Governments, businesses, and individual consumers are increasingly looking toward alternative and sustainable forms of energy beyond fossil-based fuels as signs of climate change escalate. While solar and other alternative energies tend to be more expensive or more difficult to produce upfront compared with fossil fuels, they have the primary benefit of leaving behind a significantly smaller environmental impact. Solar companies are experiencing a period of growth following incentives provided by the Inflation Reduction Act of 2022, which allows taxpayers to subtract 30% of the cost of solar power from their taxes through 2032.
These are the 10 biggest solar companies by 12-month trailing (TTM) revenue. This list is usually limited to publicly traded companies in the U.S. or Canada, either directly or through ADRs. However, many in the solar industry are based and listed outside of those countries, so excluding any companies would not correctly represent the industry.
Some foreign companies may report semiannually and may have longer lag times. All data are courtesy of YCharts and are current as of Dec. 22, 2022.
Revenue (TTM): $10.58 billion
Net Income (TTM): $27.95 million
Market Cap: $2.46 billion
1-Year Trailing Total Return: 9.43%
Exchange: New York Stock Exchange
JinkoSolar is a Chinese holding company that produces solar cells, modules, and other materials related to solar energy through its subsidiaries. It is among the top producers of solar panels globally by gigawatts (GW) delivered. The company serves customers in 160 global countries.
JinkoSolar experienced growth in 2022, with quarterly module shipments doubling globally year-over-year and shipments to China increasing five-fold for the same period. Company leadership expects further growth through 2023 as it published a record-breaking solar energy conversion efficiency of 25.7% in its 182-millimeter solar cell.
Revenue (TTM): $7.03 billion
Net Income (TTM): $188.10 million
Market Cap: $2.16 billion
1-Year Trailing Total Return: 5.65%
Canadian Solar Inc. is a solar product developer that designs, builds, and sells modules with residential, commercial, and industrial applications. The company’s products include solar modules, inverters, and system kits.
The company is headquartered in Guelph, Canada, with several subsidiaries operating in the industry. Canadian Solar has customers in more than 160 countries and 20 manufacturing facilities in the Americas and Asia.
The company’s 2022 third-quarter report attributed vertical integration of its manufacturing, more control over its supply chain, and an improved cost structure to its success throughout the COVID-19 pandemic and period of global economic turmoil.
The company anticipates continuing growth through 2023, mirroring that of the industry as demand for cleaner energy solutions continues to rise globally.
Revenue (TTM): $2.77 billion
Net Income (TTM): $113.9 million
Market Cap: $18.06 billion
1-Year Trailing Total Return: 14.96%
SolarEdge Technologies builds and distributes equipment and technology for photovoltaic arrays. In addition, the company provides optimization services as well as monitoring solutions for photovoltaic systems. SolarEdge’s products include monitoring equipment, optimizers, and inverters.
The company is based in Herzliya, Israel, and has offices in the U.S., Brazil, Europe, UK, and Asia.
SolarEdge claimed a record annual solar revenue of $2.92 billion in 2022 and anticipates continued growth after seeing its revenue increase by 63% from 2021.
Revenue (TTM): $2.52 billion
Net Income (TTM): $94.75 million
Market Cap: $17.28 billion
1-Year Trailing Total Return: 81.84%
First Solar provides solar panels, photovoltaic power plants, and related services such as constructing, maintaining, and recycling these products. The company utilizes a thin film semiconductor technology to achieve enhanced efficiency and sustainability in its solar modules.
First Solar expects to continue growing as it plans to scale global manufacturing and has secured deliveries into 2027.
Revenue (TTM): $2.15 billion
Net Income (TTM): $71.84 million
Market Cap: $5.80 billion
1-Year Trailing Total Return: -21.80%
Sunrun Inc. develops, manufactures, sells, installs, and maintains solar energy systems in 22 states, Washington, DC, and Puerto Rico. Its products range from rooftop panels and batteries for homes to large-scale energy projects.
Expecting the solar industry to explode, Sunrun expanded to new locations throughout the U.S. in 2022 and was selected by Puerto Rico to rebuild its energy systems and create a large-scale energy storage solution to address concerns over an increase in severe weather events and damages.
Energy Inc. (ENPH)
Revenue (TTM): $2.02 billion
Net Income (TTM): $296.2 million
Market Cap: $43.1 billion
1-Year Trailing Total Return: 67.78%
Enphase Energy builds and provides solar solutions for homes and businesses in more than 145 countries. Its unique product is a modularized smart technology that integrates an energy storage system that can charge electric vehicles, balance loads, and provide power that customers don’t use to the grid.
Enphase expects to continue growing throughout 2023 as new products are released, and as it expects the available market size to increase by more than $5 billion.
Revenue (TTM): $1.78 billion
Net Income (TTM): $68.62 million
Market Cap: $3.5 billion
1-Year Trailing Total Return: -3.08%
Sunpower Corps operates in the U.S., with a presence in all 50 states. The company designs residential solar solutions.
SunPower grew revenue from $347 million in 2021 to $492 million in 2022.
The company expects to continue growing over 2023, partnering with General Motors to be the exclusive electrical vehicle charger installer for the company and forecasting a two-fold increase in market growth through 2025.
Revenue (TTM): $1.46 billion
Net Income (TTM): -$8.36 million
Market Cap: $3.24 billion
1-Year Trailing Total Return: 32.57%
Array Technologies is another U.S.-based residential solar power equipment provider with a global footprint. Its key markets are North America, Australia, Latin America, Europe, Brazil, and South Africa. It differentiates itself from competitors with its patented energy-tracking technology that rotates panels to maximize collection, claiming a 25% energy gain relative to panels that don’t tilt.
Array Technologies anticipates continued growth through 2023, citing two new products that provide more flexibility for varying site and weather conditions.
Revenue (TTM): $958.09 billion
Net Income (TTM): -$265.06 million
Market Cap: $892.28 billion
1-Year Trailing Total Return: 31.59%
Maxeon Solar Technologies is headquartered in Singapore and has a presence in more than 100 markets globally. Maxeon has an established history in the solar power industry and claims to have built deep supply, sales, and installer channels globally that help it reduce costs to buyers.
Maxeon also supplies solar cells, modules, microinverters, and storage solutions to other solar companies, such as Sunpower. In August 2020, Maxeon spun off from Sunpower and achieved independent company status.
Revenue (TTM): $427.12 million
Net Income (TTM): -$146.84 million
Market Cap: $2.27 billion
1-Year Trailing Total Return: -27.11%
Exchange: New York Stock Exchange
Sunnova Energy provides residential and commercial solar power solutions for more than 246,000 customers in the U.S. It is headquartered in Houston, TX, and has over 980 sub-dealers and installers. The company experienced growth over 2022 even while accumulating a net loss of $147 million, which it attributes to higher general and administrative expenses and a change in the value of certain investments.