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First Solar, Inc.(FSLR)Earnings, Financials & Key Ratios
FSLR•NASDAQ
$219.28
$23.56B mkt cap·15.4× P/E·Price updated May 6, 2026
AboutFirst Solar, Inc. provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Tempe, Arizona.Show more
- Revenue$5.22B+24.1%
- EBITDA$2.21B+21.7%
- Net Income$1.53B+18.3%
- EPS (Diluted)14.21+18.2%
- Gross Margin40.63%-8.0%
- EBITDA Margin42.39%-1.9%
- Operating Margin32.26%-2.7%
- Net Margin29.28%-4.7%
- ROE17.45%-1.0%
- ROIC17.65%+5.0%
- Debt/Equity0.05-42.0%
- Interest Coverage38.15+2.6%
FSLR Key Insights
First Solar, Inc. (FSLR) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Strong 5Y profit CAGR of 30.9%
- ✓Strong Piotroski F-Score: 7/9
- ✓FCF machine: 22.7% free cash flow margin
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 14.0%
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
FSLR Price & Volume
First Solar, Inc. (FSLR) stock price & volume — 10-year historical chart
Loading chart...
FSLR Growth Metrics
First Solar, Inc. (FSLR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years2.41%
5 Years14%
3 Years25.84%
TTM27.3%
Profit CAGR
10 Years9.92%
5 Years30.85%
3 Years-
TTM31.65%
EPS CAGR
10 Years10.22%
5 Years30.67%
3 Years-
TTM31.63%
Return on Capital
10 Years4.66%
5 Years9.95%
3 Years13.69%
Last Year15.95%
FSLR Recent Earnings
First Solar, Inc. (FSLR) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 30, 2026EPS
$3.22
Est $2.87
+12.2%
Revenue
$1.0B
Est $1.0B
+0.9%
Q1 2026
Feb 24, 2026EPS
$4.84
Est $5.14
-5.8%
Revenue
$1.7B
Est $1.6B
+7.3%
Q4 2025
Oct 30, 2025EPS
$4.24
Est $4.24
+0.0%
Revenue
$1.6B
Est $1.6B
+1.2%
Q3 2025
Jul 31, 2025EPS
$3.18
Est $2.66
+19.5%
Revenue
$1.1B
Est $1.0B
+5.4%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $3.22vs $2.87+12.2% | $1.0Bvs $1.0B+0.9% |
| Q1 2026 | Feb 24, 2026 | $4.84vs $5.14-5.8% | $1.7Bvs $1.6B+7.3% |
| Q4 2025 | Oct 30, 2025 | $4.24vs $4.24+0.0% | $1.6Bvs $1.6B+1.2% |
| Q3 2025 | Jul 31, 2025 | $3.18vs $2.66+19.5% | $1.1Bvs $1.0B+5.4% |
Based on last 12 quarters of dataView full earnings history →
FSLR Peer Comparison
First Solar, Inc. (FSLR) competitors in Solar modules and inverters — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CSIQ | 1.12B | 16.80 | -10.84 | -6.65% | -1.86% | -2.47% | 1.80 | |
 JKS | 322.21M | 24.61 | -0.51 | -30.94% | -3.36% | -7.71% | 1.93 | |
 ARRY | 1.25B | 8.18 | -11.21 | 40.22% | -4.07% | -20.06% | 0.41 | |
 MAXN | 12.02M | 0.71 | -0.01 | -54.68% | -320.48% | |||
 ENPH | 4.75B | 36.02 | 27.92 | 10.72% | 9.64% | 13.28% | 2.02% | 1.14 |
 SEDG | 2.66B | 44.64 | -6.47 | 31.39% | -57.48% | -122.19% | 3.04% | 0.99 |
 RUN | 3.14B | 13.46 | 7.87 | 45.11% | 15.24% | 14.17% | 4.64 | |
 SPWR | 891.49M | 1.05 | -15.70 | 2.92% | -13.21% |
Compare FSLR vs Peers
First Solar, Inc. (FSLR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FSLR Income Statement
First Solar, Inc. (FSLR) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 2.94B | 2.24B | 3.06B | 2.71B | 2.92B | 2.62B | 3.32B | 4.21B | 5.22B | 5.42B |
| Revenue Growth % | 1.27% | -23.71% | 36.5% | -11.48% | 7.82% | -10.4% | 26.7% | 26.75% | 24.09% | 27.3% |
| Cost of Goods Sold | 2.39B | 1.85B | 2.51B | 2.03B | 2.19B | 2.55B | 2.02B | 2.35B | 3.1B | 3.16B |
| COGS % of Revenue | 81.34% | 82.52% | 82.07% | 74.9% | 75.03% | 97.33% | 60.81% | 55.83% | 59.37% | - |
| Gross Profit | 548.95M▲ 0% | 392.18M▼ 28.6% | 549.21M▲ 40.0% | 680.67M▲ 23.9% | 729.95M▲ 7.2% | 69.86M▼ 90.4% | 1.3B▲ 1761.9% | 1.86B▲ 42.8% | 2.12B▲ 14.1% | 2.26B▲ 0% |
| Gross Margin % | 18.66% | 17.48% | 17.93% | 25.1% | 24.97% | 2.67% | 39.19% | 44.17% | 40.63% | 41.74% |
| Gross Profit Growth % | -14.01% | -28.56% | 40.04% | 23.94% | 7.24% | -90.43% | 1761.89% | 42.84% | 14.15% | - |
| Operating Expenses | 371.1M | 352.06M | 711M | 363.18M | 143.2M | 97.09M | 443.41M | 463.44M | 437.18M | 472.45M |
| OpEx % of Revenue | 12.62% | 15.69% | 23.21% | 13.4% | 4.9% | 3.71% | 13.36% | 11.02% | 8.38% | - |
| Selling, General & Admin | 202.7M | 176.86M | 205.47M | 222.92M | 170.32M | 164.72M | 197.62M | 188.26M | 203.76M | 215.93M |
| SG&A % of Revenue | 6.89% | 7.88% | 6.71% | 8.22% | 5.83% | 6.29% | 5.96% | 4.48% | 3.9% | - |
| Research & Development | 88.57M | 84.47M | 96.61M | 93.74M | 99.11M | 112.8M | 152.31M | 191.38M | 233.42M | 247.98M |
| R&D % of Revenue | 3.01% | 3.76% | 3.15% | 3.46% | 3.39% | 4.31% | 4.59% | 4.55% | 4.47% | - |
| Other Operating Expenses | 79.82M | 90.73M | 408.92M | 46.53M | -126.23M | -180.43M | 93.48M | 83.81M | 0 | 1000K |
| Operating Income | 177.85M▲ 0% | 40.11M▼ 77.4% | -161.78M▼ 503.3% | 317.49M▲ 296.2% | 586.75M▲ 84.8% | -27.24M▼ 104.6% | 857.27M▲ 3247.5% | 1.39B▲ 62.7% | 1.68B▲ 20.7% | 1.79B▲ 0% |
| Operating Margin % | 6.05% | 1.79% | -5.28% | 11.71% | 20.07% | -1.04% | 25.83% | 33.15% | 32.26% | 33.02% |
| Operating Income Growth % | 131.3% | -77.45% | -503.32% | 296.24% | 84.81% | -104.64% | 3247.55% | 62.66% | 20.73% | - |
| EBITDA | 293.16M | 170.85M | 43.69M | 550.41M | 846.65M | 242.49M | 1.17B | 1.82B | 2.21B | 2.19B |
| EBITDA Margin % | 9.97% | 7.61% | 1.43% | 20.3% | 28.96% | 9.26% | 35.11% | 43.22% | 42.39% | 40.47% |
| EBITDA Growth % | 186.94% | -41.72% | -74.43% | 1159.82% | 53.82% | -71.36% | 380.54% | 56.01% | 21.72% | 17.76% |
| D&A (Non-Cash Add-back) | 115.31M | 130.74M | 205.47M | 232.93M | 259.9M | 269.72M | 307.99M | 423.5M | 529.22M | 403.34M |
| EBIT | 227.88M | 139.07M | -93.06M | 317.23M | 585.27M | 20.82M | 904.25M | 1.45B | 1.68B | 1.44B |
| Net Interest Income | 9.94M | 33.87M | 21.82M | -7.48M | -6.93M | 21.06M | 84.7M | 50.22M | 37.63M | 28.29M |
| Interest Income | 35.7M | 59.79M | 48.89M | 16.56M | 6.18M | 33.28M | 97.67M | 89.09M | 81.76M | 91.76M |
| Interest Expense | 25.77M | 25.92M | 27.07M | 24.04M | 13.11M | 12.22M | 12.96M | 38.87M | 44.13M | 26.99M |
| Other Income/Expense | 28.53M | 107.65M | 41.37M | -26.43M | -14.59M | 35.83M | 34.02M | 11.92M | -102.61M | -71.42M |
| Pretax Income | 206.38M▲ 0% | 147.77M▼ 28.4% | -120.41M▼ 181.5% | 291.06M▲ 341.7% | 572.16M▲ 96.6% | 8.6M▼ 98.5% | 891.29M▲ 10266.2% | 1.41B▲ 57.8% | 1.58B▲ 12.4% | 1.72B▲ 0% |
| Pretax Margin % | 7.02% | 6.58% | -3.93% | 10.73% | 19.57% | 0.33% | 26.86% | 33.43% | 30.29% | 31.71% |
| Income Tax | 372M | 3.44M | -5.48M | -107.29M | 103.47M | 52.76M | 60.51M | 114.29M | 52.68M | 37.45M |
| Effective Tax Rate % | 180.25% | 2.33% | 4.55% | -36.86% | 18.08% | 613.68% | 6.79% | 8.13% | 3.33% | 2.18% |
| Net Income | -165.62M▲ 0% | 144.33M▲ 187.1% | -114.93M▼ 179.6% | 398.36M▲ 446.6% | 468.69M▲ 17.7% | -44.17M▼ 109.4% | 830.78M▲ 1981.0% | 1.29B▲ 55.5% | 1.53B▲ 18.3% | 1.67B▲ 0% |
| Net Margin % | -5.63% | 6.43% | -3.75% | 14.69% | 16.03% | -1.69% | 25.03% | 30.72% | 29.28% | 30.73% |
| Net Income Growth % | 60.2% | 187.15% | -179.63% | 446.6% | 17.66% | -109.42% | 1981.03% | 55.52% | 18.28% | 31.65% |
| Net Income (Continuing) | -165.62M | 144.33M | -114.93M | 398.36M | 468.69M | -44.17M | 830.78M | 1.29B | 1.53B | 1.67B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.59▲ 0% | 1.36▲ 185.5% | -1.09▼ 180.1% | 3.73▲ 442.2% | 4.38▲ 17.4% | -0.41▼ 109.4% | 7.74▲ 1987.8% | 12.02▲ 55.3% | 14.21▲ 18.2% | 15.47▲ 0% |
| EPS Growth % | 54.31% | 185.53% | -180.15% | 442.2% | 17.43% | -109.36% | 1987.8% | 55.3% | 18.22% | 31.63% |
| EPS (Basic) | -1.59 | 1.38 | -1.09 | 3.76 | 4.41 | -0.41 | 7.78 | 12.07 | 14.25 | - |
| Diluted Shares Outstanding | 104.33M | 106.11M | 105.31M | 106.69M | 106.92M | 106.55M | 107.37M | 107.53M | 107.54M | 107.62M |
| Basic Shares Outstanding | 104.16M | 104.75M | 105.31M | 105.87M | 106.26M | 106.55M | 106.8M | 107.02M | 107.23M | 107.36M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
FSLR Balance Sheet
First Solar, Inc. (FSLR) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 3.83B | 3.86B | 3.6B | 3.01B | 3.19B | 3.79B | 4.63B | 5.09B | 6.03B | 5.65B |
| Cash & Short-Term Investments | 2.99B | 2.55B | 2.16B | 1.75B | 1.83B | 2.58B | 2.1B | 1.79B | 2.86B | 2.43B |
| Cash Only | 2.27B | 1.4B | 1.35B | 1.23B | 1.45B | 1.48B | 1.95B | 1.62B | 2.8B | 2.36B |
| Short-Term Investments | 720.38M | 1.14B | 811.51M | 520.07M | 375.39M | 1.1B | 155.5M | 171.58M | 51.85M | 63.58M |
| Accounts Receivable | 419.05M | 612.77M | 712.29M | 294.28M | 454.71M | 329.61M | 1.41B | 1.81B | 1.29B | 1.37B |
| Days Sales Outstanding | 52 | 99.67 | 84.88 | 39.62 | 56.77 | 45.93 | 154.82 | 156.95 | 90.49 | 122.02 |
| Inventory | 201.21M | 444.82M | 497.1M | 702.12M | 819.4M | 783.3M | 1.01B | 1.35B | 736.73M | 893.88M |
| Days Inventory Outstanding | 30.7 | 87.67 | 72.17 | 126.2 | 136.35 | 112.14 | 183.07 | 209.59 | 86.78 | 128.81 |
| Other Current Assets | 135.89M | 99.17M | 40.46M | 174.01M | 21.48M | 48.96M | 43.04M | 57.2M | 1.14B | 951.34M |
| Total Non-Current Assets | 3.03B | 3.26B | 3.92B | 4.09B | 4.22B | 4.46B | 5.73B | 7.04B | 7.29B | 7.71B |
| Property, Plant & Equipment | 1.57B | 2.06B | 2.8B | 2.87B | 3.07B | 3.63B | 4.5B | 5.56B | 5.68B | 5.67B |
| Fixed Asset Turnover | 1.87x | 1.09x | 1.09x | 0.94x | 0.95x | 0.72x | 0.74x | 0.76x | 0.92x | 0.94x |
| Goodwill | 14.46M | 14.46M | 14.46M | 14.46M | 14.46M | 14.46M | 29.69M | 28.34M | 31.09M | 30.58M |
| Intangible Assets | 80.23M | 74.16M | 64.54M | 56.14M | 45.51M | 31.11M | 64.51M | 54.65M | 51.01M | 64.88M |
| Long-Term Investments | 217.23M | 3.19M | 2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 537.55M |
| Other Non-Current Assets | 1.1B | 1.03B | 899.43M | 1.05B | 1.03B | 705.47M | 994.55M | 1.19B | 1.34B | 5.36B |
| Total Assets | 6.86B▲ 0% | 7.12B▲ 3.7% | 7.52B▲ 5.5% | 7.11B▼ 5.4% | 7.41B▲ 4.3% | 8.25B▲ 11.3% | 10.37B▲ 25.6% | 12.12B▲ 17.0% | 13.32B▲ 9.9% | 13.35B▲ 0% |
| Asset Turnover | 0.43x | 0.32x | 0.41x | 0.38x | 0.39x | 0.32x | 0.32x | 0.35x | 0.39x | 0.41x |
| Asset Growth % | -0.04% | 3.74% | 5.54% | -5.41% | 4.29% | 11.3% | 25.62% | 16.97% | 9.87% | 54.49% |
| Total Current Liabilities | 650.28M | 845.46M | 1.32B | 847.4M | 726.88M | 1.04B | 1.31B | 2.08B | 2.25B | 2.21B |
| Accounts Payable | 120.22M | 233.29M | 218.08M | 183.35M | 193.37M | 341.41M | 207.18M | 482.19M | 405.77M | 306.83M |
| Days Payables Outstanding | 18.34 | 45.98 | 31.66 | 32.96 | 32.18 | 48.88 | 37.47 | 74.94 | 47.8 | 39.45 |
| Short-Term Debt | 13.07M | 5.57M | 17.51M | 41.54M | 3.9M | 0 | 96.24M | 236.42M | 215.98M | 188.59M |
| Deferred Revenue (Current) | 81.82M | 129.75M | 323.22M | 188.81M | 201.87M | 263.21M | 413.58M | 712M | 1.01B | 4.83B |
| Other Current Liabilities | 48.76M | 56.32M | 81.2M | 116.3M | 48.45M | 59.99M | 66M | 56.41M | 617.96M | 509.7M |
| Current Ratio | 5.89x | 4.57x | 2.73x | 3.56x | 4.39x | 3.65x | 3.55x | 2.45x | 2.67x | 2.67x |
| Quick Ratio | 5.58x | 4.04x | 2.35x | 2.73x | 3.26x | 2.90x | 2.77x | 1.80x | 2.35x | 2.35x |
| Cash Conversion Cycle | 64.36 | 141.36 | 125.39 | 132.86 | 160.95 | 109.19 | 300.41 | 291.59 | 129.48 | 211.38 |
| Total Non-Current Liabilities | 1.12B | 1.06B | 1.1B | 740.61M | 727.32M | 1.38B | 2.37B | 2.07B | 1.53B | 1.26B |
| Long-Term Debt | 380.46M | 461.22M | 454.19M | 237.69M | 236M | 184.35M | 464.07M | 373.35M | 282.59M | 237.18M |
| Capital Lease Obligations | 0 | 0 | 112.52M | 189.03M | 145.91M | 40.59M | 53.73M | 95.74M | 0 | 202.8M |
| Deferred Tax Liabilities | 0 | 0 | 6.49M | 23.67M | 27.7M | 28.93M | 42.77M | 54.7M | 0 | 112.81M |
| Other Non-Current Liabilities | 671.81M | 554.27M | 456.08M | 245.29M | 221.76M | 178.53M | 219.34M | 217.72M | 1.25B | 2.73B |
| Total Liabilities | 1.77B | 1.91B | 2.42B | 1.59B | 1.45B | 2.42B | 3.68B | 4.15B | 3.78B | 3.47B |
| Total Debt | 436.94M | 466.79M | 595.31M | 482.27M | 398.59M | 234.13M | 624.39M | 718.8M | 498.57M | 425.78M |
| Net Debt | -1.83B | -936.77M | -757.43M | -744.73M | -1.05B | -1.25B | -1.32B | -902.57M | -2.3B | -1.94B |
| Debt / Equity | 0.09x | 0.09x | 0.12x | 0.09x | 0.07x | 0.04x | 0.09x | 0.09x | 0.05x | 0.05x |
| Debt / EBITDA | 1.49x | 2.73x | 13.63x | 0.88x | 0.47x | 0.97x | 0.54x | 0.40x | 0.23x | 0.19x |
| Net Debt / EBITDA | -6.25x | -5.48x | -17.34x | -1.35x | -1.24x | -5.14x | -1.14x | -0.50x | -1.04x | -1.04x |
| Interest Coverage | 8.84x | 5.37x | -3.44x | 13.20x | 44.65x | 1.70x | 69.75x | 37.18x | 38.15x | 53.51x |
| Total Equity | 5.1B▲ 0% | 5.21B▲ 2.2% | 5.1B▼ 2.2% | 5.52B▲ 8.3% | 5.96B▲ 7.9% | 5.84B▼ 2.1% | 6.69B▲ 14.6% | 7.98B▲ 19.3% | 9.54B▲ 19.6% | 9.88B▲ 0% |
| Equity Growth % | -2.19% | 2.23% | -2.22% | 8.32% | 7.94% | -2.07% | 14.59% | 19.29% | 19.56% | 76.73% |
| Book Value per Share | 48.87 | 49.12 | 48.40 | 51.75 | 55.74 | 54.77 | 62.28 | 74.19 | 88.69 | 91.79 |
| Total Shareholders' Equity | 5.1B | 5.21B | 5.1B | 5.52B | 5.96B | 5.84B | 6.69B | 7.98B | 9.54B | 9.88B |
| Common Stock | 104K | 105K | 105K | 106K | 106K | 107K | 107K | 107K | 107K | 107K |
| Retained Earnings | 2.3B | 2.44B | 2.33B | 2.72B | 3.18B | 3.14B | 3.97B | 5.26B | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.26M | -54.47M | -79.33M | -61.73M | -96.36M | -191.82M | -174.13M | -184.06M | -155.47M | -168.2M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
FSLR Cash Flow Statement
First Solar, Inc. (FSLR) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 1.34B | -326.81M | 174.2M | 37.12M | 237.56M | 873.37M | 602.26M | 1.22B | 2.06B | 2.06B |
| Operating CF Margin % | 45.58% | -14.56% | 5.69% | 1.37% | 8.13% | 33.34% | 18.15% | 28.96% | 39.41% | - |
| Operating CF Growth % | 548.44% | -124.38% | 153.3% | -78.69% | 539.98% | 267.64% | -31.04% | 102.24% | 68.89% | 2565.51% |
| Net Income | -165.62M | 144.33M | -114.93M | 398.36M | 468.69M | -44.17M | 830.78M | 1.29B | 1.53B | 1.67B |
| Depreciation & Amortization | 115.31M | 130.74M | 205.47M | 232.93M | 259.9M | 269.72M | 307.99M | 423.5M | 529.22M | 550.73M |
| Stock-Based Compensation | 35.12M | 34.15M | 37.43M | 29.27M | 20.9M | 28.66M | 34.22M | 28.1M | 19.22M | 23.42M |
| Deferred Taxes | 173.37M | -10.11M | -59.92M | 36.01M | 49.85M | -12.8M | -60.81M | -54.75M | 25.61M | 5.16M |
| Other Non-Cash Items | 16.4M | -299.57M | -119.13M | -96.99M | -225.08M | -366.68M | 16.75M | 12.23M | -172.82M | -402.38M |
| Working Capital Changes | 1.17B | -326.34M | 225.28M | -562.45M | -336.7M | 998.64M | -526.66M | -483.12M | 127.65M | 607.97M |
| Change in Receivables | 85.76M | -116.39M | 301.11M | -196.34M | -222.2M | 118.72M | -304.18M | -505.34M | 30.62M | -91.21M |
| Change in Inventory | 212.76M | -257.23M | -83.53M | -145.4M | -136.37M | 16.69M | -205.11M | -276.81M | 377.72M | 436.68M |
| Change in Payables | -47.19M | 96.44M | -336K | -43.28M | 34.92M | 5.57M | 79.33M | 268.73M | 4.68M | 84.91M |
| Cash from Investing | -626.8M | -682.71M | -362.3M | -131.23M | -99.04M | -1.19B | -472.79M | -1.56B | -765.17M | -825.49M |
| Capital Expenditures | -514.36M | -739.84M | -668.72M | -416.63M | -540.29M | -903.61M | -1.39B | -1.53B | -869.88M | -782.44M |
| CapEx % of Revenue | 17.49% | 32.97% | 21.83% | 15.37% | 18.48% | 34.5% | 41.79% | 36.28% | 16.67% | - |
| Acquisitions | 720K | 247.59M | 0 | 0 | 300.5M | 442.3M | -28.06M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.5M | 42.58M | -2.88M | -5.5M | -6.71M | -3.05M | -9.05M | -12.99M | -8.39M | -28.05M |
| Cash from Financing | 192.04M | 255.23M | 74.94M | -82.59M | 40.55M | 309.39M | 336.85M | 24.85M | -119.23M | -91.83M |
| Debt Issued (Net) | 234.36M | 271.99M | 90.03M | -68.67M | 56.54M | 321.48M | 367.98M | 52.64M | -102.89M | -90.49M |
| Equity Issued (Net) | -5.14M | -11.18M | -16.09M | -13.12M | -15.99M | -12.09M | -31.13M | -20.18M | -15.53M | -278K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5.14M | -11.18M | -16.09M | -13.12M | -15.99M | -12.09M | -31.13M | -20.18M | -15.53M | -278K |
| Other Financing | -37.18M | -5.58M | 999K | -804K | 0 | 0 | 0 | -7.61M | -810K | -1.06M |
| Net Change in Cash | 914.79M▲ 0% | -767.85M▼ 183.9% | -116.11M▲ 84.9% | -172.92M▼ 48.9% | 182.24M▲ 205.4% | 37.63M▼ 79.4% | 471.61M▲ 1153.4% | -326.85M▼ 169.3% | 1.18B▲ 459.7% | 1.53B▲ 0% |
| Free Cash Flow | 826.32M▲ 0% | -1.07B▼ 229.1% | -494.52M▲ 53.6% | -379.51M▲ 23.3% | -302.73M▲ 20.2% | -30.24M▲ 90.0% | -784.51M▼ 2494.6% | -308.08M▲ 60.7% | 1.19B▲ 485.4% | 1.67B▲ 0% |
| FCF Margin % | 28.09% | -47.53% | -16.14% | -14% | -10.36% | -1.15% | -23.64% | -7.32% | 22.75% | 30.78% |
| FCF Growth % | 3740.34% | -229.08% | 53.64% | 23.26% | 20.23% | 90.01% | -2494.64% | 60.73% | 485.37% | 270.83% |
| FCF per Share | 7.92 | -10.05 | -4.70 | -3.56 | -2.83 | -0.28 | -7.31 | -2.87 | 11.04 | 11.04 |
| FCF Conversion (FCF/Net Income) | -8.10x | -2.26x | -1.52x | 0.09x | 0.51x | -19.77x | 0.72x | 0.94x | 1.35x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
FSLR Key Ratios
First Solar, Inc. (FSLR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -3.21% | 2.8% | -2.23% | 7.5% | 8.16% | -0.75% | 13.27% | 17.62% | 17.45% | 18.01% |
| Return on Invested Capital (ROIC) | 3.63% | 0.8% | -2.82% | 5.22% | 9.09% | -0.43% | 12.92% | 16.81% | 17.65% | 17.65% |
| Gross Margin | 18.66% | 17.48% | 17.93% | 25.1% | 24.97% | 2.67% | 39.19% | 44.17% | 40.63% | 41.74% |
| Net Margin | -5.63% | 6.43% | -3.75% | 14.69% | 16.03% | -1.69% | 25.03% | 30.72% | 29.28% | 30.73% |
| Debt / Equity | 0.09x | 0.09x | 0.12x | 0.09x | 0.07x | 0.04x | 0.09x | 0.09x | 0.05x | 0.05x |
| Interest Coverage | 8.84x | 5.37x | -3.44x | 13.20x | 44.65x | 1.70x | 69.75x | 37.18x | 38.15x | 53.51x |
| FCF Conversion | -8.10x | -2.26x | -1.52x | 0.09x | 0.51x | -19.77x | 0.72x | 0.94x | 1.35x | 1.00x |
| Revenue Growth | 1.27% | -23.71% | 36.5% | -11.48% | 7.82% | -10.4% | 26.7% | 26.75% | 24.09% | 27.3% |
FSLR SEC Filings & Documents
First Solar, Inc. (FSLR) SEC filings — annual & quarterly reports (10-K, 10-Q)
FSLR Frequently Asked Questions
First Solar, Inc. (FSLR) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
First Solar, Inc. (FSLR) reported $5.42B in revenue for fiscal year 2025.
First Solar, Inc. (FSLR) grew revenue by 24.1% over the past year. This is strong growth.
Yes, First Solar, Inc. (FSLR) is profitable, generating $1.67B in net income for fiscal year 2025 (29.3% net margin).
Dividend & Returns
First Solar, Inc. (FSLR) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.
First Solar, Inc. (FSLR) generated $1.67B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
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First Solar, Inc. (FSLR) financial analysis — history, returns, DCA and operating performance tools
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