First Solar
FSLR · Semiconductors
$171.99
0.4%Skyworks Solutions
SWKS · Semiconductors
$83.43
1.3%The short version
- First Solar is the larger business, with $5.2B of revenue in fiscal 2025 against $4.1B for Skyworks Solutions.
- First Solar grew revenue faster (24.1%, against −2.2%).
- First Solar kept more of each dollar of sales as operating profit (30.6% operating margin, against 12.2% operating margin).
- Skyworks Solutions turned more of its sales into free cash flow (27.1% FCF margin, against 22.8% FCF margin).
- First Solar earned a higher return on the capital invested in it (22.7%, against 8.5%).
- Investors pay more for each dollar of Skyworks Solutions’s earnings: a P/E of 43.2x against 10.6x for First Solar.
| Latest fiscal year | FSLR · FY25 | SWKS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.5B | $12.6B |
| Revenue | $5.2B | $4.1B |
| Free cash flow | $1.2B | $1.1B |
| Net income | $1.5B | $477M |
| Growth | ||
| Revenue growth | 24.1% | −2.2% |
| 5-year growth | 14.0% | 4.0% |
| Share count change | 0.0% | −4.0% |
| Profitability | ||
| Gross margin | 40.6% | 41.2% |
| Operating margin | 30.6% | 12.2% |
| Net margin | 29.3% | 11.7% |
| FCF margin | 22.8% | 27.1% |
| Return on capital | 22.7% | 8.5% |
| Return on equity | 17.5% | 7.9% |
| Balance sheet | ||
| Net debt | −$2.5B | −$878M |
| Net debt / EBITDA | −1.2x | −0.9x |
| Dividends and buybacks | $0.0M | $1.3B |
| Valuation & quality | ||
| P/E | 10.6x | 43.2x |
| Piotroski F-score | 7 | 5 |
FY16
FSLR $2.9B
SWKS $3.3B
FY17
FSLR $2.9B
SWKS $3.7B
FY18
FSLR $2.2B
SWKS $3.9B
FY19
FSLR $3.1B
SWKS $3.4B
FY20
FSLR $2.7B
SWKS $3.4B
FY21
FSLR $2.9B
SWKS $5.1B
FY22
FSLR $2.6B
SWKS $5.5B
FY23
FSLR $3.3B
SWKS $4.8B
FY24
FSLR $4.2B
SWKS $4.2B
FY25
FSLR $5.2B
SWKS $4.1B
FSLR
SWKS
FY16
FSLR −19.6%
SWKS 34.0%
FY17
FSLR 6.1%
SWKS 34.3%
FY18
FSLR 1.8%
SWKS 34.1%
FY19
FSLR −5.3%
SWKS 28.2%
FY20
FSLR 11.7%
SWKS 26.6%
FY21
FSLR 20.1%
SWKS 31.6%
FY22
FSLR −1.0%
SWKS 27.8%
FY23
FSLR 25.8%
SWKS 23.6%
FY24
FSLR 33.2%
SWKS 15.3%
FY25
FSLR 30.6%
SWKS 12.2%
FSLR
SWKS
FY16
FSLR −$22.7M
SWKS $888M
FY17
FSLR $826M
SWKS $1.2B
FY18
FSLR −$1.1B
SWKS $838M
FY19
FSLR −$495M
SWKS $969M
FY20
FSLR −$380M
SWKS $815M
FY21
FSLR −$303M
SWKS $1.1B
FY22
FSLR −$30.2M
SWKS $935M
FY23
FSLR −$785M
SWKS $1.6B
FY24
FSLR −$308M
SWKS $1.7B
FY25
FSLR $1.2B
SWKS $1.1B
FSLR
SWKS
FY16
FSLR —
SWKS —
FY17
FSLR 2.7%
SWKS —
FY18
FSLR 1.4%
SWKS —
FY19
FSLR −3.9%
SWKS —
FY20
FSLR 8.5%
SWKS —
FY21
FSLR 11.4%
SWKS 31.2%
FY22
FSLR −0.4%
SWKS 20.2%
FY23
FSLR 18.8%
SWKS 15.9%
FY24
FSLR 22.0%
SWKS 9.9%
FY25
FSLR 22.7%
SWKS 8.5%
FSLR
SWKS
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