¥85.31. Over the past few reported periods, revenue moved from C¥20.7b in Q4 2024 to C¥17.5b in Q4 2025, with quarterly basic EPS shifting from a loss of C¥9.28 in Q4 2024 to a loss of C¥28.65 in Q4 2025 and from a small profit of C¥0.44 in Q3 2024 to a loss of C¥14.32 in Q3 2025. This sets up a context in which investors are watching whether future growth expectations can eventually ease the current earnings pressure. See our full analysis for JinkoSolar Holding. With the headline numbers on the table, the next step is to see how this earnings profile aligns with the key bullish and bearish narratives that have developed around JinkoSolar over the past year. See what the community is saying about JinkoSolar Holding NYSE:JKS Revenue & Expenses Breakdown as at Apr 2026 AdvertisementLosses Widen on C¥4.4b TTM Net Loss  On a trailing twelve month basis, JinkoSolar reported C¥65,497.6 million in revenue and a net loss of C¥4,445.1 million, with basic EPS at a loss of C¥85.31, compared with a small profit and C¥92,256.3 million of revenue in the prior TTM set of figures. Bears point to this shift from a modest TTM profit to a multi billion yuan loss as backing their concern about pressure on margins and returns.\n     They highlight structural overcapacity and lower module prices, which is consistent with revenue moving from C¥24,508.2 million in Q3 2024 to C¥17,506.8 million in Q4 2025 while losses widened from C¥476.7 million in Q4 2024 to C¥1,500.0 million in Q4 2025. Critics also focus on negative gross margins mentioned in the bearish narrative and the reported rise in the asset liability ratio to 74%, arguing that larger losses combined with higher leverage make the recent earnings profile more vulnerable to further price competition.    Skeptics argue this TTM swing into a multi billion yuan loss could be a warning sign for more cautious investors, and the full bearish narrative walks through that case in detail 🐻 JinkoSolar Holding Bear Case. Forecast 115% Earnings Growth vs Current Losses  Analysts in the dataset forecast earnings growth of about 115.33% per year and expect JinkoSolar to move from the current TTM loss of C¥4,445.1 million to profitability within three years, with revenue growth of roughly 14.7% per year compared with the referenced 10.9% per year for the US market. Bullish investors see this large forecast swing in profitability as a key support for their view, but the present loss run rate sets a high bar for that turnaround.\n     The bullish narrative references potential earnings of C¥2.8 billion by around 2028 and profit margins moving from about a 2.3% loss to a 2.0% profit margin, which is a very large change in absolute earnings compared with the current C¥4,445.1 million TTM loss. At the same time, the bearish framing still assumes earnings could reach C¥1.4 billion by about 2029, which underlines that both sides of the debate are working off analyst models that imply a sizeable swing from today’s reported loss figures.    Supporters who focus on those very large forecast earnings jumps often use this latest loss making year as a starting point for a potential recovery story, and the bullish narrative sets out that upside case in more depth 🐂 JinkoSolar Holding Bull Case. Low 0.1x P/S and Gap to C¥26.83 DCF Fair Value  The analysis data cites a P/S of 0.1x for JinkoSolar compared with peer and industry averages of 2.5x and 6.4x, and a DCF fair value of C¥26.83 per share versus the current share price of C¥21.36, alongside an analyst price target of C¥33.26. Consensus style views treat this combination of low P/S and gap to both DCF fair value and the C¥33.26 target as a potential valuation support, while still flagging that the current TTM loss and higher debt level need to be weighed against it.\n     On one side, the cited 20.4% discount to the provided fair value estimate and the price sitting below the DCF fair value of C¥26.83 suggest the market is assigning a heavy discount despite the revenue base of C¥65,497.6 million over the last twelve months. On the other, the risk section points to an elevated debt load and five year loss growth of about 24.7% per year, so the low P/S and gap to C¥26.83 DCF fair value are being set against a history of expanding losses rather than steady profits.    Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for JinkoSolar Holding on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. Seeing both risks and rewards in the story so far. Take a closer look at the numbers yourself and shape your own view with the 3 key rewards and 1 important warning sign. See What Else Is Out There JinkoSolar is working through multi billion yuan losses, negative gross margins and a higher asset liability ratio, which together point to an earnings and balance sheet strain. If that level of pressure feels uncomfortable, compare it with companies screened for stronger foundations by checking out the solid balance sheet and fundamentals stocks screener (42 results) today to widen your watchlist.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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