1 Solar Sleeper Stock That Still Has Room to Shine

When Nextracker went public two years ago, few investors expected it to triple so quickly.

But after such a run, is it too late to buy? Or is this “picks and shovels” play on the clean-energy revolution still undervalued?

Key Points

• Nextracker controls about a quarter of the global solar tracker market.

• Beyond trackers it’s getting into AI, robotics, inspection, cleaning, and mapping tools.

• Revenue and EBITDA are expected to rise at 12% and 8% annually through 2028.

How Nextracker Makes Its Money

By 2024, Nextracker had captured roughly a quarter of the global solar tracker market, putting it well ahead of rivals such as Arctech Solar and Array Technologies.

The numbers show just how powerful that lead has been. Revenue almost doubled in three years to $2.96 billion in 2025.

Profitability scaled even faster, with adjusted EBITDA soaring from $92 million to $776 million, while net income jumped tenfold to more than half a billion dollars.

This explosive growth hasn’t happened in a vacuum. Cheaper solar modules, stricter decarbonization targets, and a wave of policy incentives like the Inflation Reduction Act have combined to create a tailwind for developers and Nextracker’s trackers became essential for squeezing more value out of every panel installed.

One telling detail most people don’t realize is that more than two thirds of large-scale solar projects in the U.S. now use trackers, up from less than 40% just ten years ago.

It’s a clear sign that Nextracker isn’t just riding a trend, it’s sitting at the center of a structural shift in how the world builds solar power.

The Growth Runway Ahead

The solar market is still growing at a remarkable pace. Goldman Sachs projects that global installations will generate 57% more power by 2030. For Nextracker, that means the opportunity ahead is far larger than what it has already captured.

To secure its lead, the company is pushing beyond simple panel tilting and moving deep into artificial intelligence and robotics. With its acquisition of Onsight Technology, Nextracker can now offer autonomous inspection and fire detection tools.

Amir Robotics brings robotic cleaning systems to the table, which are vital in desert regions where dust buildup can slash panel efficiency by as much as 30%.

These moves reflect a deliberate strategy to evolve from a single-product company into a platform that touches nearly every part of a solar farm’s lifecycle. By building an ecosystem around its trackers, Nextracker is making itself harder to displace and deepening its value proposition to customers. The market seems to recognize this, too.

The Catch Is Growth Is Slowing

Management expects revenue in fiscal 2026 to grow between 8% and 17%, while EBITDA is projected to come in flat or even dip slightly.

Several headwinds are at play here, rising input costs are squeezing margins, a greater share of revenue is coming from overseas projects that don’t carry the same profitability, and the wave of recent acquisitions brings with it integration expenses that weigh on short-term results.

Analysts also expect the numbers to settle into a steadier rhythm. Their forecasts call for revenue to grow around 12% annually and EBITDA about 8% a year through 2028. Those figures are respectable by most standards, but they’re a clear step down from the explosive growth that defined Nextracker’s early public years.

The story now is less about hyper-growth and more about proving the company can sustain its leadership position as it matures.

Fair Price for a Market Leader?

At an enterprise value of just under $10 billion, Nextracker trades at 12x forward EBITDA, reasonable for a market leader with a fat backlog and dominant market share.

Nextracker’s valuation multiple today is roughly in line with where First Solar traded back in 2007, just before solar demand went parabolic.

History doesn’t always repeat, but it often rhymes.

Nextracker May Not 3x But….

It’s sitting in the sweet spot of one of the fastest-growing energy sectors, with a dominant market position, sticky customers, and a growing AI-driven toolkit.

Investors chasing “the next Nvidia” might overlook a boring hardware company like this but sometimes the boring picks-and-shovels players are the ones that mint fortunes over time.

After a big rally, Nextracker still looks like a stock worth holding for the long haul.