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JKS, JinkoSolar Holding Company Limited

Semiconductors asset-light Cyclical

We incur capital expenditures primarily to construct our manufacturing facilities and purchase equipment for the production of silicon wafers, solar cells and solar modules, acquire land use rights.

Latest annual: FY2025 20-F · figures as filed, in CNY · 1 ADS = 4 ordinary shares

JKS · JinkoSolar Holding Company Limited

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

CN¥65.5B

+16063.5% YoY · 13% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue CN¥65.5B 5-yr avg CN¥21.5B

Operating margin −13.6% 5-yr avg 188.8%

Owner-earnings margin −3% 5-yr avg −804%

Free cash flow margin −3% 5-yr avg −804%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 16% and operating margin about 2.7% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −825% and 1651% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 23% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 8%). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 5 regions, the largest China at 34%.

Revenue by geography, FY2025

China34%CN¥22.6B
Asia Pacific21%CN¥13.4B
Americas19%CN¥12.3B
Europe13%CN¥8.6B
Rest of the world13%CN¥8.6B

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
											Income statement
CN¥21.4B	CN¥26.5B	CN¥25.0B	CN¥29.7B	CN¥35.1B	CN¥40.8B	CN¥333M	CN¥369M	CN¥405M	CN¥65.5B	CN¥65.5B	RevenueRevenue
18%	11%	—	—	18%	16%	—	—	—	2%	—	Gross marginGross mgn
CN¥1.3B	CN¥325M	CN¥645M	CN¥1.7B	CN¥1.8B	CN¥1.1B	CN¥429M	CN¥6.1B	(CN¥3.3B)	(CN¥8.9B)	(CN¥8.9B)	Operating incomeOp. inc.
6.3%	1.2%	2.6%	5.8%	5.1%	2.7%	128.8%	n/m	−825.4%	−13.6%	−13.6%	Operating marginOp. mgn
CN¥2.0B	CN¥142M	CN¥406M	CN¥924M	CN¥335M	CN¥956M	CN¥1.6B	CN¥6.5B	CN¥13M	(CN¥7.1B)	(CN¥7.1B)	Net incomeNet inc.
11%	3%	1%	23%	35%	17%	28%	16%	—	—	—	Effective tax rateTax rate
											Cash flow & returns
(CN¥1.8B)	(CN¥177M)	CN¥615M	CN¥1.4B	CN¥591M	CN¥431M	(CN¥5.8B)	CN¥13.8B	CN¥16.9B	CN¥1.1B	CN¥1.1B	Operating cash flowOp. cash
CN¥449M	CN¥601M	CN¥802M	CN¥738M	CN¥1.2B	CN¥1.6B	CN¥2.6B	CN¥7.9B	CN¥7.5B	CN¥7.8B	CN¥7.8B	DepreciationDeprec.
(CN¥4.2B)	(CN¥920M)	(CN¥593M)	(CN¥251M)	(CN¥905M)	(CN¥2.1B)	(CN¥10.0B)	(CN¥483M)	CN¥9.3B	CN¥432M	CN¥432M	Working capital & otherWC & other
CN¥2.0B	CN¥2.2B	CN¥2.4B	CN¥3.3B	CN¥4.1B	CN¥8.7B	CN¥12.3B	CN¥15.7B	CN¥9.1B	CN¥3.2B	CN¥3.2B	CapexCapex
9.2%	8.2%	9.7%	11.1%	11.5%	21.2%	n/m	n/m	n/m	4.9%	4.9%	Capex / revenueCapex/rev
(CN¥3.8B)	(CN¥2.4B)	(CN¥1.8B)	(CN¥1.9B)	(CN¥3.5B)	(CN¥8.2B)	(CN¥18.1B)	(CN¥1.8B)	CN¥7.8B	(CN¥2.1B)	(CN¥2.1B)	Owner earningsOwner earn.
−17.7%	−8.9%	−7.2%	−6.3%	−9.9%	−20.1%	n/m	−494.9%	n/m	−3.2%	−3.2%	Owner earnings marginOE mgn
(CN¥3.8B)	(CN¥2.4B)	(CN¥1.8B)	(CN¥1.9B)	(CN¥3.5B)	(CN¥8.2B)	(CN¥18.1B)	(CN¥1.8B)	CN¥7.8B	(CN¥2.1B)	(CN¥2.1B)	Free cash flowFCF
−17.7%	−8.9%	−7.2%	−6.3%	−9.9%	−20.1%	n/m	−494.9%	n/m	−3.2%	−3.2%	Free cash flow marginFCF mgn
—	—	—	—	CN¥29M	—	—	CN¥79M	CN¥875M	CN¥4M	—	BuybacksBuybacks
—	—	10%	22%	—	7%	1%	28%	—	-110%	—	ROICROIC
31%	2%	5%	10%	3%	9%	10%	32%	0%	-45%	-45%	Return on equityROE
31%	2%	5%	10%	3%	9%	10%	32%	0%	−45%	−45%	Retained to equityRetained/eq
											Balance sheet
CN¥2.6B	CN¥1.9B	CN¥3.1B	CN¥5.7B	CN¥8.1B	CN¥8.5B	CN¥10.2B	CN¥17.1B	CN¥26.0B	CN¥24.2B	CN¥24.2B	Cash & investmentsCash+inv
CN¥4.8B	CN¥4.5B	CN¥5.4B	CN¥5.3B	CN¥4.5B	CN¥7.5B	CN¥16.7B	—	—	—	CN¥16.7B	ReceivablesReceiv.
CN¥4.5B	CN¥4.3B	CN¥5.7B	CN¥5.8B	CN¥8.4B	CN¥13.3B	CN¥17.5B	CN¥18.2B	CN¥12.5B	CN¥14.5B	CN¥14.5B	InventoryInvent.
CN¥4.3B	CN¥4.7B	CN¥5.3B	CN¥5.0B	CN¥4.4B	CN¥6.8B	CN¥10.4B	—	—	—	CN¥10.4B	Accounts payablePayables
CN¥4.9B	CN¥4.1B	CN¥5.9B	CN¥6.1B	CN¥8.5B	CN¥13.9B	CN¥23.7B	CN¥18.2B	CN¥12.5B	CN¥14.5B	CN¥20.8B	Operating working capitalOper. WC
CN¥19.7B	CN¥19.6B	CN¥22.9B	CN¥31.7B	CN¥33.7B	CN¥45.5B	CN¥68.3B	CN¥82.9B	CN¥68.9B	CN¥68.8B	CN¥68.8B	Current assetsCur. assets
CN¥18.4B	CN¥20.0B	CN¥24.1B	CN¥31.3B	CN¥31.2B	CN¥45.5B	CN¥64.9B	CN¥81.1B	CN¥54.5B	CN¥55.0B	CN¥55.0B	Current liabilitiesCur. liab.
1.1×	1.0×	0.9×	1.0×	1.1×	1.0×	1.1×	1.0×	1.3×	1.3×	1.3×	Current ratioCurr. ratio
CN¥26.1B	CN¥28.6B	CN¥35.9B	CN¥47.8B	CN¥53.2B	CN¥73.0B	CN¥108.7B	CN¥135.8B	CN¥124.9B	CN¥121.0B	CN¥121.0B	Total assetsAssets
CN¥489M	CN¥390M	CN¥2.0B	CN¥2.4B	CN¥8.5B	CN¥11.3B	CN¥15.1B	CN¥13.9B	—	CN¥10.7B	CN¥2.4B	Total debtDebt
(CN¥2.1B)	(CN¥1.5B)	(CN¥1.1B)	(CN¥3.2B)	CN¥405M	CN¥2.8B	CN¥4.9B	(CN¥3.2B)	—	(CN¥13.5B)	(CN¥21.8B)	Net debt / (cash)Net debt
3.3×	1.0×	1.5×	2.9×	2.6×	1.3×	0.4×	5.2×	-2.9×	-6.5×	-7.6×	Interest coverageInt. cov.
CN¥6.5B	CN¥6.7B	CN¥7.8B	CN¥9.3B	CN¥10.0B	CN¥11.0B	CN¥16.3B	CN¥20.2B	CN¥19.9B	CN¥15.7B	CN¥15.7B	Shareholders’ equityEquity
											Per share
131M	132M	155M	167M	171M	206M	200M	226M	210M	208M	209M	Shares out (diluted)Shares
CN¥163.88	CN¥201.03	CN¥161.87	CN¥178.58	CN¥204.91	CN¥198.46	CN¥1.66	CN¥1.63	CN¥1.93	CN¥314.27	CN¥312.74	Revenue / shareRev/sh
CN¥15.25	CN¥1.08	CN¥2.62	CN¥5.55	CN¥1.96	CN¥4.65	CN¥7.81	CN¥28.54	CN¥0.06	CN¥-34.12	CN¥-33.95	EPS (diluted)EPS
CN¥-28.93	CN¥-17.89	CN¥-11.68	CN¥-11.33	CN¥-20.20	CN¥-39.97	CN¥-90.08	CN¥-8.07	CN¥36.94	CN¥-10.09	CN¥-10.05	Owner earnings / shareOE/sh
CN¥-28.93	CN¥-17.89	CN¥-11.68	CN¥-11.33	CN¥-20.20	CN¥-39.97	CN¥-90.08	CN¥-8.07	CN¥36.94	CN¥-10.09	CN¥-10.05	Free cash flow / shareFCF/sh
CN¥15.13	CN¥16.54	CN¥15.65	CN¥19.80	CN¥23.65	CN¥42.07	CN¥61.13	CN¥69.22	CN¥43.31	CN¥15.29	CN¥15.21	Cap. spending / shareCapex/sh
CN¥49.47	CN¥50.80	CN¥50.68	CN¥55.85	CN¥58.26	CN¥53.71	CN¥81.52	CN¥89.14	CN¥94.76	CN¥75.46	CN¥75.09	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.5%/yr	+8.9%/yr
Capital spending / share	+0.1%/yr	−8.4%/yr
Book value / share	+4.8%/yr	+5.3%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

208Mpeak FY2023

ROIC

−110%low FY2025

Gross margin

2%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

(CN¥2.1B)owner earningsvs.(CN¥7.1B)net incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2018FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a CN¥7.1B loss into (CN¥2.1B) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	(CN¥7.1B)	CN¥13M	CN¥6.5B	CN¥1.6B	CN¥956M
Depreciation & amortizationnon-cash charge added back	+CN¥7.8B	+CN¥7.5B	+CN¥7.9B	+CN¥2.6B	+CN¥1.6B
Working capital & othertiming of cash in and out, other non-cash items	+CN¥432M	+CN¥9.3B	−CN¥483M	−CN¥10.0B	−CN¥2.1B
Cash from operations	CN¥1.1B	CN¥16.9B	CN¥13.8B	(CN¥5.8B)	CN¥431M
Capital expenditurecash put back in to keep running and to grow	−CN¥3.2B	−CN¥9.1B	−CN¥15.7B	−CN¥12.3B	−CN¥8.7B
Owner earnings	(CN¥2.1B)	CN¥7.8B	(CN¥1.8B)	(CN¥18.1B)	(CN¥8.2B)
Owner-earnings marginowner earnings ÷ revenue	-3%	1914%	-495%	-5418%	-20%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -7.6×

Does not cover its interest

Operating income (CN¥8.9B) ÷ interest expense CN¥1.2B

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +CN¥21.8B

Net cash

Cash CN¥20.0B + ST investments CN¥4.2B − debt CN¥2.4B

What this means
Cash and short-term investments exceed every dollar of debt by CN¥21.8B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 77359d

Long (60+ days)

DSO 93 + DIO 272524 − DPO 195258 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not meaningful here

Invested capital (CN¥1.9B) = debt CN¥2.4B + equity CN¥15.7B − cash

Industry peers: median 17%

What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
Owner-earnings margin -10%

Consumes cash through the cycle

10-yr median margin, range -5418%–1914%; latest (CN¥2.1B) = operating cash CN¥1.1B − maintenance capex CN¥3.2B

Industry peers: median 21%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -3% of revenue this year, a -10% median across 10 years.
Are earnings backed by cash? CN¥1.1B

Loss, but cash-generative

Net income (CN¥7.1B) · cash from operations CN¥1.1B

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.41×

Harvesting

Capex CN¥3.2B ÷ depreciation CN¥7.8B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · CN¥65.5B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 1.25×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · CN¥2.4B vs CN¥13.8B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −125%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are CN¥-1.03/share (latest year CN¥-33.95), the averaged base the calculator's gate runs on, and book value is CN¥75.09/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 3% → 271% (3-yr avg ends)

In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.

What this means
Through the cycle the operating margin widened — about 3% early to 271% lately, median 3% — pricing power intact or improving.
Reinvestment, incremental ROIC −20%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Worst year 2024 · −825.4% op. margin

What this means
Operations went underwater in 2024, understand why before trusting the good years.
Share count +5.3%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsCN¥68.8B

Cash & short-term investmentsCN¥24.2B
ReceivablesCN¥16.7B
InventoryCN¥14.5B
Other current assetsCN¥13.5B

Current liabilitiesCN¥55.0B

Debt due within a yearCN¥473M
Accounts payableCN¥10.4B
Other current liabilitiesCN¥44.2B

Current ratio1.25×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.99×stricter: inventory excluded

Cash ratio0.44×strictest: cash alone against what's due

Working capitalCN¥13.8Bthe cushion left after near-term bills

Debt due this year vs. cashCN¥473M due · CN¥24.2B cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet

Deeper floors

Tangible book valueCN¥15.2Bequity stripped of goodwill & intangibles

Net current asset value(CN¥24.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leasesCN¥2.5BCN¥118M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated CN¥27.0B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

ReinvestedCN¥62.8B · 232%
BuybacksCN¥988M · 4%

Returned to ownersCN¥988M
CN¥0 as dividends and CN¥988M as buybacks.
Source of funding−CN¥36.7B
Reinvestment and shareholder returns ran CN¥36.7B beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Average price paid for buybacks—
Buybacks ran CN¥988M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count60.4%
The diluted count rose from 131M to 209M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained84%
Of the earnings it kept rather than paid out (CN¥4.7B over the span), annual owner earnings (first three years vs last three) grew CN¥3.9B, so each retained CN¥1 added about 0.84 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why JinkoSolar Holding Company Limited is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?60.4%
Diluted shares grew 60.4% over 2016–2025, even as the company spent CN¥988M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Semiconductors

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
NVDANVIDIA Corp.	$215.9B	62%	32.8%	46%	44%
JKSJinkoSolar Holding Company Limited	CN¥65.5B	16%	3.9%	8%	-9%
AVGOBroadcom Inc.	$63.9B	59%	25.4%	13%	42%
AMDAdvanced Micro Devices	$34.6B	45%	7.2%	6%	7%
JBLJabil Inc.	$29.8B	8%	3.2%	18%	2%
AMATApplied Materials Inc.	$28.4B	46%	27.9%	36%	22%
FLEXFlex Ltd.	$27.9B	7%	3.3%	15%	0%
NXPINXP Semiconductors N.V.	$12.3B	55%	24.8%	17%	21%
Group median	—	45%	16.0%	16%	14%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares, each representing four ordinary”; JinkoSolar Holding Company Limited reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what JinkoSolar Holding Company Limited has delivered.

JinkoSolar Holding Company Limited’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle ($188M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($310M) on 52M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $3.2B. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh JKS against another business →

Cite: Owner Scorecard, "JinkoSolar Holding Company Limited (JKS), the owner's record," https://ownerscorecard.com/c/JKS, data as of 2026-07-09.

Manual order: ← JG its page in the Manual JL →

Industry order: ← IPGP the Semiconductors chapter KLIC →