Maxeon Solar Financials
This page shows Maxeon Solar (MAXN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Maxeon Solar has an operating margin of -113.3%, meaning the company retains $-113 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -19.5% the prior year.
Maxeon Solar's revenue declined 54.7% year-over-year, from $1.1B to $509.0M. This contraction results in a growth score of 0/100.
Maxeon Solar's current ratio of 0.79 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 11/100, which could limit financial flexibility.
While Maxeon Solar generated -$270.2M in operating cash flow, capex of $52.1M consumed most of it, leaving -$322.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Maxeon Solar passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Maxeon Solar generates $0.44 in operating cash flow (-$270.2M OCF vs -$614.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Maxeon Solar earns $-12.7 in operating income for every $1 of interest expense (-$576.6M vs $45.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Maxeon Solar generated $509.0M in revenue in fiscal year 2024. This represents a decrease of 54.7% from the prior year.
Maxeon Solar's EBITDA was -$533.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 226.5% from the prior year.
Maxeon Solar generated -$322.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 0.2% from the prior year.
Maxeon Solar reported -$614.3M in net income in fiscal year 2024. This represents a decrease of 122.7% from the prior year.
Maxeon Solar earned $-96.00 per diluted share (EPS) in fiscal year 2024. This represents an increase of 83.9% from the prior year.
Maxeon Solar held $28.9M in cash against $0 in long-term debt as of fiscal year 2024.
Maxeon Solar had 17M shares outstanding in fiscal year 2024. This represents a decrease of 69.0% from the prior year.
Maxeon Solar's gross margin was -49.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 56.0 percentage points from the prior year.
Maxeon Solar's operating margin was -113.3% in fiscal year 2024, reflecting core business profitability. This is down 93.8 percentage points from the prior year.
Maxeon Solar's net profit margin was -120.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 96.1 percentage points from the prior year.
Maxeon Solar invested $37.5M in research and development in fiscal year 2024. This represents a decrease of 17.8% from the prior year.
Maxeon Solar invested $52.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 22.7% from the prior year.
MAXN Income Statement
| Metric | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'19 |
|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A | N/A | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A |
MAXN Balance Sheet
| Metric | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'19 |
|---|---|---|---|---|---|
| Total Assets | $376.3M-62.4% | $1.0B-5.2% | $1.1B+7.8% | $980.3M-1.0% | $990.2M |
| Current Assets | $266.0M-57.0% | $619.0M+16.1% | $533.1M-2.6% | $547.2M-11.5% | $618.1M |
| Cash & Equivalents | $28.9M-84.8% | $190.2M+14.2% | $166.5M-19.4% | $206.7M+70.9% | $121.0M |
| Inventory | $40.2M-87.0% | $308.9M+45.2% | $212.8M+25.8% | $169.2M-13.1% | $194.9M |
| Accounts Receivable | $4.3M-93.1% | $62.7M+57.9% | $39.7M-48.2% | $76.7M | N/A |
| Goodwill | $0-100.0% | $7.9M | N/A | N/A | N/A |
| Total Liabilities | $664.6M-33.4% | $997.4M+42.1% | $701.7M+29.7% | $541.1M-13.1% | $622.7M |
| Current Liabilities | $338.5M-21.6% | $431.9M+2.6% | $421.0M+36.6% | $308.1M-40.8% | $520.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$293.8M-26396.1% | -$1.1M-100.3% | $349.5M-19.2% | $432.6M+19.4% | $362.2M |
| Retained Earnings | -$1.4B-77.2% | -$796.1M-202.7% | -$263.0M-3015.3% | -$8.4M | $0 |
MAXN Cash Flow Statement
| Metric | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'19 |
|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A |
MAXN Financial Ratios
| Metric | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'19 |
|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 0.79-0.6 | 1.43+0.2 | 1.27-0.5 | 1.78+0.6 | 1.19 |
| Debt-to-Equity | -2.26+897.1 | -899.34-901.3 | 2.01+0.8 | 1.25-0.5 | 1.72 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$293.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.79), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Maxeon Solar's annual revenue?
Maxeon Solar (MAXN) reported $509.0M in total revenue for fiscal year 2024. This represents a -54.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Maxeon Solar's revenue growing?
Maxeon Solar (MAXN) revenue declined by 54.7% year-over-year, from $1.1B to $509.0M in fiscal year 2024.
Is Maxeon Solar profitable?
No, Maxeon Solar (MAXN) reported a net income of -$614.3M in fiscal year 2024, with a net profit margin of -120.7%.
What is Maxeon Solar's earnings per share (EPS)?
Maxeon Solar (MAXN) reported diluted earnings per share of $-96.00 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Maxeon Solar's EBITDA?
Maxeon Solar (MAXN) had EBITDA of -$533.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Maxeon Solar's gross margin?
Maxeon Solar (MAXN) had a gross margin of -49.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Maxeon Solar's operating margin?
Maxeon Solar (MAXN) had an operating margin of -113.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Maxeon Solar's net profit margin?
Maxeon Solar (MAXN) had a net profit margin of -120.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Maxeon Solar's free cash flow?
Maxeon Solar (MAXN) generated -$322.3M in free cash flow during fiscal year 2024. This represents a -0.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Maxeon Solar's operating cash flow?
Maxeon Solar (MAXN) generated -$270.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Maxeon Solar's total assets?
Maxeon Solar (MAXN) had $376.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Maxeon Solar's capital expenditures?
Maxeon Solar (MAXN) invested $52.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Maxeon Solar spend on research and development?
Maxeon Solar (MAXN) invested $37.5M in research and development during fiscal year 2024.
How many shares does Maxeon Solar have outstanding?
Maxeon Solar (MAXN) had 17M shares outstanding as of fiscal year 2024.
What is Maxeon Solar's current ratio?
Maxeon Solar (MAXN) had a current ratio of 0.79 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Maxeon Solar's debt-to-equity ratio?
Maxeon Solar (MAXN) had a debt-to-equity ratio of -2.26 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Maxeon Solar's return on assets (ROA)?
Maxeon Solar (MAXN) had a return on assets of -163.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Maxeon Solar's cash runway?
Based on fiscal year 2024 data, Maxeon Solar (MAXN) had $28.9M in cash against an annual operating cash burn of $270.2M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Maxeon Solar's debt-to-equity ratio negative or unusual?
Maxeon Solar (MAXN) has negative shareholder equity of -$293.8M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Maxeon Solar's Piotroski F-Score?
Maxeon Solar (MAXN) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Maxeon Solar's earnings high quality?
Maxeon Solar (MAXN) has an earnings quality ratio of 0.44x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Maxeon Solar cover its interest payments?
Maxeon Solar (MAXN) has an interest coverage ratio of -12.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Maxeon Solar?
Maxeon Solar (MAXN) scores 3 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.