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Maxeon Solar Technologies, Ltd. (MAXN) 10-Year Financial Performance & Capital Metrics

MAXN • • Industrial / General
EnergySolarSolar Module ManufacturingSolar Panel Manufacturers
AboutMaxeon Solar Technologies, Ltd. designs, manufactures, markets, and sells solar panels and related solar system components worldwide. The company provides interdigitated back contact and shingled solar cells and panels under the SunPower brand. It offers its products to dealers, project developers, system integrators, distributors, resellers, and residential and small-scale commercial customers. Maxeon Solar Technologies, Ltd. was incorporated in 2019 and is headquartered in Singapore.Show more
  • Revenue $509M -54.7%
  • EBITDA -$533M -226.5%
  • Net Income -$614M -122.7%
  • EPS (Diluted) -73.78 -1276.5%
  • Gross Margin -49% -804.5%
  • EBITDA Margin -104.74% -620.2%
  • Operating Margin -113.28% -480.4%
  • Net Margin -120.68% -391.4%
  • ROE -
  • ROIC -351.09% -458.0%
  • Debt/Equity -
  • Interest Coverage -12.71 -146.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Share count reduced 83.8% through buybacks
  • ✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Sales declining 15.7% over 5 years
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-15.74%
3Y-13.38%
TTM-78.7%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-55.72%

EPS CAGR

10Y-
5Y-
3Y-
TTM-1060.44%

ROCE

10Y Avg-61.9%
5Y Avg-60.84%
3Y Avg-85.01%
Latest-189.74%

Peer Comparison

Solar Panel Manufacturers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
CSIQCanadian Solar Inc.1.45B21.6140.02-21.28%0.27%0.37%1.42
FSLRFirst Solar, Inc.26.14B243.6420.2726.75%27.73%15.53%0.09
MAXNMaxeon Solar Technologies, Ltd.49.95M2.95-0.04-54.68%-320.48%
ASTIAscent Solar Technologies, Inc. Common Stock22.81M4.84-0.47-90.86%-118.05%-272.24%0.61
JKSJinkoSolar Holding Co., Ltd.1.52B29.41-1.45-22.26%-3.36%-8.38%100%1.07

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+912.31M1.2B844.84M783.28M1.06B1.12B509.05M
Revenue Growth %-0.31%-0.29%-0.07%0.35%0.06%-0.55%
Cost of Goods Sold+1.36B1.2B854.62M812.29M1.11B1.04B758.46M
COGS % of Revenue1.49%1%1.01%1.04%1.05%0.93%1.49%
Gross Profit+-449.93M-2.31M-9.78M-29.01M-47.95M78.11M-249.41M
Gross Margin %-0.49%-0%-0.01%-0.04%-0.05%0.07%-0.49%
Gross Profit Growth %-0.99%-3.24%-1.97%-0.65%2.63%-4.19%
Operating Expenses+132.07M133.85M120.4M143.43M152.35M297.32M327.23M
OpEx % of Revenue0.14%0.11%0.14%0.18%0.14%0.26%0.64%
Selling, General & Admin82.04M96.86M86.2M88.82M100.55M126.17M158.32M
SG&A % of Revenue0.09%0.08%0.1%0.11%0.09%0.11%0.31%
Research & Development50.03M37M34.19M46.53M49.68M45.7M37.55M
R&D % of Revenue0.05%0.03%0.04%0.06%0.05%0.04%0.07%
Other Operating Expenses0008.08M2.12M125.45M131.35M
Operating Income+-589.77M-135.65M-130.18M-172.45M-200.29M-219.21M-576.64M
Operating Margin %-0.65%-0.11%-0.15%-0.22%-0.19%-0.2%-1.13%
Operating Income Growth %-0.77%0.04%-0.32%-0.16%-0.09%-1.63%
EBITDA+-506.87M-82.2M-82.85M-130.24M-143.55M-163.32M-533.18M
EBITDA Margin %-0.56%-0.07%-0.1%-0.17%-0.14%-0.15%-1.05%
EBITDA Growth %-0.84%-0.01%-0.57%-0.1%-0.14%-2.26%
D&A (Non-Cash Add-back)82.89M53.45M47.33M42.21M56.74M55.88M43.46M
EBIT-576.3M-137.61M-93.83M-211.22M-198.07M-231.09M-551.26M
Net Interest Income+-25.89M-25.83M-31.86M-27.85M-27.81M-33.05M-43.28M
Interest Income000290K2.53M9.39M2.09M
Interest Expense25.89M25.83M31.86M28.14M30.34M42.44M45.37M
Other Income/Expense-12.42M-27.79M1.29M-83.1M-34.66M-57.13M-19.98M
Pretax Income+-602.19M-163.44M-128.88M-255.54M-234.96M-276.34M-596.62M
Pretax Margin %-0.66%-0.14%-0.15%-0.33%-0.22%-0.25%-1.17%
Income Tax+-1.05M10.12M12.13M203K32.19M-626K17.95M
Effective Tax Rate %1%1.09%1.11%1%1.14%1%1.03%
Net Income+-603.81M-178.9M-142.63M-254.52M-267.42M-275.83M-614.3M
Net Margin %-0.66%-0.15%-0.17%-0.32%-0.25%-0.25%-1.21%
Net Income Growth %-0.7%0.2%-0.78%-0.05%-0.03%-1.23%
Net Income (Continuing)-604.08M-178.9M-141.01M-255.75M-267.15M-275.71M-614.57M
Discontinued Operations0000000
Minority Interest1.15M5.3M6.64M5.42M5.63M5.75M5.48M
EPS (Diluted)+-20.36-5.85-5.62-6.39-6.31-5.36-73.78
EPS Growth %-0.71%0.04%-0.14%0.01%0.15%-12.76%
EPS (Basic)-20.36-8.16-5.62-6.39-6.31-594.63-73.78
Diluted Shares Outstanding29.66M29.66M24.5M37.46M40.92M51.44M8.33M
Basic Shares Outstanding29.66M21.26M24.5M37.46M40.92M463.87K8.33M
Dividend Payout Ratio-------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+467.97M618.12M547.2M533.12M791.05M619.02M266.02M
Cash & Short-Term Investments101.71M120.96M206.74M166.54M303.44M190.17M28.89M
Cash Only101.71M120.96M206.74M166.54M227.44M190.17M28.89M
Short-Term Investments000076M00
Accounts Receivable97.08M179.2M102.12M80.27M114.46M92.21M12.56M
Days Sales Outstanding38.8454.5844.1237.4139.4129.979.01
Inventory222.82M194.85M169.24M263.87M303.23M308.95M40.22M
Days Inventory Outstanding59.759.2472.28118.5799.89107.9119.36
Other Current Assets8.51M15.72M25.41M6.27M42.79M9.64M176.47M
Total Non-Current Assets+503.33M372.09M433.15M523.42M469.37M382.99M110.26M
Property, Plant & Equipment285.74M299.96M260.39M402.03M398.31M302.85M100.81M
Fixed Asset Turnover3.19x3.99x3.24x1.95x2.66x3.71x5.05x
Goodwill000007.88M0
Intangible Assets12.16M5.09M456K420K291K8.08M523K
Long-Term Investments47.13M34.39M29.71M15.23M7.06M4M4M
Other Non-Current Assets147.9M23.72M132.97M100.56M53.36M60.18M4.92M
Total Assets+971.3M990.21M980.34M1.06B1.26B1B376.27M
Asset Turnover0.94x1.21x0.86x0.74x0.84x1.12x1.35x
Asset Growth %-0.02%-0.01%0.08%0.19%-0.21%-0.62%
Total Current Liabilities+398.96M520.72M308.13M421.04M576.23M431.94M338.51M
Accounts Payable199.43M286.46M159.18M270.48M247.87M153.02M62.54M
Days Payables Outstanding53.4387.0967.99121.5481.6553.4530.1
Short-Term Debt39.71M59.77M47.78M25.36M50.53M25.43M462K
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities65.65M59.81M65.13M59.91M95.7M90.29M122.82M
Current Ratio1.17x1.19x1.78x1.27x1.37x1.43x0.79x
Quick Ratio0.61x0.81x1.23x0.64x0.85x0.72x0.67x
Cash Conversion Cycle45.1126.7348.4134.4457.6484.43-1.74
Total Non-Current Liabilities+136.99M101.97M232.92M280.63M636.12M565.43M326.13M
Long-Term Debt01.49M135.07M145.99M380.26M386.76M274.5M
Capital Lease Obligations018.34M13.03M13.46M15.6M19.61M27.43M
Deferred Tax Liabilities866K337K18.06M1.15M31.74M12.45M5.31M
Other Non-Current Liabilities80.51M47.68M33.69M61.04M46.84M33.04M15.55M
Total Liabilities535.96M622.69M541.06M701.67M1.21B997.37M664.64M
Total Debt+41.85M82.57M198.98M187.27M449.8M437.66M311.49M
Net Debt-59.86M-38.38M-7.76M20.73M222.36M247.49M282.6M
Debt / Equity0.10x0.22x0.45x0.53x9.36x94.28x-
Debt / EBITDA-------
Net Debt / EBITDA-------
Interest Coverage-22.78x-5.25x-4.09x-6.13x-6.60x-5.17x-12.71x
Total Equity+435.35M367.52M439.29M354.88M48.07M4.64M-288.37M
Equity Growth %--0.16%0.2%-0.19%-0.86%-0.9%-63.12%
Book Value per Share14.6812.3917.939.471.170.09-34.63
Total Shareholders' Equity434.2M362.22M432.64M349.46M42.44M-1.11M-293.84M
Common Stock438.21M369.84M00000
Retained Earnings00-8.44M-262.96M-520.26M-796.09M-1.41B
Treasury Stock0000000
Accumulated OCI-4.01M-7.62M-10.39M-11.84M-22.11M-16.38M-20.49M
Minority Interest1.15M5.3M6.64M5.42M5.63M5.75M5.48M

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-156.82M-26.34M-189.16M-4.87M3.44M-254.29M-270.16M
Operating CF Margin %-0.17%-0.02%-0.22%-0.01%0%-0.23%-0.53%
Operating CF Growth %-0.83%-6.18%0.97%1.71%-74.99%-0.06%
Net Income-604.08M-178.9M-141.01M-255.75M-267.15M-275.83M-614.57M
Depreciation & Amortization82.89M53.45M47.33M42.21M56.22M55.88M43.46M
Stock-Based Compensation8.58M7.13M7.25M7.23M14.58M18.33M28.7M
Deferred Taxes-2.24M804K-1.33M5.59M8.6M2.44M-355K
Other Non-Cash Items384.44M29.43M-14.57M67.09M32.35M116.52M342.9M
Working Capital Changes-26.42M61.74M-86.83M128.77M158.84M-171.63M-70.29M
Change in Receivables-32.54M-77.83M71.23M38.27M-15.33M-8.33M42.56M
Change in Inventory18.08M28.41M25.21M-43.49M-106.62M-41.34M50.06M
Change in Payables-13.19M104.7M-121.92M61.5M70.57M-97.66M7.6M
Cash from Investing+-52.97M-41.87M-45.49M-154.45M-139.3M13.93M-25.24M
Capital Expenditures-39.62M-42.14M-27.69M-154.67M-63.48M-67.45M-52.15M
CapEx % of Revenue0.04%0.04%0.03%0.2%0.06%0.06%0.1%
Acquisitions-------
Investments-------
Other Investing-13.35M265K3.75M-61K06.79M1.58M
Cash from Financing+165.82M89.88M320.35M141.81M211.47M167.95M141.23M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid00-134M0000
Share Repurchases-------
Other Financing171.09M92.41M-41.88M-4.25M-64K00
Net Change in Cash-------
Free Cash Flow+-196.44M-68.48M-216.85M-159.54M-60.04M-321.89M-322.31M
FCF Margin %-0.22%-0.06%-0.26%-0.2%-0.06%-0.29%-0.63%
FCF Growth %-0.65%-2.17%0.26%0.62%-4.36%-0%
FCF per Share-6.62-2.31-8.85-4.26-1.47-6.26-38.71
FCF Conversion (FCF/Net Income)0.26x0.15x1.33x0.02x-0.01x0.92x0.44x
Interest Paid1.27M1.93M3.44M15.16M12.91M30.94M17.73M
Taxes Paid7.59M8.11M12.49M9.58M6.45M15.21M12.56M

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)-138.7%-44.57%-35.36%-64.1%-132.73%-1046.55%-
Return on Invested Capital (ROIC)-117.8%-28.88%-25.67%-32.05%-46.51%-62.92%-351.09%
Gross Margin-49.32%-0.19%-1.16%-3.7%-4.52%6.96%-49%
Net Margin-66.19%-14.93%-16.88%-32.49%-25.23%-24.56%-120.68%
Debt / Equity0.10x0.22x0.45x0.53x9.36x94.28x-
Interest Coverage-22.78x-5.25x-4.09x-6.13x-6.60x-5.17x-12.71x
FCF Conversion0.26x0.15x1.33x0.02x-0.01x0.92x0.44x
Revenue Growth-31.35%-29.5%-7.29%35.34%5.94%-54.68%

Revenue by Geography

20202021202220232024
UNITED STATES235.61M227.5M427.11M645.11M320.63M
UNITED STATES Growth--3.44%87.74%51.04%-50.30%
Rest Of World391.92M357.85M425.94M268.1M127.48M
Rest Of World Growth--8.69%19.03%-37.06%-52.45%
ITALY----60.94M
ITALY Growth-----
JAPAN79.45M83.96M126.19M139.51M-
JAPAN Growth-5.68%50.31%10.55%-
FRANCE125.37M88.45M80.87M70.39M-
FRANCE Growth--29.44%-8.57%-12.96%-
CHINA12.5M25.52M---
CHINA Growth-104.22%---

Frequently Asked Questions

Growth & Financials

Maxeon Solar Technologies, Ltd. (MAXN) reported $176.4M in revenue for fiscal year 2024. This represents a 81% decrease from $912.3M in 2018.

Maxeon Solar Technologies, Ltd. (MAXN) saw revenue decline by 54.7% over the past year.

Maxeon Solar Technologies, Ltd. (MAXN) reported a net loss of $565.4M for fiscal year 2024.

Dividend & Returns

Maxeon Solar Technologies, Ltd. (MAXN) had negative free cash flow of $234.7M in fiscal year 2024, likely due to heavy capital investments.

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