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First Solar

FSLR Nasdaq Semiconductors Financials FY2016–FY2025

First Solar's revenue rose 24.1% to $5.2 billion in fiscal 2025. Its operating margin was 30.6%, down from 33.1% a year earlier. Free cash flow was $1.2 billion.

Last close · Oct 23, 2026

$171.99

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$5.2B
24.1% vs prior year
Operating margin Operating income as a share of revenue.
30.6%
2.6 pts
Net income Profit after all expenses, interest and tax.
$1.5B
18.3%
Free cash flow Cash from operations minus capital spending.
$1.2B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
22.7%
0.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$18.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
10.6x
On $16.22 EPS (TTM)

What First Solar does

No business description yet.

Legal name
First Solar, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001274494-26-000021
0001274494

Revenue and margins

First Solar had $5.2B of revenue in fiscal 2025, up 24.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.2B in fiscal 2025, 22.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

First Solar returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value First Solar yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $2.5B and divides by 107.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 10.6x · peers 46.6x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably First Solar can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.8B$2.6B$2.1B$1.8B$2.9B
Debt incl. finance leases $247M$185M$481M$404M$320M
Net debt / EBITDA −1.9x−9.9x−1.4x−0.8x−1.2x
Debt / equity 0.0x0.0x0.1x0.1x0.0x
Interest coverage 44.8x−2.2x66.1x35.9x36.2x
Current ratio 4.4x3.7x3.6x2.5x2.7x
Quick ratio 3.5x3.1x2.9x1.9x2.4x
Total assets $7.4B$8.3B$10.4B$12.1B$13.3B
Total liabilities $1.5B$2.4B$3.7B$4.1B$3.8B
Shareholders' equity $6.0B$5.8B$6.7B$8.0B$9.5B
Net debt (− = net cash) −$1.6B−$2.4B−$1.6B−$1.4B−$2.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$10.7M

7 insiders

Of sales under plans

100%

$10.7M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Markus GloecklerChief Technology Officer Sold plan 800 $174.00 $0.1M Form 4
Sep 1, 2026 Markus GloecklerChief Technology Officer Sold plan 800 $200.00 $0.2M Form 4
Aug 17, 2026 Samantha L. SloanEVP, Corporate Affairs Sold 127 $222.95 $0.0M Form 4
Aug 11, 2026 Jason E. DymbortGeneral Counsel and Secretary Sold plan 3,700 $249.38 $0.9M Form 4
Aug 4, 2026 Markus GloecklerChief Technology Officer Sold plan 829 $248.00 $0.2M Form 4
Aug 3, 2026 Markus GloecklerChief Technology Officer Sold plan 3,425 $218.95 $0.7M Form 4
Aug 3, 2026 Michael KoralewskiChief Supply Chain Officer Sold plan 7,000 $221.51 $1.6M Form 4
Jun 2, 2026 Patrick James BuehlerChief Product Officer Sold plan 3,000 $302.00 $0.9M Form 4
May 28, 2026 Caroline StockdaleChief People and Comm. Officer Sold plan 10,628 $275.60 $2.9M Form 4
May 26, 2026 Mark R WidmarChief Executive Officer, Director Sold plan 5,195 $268.98 $1.4M Form 4
May 22, 2026 Mark R WidmarChief Executive Officer, Director Sold plan 1,977 $254.15 $0.5M Form 4
May 21, 2026 Mark R WidmarChief Executive Officer, Director Sold plan 4,815 $247.43 $1.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✕ ✕ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 96 / 97 / 9
Accruals ratio 2.5%0.7%−4.2%
Altman Z'' 5.825.846.97

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
First Solar FSLR $18.5B 24.1% 30.6% 22.8% 22.7% 10.6x 7
Arm Holdings ARM $224.6B 22.8% 18.3% 19.9% — — — Compare →
Microchip Technology MCHP $40.8B 7.1% 10.4% 18.5% 3.5% 108.9x 6 Compare →
ON Semiconductor ON $29.2B −15.4% 1.4% 23.7% 0.9% 46.6x 5 Compare →
Skyworks Solutions SWKS $12.6B −2.2% 12.2% 27.1% 8.5% 43.2x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.9B $2.9B $2.2B $3.1B $2.7B $2.9B $2.6B $3.3B $4.2B $5.2B
Gross profit $638M $549M $392M $549M $681M $730M $69.9M $1.3B $1.9B $2.1B
Research and development $125M $88.6M $84.5M $96.6M $93.7M $99.1M $113M $152M $191M $233M
Operating income −$568M $178M $40.1M −$162M $318M $587M −$27.2M $857M $1.4B $1.6B
Interest expense $20.5M $25.8M $25.9M $27.1M $24.0M $13.1M $12.2M $13.0M $38.9M $44.1M
Pretax income −$537M $202M $113M −$120M $293M $572M $8.6M $891M $1.4B $1.6B
Income tax $23.2M $372M $3.4M −$5.5M −$107M $104M $52.8M $60.5M $114M $52.7M
Net income −$416M −$166M $144M −$115M $398M $469M −$44.2M $831M $1.3B $1.5B
Diluted EPS −$4.05 −$1.59 $1.36 −$1.09 $3.73 $4.38 −$0.41 $7.74 $12.02 $14.21
Diluted shares 0.10B 0.10B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B
Cash flow
Cash from operations $207M $1.3B −$327M $174M $37.1M $238M $873M $602M $1.2B $2.1B
Capital expenditure $230M $514M $740M $669M $417M $540M $904M $1.4B $1.5B $870M
Free cash flow −$22.7M $826M −$1.1B −$495M −$380M −$303M −$30.2M −$785M −$308M $1.2B
Depreciation and amortization $204M $91.9M $131M $206M $233M $260M $270M $308M $424M $529M
Stock-based compensation $28.7M $35.1M $34.2M $37.4M $29.3M $20.9M $28.7M $34.2M $28.1M $19.2M
Acquisitions $10.3M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $35.7M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $1.3B $3.0B $2.5B $2.2B $1.7B $1.8B $2.6B $2.1B $1.8B $2.9B
Total debt $197M $406M $479M $483M $287M $247M $185M $464M $373M $283M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $17.1M $31.0M $37.8M
Current assets $3.8B $3.8B $3.9B $3.6B $3.0B $3.2B $3.8B $4.6B $5.1B $6.0B
Current liabilities $908M $650M $846M $1.3B $847M $727M $1.0B $1.3B $2.1B $2.3B
Inventory $363M $172M $388M $444M $568M $666M $621M $820M $1.1B $737M
Property and equipment, net $629M $1.2B $1.8B $2.2B $2.4B $2.6B $3.5B $4.4B $5.4B $5.7B
Total assets $6.8B $6.9B $7.1B $7.5B $7.1B $7.4B $8.3B $10.4B $12.1B $13.3B
Total liabilities $1.6B $1.8B $1.9B $2.4B $1.6B $1.5B $2.4B $3.7B $4.1B $3.8B
Shareholders' equity $5.2B $5.1B $5.2B $5.1B $5.5B $6.0B $5.8B $6.7B $8.0B $9.5B
Margins
Gross margin 22.0% 18.7% 17.5% 17.9% 25.1% 25.0% 2.7% 39.2% 44.2% 40.6%
Operating margin −19.6% 6.1% 1.8% −5.3% 11.7% 20.1% −1.0% 25.8% 33.2% 30.6%
EBITDA margin −12.5% 9.2% 7.6% 1.4% 20.3% 29.0% 9.3% 35.1% 43.2% 40.7%
Net margin −14.3% −5.6% 6.4% −3.8% 14.7% 16.0% −1.7% 25.0% 30.7% 29.3%
FCF margin −0.8% 28.1% −47.5% −16.1% −14.0% −10.4% −1.2% −23.6% −7.3% 22.8%
Returns
Return on capital — 2.7% 1.4% −3.9% 8.5% 11.4% −0.4% 18.8% 22.0% 22.7%
Return on capital employed −9.3% 2.9% 0.6% −2.6% 5.1% 9.1% −0.4% 10.5% 14.6% 15.1%
Return on equity −7.7% −3.2% 2.8% −2.2% 7.5% 8.2% −0.8% 13.3% 17.6% 17.5%
Return on assets −5.9% −2.4% 2.1% −1.6% 5.5% 6.5% −0.6% 8.9% 11.5% 12.0%
Growth
Revenue growth −29.4% 1.3% −23.7% 36.5% −11.5% 7.8% −10.4% 26.7% 26.8% 24.1%
Net income growth −170.1% — — −179.6% — 17.7% −109.4% — 55.5% 18.3%
EPS growth −169.5% — — −180.2% — 17.4% −109.4% — 55.3% 18.2%
FCF growth — — −229.1% — — — — — — —
Share count change 1.0% 1.4% 1.7% −0.8% 1.3% 0.2% −0.4% 0.8% 0.1% 0.0%
Financial health
Net debt / EBITDA — −9.6x −12.1x −38.5x −2.7x −1.9x −9.9x −1.4x −0.8x −1.2x
Debt / equity 0.0x 0.1x 0.1x 0.1x 0.1x 0.0x 0.0x 0.1x 0.1x 0.0x
Interest coverage −27.7x 6.9x 1.6x −6.0x 13.2x 44.8x −2.2x 66.1x 35.9x 36.2x
Current ratio 4.2x 5.9x 4.6x 2.7x 3.6x 4.4x 3.7x 3.6x 2.5x 2.7x
Quick ratio 3.8x 5.6x 4.1x 2.4x 2.9x 3.5x 3.1x 2.9x 1.9x 2.4x
Capital allocation
Capex / revenue 7.9% 17.5% 33.0% 21.8% 15.4% 18.5% 34.5% 41.8% 36.3% 16.7%
Stock comp / revenue 1.0% 1.2% 1.5% 1.2% 1.1% 0.7% 1.1% 1.0% 0.7% 0.4%
Payouts / FCF — 0.0% — — — — — — — 0.0%
Quality scores
Piotroski F-score 4.0 5.0 2.0 6.0 6.0 6.0 4.0 5.0 6.0 7.0
Altman Z'' 6.8 7.3 6.8 5.1 7.2 8.4 5.9 5.8 5.8 7.0
Accruals ratio −8.8% −22.0% 6.7% −4.0% 4.9% 3.2% −11.7% 2.5% 0.7% −4.2%

Source: SEC EDGAR XBRL filings (CIK 0001274494). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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