--- title: "Solar Power Producers Industry" description: "28 SEC filers are classified under the Standard Industrial Classification codes that describe the solar power producers industry." canonical: https://www.getswoopr.com/stocks/industries/utilities/solar-power-producers/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Solar Power Producers Industry ## Direct Answer 28 SEC filers are classified under the Standard Industrial Classification codes that describe the solar power producers industry, and their latest annual reports show $313.7 billion of combined revenue and a median operating margin of 20.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Solar power producers own and operate solar farms that sell electricity under long-term contracts or into markets. Revenue follows capacity, sunshine and contract price, and returns depend on tax credits and the cost of financing. The first numbers to compare across companies here are operating capacity in megawatts, capacity factor and contracted price per megawatt-hour. ## Key Industry Metrics - **Operating capacity in megawatts**: The solar capacity in service. It sets the base for generation and revenue, and growth depends on projects reaching operation. - **Capacity factor**: Actual output divided by what the plant could produce at full power all the time. Solar is limited by sunshine and daylight, so values are lower than for plants that run around the clock. - **Contracted price per megawatt-hour**: The fixed price paid under long-term power agreements. It sets revenue for years, so older contracts at lower prices limit income. - **Development backlog**: Solar projects planned or under construction. It shows the pipeline for growth, but timing depends on permits, equipment and grid connection. - **Cost of capital**: The financing cost of the projects, reflecting interest rates and investor returns. Solar is capital-intensive, so a higher cost lowers project value. ## Primary Macro Drivers - **Tax credits and renewable standards**: Credits and standards support project returns and buyer demand, shown in the development backlog and operating capacity. - **Panel and equipment prices**: Panel and equipment prices set capital cost per megawatt, so falling prices support returns and pipeline growth. - **Interest rates**: Borrowing finances projects, so rates affect returns and the cost of capital, shown in project economics. - **Corporate demand for clean power**: Technology firms and other businesses sign long contracts for clean power, shown in contracted price and backlog. ## Major Risks - **Policy changes**: Changes to credits or standards can alter economics of projects not yet built; watch backlog conversion and policy disclosures. - **Curtailment and negative prices**: When supply exceeds demand, output may be cut or sold at low or negative prices; watch capacity factor and realized prices. - **Interconnection delays**: Waiting for grid connection delays revenue while costs accrue; watch operating capacity against plan and the backlog. - **Financing cost**: Higher rates raise the cost of funding projects and lower the value of contracts; watch cost of capital and refinancing needs. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Defensive | | Capital Intensity | High | | Regulatory Intensity | Medium | | Industry Maturity | Growth | | Geographic Importance | U.S. / Global | ## Solar Power Producers Filers in the SEC Record 28 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 4911, 4991. Their latest fiscal years end between 2025 and 2026, and together they reported $313.7 billion of revenue. Median revenue growth over the prior year was 9.5%. Median operating margin was 20.3% and median net margin 10.6%. Median total liabilities were 72% of total assets, and 25 of 28 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Nrg Energy, Inc.](https://www.getswoopr.com/stocks/companies/nrg-energy/) | $30.7 billion | 9.2% | 6.0% | 2.8% | FY 2025 | | [Southern Co](https://www.getswoopr.com/stocks/companies/southern-company-the/) | $29.6 billion | 10.6% | 24.7% | 14.7% | FY 2025 | | [Nextera Energy Inc](https://www.getswoopr.com/stocks/companies/nextera-energy/) | $25.8 billion | 9.8% | 32.1% | 26.5% | FY 2025 | | [Constellation Energy Corp](https://www.getswoopr.com/stocks/companies/constellation-energy/) | $25.5 billion | 8.3% | 12.1% | 9.1% | FY 2025 | | [American Electric Power Co Inc](https://www.getswoopr.com/stocks/companies/american-electric-power/) | $21.9 billion | 10.9% | 24.3% | 16.9% | FY 2025 | | [Edison International](https://www.getswoopr.com/stocks/companies/edison-international/) | $19.3 billion | 9.8% | 36.7% | 23.1% | FY 2025 | | [Vistra Corp.](https://www.getswoopr.com/stocks/companies/vistra-corp/) | $17.7 billion | 3.0% | 10.7% | 5.3% | FY 2025 | | [Dominion Energy, Inc](https://www.getswoopr.com/stocks/companies/dominion-energy/) | $16.5 billion | 14.2% | 26.7% | 18.2% | FY 2025 | The 8 largest of 28 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Solar Power Producers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Utilities - [Utilities sector overview](https://www.getswoopr.com/stocks/industries/utilities/) - [Utility-Scale Energy Storage](https://www.getswoopr.com/stocks/industries/utilities/utility-scale-energy-storage/) - [Renewable Power Producers](https://www.getswoopr.com/stocks/industries/utilities/renewable-power-producers/) - [Vertically Integrated Utilities](https://www.getswoopr.com/stocks/industries/utilities/vertically-integrated-utilities/) - [Regulated Electric Utilities](https://www.getswoopr.com/stocks/industries/utilities/regulated-electric-utilities/) - [Water & Wastewater Utilities](https://www.getswoopr.com/stocks/industries/utilities/water-and-wastewater-utilities/) - [Nuclear Utilities](https://www.getswoopr.com/stocks/industries/utilities/nuclear-utilities/) - [Water Utilities](https://www.getswoopr.com/stocks/industries/utilities/water-utilities/) - [Natural Gas Utilities](https://www.getswoopr.com/stocks/industries/utilities/natural-gas-utilities/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Solar Power Producers industry? Key performance indicators for the Solar Power Producers industry include: Operating capacity in megawatts, Capacity factor, Contracted price per megawatt-hour, Development backlog, Cost of capital. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Solar Power Producers industry? The Solar Power Producers industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions. What are the biggest risks in the Solar Power Producers industry? The primary risks for Solar Power Producers companies include: Policy changes, Curtailment and negative prices, Interconnection delays, Financing cost. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).