Latest Ratios: P/E Ratio 11.6x · EV/EBITDA 7.8x · ROE 17.4%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21.6B | $28.1B | $19.0B | $18.5B | $16.0B | $9.3B | $10.6B | $5.9B | $4.5B | $7.0B | $3.3B |
| Enterprise Value | $19.3B | $25.8B | $18.0B | $17.2B | $14.7B | $8.3B | $9.8B | $5.1B | $3.6B | $5.2B | $2.2B |
| P/E Ratio → | 11.64 | 18.38 | 14.66 | 22.26 | — | 19.90 | 26.52 | — | 31.22 | — | — |
| P/S Ratio | 4.31 | 5.38 | 4.51 | 5.57 | 6.09 | 3.19 | 3.89 | 1.92 | 2.01 | 2.39 | 1.14 |
| P/B Ratio | 2.27 | 2.95 | 2.38 | 2.77 | 2.73 | 1.56 | 1.91 | 1.16 | 0.86 | 1.38 | 0.63 |
| P/FCF | 92.84 | 23.66 | — | — | — | — | — | — | — | 8.52 | — |
| P/OCF | 10.51 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 7.81 | 12.13 | 9.93 | 14.74 | 60.68 | 9.76 | 17.82 | 117.55 | 20.89 | 17.78 | — |
| EV / EBIT | 12.09 | 15.87 | 12.49 | 18.99 | 706.58 | 14.13 | 30.92 | — | 25.66 | 22.87 | — |
| EV / FCF | — | 21.72 | — | — | — | — | — | — | — | 6.31 | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 30.6% | 30.6% | 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% |
| 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 | 16.7% | 16.7% | 16.8% | 12.9% | -0.4% | 9.1% | 5.2% | -2.8% | 0.8% | 3.6% | -9.7% |
| ROCE | 15.1% | 15.1% | 14.6% | 10.5% | -0.4% | 9.1% | 5.1% | -2.6% | 0.6% | 2.9% | -9.2% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | -1.08 | -1.08 | -0.50 | -1.14 | -5.14 | -1.24 | -1.35 | -17.34 | -5.48 | -6.25 | — |
| Debt / FCF | — | -1.94 | — | — | — | — | — | — | — | -2.22 | — |
| Interest Coverage | 36.82 | 36.82 | 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)
Short-term solvency ratios and asset-utilisation metrics
| 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 | 2.20 | 2.20 | 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 | 2.89 | 2.89 | 1.74 | 1.99 | 3.25 | 2.68 | 2.89 | 5.06 | 4.16 | 11.89 | 5.32 |
| Days Sales Outstanding | — | 135.63 | 156.95 | 154.82 | 45.93 | 56.77 | 39.62 | 84.88 | 99.67 | 52.00 | 64.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 5.4% | 6.8% | 4.5% | — | 5.0% | 3.8% | — | 3.2% | — | — |
| FCF Yield | 1.1% | 4.2% | — | — | — | — | — | — | — | 11.7% | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% | 0.3% | 0.2% | 0.1% | 0.6% |
| Total Shareholder Yield | 0.0% | 0.0% | 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 |
Includes 30+ ratios · 23 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FSLR stock.
First Solar, Inc.'s current P/E ratio is 11.6x. The historical average is 28.5x. This places it at the 8th percentile of its historical range.
First Solar, Inc.'s current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.0x.
First Solar, Inc.'s return on equity (ROE) is 17.4%. The historical average is 6.8%.
Based on historical data, First Solar, Inc. is trading at a P/E of 11.6x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Solar, Inc. has 40.6% gross margin and 30.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Solar, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Policy-dependent 45X credit exposure
Metrics are mathematically derived from official filings.
Discount Multiples Reflect Policy Risk
Based on reported figures, FSLR trades at a trailing P/E of 13.78 and EV/EBITDA of 8.46, well below the 16.08 EV/EBITDA of JinkoSolar, a discount that suggests investors are pricing in subsidy durability concerns.
The forward P/E of 11.18 and forward EV/EBITDA of 5.59 imply that the market expects earnings to remain elevated near current levels, yet a PEG of 0.45 indicates growth is priced cheaply relative to expectations. Against the peer group, where most comparables carry negative earnings, FSLR's positive multiples stand out, but the gap may reflect skepticism that 45X-supported margins are sustainable rather than a clear mispricing. Investors should monitor whether the discount narrows as policy visibility improves.
Subsidy-Lifted Margins Mask Core Economics
As reflected in reported quarterly statements, gross margin expanded from 37.5% in 2024Q4 to 57.9% in 2026Q3, while operating margin reached 44.4%, a level materially supported by Section 45X credits recorded within cost of sales.
The jump from roughly 38-40% gross margin in late 2025 to 57.9% in the latest quarter suggests credit recognition timing has a large effect on reported profitability. Net margin of 46.4% exceeds operating margin, indicating interest income on the cash balance contributes meaningfully to bottom-line results. Analysts should strip out 45X credits to estimate a manufacturing-only margin before extrapolating current profitability.
Returns Recovering From Low Base
According to reported figures, ROIC rose from 2.5% in 2025Q1 to 4.4% in 2026Q3, while ROE reached 5.4%, levels that remain modest for a company with such elevated reported margins.
Returns on capital remain low despite high margins because the equity base has grown to $10.9B through heavy manufacturing investment, with net PP&E representing roughly 42% of total assets. This suggests capital is being deployed into long-cycle plants whose returns take time to mature. The gap between high margins and low ROIC points to asset intensity as the binding constraint on returns.
Negligible Leverage With Rising Coverage
Based on FSLR's reported figures, debt-to-equity has stayed between 0.02 and 0.12, while interest coverage improved to 237.83 in 2026Q3 after total debt fell to $325.0M from a peak near $1.1B.
Debt service is effectively non-binding at current levels, and the reduction in total debt suggests management is prioritizing balance sheet strength over leverage. Covenant and refinancing risk appears minimal based on the reported debt balance. The primary balance sheet exposure is the reliance on cash and operating earnings rather than external financing.
Working Capital Swings Obscure Cash Trend
As reported in financial statements, free cash flow margin swung from -96.4% in 2025Q1 to 67.1% in 2025Q3, with working capital releases of $630.6M and $833.8M accounting for much of the late-2025 improvement.
The most commonly misapplied metric here is free cash flow margin, which appears to swing sharply with shipment timing and receivable collection rather than reflecting steady operating performance. Cash conversion cycle of 278 days in 2026Q3, driven by DIO of 141 and DSO of 198 days, suggests substantial capital is tied up in working capital. Investors may find cumulative multi-quarter free cash flow and working capital-adjusted earnings a more reliable indicator than any single quarter.