FTC Solar, Inc. FTCI

Competitive advantage analysis · technology

Corporate Default
Overall moat score
42/100
Developing

Ranked against 27 peers in Solar

About FTC Solar, Inc.

FTC Solar, Inc. engages in the manufacture and service of solar tracker systems in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company provides a two modules-in-portrait solar tracker system under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name. It offers trackers and software solutions … Full FTCI analysis →

Key strengths

  • ROIC Sustainably Above Peers ROIC at 95.2th percentile exceeds peers and WACC, demonstrating superior capital allocation.
  • Operating Leverage in Effect Operating leverage is evident (score 0.77), with margins expanding over time.

Key risks

  • Commodity Pressure / Weak Differentiation Gross margin at 18.2th percentile with high volatility suggests weak pricing power or commoditized products.
  • Elevated Debt Risk Debt serviceability is weak (score 0.32), raising refinancing risk.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
27
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where FTCI ranks in Solar

FTC Solar, Inc. ranks #13 of 28 scored companies in Solar by moat score — the top 46%. The widest moat in the group is First Solar, Inc. (FSLR) at 89/100.

# Company Moat score Rating
9 Zeo Energy Corporation ZEO 48/100 Developing
10 Zeo Energy Corp. ZEOWW 48/100 Developing
11 Tigo Energy, Inc. TYGO 48/100 Developing
12 JinkoSolar Holding Company Limi JKS 47/100 Developing
13 FTC Solar, Inc. FTCI 42/100 Developing
14 Sunrun Inc. RUN 40/100 Developing
15 SUNation Energy, Inc. SUNE 39/100 Developing
16 SolarEdge Technologies, Inc. SEDG 39/100 Developing
17 SunPower Inc. SPWR 39/100 Developing

See every General Corporate company ranked by moat score →

How FTCI scores on the Corporate Default defenses

Pricing Power

Score 27 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 33 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 36 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 66 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 37 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 48 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding FTCI's moat

What is FTC Solar, Inc.'s moat score?

FTC Solar, Inc. (FTCI) scores 42 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #13 of 28 scored companies in Solar, the top 46%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 27 companies in Solar. Its strongest defense is Capital Efficiency (66/100) and its weakest is Pricing Power (27/100).

How does FTC Solar, Inc. compare with other Solar companies?

FTC Solar, Inc. ranks #13 of 28 scored companies in Solar by moat score. The widest moat in Solar is First Solar, Inc. (FSLR) at 89/100. The companies ranked closest are JinkoSolar Holding Company Limi (JKS) at 47 just above it and Sunrun Inc. (RUN) at 40 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 27 companies in Solar. The defenses are then weighted to produce the overall score out of 100.

Why is FTC Solar, Inc. scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for FTC Solar, Inc.?

The Corporate Default template measures 6 defenses, and FTCI scores: Pricing Power (27), Cost Advantage (33), Customer Stickiness (36), Capital Efficiency (66), Resilience (37), Scale & Market Position (48). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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