Amkor Technology vs First Solar
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KIRA’s take AI analyst
I put Amkor Technology and First Solar side by side, using each one’s latest annual report. Here is what stands out:
- Amkor Technology is the larger business, with $6.7B of revenue in fiscal 2025 against $5.2B for First Solar.
- First Solar grew revenue faster (24.1%, against 6.2%).
- First Solar kept more of each dollar of sales as operating profit (30.6% operating margin, against 7.0%).
- First Solar turned more of its sales into free cash flow (22.8% FCF margin, against 2.9%).
- First Solar earned a higher return on the capital invested in it (22.7%, against 10.4%).
- Investors pay more for each dollar of Amkor Technology’s earnings: a P/E of 21.0x against 10.4x for First Solar.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Amkor Technology
AMKR
0/11
First Solar
FSLR
11/11
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | AMKR FY25 | FSLR FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.2B | $18.1B |
| Revenue | $6.7B | $5.2B |
| Free cash flow | $191M | $1.2B |
| Net income | $374M | $1.5B |
| Growth | ||
| Revenue growth | 6.2% | 24.1% |
| 5-year growth | 5.8% | 14.0% |
| Share count change | 0.3% | 0.0% |
| Profitability | ||
| Gross margin | 14.0% | 40.6% |
| Operating margin | 7.0% | 30.6% |
| Net margin | 5.6% | 29.3% |
| FCF margin | 2.9% | 22.8% |
| Return on capital | 10.4% | 22.7% |
| Return on equity | 8.7% | 17.5% |
| Balance sheet | ||
| Net debt | −$560M | −$2.5B |
| Net debt / EBITDA | −0.5x | −1.2x |
| Dividends and buybacks | $81.9M | $0.0M |
| Valuation & quality | ||
| P/E | 21.0x | 10.4x |
| Piotroski F-score | 6 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.