First Solar, Inc. (FSLR) Financial Ratios
25 years of historical data (2001–2025) · Energy · Solar
EV/EBITDA
↑
11.73
↓-45% vs avg
5yr avg: 21.35
30Y Low4.9·High60.7
P/FCF
23.81
+1% vs avg
5yr avg: 23.66
30Y Low7.0·High96.6
P/B Ratio
↑
2.97
+20% vs avg
5yr avg: 2.48
30Y Low0.6·High19.0
ROE
↑
17.4%
↓+56% vs avg
5yr avg: 11.2%
30Y Low-36%·High31%
Debt/EBITDA
↓
0.23
↓-57% vs avg
5yr avg: 0.52
30Y Low0.2·High13.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FSLR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
First Solar, Inc. trades at 18.5x earnings, roughly in line with its 5-year average of 18.8x, sitting at the 54th percentile of its historical range. Compared to the Energy sector median P/E of 15.6x, the stock trades at a premium of 18%. On a free-cash-flow basis, the stock trades at 23.8x P/FCF, roughly in line with the 5-year average of 23.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.3B | $28.1B | $19.0B | $18.5B | $16.0B | $9.3B | $10.6B | $5.9B | $4.5B | $7.0B | $3.3B |
| Enterprise Value | $26.0B | $25.8B | $18.0B | $17.2B | $14.7B | $8.3B | $9.8B | $5.1B | $3.6B | $5.2B | $2.2B |
| P/E Ratio → | 18.52 | 18.38 | 14.66 | 22.26 | — | 19.90 | 26.52 | — | 31.22 | — | — |
| P/S Ratio | 5.42 | 5.38 | 4.51 | 5.57 | 6.09 | 3.19 | 3.89 | 1.92 | 2.01 | 2.39 | 1.14 |
| P/B Ratio | 2.97 | 2.95 | 2.38 | 2.77 | 2.73 | 1.56 | 1.91 | 1.16 | 0.86 | 1.38 | 0.63 |
| P/FCF | 23.81 | 23.66 | — | — | — | — | — | — | — | 8.52 | — |
| P/OCF | 13.74 | 13.66 | 15.56 | 30.71 | 18.27 | 39.23 | 284.30 | 33.83 | — | 5.25 | 15.97 |
P/E links to full P/E history page with 30-year chart
FSLR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
First Solar, Inc.'s enterprise value stands at 11.7x EBITDA, 45% below its 5-year average of 21.4x. The Energy sector median is 7.9x, placing the stock at a 49% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.94 | 4.29 | 5.18 | 5.62 | 2.83 | 3.62 | 1.68 | 1.59 | 1.77 | 0.75 |
| EV / EBITDA | 11.73 | 11.65 | 9.93 | 14.74 | 60.68 | 9.76 | 17.82 | 117.55 | 20.89 | 17.78 | — |
| EV / EBIT | 15.42 | 15.32 | 12.49 | 18.99 | 706.58 | 14.13 | 30.92 | — | 25.66 | 22.87 | — |
| EV / FCF | — | 21.72 | — | — | — | — | — | — | — | 6.31 | — |
FSLR Profitability
Margins and return-on-capital ratios measuring operating efficiency
First Solar, Inc. earns an operating margin of 32.3%, significantly above the Energy sector average of 13.8%. Operating margins have expanded from 25.8% to 32.3% over the past 3 years, signaling improving operational efficiency. ROE of 17.4% indicates solid capital efficiency, compared to the sector median of 7.2%. ROIC of 17.6% represents solid returns on invested capital versus a sector median of 6.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 40.6% | 44.2% | 39.2% | 2.7% | 25.0% | 25.1% | 17.9% | 17.5% | 18.7% | 22.0% |
| Operating Margin | 32.3% | 32.3% | 33.2% | 25.8% | -1.0% | 20.1% | 11.7% | -5.3% | 1.8% | 6.0% | -19.6% |
| Net Profit Margin | 29.3% | 29.3% | 30.7% | 25.0% | -1.7% | 16.0% | 14.7% | -3.8% | 6.4% | -5.6% | -14.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | 17.6% | 13.3% | -0.7% | 8.2% | 7.5% | -2.2% | 2.8% | -3.2% | -7.7% |
| ROA | 12.0% | 12.0% | 11.5% | 8.9% | -0.6% | 6.5% | 5.4% | -1.6% | 2.1% | -2.4% | -5.9% |
| ROIC | 17.6% | 17.6% | 16.8% | 12.9% | -0.4% | 9.1% | 5.2% | -2.8% | 0.8% | 3.6% | -9.7% |
| ROCE | 15.9% | 15.9% | 14.6% | 10.5% | -0.4% | 9.1% | 5.1% | -2.6% | 0.6% | 2.9% | -9.2% |
FSLR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
First Solar, Inc. carries a Debt/EBITDA ratio of 0.2x, which is very conservative (91% below the sector average of 2.6x). The company holds a net cash position — cash of $2.8B exceeds total debt of $499M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 38.1x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.09 | 0.09 | 0.04 | 0.07 | 0.09 | 0.12 | 0.09 | 0.09 | 0.04 |
| Debt / EBITDA | 0.23 | 0.23 | 0.40 | 0.54 | 0.97 | 0.47 | 0.88 | 13.63 | 2.73 | 1.49 | — |
| Net Debt / Equity | — | -0.24 | -0.11 | -0.20 | -0.21 | -0.18 | -0.13 | -0.15 | -0.18 | -0.36 | -0.22 |
| Net Debt / EBITDA | -1.04 | -1.04 | -0.50 | -1.14 | -5.14 | -1.24 | -1.35 | -17.34 | -5.48 | -6.25 | — |
| Debt / FCF | — | -1.94 | — | — | — | — | — | — | — | -2.22 | — |
| Interest Coverage | 38.15 | 38.15 | 37.18 | 69.75 | 1.70 | 44.65 | 13.20 | -3.44 | 5.37 | 8.84 | -25.16 |
Net cash position: cash ($2.8B) exceeds total debt ($499M)
FSLR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
First Solar, Inc.'s current ratio of 2.67x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.35x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 3.55x to 2.67x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.67 | 2.67 | 2.45 | 3.55 | 3.65 | 4.39 | 3.56 | 2.73 | 4.57 | 5.89 | 4.21 |
| Quick Ratio | 2.35 | 2.35 | 1.80 | 2.77 | 2.90 | 3.26 | 2.73 | 2.35 | 4.04 | 5.58 | 3.74 |
| Cash Ratio | 1.27 | 1.27 | 0.86 | 1.61 | 2.48 | 2.51 | 2.06 | 1.64 | 3.01 | 4.60 | 2.17 |
| Asset Turnover | — | 0.39 | 0.35 | 0.32 | 0.32 | 0.39 | 0.38 | 0.41 | 0.32 | 0.43 | 0.42 |
| Inventory Turnover | 4.21 | 4.21 | 1.74 | 1.99 | 3.25 | 2.68 | 2.89 | 5.06 | 4.16 | 11.89 | 5.32 |
| Days Sales Outstanding | — | 90.49 | 156.95 | 154.82 | 45.93 | 56.77 | 39.62 | 84.88 | 99.67 | 52.00 | 64.18 |
FSLR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
First Solar, Inc. returns 0.1% to shareholders annually primarily through share buybacks. The earnings yield of 5.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 5.4% | 6.8% | 4.5% | — | 5.0% | 3.8% | — | 3.2% | — | — |
| FCF Yield | 4.2% | 4.2% | — | — | — | — | — | — | — | 11.7% | — |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% | 0.3% | 0.2% | 0.1% | 0.6% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% | 0.3% | 0.2% | 0.1% | 0.6% |
| Shares Outstanding | — | $108M | $108M | $107M | $107M | $107M | $107M | $105M | $106M | $104M | $103M |
Peer Comparison
Compare FSLR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FSLRYou | $28B | 18.5 | 11.7 | 23.8 | 40.6% | 32.3% | 17.4% | 17.6% | 0.2 |
 CSIQ | $1B | -10.3 | 11.5 | — | 18.3% | 0.8% | -2.5% | 0.4% | 12.8 |
 JKS | $235M | -0.4 | — | — | 2.2% | -11.1% | -14.0% | -9.2% | — |
 ARRY | $1B | -11.7 | 13.9 | 16.5 | 21.2% | 6.6% | -19.0% | 9.0% | 5.8 |
 MAXN | $13M | -0.0 | — | — | -49.0% | -113.3% | — | -351.1% | — |
 ENPH | $7B | 40.6 | 31.3 | 72.0 | 46.6% | 11.2% | 17.9% | 6.8% | 5.1 |
 SEDG | $4B | -8.3 | — | 43.3 | 15.3% | -24.1% | -74.7% | -29.5% | — |
 RUN | $3B | 8.0 | 24.3 | — | 26.8% | -4.3% | 9.8% | -0.5% | 21.4 |
 SPWR | $114M | -10.4 | — | — | 48.5% | -2.0% | — | -5.3% | — |
 SHLS | $2B | 54.7 | 30.8 | — | 35.0% | 11.9% | 5.8% | 5.9% | 2.7 |
 NEE | $180B | 26.2 | 17.7 | — | 62.8% | 30.1% | 10.7% | 4.1% | 6.2 |
| Energy Median | — | 15.6 | 7.9 | 13.9 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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FSLR — Frequently Asked Questions
Quick answers to the most common questions about buying FSLR stock.
What is First Solar, Inc.'s P/E ratio?
First Solar, Inc.'s current P/E ratio is 18.5x. The historical average is 28.5x. This places it at the 54th percentile of its historical range.
What is First Solar, Inc.'s EV/EBITDA?
First Solar, Inc.'s current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.0x.
What is First Solar, Inc.'s ROE?
First Solar, Inc.'s return on equity (ROE) is 17.4%. The historical average is 6.8%.
Is FSLR stock overvalued?
Based on historical data, First Solar, Inc. is trading at a P/E of 18.5x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are First Solar, Inc.'s profit margins?
First Solar, Inc. has 40.6% gross margin and 32.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does First Solar, Inc. have?
First Solar, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.