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Friday 6 November 2026
Export FSLR’s income statement to Excel — free account
First Solar, Inc.
FSLR Technology Solar
First Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.2 billion, up 24.1% from fiscal 2024.
- Revenue
- −22.8%
- EPS
- +25.0%
- Free cash flow
- −118.5%
- Total debt
- −80.6%
Quarter to September 2026, against a year earlier
205.58
9.82
+5.02%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,905 | 2,941 | 2,244 | 3,063 | 2,711 | 2,923 | 2,619 | 3,319 | 4,206 | 5,219 | 5,014 | +6.7% | 4,843 | 5,946 | 6,527 | +7.7% | |
| Gross margin, % | 21.98 | 18.66 | 17.48 | 17.93 | 25.10 | 24.97 | 2.67 | 39.19 | 44.17 | 40.62 | 49.25 | +18.6 pt | ||||||
| EBT | (537) | 202 | 113 | (120) | 293 | 572 | 9 | 891 | 1,406 | 1,581 | 1,931 | n/m | ||||||
| EBT margin, % | (18.50) | 6.87 | 5.04 | (3.92) | 10.81 | 19.57 | 0.33 | 26.86 | 33.43 | 30.29 | 38.51 | +48.8 pt | ||||||
| Net income | (416) | (166) | 144 | (115) | 398 | 469 | (44) | 831 | 1,292 | 1,528 | 1,861 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 28.24 | 28.19 | 21.42 | 29.09 | 25.61 | 27.51 | 24.58 | 31.07 | 39.31 | 48.67 | 46.66 | +6.2% | |||||
| Earnings | (4.05) | (1.59) | 1.38 | (1.09) | 3.76 | 4.41 | (0.41) | 7.78 | 12.07 | 14.25 | 17.32 | n/m | ||||||
| Cash flow | 2.01 | 12.85 | (3.12) | 1.65 | 0.35 | 2.24 | 8.20 | 5.64 | 11.38 | 19.18 | 7.81 | +28.5% | ||||||
| Capex | (2.23) | (4.93) | (7.06) | (6.35) | (3.94) | (5.08) | (8.48) | (12.99) | (14.26) | (8.11) | (5.64) | +15.4% | ||||||
| Free cash flow | (0.22) | 7.92 | (10.18) | (4.70) | (3.58) | (2.85) | (0.28) | (7.35) | (2.88) | 11.07 | 2.17 | n/m | ||||||
| Book value | 50.73 | 48.87 | 49.76 | 48.40 | 52.15 | 56.08 | 54.77 | 62.62 | 74.55 | 88.94 | 101.24 | +6.4% | ||||||
| Shares, m | 103 | 104 | 105 | 105 | 106 | 106 | 107 | 107 | 107 | 107 | 107 | +0.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 30.77 | 0.00 | 26.31 | 19.67 | 0.00 | 22.13 | 14.61 | 18.33 | 11.37 | 13.2 | |||||
| P/S | 1.19 | 2.50 | 1.98 | 1.92 | 3.86 | 3.17 | 5.94 | 5.54 | 4.48 | 5.37 | 4.22 | 3.6 | ||||||
| P/B | 0.66 | 1.44 | 0.85 | 1.16 | 1.90 | 1.55 | 2.66 | 2.75 | 2.36 | 2.94 | 1.95 | 1.8 | ||||||
| EV/Sales | 0.58 | 1.62 | 1.05 | 1.37 | 3.32 | 2.63 | 5.03 | 5.08 | 4.20 | 4.92 | 3.97 | 3.0 | ||||||
| EV/FCF | (74.16) | 5.75 | (2.22) | (8.49) | (23.73) | (25.35) | (435.42) | (21.47) | (57.38) | 21.61 | 85.44 | (62.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 207 | 1,341 | (327) | 174 | 37 | 238 | 873 | 602 | 1,218 | 2,057 | 839 | +29.1% | |||||
| Capex | (229) | (514) | (740) | (669) | (417) | (540) | (904) | (1,387) | (1,526) | (870) | (606) | +16.0% | ||||||
| Free cash flow | (23) | 826 | (1,067) | (495) | (380) | (303) | (30) | (785) | (308) | 1,187 | 233 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 2,880 | 3,182 | 3,014 | 2,282 | 2,167 | 2,464 | 2,753 | 3,329 | 3,012 | 3,775 | 3,243 | +3.1% | |||||
| Net debt | (1,767) | (2,595) | (2,080) | (1,693) | (1,468) | (1,586) | (2,385) | (1,542) | (1,183) | (2,357) | (1,516) | +3.3% | ||||||
| Shareholders’ equity | 5,218 | 5,099 | 5,212 | 5,097 | 5,521 | 5,960 | 5,836 | 6,687 | 7,978 | 9,538 | 10,881 | +6.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (5.89) | (2.42) | 2.06 | (1.57) | 5.45 | 6.45 | (0.56) | 8.93 | 11.49 | 12.01 | 13.55 | +17.9 pt | |||||
| ROIC | (10.29) | 4.44 | 0.80 | (2.97) | 4.90 | 8.39 | (0.49) | 10.41 | 12.83 | 13.90 | 12.61 | +24.2 pt | ||||||
| ROE | (7.73) | (3.21) | 2.80 | (2.23) | 7.50 | 8.17 | (0.75) | 13.27 | 17.62 | 17.45 | 18.71 | +25.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 5,400 | 4,100 | 6,400 | 6,600 | 5,100 | 4,800 | 5,500 | 6,700 | 8,100 | 7,900 | — | +4.3% | |||||
| Revenue/emp, $m | 0.54 | 0.72 | 0.35 | 0.46 | 0.53 | 0.61 | 0.48 | 0.50 | 0.52 | 0.66 | — | +2.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| United States | 4,995 | 95.69% |
|---|---|---|
| India | 196 | 3.75% |
| All other foreign countries | 23 | 0.44% |
| France | 6 | 0.12% |
| Gross margin | 40.62% | |
| Operating margin | 30.59% | |
| Pre-tax margin | 30.29% |
First Solar, Inc. vs peers in Solar (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| FSLR First Solar, Inc. | $21.0B | 11.4× | 10.1× | −22.82% (below 0%: shrinking) | +25.03% (above 0%: growing) | −118.49% (below 0%: shrinking) | 57.93% | 44.37% | |
| NXT Nextpower Inc. | $15.0B | 24.5× | 20.2× | +22.54% (above 0%: growing) | +10.10% (above 0%: growing) | −21.25% (below 0%: shrinking) | 31.13% | 18.71% | Compare |
| ENPH Enphase Energy, Inc. | $3.8B | 42.5× | 82.4× | −28.53% (below 0%: shrinking) | −65.31% (below 0%: shrinking) | −293.17% (below 0%: shrinking) | 43.34% | 2.20% | Compare |
| RUN Sunrun Inc. | $2.4B | 4.4× | 5.4× | +51.75% (above 0%: growing) | +814.29% (above 0%: growing) | +134.84% (above 0%: growing) | 0.00% | 13.96% | Compare |
| SEDG SolarEdge Technologies, Inc. | $1.6B | — (loss-making) | — (loss-making) | −4.15% (below 0%: shrinking) | n/m | −84.40% (below 0%: shrinking) | 33.19% | (0.58%) | Compare |
| SHLS Shoals Technologies Group, Inc. | $1.5B | 40.0× | 28.7× | +43.82% (above 0%: growing) | +51.57% (above 0%: growing) | +190.08% (above 0%: growing) | 31.95% | 14.83% | Compare |
| ARRY Array Technologies, Inc. | $816.2M | — (loss-making) | 18.1× | −5.57% (below 0%: shrinking) | −73.68% (below 0%: shrinking) | +205.42% (above 0%: growing) | 29.12% | 10.16% | Compare |
| DQ DAQO New Energy Corp. | $803.9M | — (loss-making) | — (loss-making) | −20.62% (below 0%: shrinking) | n/m | +35.96% (above 0%: growing) | (31.20%) | (40.50%) | Compare |
| JKS Jinko Holdings Limited - Unsponsored ADR | $517.2M | — (loss-making) | — (loss-making) | −27.48% (below 0%: shrinking) | n/m | +78.73% (above 0%: growing) | 4.15% | (11.62%) | Compare |
| Median of peers | $1.6B | 32.2× | 20.2× | −4.86% | +10.10% | +57.35% | 30.13% | 6.18% |
From the latest earnings call
- CFO Alex Bradley said First Solar’s contracted backlog stood at 45.1 gigawatts and $13.6 billion at June 30, with deliveries scheduled through 2030.
- CEO Mark Widmar said the South Carolina finishing facility’s second phase was expected in mid-2027, allowing earlier incorporation of CURE technology.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
91.70%
Held by the ten largest
48.71%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 14.03m | 13.05% | +207.99k |
| Vanguard | 13.57m | 12.63% | +8.94k |
| State Street | 5.58m | 5.19% | +291.41k |
| Capital Group | 4.11m | 3.83% | +3.71m |
| Geode Capital Management | 3.11m | 2.89% | +2.78k |
| UBS | 2.75m | 2.56% | +109.88k |
| Hill City Capital, LP | 2.63m | 2.45% | +450.59k |
| Invesco | 2.60m | 2.42% | −57.31k |
| Fidelity (FMR) | 2.18m | 2.03% | +370.78k |
| Morgan Stanley | 1.79m | 1.67% | +108.11k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 2 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 8.14m | 10.36m | 264.00 |
| 2024 | 6.39m | 6.48m | 178.00 |
| 2023 | 7.73m | 19.88m | 174.00 |
| 2022 | 7.21m | 32.51m | 151.00 |
| 2021 | 6.54m | 3.13m | 88.00 |
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group
12.80%
BlackRock, Inc.
10.40%
SIG
7.90%
FMR, LLC
6.10%
Citadel
5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
First Solar, Inc. (FSLR) Latest News
6 Nov
4 Nov
30 Oct
29 Oct
28 Oct
27 Oct
FSLR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
First Solar designs, manufactures and sells solar modules: panels that convert sunlight into electricity. Its customers include project developers, independent power producers, utilities, industrial companies and large corporate energy buyers. The company focuses on modules for utility-scale projects, principally in the United States and India.
Its modules use a thin layer of cadmium telluride, or CdTe, as the material that absorbs sunlight. This differs from the crystalline silicon technology used in conventional solar modules. First Solar says its modules can produce more energy than conventional modules with the same rated power in certain real-world conditions, including hot or humid climates.