Last 48 quarters of trend data · Energy · Solar
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 11.64 | 8.26 | 15.05 | 15.32 | 13.49 | 13.00 | 13.01 | 16.21 | 12.07 | 21.43 | 17.34 | 19.18 | 13.25 | 16.16 | 29.89 | 135.94 | — | — | 32.75 | — | 17.72 |
| — | -36.5% | +15.6% | -5.5% | +11.8% | -39.3% | -25.0% | -15.5% | -8.9% | +32.6% | -42.0% | -85.9% | — | — | -8.8% | — | — | — | +11.5% | — | -22.6% | |
| P/S Ratio | 4.31 | 3.83 | 6.02 | 5.08 | 4.18 | 3.72 | 4.06 | 4.02 | 3.13 | 7.56 | 6.00 | 5.71 | 4.00 | 5.42 | 6.29 | 10.63 | 3.98 | 5.60 | 2.94 | 6.07 | 2.57 |
| — | +3.1% | +48.4% | +26.4% | +33.4% | -50.8% | -32.4% | -29.6% | -21.7% | +39.4% | -4.6% | -46.3% | +0.4% | -3.3% | +114.2% | +75.1% | +55.0% | +28.2% | -23.6% | +109.0% | -40.8% | |
| P/B Ratio | 2.27 | 1.73 | 2.46 | 2.15 | 2.95 | 2.63 | 2.08 | 1.66 | 2.38 | 3.53 | 3.34 | 2.63 | 2.77 | 2.76 | 3.38 | 3.97 | 2.74 | 2.42 | 1.24 | 1.52 | 1.57 |
| — | -34.1% | +18.3% | +29.6% | +24.0% | -25.5% | -37.7% | -36.8% | -14.2% | +28.2% | -1.0% | -33.9% | +1.3% | +13.9% | +172.9% | +161.8% | +74.8% | +38.2% | -26.0% | -7.4% | -18.3% | |
| P/FCF | 92.84 | — | — | — | 6.57 | 5.54 | — | — | 9.53 | — | — | — | 21.63 | — | — | — | 8.52 | — | — | — | — |
| — | — | — | — | -31.1% | — | — | — | -55.9% | — | — | — | +153.7% | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 7.81 | 6.34 | 10.00 | 9.79 | 9.37 | 9.32 | 9.12 | 9.63 | 7.77 | 15.31 | 12.32 | 12.83 | 8.82 | 11.71 | 20.86 | 65.53 | 149.39 | — | 6.89 | 269.69 | 8.68 |
| — | -32.0% | +9.6% | +1.6% | +20.7% | -39.1% | -26.0% | -24.9% | -12.0% | +30.8% | -40.9% | -80.4% | -94.1% | — | +202.8% | -75.7% | +1622.1% | — | -44.8% | +3762.9% | -58.6% | |
| EV / EBIT | 12.09 | 7.75 | 12.87 | 13.33 | 11.47 | 11.92 | 12.27 | 14.76 | 9.87 | 19.71 | 14.97 | 16.18 | 11.21 | 13.95 | 26.39 | 156.28 | — | — | 10.19 | — | 12.19 |
| — | -35.0% | +4.8% | -9.7% | +16.2% | -39.5% | -18.0% | -8.8% | -11.9% | +41.3% | -43.3% | -89.6% | — | — | +158.9% | — | — | — | -50.2% | — | -72.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 57.9% | 57.3% | 46.6% | 39.5% | 38.3% | 45.6% | 40.8% | 37.5% | 50.2% | 49.4% | 43.6% | 43.3% | 47.0% | 38.3% | 20.4% | 6.0% | 3.3% | -3.7% | 3.1% | 27.2% |
| — | +51.3% | +25.7% | +14.2% | +5.5% | -23.7% | -7.7% | -6.4% | -13.5% | +6.8% | +28.9% | +113.2% | +616.6% | +1307.6% | +1124.9% | +554.4% | -77.7% | -84.4% | -113.5% | -86.4% | +3.5% | |
| Operating Margin | 30.6% | 44.4% | 42.6% | 33.1% | 32.6% | 29.2% | 33.0% | 26.2% | 30.2% | 36.3% | 36.9% | 30.6% | 34.3% | 34.1% | 20.8% | 3.3% | -4.6% | -10.9% | 23.3% | -15.7% | 19.1% |
| — | +51.8% | +29.4% | +26.2% | +7.9% | -19.4% | -10.6% | -14.4% | -12.1% | +6.5% | +77.3% | +832.5% | +849.7% | +413.5% | -10.9% | +120.8% | -124.0% | -224.7% | +32.9% | -150.1% | +101.2% | |
| Net Margin | 29.3% | 46.4% | 40.0% | 33.2% | 31.0% | 28.6% | 31.2% | 24.8% | 26.0% | 35.3% | 34.6% | 29.8% | 30.1% | 33.5% | 21.0% | 7.8% | -0.8% | -7.8% | 9.0% | -11.8% | 14.5% |
| — | +62.3% | +28.4% | +33.8% | +19.2% | -18.9% | -9.9% | -16.7% | -13.9% | +5.2% | +64.3% | +283.8% | +4103.2% | +528.6% | +134.1% | +165.9% | -105.2% | -200.9% | -31.4% | -145.2% | -23.8% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 5.4% | 4.2% | 3.6% | 5.6% | 5.2% | 4.1% | 2.6% | 5.0% | 4.2% | 4.9% | 3.5% | 5.4% | 4.3% | 2.9% | 0.7% | -0.1% | -0.8% | 0.9% | -0.7% | 2.2% |
| — | +3.7% | +2.4% | +37.7% | +11.2% | +23.2% | -17.2% | -25.5% | -6.1% | -3.1% | +72.3% | +378.9% | +4255.4% | +618.6% | +202.1% | +199.5% | -105.8% | -207.7% | -34.0% | -119.6% | +5.1% | |
| ROA | 12.0% | 4.2% | 3.2% | 2.6% | 3.9% | 3.5% | 2.7% | 1.7% | 3.3% | 2.8% | 3.2% | 2.2% | 3.5% | 2.9% | 1.9% | 0.5% | -0.1% | -0.7% | 0.8% | -0.6% | 1.8% |
| — | +20.3% | +15.4% | +50.3% | +16.6% | +24.3% | -14.7% | -22.8% | -4.7% | -3.5% | +65.2% | +342.5% | +3751.2% | +538.1% | +157.9% | +186.7% | -105.4% | -205.9% | -34.4% | -119.8% | +9.0% | |
| ROIC | 16.7% | 4.4% | 4.0% | 3.4% | 5.4% | 4.3% | 3.3% | 2.2% | 4.8% | 3.6% | 4.6% | 3.2% | 5.6% | 3.7% | 2.3% | 0.3% | -0.7% | -1.1% | 2.3% | -0.9% | 2.6% |
| — | +4.1% | +22.3% | +54.8% | +13.7% | +18.8% | -28.8% | -31.9% | -14.3% | -3.2% | +101.8% | +1089.2% | +874.5% | +440.5% | -1.0% | +130.9% | -127.2% | -240.3% | +41.1% | -123.1% | +185.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.03 | 0.02 | 0.04 | 0.05 | 0.10 | 0.12 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.09 | 0.09 | 0.08 | 0.06 | 0.04 | 0.05 | 0.04 | 0.07 | 0.07 |
| — | -69.8% | -84.9% | -44.0% | -42.0% | +8.2% | +45.7% | -22.0% | -3.5% | +6.0% | +7.1% | +57.4% | +132.7% | +60.4% | +103.0% | -8.2% | -40.0% | -32.7% | -51.3% | -14.2% | -23.4% | |
| Debt / EBITDA | 0.23 | 0.47 | 0.32 | 0.86 | 0.72 | 1.47 | 2.19 | 1.82 | 1.24 | 1.60 | 1.32 | 2.04 | 1.28 | 1.55 | 2.01 | 4.24 | 9.50 | — | 1.10 | 54.22 | 1.67 |
| — | -68.2% | -85.2% | -52.4% | -41.5% | -8.2% | +65.8% | -11.1% | -3.4% | +3.4% | -34.2% | -51.8% | -86.5% | — | +83.0% | -92.2% | +468.6% | — | -58.7% | +3672.3% | -59.3% | |
| Current Ratio | 2.67 | 2.57 | 2.52 | 2.56 | 2.67 | 1.91 | 1.90 | 1.93 | 2.45 | 2.14 | 2.23 | 2.41 | 3.55 | 3.19 | 3.36 | 3.08 | 3.65 | 4.09 | 4.21 | 4.07 | 4.39 |
| — | +34.6% | +32.4% | +32.6% | +9.2% | -10.8% | -14.7% | -20.0% | -31.0% | -32.8% | -33.6% | -21.8% | -2.8% | -22.0% | -20.3% | -24.3% | -16.8% | -4.0% | -11.8% | -13.1% | +23.4% | |
| Quick Ratio | 2.20 | 2.02 | 2.00 | 2.00 | 2.20 | 1.45 | 1.30 | 1.27 | 1.80 | 1.30 | 1.51 | 1.74 | 2.77 | 2.30 | 2.49 | 2.29 | 2.90 | 2.91 | 3.01 | 2.72 | 3.26 |
| — | +39.4% | +54.5% | +58.0% | +22.1% | +11.5% | -14.4% | -27.4% | -35.1% | -43.4% | -39.1% | -23.9% | -4.3% | -20.9% | -17.5% | -15.9% | -11.2% | -13.4% | -22.0% | -29.5% | +19.6% | |
| Interest Coverage | 36.82 | 237.83 | 83.58 | 47.53 | 49.79 | 33.60 | 39.35 | 23.79 | 42.00 | 37.34 | 39.62 | 28.74 | 54.29 | 78.79 | 134.20 | 48.69 | -1.10 | -19.62 | 44.14 | -20.90 | 67.07 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying FSLR stock.
First Solar, Inc.'s current P/E is 11.6x. The average P/E over the last 4 quarters is 13.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
First Solar, Inc.'s current operating margin is 30.6%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking First Solar, Inc.'s business trajectory between earnings reports.