Last 48 quarters of trend data · Energy · Solar
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
First Solar, Inc.'s quarterly P/E stands at 15.3x, down 5.5% year-over-year. EV/EBITDA has expanded 58.0% YoY to 14.0x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 18.52 | 15.32 | 13.49 | 13.00 | 13.01 | 16.21 | 12.07 | 21.43 | 17.34 | 19.18 | 13.25 | 16.16 | 29.89 |
| — | -5.5% | +11.8% | -39.3% | -25.0% | -15.5% | -8.9% | +32.6% | -42.0% | -85.9% | — | — | -8.8% | |
| P/S Ratio | 5.42 | 5.08 | 4.18 | 3.72 | 4.06 | 4.02 | 3.13 | 7.56 | 6.00 | 5.71 | 4.00 | 5.42 | 6.29 |
| — | +26.4% | +33.4% | -50.8% | -32.4% | -29.6% | -21.7% | +39.4% | -4.6% | -46.3% | +0.4% | -3.3% | +114.2% | |
| P/B Ratio | 2.97 | 2.15 | 2.95 | 2.63 | 2.08 | 1.66 | 2.38 | 3.53 | 3.34 | 2.63 | 2.77 | 2.76 | 3.38 |
| — | +29.6% | +24.0% | -25.5% | -37.7% | -36.8% | -14.2% | +28.2% | -1.0% | -33.9% | +1.3% | +13.9% | +172.9% | |
| P/FCF | 23.81 | — | 6.57 | 5.54 | — | — | 9.53 | — | — | — | 21.63 | — | — |
| — | — | -31.1% | — | — | — | -55.9% | — | — | — | +153.7% | — | — | |
| EV / EBITDA | 11.73 | 13.97 | 9.36 | 8.82 | 8.57 | 8.84 | 7.77 | 15.31 | 12.32 | 12.83 | 8.82 | 11.71 | 20.86 |
| — | +58.0% | +20.5% | -42.4% | -30.4% | -31.1% | -12.0% | +30.8% | -40.9% | -80.4% | -94.1% | — | +202.8% | |
| EV / EBIT | 15.42 | — | 11.76 | 11.24 | 11.29 | 13.26 | 9.87 | 19.71 | 14.97 | 16.18 | 11.21 | 13.95 | 26.39 |
| — | — | +19.1% | -43.0% | -24.6% | -18.1% | -11.9% | +41.3% | -43.3% | -89.6% | — | — | +158.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
First Solar, Inc.'s operating margin was 33.1% in Q1 2026, up 0.5 pp QoQ and up 3.2 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. Gross margin expanded 9.9% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 46.6% | 39.5% | 38.3% | 45.6% | 42.4% | 37.5% | 50.2% | 49.4% | 43.6% | 43.3% | 47.0% | 38.3% |
| — | +9.9% | +5.5% | -23.7% | -7.7% | -2.8% | -13.5% | +6.8% | +28.9% | +113.2% | +616.6% | +1307.6% | +1124.9% | |
| Operating Margin | 32.3% | 33.1% | 32.6% | 31.5% | 35.8% | 29.9% | 30.2% | 36.3% | 36.9% | 30.6% | 34.3% | 34.1% | 20.8% |
| — | +10.7% | +8.1% | -13.1% | -2.9% | -2.5% | -12.1% | +6.5% | +77.3% | +832.5% | +849.7% | +413.5% | -10.9% | |
| Net Margin | 29.3% | 33.2% | 31.0% | 28.6% | 31.2% | 24.8% | 26.0% | 35.3% | 34.6% | 29.8% | 30.1% | 33.5% | 21.0% |
| — | +33.8% | +19.2% | -18.9% | -9.9% | -16.7% | -13.9% | +5.2% | +64.3% | +283.8% | +4103.2% | +528.6% | +134.1% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 3.6% | 5.6% | 5.2% | 4.1% | 2.6% | 5.0% | 4.2% | 4.9% | 3.5% | 5.4% | 4.3% | 2.9% |
| — | +37.7% | +11.2% | +23.2% | -17.2% | -25.5% | -6.1% | -3.1% | +72.3% | +378.9% | +4255.4% | +618.6% | +202.1% | |
| ROA | 12.0% | 2.6% | 3.9% | 3.5% | 2.7% | 1.7% | 3.3% | 2.8% | 3.2% | 2.2% | 3.5% | 2.9% | 1.9% |
| — | +50.3% | +16.6% | +24.3% | -14.7% | -22.8% | -4.7% | -3.5% | +65.2% | +342.5% | +3751.2% | +538.1% | +157.9% | |
| ROIC | 17.6% | 3.4% | 5.4% | 4.6% | 3.6% | 2.5% | 4.8% | 3.6% | 4.6% | 3.2% | 5.6% | 3.7% | 2.3% |
| — | +35.8% | +13.9% | +28.1% | -22.7% | -22.4% | -14.3% | -3.2% | +101.8% | +1089.2% | +874.5% | +440.5% | -1.0% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
First Solar, Inc.'s Debt/EBITDA ratio is 1.2x, up from 0.7x last quarter — comfortably within a safe range. The current ratio has improved 32.6% YoY to 2.56x, strengthening the short-term liquidity position. Debt/Equity has declined for 4 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.04 | 0.05 | 0.10 | 0.12 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.09 | 0.09 | 0.08 |
| — | -44.0% | -42.0% | +8.2% | +45.7% | -22.0% | -3.5% | +6.0% | +7.1% | +57.4% | +132.7% | +60.4% | +103.0% | |
| Debt / EBITDA | 0.23 | 1.23 | 0.72 | 1.39 | 2.06 | 1.67 | 1.24 | 1.60 | 1.32 | 2.04 | 1.28 | 1.55 | 2.01 |
| — | -26.0% | -41.5% | -13.2% | +55.8% | -18.4% | -3.4% | +3.4% | -34.2% | -51.8% | -86.5% | — | +83.0% | |
| Current Ratio | 2.67 | 2.56 | 2.67 | 1.91 | 1.90 | 1.93 | 2.45 | 2.14 | 2.23 | 2.41 | 3.55 | 3.19 | 3.36 |
| — | +32.6% | +9.2% | -10.8% | -14.7% | -20.0% | -31.0% | -32.8% | -33.6% | -21.8% | -2.8% | -22.0% | -20.3% | |
| Quick Ratio | 2.35 | 2.15 | 2.35 | 1.55 | 1.30 | 1.27 | 1.80 | 1.30 | 1.51 | 1.74 | 2.77 | 2.30 | 2.49 |
| — | +69.9% | +30.4% | +19.6% | -14.4% | -27.4% | -35.1% | -43.4% | -39.1% | -23.9% | -4.3% | -20.9% | -17.5% | |
| Interest Coverage | 38.15 | 45.35 | 48.55 | 35.61 | 42.77 | 26.48 | 42.00 | 37.34 | 39.62 | 28.74 | 54.29 | 78.79 | 134.20 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
Deep dive into FSLR consensus models and risk factors.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
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 is 18.5x. The average P/E over the last 4 quarters is 13.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
First Solar, Inc.'s current operating margin is 32.3%. Margins have been compressing 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.