First Solar vs ON Semiconductor
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The short version
- 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 46.6x against 10.6x for First Solar.
| Latest fiscal year | FSLR · FY25 | ON · FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.5B | $29.2B |
| 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 | 10.6x | 46.6x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
FSLR $2.9B
ON $3.9B
FY17
FSLR $2.9B
ON $5.5B
FY18
FSLR $2.2B
ON $5.9B
FY19
FSLR $3.1B
ON $5.5B
FY20
FSLR $2.7B
ON $5.3B
FY21
FSLR $2.9B
ON $6.7B
FY22
FSLR $2.6B
ON $8.3B
FY23
FSLR $3.3B
ON $8.3B
FY24
FSLR $4.2B
ON $7.1B
FY25
FSLR $5.2B
ON $6.0B
FSLR
ON
Operating margin
FY16
FSLR −19.6%
ON 6.3%
FY17
FSLR 6.1%
ON 12.3%
FY18
FSLR 1.8%
ON 14.4%
FY19
FSLR −5.3%
ON 7.8%
FY20
FSLR 11.7%
ON 6.6%
FY21
FSLR 20.1%
ON 19.1%
FY22
FSLR −1.0%
ON 28.3%
FY23
FSLR 25.8%
ON 30.8%
FY24
FSLR 33.2%
ON 25.0%
FY25
FSLR 30.6%
ON 1.4%
FSLR
ON
Free cash flow
FY16
FSLR −$22.7M
ON $370M
FY17
FSLR $826M
ON $707M
FY18
FSLR −$1.1B
ON $759M
FY19
FSLR −$495M
ON $160M
FY20
FSLR −$380M
ON $501M
FY21
FSLR −$303M
ON $1.3B
FY22
FSLR −$30.2M
ON $1.6B
FY23
FSLR −$785M
ON $438M
FY24
FSLR −$308M
ON $1.2B
FY25
FSLR $1.2B
ON $1.4B
FSLR
ON
Return on capital
FY16
FSLR —
ON 6.9%
FY17
FSLR 2.7%
ON 14.1%
FY18
FSLR 1.4%
ON 14.0%
FY19
FSLR −3.9%
ON 6.0%
FY20
FSLR 8.5%
ON 5.7%
FY21
FSLR 11.4%
ON 17.9%
FY22
FSLR −0.4%
ON 29.1%
FY23
FSLR 18.8%
ON 28.7%
FY24
FSLR 22.0%
ON 16.9%
FY25
FSLR 22.7%
ON 0.9%
FSLR
ON
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.