Arm Holdings vs First Solar
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KIRAβs take AI analyst
I put Arm Holdings and First Solar side by side, using each oneβs latest annual report. Here is what stands out:
- First Solar is the larger business, with $5.2B of revenue in fiscal 2025 against $4.9B for Arm Holdings.
- First Solar grew revenue faster (24.1%, against 22.8%).
- First Solar kept more of each dollar of sales as operating profit (30.6% operating margin, against 18.3%).
- First Solar turned more of its sales into free cash flow (22.8% FCF margin, against 19.9%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Arm Holdings
ARM
1/7
Gross margin
First Solar
FSLR
6/7
Revenue growthOperating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | ARM FY26 | FSLR FY25 |
|---|---|---|
| Size | ||
| Market cap | $238.5B | $18.1B |
| Revenue | $4.9B | $5.2B |
| Free cash flow | $979M | $1.2B |
| Net income | $904M | $1.5B |
| Growth | ||
| Revenue growth | 22.8% | 24.1% |
| 5-year growth | β | 14.0% |
| Share count change | 0.5% | 0.0% |
| Profitability | ||
| Gross margin | 97.5% | 40.6% |
| Operating margin | 18.3% | 30.6% |
| Net margin | 18.4% | 29.3% |
| FCF margin | 19.9% | 22.8% |
| Return on capital | β | 22.7% |
| Return on equity | 12.0% | 17.5% |
| Balance sheet | ||
| Net debt | β | β$2.5B |
| Net debt / EBITDA | β | β1.2x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | 10.4x |
| Piotroski F-score | β | 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.