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Top Solar Stocks for Q2 2022

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March 12, 2022
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The solar energy industry has grown rapidly even as fossil fuels remain the dominant source of global energy use. Solar industry companies come from multiple sectors, including utilities, industrial, and energy, and include popular stocks such as SolarEdge Technologies (SEDG) and Sunrun Inc. (RUN). While some large utilities and energy companies have solar and renewable energy divisions, these businesses typically are not included in the industry’s listings because the parent’s primary focus is not solar.

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Solar stocks, represented by an exchange-traded fund (ETF)–the Invesco Solar ETF (TAN)–have significantly underperformed the broader market over the past year. TAN has provided a total return of -5.7% over the last 12 months, behind the Russell 1000’s total return of 8.2%. These market performance numbers and all statistics in the tables below are as of March 8, 2022.

Here are the top three solar stocks with the best value, the fastest growth, and the most momentum. Note that we include earnings per share (EPS) growth for the growth stocks section because most of the rally in natural gas has happened recently. As a result, the growth measure, which only looks at the most recent quarter, will show movement first, whereas in the list of stocks we looked at, many of them still didn’t have positive earnings over a 12-month trailing period. Gas has spiked in price since the Russian invasion of Ukraine because Russia is a major gas producer and has since been subject to major sanctions.

Best Value Solar Stocks

These are the solar stocks with the lowest 12-month trailing price-to-sales (P/S) ratio. For companies in early stages of development or industries suffering from major shocks, this can be substituted as a rough measure of a business’s value. A business with higher sales could eventually produce more profit when it achieves, or returns to, profitability. The price-to-sales ratio shows how much you’re paying for the stock for each dollar of sales generated.

Best Value Solar Stocks

Price ($)
Market Capitalization (Market Cap) ($B)
12-Month Trailing P/S Ratio
Daqo New Energy Corp. (DQ)
51.31
3.8
5.2
First Solar Inc. (FSLR)
79.52
8.5
18.2
Canadian Solar Inc. (CSIQ)
36.40
2.2
31.1

Source: YCharts

Daqo New Energy Corp.: Daqo New Energy is a China-based solar energy company that manufactures polysilicon for sale to manufacturers of solar cells and modules.First Solar Inc.: First Solar provides solar panels, photovoltaic power plants, and related services such as construction, maintenance, and recycling of these products. The company utilizes a thin film semiconductor technology to achieve enhanced efficiency and sustainability in its solar modules. First Solar’s Q4 2021 ended Dec. 31, 2021. For that period, the company reported 13.5% year-over-year (YOY) improvement to net income on 48.9% net sales growth. International project sales and increased module sales were primary drivers of growth.Canadian Solar Inc.: Canadian Solar Inc. is a Canada-based solar product developer that designs, builds, and sells modules for residential, commercial, and industrial customers. The company’s products include solar modules, inverters, and system kits. On March 8, Canadian Solar announced that it had signed two 10-year power purchase agreements with Axpo Italia. Together, the agreements allot for the purchase of 70% of energy produced by two solar power plants under development totaling 84 MWp. This development makes Canadian Solar the largest solar developer in Italy.

Fastest Growing Solar Stocks

These are the top solar stocks as ranked by a growth model that scores companies based on a 50/50 weighting of their most recent quarterly YOY percentage revenue growth and most recent quarterly YOY earnings-per-share (EPS) growth. Both sales and earnings are critical factors in the success of a company. Therefore, ranking companies by only one growth metric makes a ranking susceptible to the accounting anomalies of that quarter (such as changes in tax law or restructuring costs) that may make one figure or the other unrepresentative of the business in general. Companies with quarterly EPS or revenue growth of more than 2,500% were excluded as outliers.

Fastest Growing Solar Stocks

Price ($)
Market Cap ($B)
EPS Growth (%)
Revenue Growth (%)
Canadian Solar Inc. (CSIQ)
36.40
2.2
246.7
34.5
SolarEdge Technologies Inc. (SEDG)
328.91
17.4
124.2
54.1
Daqo New Energy Corp. (DQ)
51.31
3.8
103.1
59.7

Source: YCharts

Canadian Solar Inc.: See above for company description.SolarEdge Technologies Inc.: SolarEdge Technologies is an Israel-based company that builds and distributes equipment and technology for photovoltaic arrays. The company provides optimization services as well as monitoring solutions for photovoltaic systems.Daqo New Energy Corp.: See above for company description.

Solar Stocks with the Most Momentum

These are the solar stocks that had the highest total return over the last 12 months.

Solar Stocks with the Most Momentum

Price ($)
Market Cap ($B)
12-Month Trailing Total Return (%)
JinkoSolar Holding Co. Ltd. (JKS)
54.94
2.6
44.3
SolarEdge Technologies Inc. (SEDG)
328.91
17.4
33.3
Enphase Energy Inc. (ENPH)
175.99
23.6
33.3
Russell 1000
N/A
N/A
8.2
Invesco Solar ETF (TAN)
N/A
N/A
-5.7

Source: YCharts

JinkoSolar Holding Co. Ltd.: JinkoSolar is a Chinese holding company that produces solar cells, modules and other materials related to solar energy. The company serves customers in China, the U.S., Europe, the Middle East, and South America. In late January, JinkoSolar’s principal operating subsidiary, Jinko Solar Co., Ltd., completed an initial public offering and began trading on the Shanghai Stock Exchange under the ticker 688223:CH.SolarEdge Technologies Inc.: See company description above.Enphase Energy Inc.: Enphase Energy is a global energy technology company that brings solar, batteries, and software together in one complete package. It supplies microinverter-based, solar-plus-storage systems. On Feb. 14, Enphase announced it had partnered with renewable energy and grid solutions provider Swell Energy Inc. The partnership is expected to enhance solar and battery access and choice for energy users while delivering critical resources to the local grids in California, New York, and Hawaii.

The comments, opinions, and analyses expressed herein are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or adopt any investment strategy. While we believe the information provided herein is reliable, we do not warrant its accuracy or completeness. The views and strategies described in our content may not be suitable for all investors. Because market and economic conditions are subject to rapid change, all comments, opinions, and analyses contained within our content are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment, or strategy.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our
editorial policy.

YCharts. “Financial Data.”

First Solar Inc. “First Solar, Inc. Announces Fourth Quarter and Full Year 2021 Financial Results and 2022 Guidance.”

Canadian Solar Inc. “Canadian Solar Becomes the Largest Solar Developer in Italy After Signing 84 MWp PPA with Axpo Italia.”

JinkoSolar Holding Co. Ltd. “JinkoSolar’s Subsidiary Jinko Solar Co., Ltd. Completes its IPO Process and Starts Trading on the Shanghai Stock Exchange.”

Enphase Energy Inc. “Enphase Energy and Swell Energy Launch Partnership with Solar, Battery, and Virtual Power Plant Offerings.”

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Related Terms

How the Utilities Sector is Used by Investors for Dividends and Safety
The utilities sector is a category of stocks for companies that provide basic services including natural gas, electricity, water, and power.

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Gross Domestic Product (GDP) Definition
Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.

more

Graphics Processing Unit (GPU)
A Graphics Processing Unit is a chip or electronic circuit capable of rendering graphics for display on an electronic device.

more

What Is Fundamental Analysis?
Fundamental analysis is a method of measuring a stock’s intrinsic value. Analysts who follow this method seek out companies priced below their real worth.

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Qualitative Analysis
Qualitative analysis evaluates a company’s unquantifiable aspects such as management style and worker loyalty.

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Brexit
Brexit refers to the U.K.’s withdrawal from the European Union after voting to do so in a June 2016 referendum.

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