AIKO Solar - Public Comps and Valuation Multiples

AIKO Solar Overview

About AIKO Solar

Shanghai Aiko Solar Energy Co Ltd is engaged in research, manufacturing and sales of crystalline silicon solar cells. The company's products include C&I Scenario COMET Series, Residential Scenario NEOSTAR Series, Lightweight module AIR and Utility Scenario STELLAR Series.

Founded

1996

HQ

Employees

14.2K+

Website

aikosolar.com

Sectors

Energy Equipment
Solar
EnergyTech
Industry 4.0
DeepTech
ClimateTech

Financials

LTM Revenue $2.6B

LTM EBITDA $249M

EV

$6.5B

Valuation Multiples

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AIKO Solar Financials

As of September 2025, AIKO Solar reported last 12-month revenue of $2.6B and EBITDA of $249M.

In the same period, AIKO Solar generated $186M in LTM gross profit and -$131M in net income.

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AIKO Solar P&L

In the most recent fiscal year, AIKO Solar reported revenue of $1.6B and EBITDA of -$561M.

AIKO Solar expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.6B	XXX	$1.6B	XXX	XXX	XXX
Gross Profit	$186M	XXX	-$156M	XXX	XXX	XXX
Gross Margin	7%	XXX	-10%	XXX	XXX	XXX
EBITDA	$249M	XXX	-$561M	XXX	XXX	XXX
EBITDA Margin	10%	XXX	-36%	XXX	XXX	XXX
EBIT	-$146M	XXX	-$314M	XXX	XXX	XXX
EBIT Margin	-6%	XXX	-20%	XXX	XXX	XXX
Net Profit	-$131M	XXX	-$746M	XXX	XXX	XXX
Net Margin	-5%	XXX	-48%	XXX	XXX	XXX
Net Debt	XXX	XXX	$1.2B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for AIKO Solar including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.6B. EBITDA for the last twelve months was $249M. In the most recent fiscal year, AIKO Solar achieved $1.6B in revenue and -$561M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.6B	Analyst estimates available to subscribers	$1.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$186M	Analyst estimates available to subscribers	-$156M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	7.2% gross margin	Analyst estimates available to subscribers	-9.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$249M	Analyst estimates available to subscribers	-$561M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	9.6% EBITDA margin	Analyst estimates available to subscribers	-35.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$146M	Analyst estimates available to subscribers	-$314M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-5.6% EBIT margin	Analyst estimates available to subscribers	-20.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$131M	Analyst estimates available to subscribers	-$746M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-5.1% net profit margin	Analyst estimates available to subscribers	-47.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$1.2B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for AIKO Solar

This financial data table provides comprehensive performance metrics for AIKO Solar, a company based in China. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

AIKO Solar generated $2.6B in revenue over the last twelve months.
The company achieved $249M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $186M.
Net income over the last twelve months reached -$131M.

Fiscal Year Performance

In the most recent fiscal year, AIKO Solar reported $1.6B in total revenue.
Fiscal year EBITDA was -$561M.
The company maintained a gross profit margin of -9.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was -35.9%.
Net profit margin reached -47.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for AIKO Solar. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

AIKO Solar Stock Performance

AIKO Solar has current market cap of CNY 35.3B (or $4.9B), and EV of CNY 46.4B (or $6.5B).

Market Cap Evolution

AIKO Solar Stock Data

As of October 17, 2025, AIKO Solar's stock price is CNY 17 (or $2).

See AIKO Solar trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$6.5B	$4.9B	XXX	XXX	XXX	XXX	$-0.07

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AIKO Solar Valuation Multiples

AIKO Solar's trades at 4.2x EV/Revenue multiple, and -11.6x EV/EBITDA.

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AIKO Solar Financial Valuation Multiples

As of October 17, 2025, AIKO Solar has market cap of $4.9B and EV of $6.5B.

Equity research analysts estimate AIKO Solar's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

AIKO Solar has a P/E ratio of -37.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.9B	XXX	$4.9B	XXX	XXX	XXX
EV (current)	$6.5B	XXX	$6.5B	XXX	XXX	XXX
EV/Revenue	2.5x	XXX	4.2x	XXX	XXX	XXX
EV/EBITDA	26.1x	XXX	-11.6x	XXX	XXX	XXX
EV/EBIT	-44.6x	XXX	-20.7x	XXX	XXX	XXX
EV/Gross Profit	34.9x	XXX	n/a	XXX	XXX	XXX
P/E	-37.7x	XXX	-6.6x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-7.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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AIKO Solar Margins & Growth Rates

AIKO Solar's last 12 month revenue growth is 35%

AIKO Solar's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $11K for the same period.

AIKO Solar's rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

AIKO Solar's rule of X is 96% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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AIKO Solar Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	35%	XXX	53%	XXX	XXX	XXX
EBITDA Margin	10%	XXX	-36%	XXX	XXX	XXX
EBITDA Growth	141%	XXX	15%	XXX	XXX	XXX
Rule of 40	44%	XXX	-1%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	96%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$11K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	6%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	10%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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