First Solar vs ON Semiconductor
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KIRA’s take AI analyst
I put First Solar and ON Semiconductor side by side, using each one’s latest annual report. Here is what stands out:
- ON Semiconductor is the larger business, with $6.0B of revenue in fiscal 2025 against $5.2B for First Solar.
- First Solar grew revenue faster (24.1%, against −15.4%).
- First Solar kept more of each dollar of sales as operating profit (30.6% operating margin, against 1.4%).
- ON Semiconductor turned more of its sales into free cash flow (23.7% FCF margin, against 22.8%).
- First Solar earned a higher return on the capital invested in it (22.7%, against 0.9%).
- Investors pay more for each dollar of ON Semiconductor’s earnings: a P/E of 47.8x 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.
First Solar
FSLR
9/11
Revenue growth5-year growthGross marginOperating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
ON Semiconductor
ON
2/11
FCF marginShare count change
Side by side
Best in the row
| Latest fiscal year | FSLR FY25 | ON FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.1B | $29.9B |
| Revenue | $5.2B | $6.0B |
| Free cash flow | $1.2B | $1.4B |
| Net income | $1.5B | $121M |
| Growth | ||
| Revenue growth | 24.1% | −15.4% |
| 5-year growth | 14.0% | 2.7% |
| Share count change | 0.0% | −4.8% |
| Profitability | ||
| Gross margin | 40.6% | 33.1% |
| Operating margin | 30.6% | 1.4% |
| Net margin | 29.3% | 2.0% |
| FCF margin | 22.8% | 23.7% |
| Return on capital | 22.7% | 0.9% |
| Return on equity | 17.5% | 1.5% |
| Balance sheet | ||
| Net debt | −$2.5B | $457M |
| Net debt / EBITDA | −1.2x | 0.6x |
| Dividends and buybacks | $0.0M | $1.4B |
| Valuation & quality | ||
| P/E | 10.4x | 47.8x |
| Piotroski F-score | 7 | 5 |
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.