The global solar energy market is experiencing unprecedented growth, with solar accounting for more than 80% of new U.S. generation capacity in 2024, according to the Federal Energy Regulatory Commission.
At the center of this transformation sits Nextracker Inc. (NXT), a company that has emerged as the world’s leading provider of solar tracking systems with a commanding 26% global market share.
Nextracker stock presents a compelling investment opportunity that combines strong financial performance with meaningful environmental impact.
Its innovative tracking technology helps solar installations generate up to 25% more energy compared to fixed-tilt systems. This directly contributes to the economics that make solar power competitive with fossil fuels.
NXT stock has a Ziggma score of 100 and ranks in the top percentile in terms of growth, profitability, valuation, and financial health.
NXT Company Profile: Engineering Excellence in Solar Infrastructure
Founded in 2013 and headquartered in Fremont, California, Nextracker has established itself as a dominant force in solar tracking technology. The company’s core product portfolio comprises the NX Horizon tracking system, TrueCapture intelligent control software, and specialized solutions, such as the Hail Pro system for weather protection.
Nextracker’s business model centers on providing mechanical systems that automatically orient solar panels toward the sun throughout the day, maximizing energy capture. Beyond hardware, Nextracker offers advanced software solutions and is expanding into robotics, AI, and comprehensive project lifecycle services.
With over 130 gigawatts of trackers shipped globally, Nextracker has played a pivotal role in making solar energy more efficient and cost-effective worldwide.
Nextracker Revenue Growth Forecast
The company’s recent financial performance demonstrates the strength of its market position. In Q1 of fiscal 2026, Nextracker reported revenue of $864 million, representing a 20% year-over-year increase.
Comparatively, adjusted EBITDA rose by 23% to $215 million. It ended the quarter with a backlog of more than $4.75 billion, which provides visibility into future revenue.
NXT Stock: Climate Action Leader
Nextracker’s business model has a clear positive impact on the planet. By further expanding its solar power operations, the company contributes directly to the overall reduction in greenhouse gas emissions. Impact data provider ACA Ethos assigns the company a Climate Action Score of 92/100.
Nextracker ranks in the 88th percentile compared to all companies and performs well in key sustainability metrics, including Reduced Waste (84/100), Reduced Greenhouse Gas Emissions (82/100), and Renewable Energy Growth (95/100).
The company’s sustainability initiatives extend well beyond its core products. Eight of Nextracker’s locations operate on renewable electricity through a combination of renewable energy credits, grid renewables, and on-site generation.
It has achieved ISO 14001 Environmental Management Systems certification and is committed to setting science-based emissions targets through the Science Based Targets initiative (SBTi).
Nextracker’s supply chain innovations demonstrate its commitment to reducing the carbon footprint associated with its operations.
Its Low Carbon Tracker can reduce embodied carbon by up to 35% compared to conventional alternatives, while strategic sourcing efforts prioritize suppliers that offer less carbon-intensive steel production methods.
The Bull Case for Nextracker Stock
The fundamentals supporting Nextracker’s investment thesis are compelling. NXT has demonstrated consistent revenue growth, expanding from a startup to a multi-billion-dollar enterprise in just over a decade.
Its key fiscal Q1 financial highlights include:
Revenue Growth: 20% year-over-year increase to $864 million
Profitability: Adjusted EBITDA margin of 25%, up 100 basis points year-over-year
Cash Generation: Strong free cash flow profile with over $450 million expected annually
Balance Sheet: $743 million in cash with no debt, providing financial flexibility
Market Position: Record backlog of $4.75 billion, growing for 15 consecutive quarters
Nextracker’s diversification strategy is beginning to bear fruit, with non-tracker technologies, including foundations, electrical balance of systems (eBOS), and now robotics/AI solutions, contributing to revenue growth.
Management expects these adjacent technologies to represent approximately one-third of revenue within five years.
Is NXT Stock a Good Buy Right Now?
Nextracker’s positive impact extends beyond traditional ESG metrics through its core business model, which directly accelerates the global transition to renewable energy. Its tracking technology increases solar energy yield by 15-25% compared to fixed systems, fundamentally improving the economics of solar power projects worldwide.
The scale of this impact is significant: with over 130 gigawatts of cumulative tracker shipments, Nextracker has enabled solar installations capable of generating approximately 260 terawatt-hours of clean electricity annually.
The power is equivalent to powering roughly 24 million U.S. homes while avoiding an estimated 180 million metric tons of CO2 emissions per year.
The company’s Hail Pro system reduces insurance costs and weather-related damage, improving project economics in challenging climates. The NX Horizon-XTR system optimizes performance on complex terrain, expanding the addressable market for utility-scale solar development.
Nextracker’s expansion into robotics and AI through recent acquisitions of Onsight Technology, Amir Robotics, and SenseHawk IP demonstrates a commitment to maximizing asset performance throughout project lifecycles.
These technologies enable autonomous inspection, robotic cleaning, and predictive maintenance, capabilities that enhance energy yield while reducing operational costs and safety risks.
Analysts tracking NXT stock forecast revenue to rise from $2.96 billion in fiscal 2025 to $4.91 billion in fiscal 2030. In this period, adjusted earnings are forecast to expand from $4.22 per share to $6.20 per share.
NXT stock is priced at 16.5 times forward earnings, which is quite reasonable, given growth estimates. If it continues to trade at the same multiple, NXT stock could gain over 50% in the next four years.
Conclusion: Riding the Solar Wave with Purpose
Nextracker represents a rare combination of market leadership, financial strength, and positive environmental impact.
As the world’s leading solar tracking provider, NXT stock is well-positioned to benefit from continued growth in the solar industry while making meaningful contributions to global decarbonization efforts.
Multiple drivers support the investment thesis, including the acceleration of global solar adoption, Nextracker’s technological leadership, expansion of the addressable market through product diversification, and strong ESG credentials that align with sustainable investing principles.
With solar energy projected to become the world’s largest electricity source within the next decade, Nextracker’s market-leading position in this critical infrastructure segment offers compelling long-term growth potential.
For investors seeking exposure to the clean energy transition while maintaining focus on financial returns, NXT stock delivers both impact and performance in a single investment vehicle.
We believe the information contained in this text to be reliable but do not warrant its accuracy or completeness. Opinions, estimates, and investment strategies and views expressed in this document constitute our judgment based on current market conditions available data and are subject to change without notice. Please consider your full financial situation prior to making an investment decision.