The company maintains a highly conservative capital structure with a debt-to-equity ratio of 0.04 as of 2026Q1, providing a substantial liquidity buffer against operational volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'01 |
|---|
| Total Current Assets | 5.65B | 6.03B | 5.09B | 4.63B | 3.79B | 3.19B | 3.01B | 3.6B | 3.86B | 3.83B | 3.79B | 3.35B | 3.19B | 3.79B | 2.83B | 2.61B | 1.58B | 1.35B | 1.08B | 802.51M | 388.52M | 26.55M | 12.28M | 2.24M |
| Cash & Short-Term Investments | 2.43B | 2.86B | 1.79B | 2.1B | 2.58B | 1.83B | 1.75B | 2.16B | 2.55B | 2.99B | 1.96B | 1.83B | 1.99B | 1.76B | 1B | 671.76M | 933.58M | 784.74M | 792.26M | 636.95M | 308.42M | 17.03M | 3.77M | 1.56M |
| Cash Only | 2.36B | 2.8B | 1.62B | 1.95B | 1.48B | 1.45B | 1.23B | 1.35B | 1.4B | 2.27B | 1.35B | 1.13B | 1.48B | 1.33B | 901.29M | 605.62M | 765.69M | 664.5M | 716.22M | 404.26M | 308.09M | 16.72M | 3.46M | 1.56M |
| Short-Term Investments | 63.58M | 51.85M | 171.58M | 155.5M | 1.1B | 375.39M | 520.07M | 811.51M | 1.14B | 720.38M | 607.99M | 703.45M | 509.03M | 439.1M | 102.58M | 66.15M | 167.89M | 120.24M | 76.04M | 232.69M | 323K | 312K | 306K | 0 |
| Accounts Receivable | 1.37B | 1.29B | 1.81B | 1.41B | 329.61M | 454.71M | 294.28M | 712.29M | 612.77M | 419.05M | 510.73M | 561.08M | 224.89M | 657.71M | 972.28M | 843.97M | 307.02M | 277.36M | 73.25M | 54.04M | 55.48M | 1.1M | 4.39M | 374K |
| Days Sales Outstanding | 122.02 | 90.49 | 156.95 | 154.82 | 45.93 | 56.77 | 39.62 | 84.88 | 99.67 | 52 | 64.18 | 49.8 | 24.21 | 72.53 | 105.35 | 111.36 | 43.71 | 49 | 21.45 | 39.14 | 150.03 | 8.34 | 118.58 | - |
| Inventory | 893.88M | 736.73M | 1.35B | 1.01B | 783.3M | 819.4M | 702.12M | 497.1M | 444.82M | 201.21M | 426M | 517.31M | 630.17M | 522.68M | 533.82M | 529.65M | 195.86M | 152.82M | 121.55M | 40.2M | 16.51M | 6.92M | 3.69M | 307K |
| Days Inventory Outstanding | 128.81 | 86.78 | 209.59 | 183.07 | 112.14 | 136.35 | 126.2 | 72.17 | 87.67 | 30.7 | 68.61 | 63.36 | 89.63 | 78.03 | 77.45 | 107.73 | 51.85 | 54.6 | 78.12 | 58.1 | 74.65 | 80.19 | 71.37 | 7.85 |
| Other Current Assets | 951.34M | 1.14B | 57.2M | 43.04M | 48.96M | 21.48M | 174.01M | 40.46M | 99.17M | 135.89M | 818.61M | 310.45M | 189.31M | 823.63M | 282.77M | 416.25M | 4.97M | 22.76M | 9.92M | 49.13M | 0 | 0 | 0 | -2.24M |
| Total Non-Current Assets | 7.71B | 7.29B | 7.04B | 5.73B | 4.46B | 4.22B | 4.09B | 3.92B | 3.26B | 3.03B | 3.08B | 3.97B | 3.53B | 3.09B | 3.52B | 3.16B | 2.8B | 2B | 1.04B | 568.8M | 189.99M | 75.33M | 29.48M | 9.63M |
| Property, Plant & Equipment | 5.67B | 5.68B | 5.56B | 4.5B | 3.63B | 3.07B | 2.87B | 2.8B | 2.06B | 1.57B | 1.08B | 1.38B | 1.47B | 1.39B | 1.53B | 1.82B | 1.43B | 988.78M | 842.62M | 430.1M | 178.87M | 73.78M | 29.28M | 7.16M |
| Fixed Asset Turnover | 0.94x | 0.92x | 0.76x | 0.74x | 0.72x | 0.95x | 0.94x | 1.09x | 1.09x | 1.87x | 2.70x | 2.98x | 2.31x | 2.39x | 2.21x | 1.52x | 1.79x | 2.09x | 1.48x | 1.17x | 0.75x | 0.65x | 0.46x | - |
| Goodwill | 30.58M | 31.09M | 28.34M | 29.69M | 14.46M | 14.46M | 14.46M | 14.46M | 14.46M | 14.46M | 14.46M | 84.98M | 84.98M | 84.98M | 65.44M | 65.44M | 433.29M | 286.51M | 33.83M | 33.45M | 0 | 0 | 0 | 0 |
| Intangible Assets | 64.88M | 51.01M | 54.65M | 64.51M | 31.11M | 45.51M | 56.14M | 64.54M | 74.16M | 80.23M | 87.97M | 110M | 119.24M | 117.42M | 3.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 537.55M | 0 | 0 | 0 | 0 | 0 | 0 | 2.81M | 3.19M | 217.23M | 234.61M | 399.81M | 255.03M | 17.32M | 5.07M | 116.19M | 266.27M | 391.1M | 84.62M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.74B | 1.34B | 1.19B | 994.55M | 705.47M | 1.03B | 1.05B | 899.43M | 1.03B | 1.1B | 1.37B | 1.64B | 1.4B | 1.19B | 1.6B | 826.49M | 406.36M | 201.33M | 14.71M | 53.44M | 11.12M | 1.55M | 207K | -7.16M |
| Total Assets | 13.35B | 13.32B | 12.12B | 10.37B | 8.25B | 7.41B | 7.11B | 7.52B | 7.12B | 6.86B | 6.87B | 7.32B | 6.72B | 6.88B | 6.35B | 5.78B | 4.38B | 3.35B | 2.11B | 1.37B | 578.51M | 101.88M | 41.77M | 9.63M |
| Asset Turnover | 0.41x | 0.39x | 0.35x | 0.32x | 0.32x | 0.39x | 0.38x | 0.41x | 0.32x | 0.43x | 0.42x | 0.56x | 0.50x | 0.48x | 0.53x | 0.48x | 0.59x | 0.62x | 0.59x | 0.37x | 0.23x | 0.47x | 0.32x | - |
| Asset Growth % | 54.49% | 9.87% | 16.97% | 25.62% | 11.3% | 4.29% | -5.41% | 5.54% | 3.74% | -0.04% | -6.14% | 8.8% | -2.31% | 8.42% | 9.88% | 31.9% | 30.78% | 58.41% | 54.2% | 137.04% | 467.81% | 143.95% | 333.52% | - |
| Total Current Liabilities | 2.21B | 2.25B | 2.08B | 1.31B | 1.04B | 726.88M | 847.4M | 1.32B | 845.46M | 650.28M | 899.71M | 960.8M | 1B | 1.59B | 1.1B | 973.72M | 469.68M | 394.93M | 381.78M | 186.48M | 52.07M | 33.91M | 5.35M | 0 |
| Accounts Payable | 306.83M | 405.77M | 482.19M | 207.18M | 341.41M | 193.37M | 183.35M | 218.08M | 233.29M | 120.22M | 148.73M | 337.67M | 214.66M | 261.33M | 350.23M | 176.45M | 82.31M | 75.74M | 46.25M | 26.44M | 32.08M | 4.6M | 439K | 0 |
| Days Payables Outstanding | 39.45 | 47.8 | 74.94 | 37.47 | 48.88 | 32.18 | 32.96 | 31.66 | 45.98 | 18.34 | 23.96 | 41.36 | 30.53 | 39.01 | 50.81 | 35.89 | 21.79 | 27.06 | 29.73 | 38.21 | 145.06 | 53.32 | 8.5 | - |
| Short-Term Debt | 188.59M | 215.98M | 236.42M | 96.24M | 0 | 3.9M | 41.54M | 17.51M | 5.57M | 13.07M | 27.97M | 38.09M | 51.92M | 60.54M | 62.35M | 44.51M | 26.59M | 28.56M | 34.95M | 39.31M | 19.65M | 20.14M | 0 | 0 |
| Deferred Revenue (Current) | 4.83B | 1.01B | 712M | 413.58M | 263.21M | 201.87M | 188.81M | 323.22M | 129.75M | 81.82M | 115.62M | 87.94M | 195.35M | 118.96M | 2.06M | 416.2M | 261.1M | 195.42M | 140.9M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 509.7M | 617.96M | 56.41M | 66M | 59.99M | 48.45M | 116.3M | 81.2M | 56.32M | 48.76M | 146.94M | 68.36M | 127.38M | 820.44M | 124.41M | 70M | 99.68M | 88.61M | 59.74M | 39.29M | 340K | 0 | 0 | 0 |
| Current Ratio | 2.56x | 2.67x | 2.45x | 3.55x | 3.65x | 4.39x | 3.56x | 2.73x | 4.57x | 5.89x | 4.21x | 3.48x | 3.19x | 2.39x | 2.57x | 2.68x | 3.37x | 3.42x | 2.82x | 4.30x | 7.46x | 0.78x | 2.29x | - |
| Quick Ratio | 2.15x | 2.35x | 1.80x | 2.77x | 2.90x | 3.26x | 2.73x | 2.35x | 4.04x | 5.58x | 3.74x | 2.94x | 2.56x | 2.06x | 2.09x | 2.14x | 2.96x | 3.03x | 2.50x | 4.09x | 7.14x | 0.58x | 1.61x | - |
| Cash Conversion Cycle | 211.38 | 129.48 | 291.59 | 300.41 | 109.19 | 160.95 | 132.86 | 125.39 | 141.36 | 64.36 | 108.84 | 71.8 | 83.3 | 111.55 | 131.99 | 183.2 | 73.78 | 76.53 | 69.85 | 59.03 | 79.62 | 35.21 | 181.45 | - |
| Total Non-Current Liabilities | 1.26B | 1.53B | 2.07B | 2.37B | 1.38B | 727.32M | 740.61M | 1.1B | 1.06B | 1.12B | 754.82M | 807.04M | 695.86M | 792.32M | 1.64B | 1.16B | 455.78M | 301.8M | 219.68M | 87.57M | 115M | 54.84M | 13.77M | 27.05M |
| Long-Term Debt | 237.18M | 282.59M | 373.35M | 464.07M | 184.35M | 236M | 237.69M | 454.19M | 461.22M | 380.46M | 187M | 251.32M | 163.44M | 162.78M | 500.22M | 619.14M | 210.8M | 146.4M | 163.52M | 68.86M | 61.05M | 28.58M | 13.7M | 23.55M |
| Capital Lease Obligations | 202.8M | 0 | 95.74M | 53.73M | 40.59M | 145.91M | 189.03M | 112.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 112.81M | 0 | 54.7M | 42.77M | 28.93M | 27.7M | 23.67M | 6.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.03B | 1.25B | 217.72M | 219.34M | 178.53M | 221.76M | 245.29M | 456.08M | 554.27M | 671.81M | 511.14M | 555.72M | 532.41M | 629.54M | 1.14B | 540.88M | 244.98M | 155.4M | 56.16M | 18.71M | 53.95M | 26.26M | 71K | -23.55M |
| Total Liabilities | 3.47B | 3.78B | 4.15B | 3.68B | 2.42B | 1.45B | 1.59B | 2.42B | 1.91B | 1.77B | 1.65B | 1.77B | 1.7B | 2.38B | 2.74B | 2.13B | 925.46M | 696.73M | 601.46M | 274.05M | 167.07M | 88.75M | 19.12M | 27.05M |
| Total Debt | 425.78M | 498.57M | 718.8M | 624.39M | 234.13M | 398.59M | 482.27M | 595.31M | 466.79M | 436.94M | 214.97M | 289.42M | 213.47M | 223.32M | 562.57M | 663.65M | 237.39M | 174.96M | 198.47M | 108.17M | 80.7M | 48.72M | 13.7M | 23.55M |
| Net Debt | -1.94B | -2.3B | -902.57M | -1.32B | -1.25B | -1.05B | -744.73M | -757.43M | -936.77M | -1.83B | -1.13B | -837.41M | -1.27B | -1.1B | -338.72M | 58.03M | -528.3M | -489.54M | -517.75M | -296.1M | -227.4M | 32M | 10.23M | 21.99M |
| Debt / Equity | 0.04x | 0.05x | 0.09x | 0.09x | 0.04x | 0.07x | 0.09x | 0.12x | 0.09x | 0.09x | 0.04x | 0.05x | 0.04x | 0.05x | 0.16x | 0.18x | 0.07x | 0.07x | 0.13x | 0.10x | 0.20x | 3.71x | 0.61x | - |
| Debt / EBITDA | 0.19x | 0.23x | 0.40x | 0.54x | 0.97x | 0.47x | 0.88x | 13.63x | 2.73x | 1.49x | - | 0.29x | 0.32x | 0.37x | 2.50x | 3.98x | 0.26x | 0.22x | 0.40x | 0.67x | 6.20x | - | - | - |
| Net Debt / EBITDA | -0.88x | -1.04x | -0.50x | -1.14x | -5.14x | -1.24x | -1.35x | -17.34x | -5.48x | -6.25x | - | -0.85x | -1.90x | -1.82x | -1.50x | 0.35x | -0.58x | -0.60x | -1.04x | -1.83x | -17.47x | - | - | - |
| Interest Coverage | 53.51x | 38.15x | 37.18x | 69.75x | 1.70x | 44.65x | 13.20x | -3.44x | 5.37x | 8.84x | -25.16x | 106.14x | 219.01x | 203.22x | -1.87x | -536.13x | 127013.83x | 131.53x | 912.15x | - | - | - | - | - |
| Total Equity | 9.88B | 9.54B | 7.98B | 6.69B | 5.84B | 5.96B | 5.52B | 5.1B | 5.21B | 5.1B | 5.21B | 5.55B | 5.03B | 4.5B | 3.61B | 3.64B | 3.45B | 2.65B | 1.51B | 1.1B | 411.44M | 13.13M | 22.64M | -17.41M |
| Equity Growth % | 76.73% | 19.56% | 19.29% | 14.59% | -2.07% | 7.94% | 8.32% | -2.22% | 2.23% | -2.19% | -6.05% | 10.36% | 11.64% | 24.89% | -1.05% | 5.47% | 30.24% | 75.33% | 37.89% | 166.69% | 3033.83% | -42.01% | 230.02% | - |
| Book Value per Share | 91.79 | 88.69 | 74.19 | 62.28 | 54.77 | 55.74 | 51.75 | 48.40 | 49.12 | 48.87 | 50.67 | 54.50 | 49.46 | 47.17 | 41.51 | 42.34 | 39.95 | 31.19 | 18.42 | 14.07 | 7.06 | 0.27 | 0.52 | -0.32 |
| Total Shareholders' Equity | 9.88B | 9.54B | 7.98B | 6.69B | 5.84B | 5.96B | 5.52B | 5.1B | 5.21B | 5.1B | 5.21B | 5.55B | 5.03B | 4.5B | 3.61B | 3.64B | 3.45B | 2.65B | 1.51B | 1.1B | 411.44M | 13.13M | 22.64M | -17.41M |
| Common Stock | 107K | 107K | 107K | 107K | 107K | 106K | 106K | 105K | 105K | 104K | 104K | 102K | 100K | 100K | 87K | 86K | 86K | 85K | 82K | 79K | 72K | 0 | 0 | 0 |
| Retained Earnings | 0 | 0 | 5.26B | 3.97B | 3.14B | 3.18B | 2.72B | 2.33B | 2.44B | 2.3B | 2.46B | 2.79B | 2.24B | 1.88B | 1.53B | 1.63B | 1.67B | 1B | 361.23M | 12.89M | -145.4M | -149.38M | -142.91M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -168.2M | -155.47M | -184.06M | -174.13M | -191.82M | -96.36M | -61.73M | -79.33M | -54.47M | 2.26M | -9.91M | 15.48M | 50.14M | -25.78M | 10.18M | -5.04M | -27.24M | -9.6M | -24.42M | 4.52M | 1.02M | 162.51M | 165.56M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Subsidy-dependent capital intensity
As reported in recent financial filings, First Solar has grown its total assets from $10.4 billion in 2023Q4 to $13.4 billion by 2026Q1, reflecting a deliberate and aggressive expansion of its manufacturing footprint to capture domestic market share within the utility-scale solar sector.
The consistent growth in total assets, primarily driven by net PPE, suggests that the company is successfully scaling its production capacity to meet long-term demand. Investors should monitor whether this asset accumulation translates into sustained return on invested capital as the new facilities reach full operational maturity.
Based on the provided balance sheet data, the company maintains a highly conservative capital structure with a debt-to-equity ratio of only 0.04 as of 2026Q1, indicating that management has prioritized balance sheet resilience over the use of external financing to fund its recent capacity build-out.
The minimal reliance on debt appears to provide a significant buffer against interest rate volatility and potential sector-specific downturns. This low leverage profile suggests that the company retains substantial capacity to navigate future capital requirements without compromising its financial stability.
According to quarterly balance sheet disclosures, the company maintained a current ratio of 2.56 in 2026Q1, providing a substantial liquidity cushion that appears well-positioned to absorb the lumpy working capital requirements inherent in its project-based revenue recognition model and large-scale manufacturing operations.
The current ratio has remained consistently above 1.90 throughout the observed period, which suggests that the company is effectively managing its short-term obligations despite significant swings in cash balances. This liquidity position appears to be a strategic necessity given the capital-intensive nature of the business.
As indicated by the company's financial statements, the rapid growth in net PPE to $5.7 billion by 2026Q1 warrants further investigation, as the economic viability of these assets appears heavily tethered to the continuation of federal manufacturing tax credits rather than purely organic market demand.
While the balance sheet appears robust, the concentration of capital in specialized manufacturing assets may present a risk if policy support for domestic solar production is curtailed. Investors should consider that the headline asset value may not fully reflect the potential for impairment should the regulatory environment shift.
Quick answers to the most common questions about buying FSLR stock.
As of 2025, First Solar, Inc. (FSLR) had total assets of $13.32B including $6.03B in current assets.
First Solar, Inc. (FSLR) carries total debt of $498.6M, offset by $2.86B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
First Solar, Inc. (FSLR) has total shareholders' equity (book value) of $9.54B ($88.69 book value per share). Book value represents the net worth of the company belonging to common stock holders.
First Solar, Inc. (FSLR) reported a current ratio of 2.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.