Nextpower (NXT) Highlights Record Backlog, Is The Stock Still Cheap?

Conference spotlight and backlog headline

Nextpower (NXT) will participate in the BNP Paribas Annual Power Up Conference on 23 September 2026, highlighting a record US$5.5b solar backlog and more than US$300m in battery projects.

Nextpower’s recent backlog announcement lands after a choppy stretch for the stock, with the share price down 27% over the past 90 days and 5% over the past month, even though the 1-year total shareholder return of 10.7% and roughly doubling over three years show that longer term momentum has been stronger than the recent pullback suggests.

Scan other grid and energy transition plays on our curated list of 40 power grid technology and infrastructure stocks that could benefit alongside themes driving Nextpower’s US$5.5b solar and battery backlog.

Nextpower now trades well below both its own 1-year share price high and a wide span of analyst and intrinsic value estimates. After that 27% slide in 90 days, where does fair value really sit?

Most Popular Narrative: 42% Undervalued

Analysts following Nextpower see a clear gap between the current $80.85 share price and their narrative fair value of $140.61. They anchor that view on how demand, technology and backlog interact rather than short term price swings.

The record backlog exceeding $4.5 billion, with continued strong demand and bookings indicates excellent visibility and confidence in future revenue growth, providing a solid foundation for future financial performance.

See why 63 investors see Nextpower as 42% undervalued.

Result: Fair Value of $140.61 (UNDERVALUED)

Still, Nextpower’s heavy tilt toward the U.S. market, ongoing tariff and domestic content uncertainty, and project timing swings could all challenge that undervalued narrative.

Find out about the key risks to this Nextpower narrative.

Next Steps

Mixed messages around Nextpower’s valuation and backlog can feel confusing, so move quickly, review the underlying numbers yourself, and weigh up both sides of the story. To see the full balance of risks and potential rewards that other investors are focused on, start with these 4 key rewards and 1 important warning sign.

Looking for more investment ideas beyond Nextpower?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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