A global clean energy revolution is knocking on our doorsteps, fueled by significant investments by organizations and governments to facilitate the deployment of clean energy resources. Solar power, being the top choice for this clean energy switch, has experienced substantial growth in recent years and is set to soar even higher.

Amid this backdrop, investors could watch out for shares of fundamentally stable solar stocks, Enphase Energy, Inc. (ENPH), JinkoSolar Holding Co., Ltd. (JKS) and Array Technologies, Inc. (ARRY).

The U.S. solar market is achieving new heights, with the third quarter of 2024 setting a record 8.6 GW of installed capacity, a 21% increase from the previous year, according to the Solar Energy Industries Association.

Additionally, the solar market has also contributed towards reducing 227 million metric tons of carbon emission and has employed more than a quarter of a million people. On the other hand, government investments and plans have also aided in the growth of the clean energy industry.

Since the signing of the Inflation Reduction Act in August 2022 by President Biden, private sector companies have announced more than $360 billion in investment across nearly 600 clean energy projects that will create nearly 313,000 new jobs.

Additionally, more than 73 GW of large-scale solar, wind, and battery storage capacity was under construction across the United States as of late November 2024, according to S&P Global Market Intelligence data. This boom is set to accelerate the job market and play an important role in bolstering local economies.

Now, considering these positive trends, let us dive deep into the fundamentals of three Solar stocks, starting with #3.

Stock #3: Enphase Energy, Inc. (ENPH)

ENPH designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry. Its offerings include semiconductor-based microinverters, IQ gateway, IQ batteries, cloud-based Enlighten monitoring service, storage solutions, electric vehicle charging solutions, and more.

On January 13, 2025, ENPH announced production shipments of its most powerful and versatile battery yet, the IQ^® Battery 5P with FlexPhase, for customers in Germany, Austria, and Switzerland. The shipments could enhance ENPH’s market position in the European continent and drive sales growth.

On January 9, 2025, ENPH announced its expansion in Latin America with the launch of IQ8P™ Microinverters for residential and commercial applications in Colombia, Panama, and Costa Rica. The company’s global expansion ensures its commitment to delivering value, empowering its customers, and strengthening its market presence.

For the fiscal 2024 third quarter that ended September 30, ENPH’s net revenues came in at $380.87 million. Its non-GAAP operating income was reported to be $101.41 million. Additionally, the company’s non-GAAP net income and non-GAAP net income per share came in at $88.40 million and $0.65, respectively.

Analysts expect ENPH’s revenue and EPS for the fiscal 2024 fourth quarter (ended December 2024) to increase 24.8% and 39.3% year-over-year to $377.62 million and $0.75, respectively.

Shares of ENPH surged marginally intra-day to close the last trading session at $66.87.

ENPH’s POWR Ratings reflect its fundamentals. It has a B grade for Quality. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.

Within the Solar industry, ENPH is ranked #5 out of 15 stocks. In addition to the POWR Rating highlighted above, you can check ENPH’s ratings for Value, Growth, Sentiment, Momentum, and Stability here.

Stock #2: JinkoSolar Holding Co., Ltd. (JKS)

Headquartered in Shangrao, China, JKS designs, develops, produces, and markets photovoltaic products. It offers solar modules, silicon wafers, solar cells, recovered silicon materials, solar system integration services, solar power generation, and solar system EPC services under the JinkoSolar brand.

On January 6, 2025, JKS announced a significant breakthrough in the development of its N-type TOPCon-based perovskite tandem solar cell. The cell achieved a conversion efficiency of 33.84%, surpassing the company’s previous record of 33.24% and setting a world record for efficiency and power output for PV products.

The company’s innovations and breakthroughs could aid in enhancing its market position as a top contender in the PV industry.

For the fiscal 2024 third quarter that ended September 30, JKS’ revenues came in at $3.49 billion. Its gross profit was reported to be $549.43 million. Moreover, net income and net income per share attributable to JKS ordinary shareholders amounted to $3.21 million and $0.02, respectively.

Street expects JKS’ revenue and EPS for the fiscal year ending December 2025 to increase 8.8% and 221.5% year-over-year to $$14.58 billion and $4.64, respectively.

JKS’ shares surged 6% over the past six months to close the last trading session at $24.59.

JKS’ fundamentals are mirrored in its POWR Ratings. It has an A grade for Value.

Within the Solar industry, JKS is ranked #2 out of 15 stocks. To access JKS’ Sentiment, Stability, Momentum, Quality, and Growth ratings, click here.

Stock #1: Array Technologies, Inc. (ARRY)

ARRY manufactures and sells ground-mounting tracking systems used in solar energy projects. The company has two segments: Array Legacy Operations and STI Operations. Its products include DuraTrack HZ v3, Array STI H250, Array OmniTrack, and SmarTrack.

On December 4, 2024, ARRY announced the deployment of more than 6GW of solar projects in North America through its partnership with RP Construction Services (RP), a value-added distributor of solar construction materials. The company continues to drive solar adoption and accelerates clean energy’s futures through this partnership that spans 15 years and counting.

On November 18, 2024, ARRY announced a strategic $3 million investment in Swap Robotics, a pioneer in utility-scale solar robotic operations, to drive automation in photovoltaic installation technology. This investment could aid the company in innovating and developing solar products to enhance its offerings and strengthen its market position.

For the fiscal third quarter that ended September 30, 2024, ARRY’s revenue was reported to be $231.41 million. Its adjusted gross profit came in at $81.95 million. Additionally, the company’s adjusted net income and adjusted net income per common share were reported to be $26.46 million and $0.17, respectively.

The consensus revenue and EPS estimates of $1.14 billion and $0.81 for the fiscal year ending December 2025 exhibit a year-over-year rise of 25.5% and 32.8%, respectively. Moreover, the company has surpassed consensus EPS estimates in all four trailing quarters, which is impressive.

ARRY’s shares have surged 20.6% over the past month to close the last trading session at $6.61.

ARRY’s POWR Ratings reflect its prospects. It has a B grade for Growth.

ARRY has topped the 15-stock Solar industry. Click here to access ARRY’s ratings for Momentum, Quality, Stability, Value, and Sentiment.

What To Do Next?

Get your hands on this special report with 3 low priced companies with tremendous upside potential even in today’s volatile markets:

3 Stocks to DOUBLE This Year >

ENPH shares were unchanged in premarket trading Tuesday. Year-to-date, ENPH has declined -2.64%, versus a -0.80% rise in the benchmark S&P 500 index during the same period.

About the Author: Aritra_Gangopadhyay

Aritra is a financial journalist dedicated to breaking down complex financial topics into simple, actionable insights. Holding a Master’s degree in Economics, he uses his analytical expertise to help investors uncover unique opportunities for long-term success. More...

More Resources for the Stocks in this Article