Report published August 27, 2026
JinkoSolar Holding (JKS): Cycle Appears to Be Taking Its Toll – Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 27, 2026
- Analysis as of
- August 26, 2026
Authors / editors: Brian Lee, CFA (Lead Analyst), Tyler Bisset, CFA (Analyst), Keshav Choudhary (Analyst)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs reiterated its Sell rating on JinkoSolar (JKS) and cut its 12-month price target to $11.00 following weak 2Q26 results and lowered FY2026 shipment guidance. Margin recovery remains elusive amid lower ASPs, elevated ramp costs, and worsening net debt leverage.
Key Takeaways
- 1.2Q26 earnings and revenue missed expectations, with gross margin contracting sequentially to 4.2% due to lower ASPs and high ramp costs.
- 2.Full-year 2026 module shipment guidance was cut sharply from 75GW-85GW to 60GW-70GW as China domestic utility module demand weakens by 30%-40% yoy.
- 3.Liquidity remains constrained with net debt increasing qoq to $4.12bn and cash dropping to $2.50bn, limiting near-term balance sheet deleveraging.
Table of Contents
- JinkoSolar Holding (JKS)
- Implications
- SELL
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement ($ mn)
- Balance Sheet ($ mn)
- Cash Flow ($ mn)
- Valuation
- Key Risks
- Exhibit 1: JKS 2Q26 actuals vs. estimates
- Exhibit 2: JKS annual estimate changes
- Disclosure Appendix
Report data
Exhibit 1: JKS 2Q26 actuals vs. estimates — as of August 26, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 11.00 USD | Price target lowered from $15.00 to $11.00 based on 4.7X EV/EBITDA multiple |
| Closing Stock Price | 13.66 USD | Price as of 26 Aug 2026 close implies 19.5% downside |
| 2Q26 Revenue | 1,821.2 USD millions | Reported revenue of $1,821.2mn vs GSe $2,154.9mn (-15% variance) |
| 2Q26 Gross Margin | 4.2% | Gross margin fell ~410bps qoq and missed GSe of 7.9% |
| 2Q26 Diluted EPS per ADS | -1.37 USD | Reported diluted EPS of ($1.37) vs GSe ($1.13) |
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Authors / Editors
Reported Data Context
- 12-month Price Target: 11.00 USD (12 months) · Source: Goldman Sachs Global Investment Research
- Closing Stock Price: 13.66 USD (2026-08-26) · Source: FactSet
- 2Q26 Revenue: 1,821.2 USD millions (2Q26) · Source: Company data, Goldman Sachs Global Investment Research
- 2Q26 Gross Margin: 4.2 percent (2Q26) · Source: Company data
- 2Q26 Diluted EPS per ADS: -1.37 USD (2Q26) · Source: Company data, Goldman Sachs Global Investment Research
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