Nextpower Beats Third; RBC Lifts Target as Shorts Hold On
Nextpower delivered its third consecutive double-digit EPS beat ($1.31 vs. $1.10 estimate) while reporting 22.5% revenue growth and $371M in trailing free cash flow against a fortress balance sheet. Y
RBC Lifts Nextpower Target to $120; Shorts Hold 9.4%
NEW YORK, November 12 —
Three consecutive double-digit EPS beats and 22.5% revenue growth have not cleared the shorts from Nextpower Inc. (NXT). RBC Capital Markets lifted its price target to $120 on November 12, pushing the analyst mean to $130.03, while 9.4% of the float remains short and insiders logged $1.67 million in open-market sales against zero purchases in the period.
- TTM revenue $3.83 billion, up 22.5% YoY; most recent EPS $1.31 beat the $1.10 estimate by 19.1%.
- Balance sheet: $1.03 billion cash vs. $0.04 billion debt; trailing free cash flow $371 million.
- Analyst mean price target $130.03 vs. $95.37 share price; forward P/E 16.6x.
Three Beats, One Near-Debt-Free Balance Sheet
Nextpower, formerly Nextracker and renamed in November 2025, makes solar tracking systems for utility-scale solar plants: its NX Horizon line follows the sun to maximize energy yield, NX Horizon-XTR handles sloped and uneven terrain, and TrueCapture software manages energy output at the plant level. The beat cadence is unusual: 17.0% above consensus four quarters ago, 14.3% two quarters ago, 19.1% most recently. That consistency, paired with $1.03 billion in cash against $0.04 billion in debt and $371 million in free cash flow, makes 16.6x forward earnings an undemanding entry; a quick run through the DCF calculator shows why the analyst mean sits at $130.03.
The Insider Discount
Director Brandi Elizabeth Thomas sold 7,415 shares at $91.25 for $676,619 on August 19, the period's largest single transaction. Director Julia Blunden sold in two tranches at $88.08 and $84.10 on August 21 and 24. CFO Charles D. Boynton sold 4,500 shares at $79.98 on September 1. All three sold at prices below the current $95.37, and all three did so after receiving standard board equity grants on August 19. The CFO's September sale carries more weight: it came independently, and the net result for the 90-day period was $1.67 million out, zero in.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| NXT | $14.5B | 16.5x | +14.2% |
| FLNC | $933M | n/a | -68.7% |
| SHLS | $1.4B | 14.0x | +8.9% |
| IOT | $24.3B | 43.7x | +9.1% |
| POWL | $5.2B | 20.2x | +33.4% |
| RBRK | $22.6B | 142.5x | +55.0% |
Margin Is the Swing Vote
The 8-K Nextpower filed October 28 combined its earnings disclosure with a director or principal officer departure or appointment, per the filing, adding a personnel variable to an already contested valuation picture. Gross margin at 21.8% is what shorts need to watch: sustained compression would give that 9.4% short position a fundamental anchor, while further expansion would pressure a thesis that three straight beats have failed to dislodge. The balance sheet is a source of strength, leaving the company no need for dilutive equity; the next quarterly report is the first checkpoint. Run the free Nextpower Inc. deep-dive → before that number lands.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
What are Nextpower's latest earnings results?
Nextpower's most recent EPS of $1.31 beat the $1.10 estimate by 19.1%, its third consecutive double-digit earnings beat. The company posted TTM revenue of $3.83 billion, up 22.5% year-over-year, with $371 million in trailing free cash flow.
Why are shorts still betting against Nextpower?
Nextpower has a near-debt-free balance sheet with $1.03B cash against $0.04B debt and has delivered three consecutive double-digit beats, yet 9.4% of shares remain shorted. Gross margin at 21.8% is the key watch: sustained compression would anchor the short thesis, while further expansion would pressure it.
Have Nextpower insiders been buying the stock?
No. During the period, Nextpower insiders were net sellers, with $1.67 million in open-market sales against zero purchases. CFO Charles D. Boynton sold 4,500 shares at $79.98 on September 1, following sales by Directors Brandi Elizabeth Thomas and Julia Blunden at prices below the current $95.37.
What is RBC's price target for Nextpower?
RBC Capital Markets lifted its price target to $120 on November 12. The analyst mean stands at $130.03, compared to the current share price of $95.37 and a forward P/E of 16.6x.
What does Nextpower manufacture?
Nextpower, formerly Nextracker until its November 2025 rename, makes solar tracking systems for utility-scale solar plants. Its products include the NX Horizon system that maximizes energy yield by following the sun, the NX Horizon-XTR for sloped terrain, and TrueCapture software for managing plant-level energy output.
RBC Capital Markets raised its Nextpower price target to $120 from $116 on November 12, 2026, keeping an Outperform rating, as the solar tracker maker posts three consecutive double-digit earnings beats and 22.5% revenue growth. The upgrade lands with 9.4% of the float still sold short — a stubborn skeptic position the analyst consensus has yet to dislodge.