Sunday 11 October 2026 Export all FSLR data to Excel Powerpack

First Solar, Inc.

First Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.2 billion, up 24.1% from fiscal 2024. In the quarter to June 2026, revenue fell 3.73%, EPS grew 23.2%, free cash flow fell 121.0% and total debt fell 93.5%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for three consecutive years.

177.82 1.03 −0.58%

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Market cap: $19.2B
P/E: 10.9×
Fwd P/E: 16.0×
Dividend yield: —
F-score: 7/9
Altman Z: 6.28
Beneish M: −2.54
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 43.29

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	—	—	—	36	1	20	1	—	4	1	1

Insider Ownership 5.52%

Capital & Financial Ratios $m

Market Cap 19,220.00

Revenue 5,378.07

Net Income 1,746.01

Free Cash Flow 1,500.12

Net Debt (1,689.33)

Current Ratio 2.52

Debt/Equity 0.00

P/E ratio 10.94

Fwd P/E 16.00

P/S ratio 3.55

P/B ratio 1.85

Past 5Y EPS Growth 30.67%

This Y EPS Growth 23.32%

Next Y EPS Growth 32.91%

Next Y revenue growth (3.49%)

Next 5Y EPS Growth 27.47%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 11.65%

10-year low 10-year high

P/S against its own 10 years 59.42%

10-year low 10-year high

P/B against its own 10 years 60.38%

10-year low 10-year high

EV/Sales against its own 10 years 60.19%

10-year low 10-year high

EV/FCF against its own 10 years 37.25%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,102	1,793	2,855	1,727
Receivables	1,321	1,665	1,794	1,761
Inventory	820	1,084	737	1,088
Other	392	547	643	741
	4,635	5,089	6,029	5,317

	2023	2024	2025	Q'26
Payables	207	482	406	346
ST’ Debt	96	236	216	38
Other	42	61	91	92
	1,306	2,077	2,254	2,112

Compound Annual Growth %

	10y	5y	3y
Sales	2.41%	14.00%	25.84%
Cash Flow	0.00%	123.22%	33.05%
Earnings	9.92%	30.85%	0.00%
Book Value	5.57%	11.55%	17.79%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,044	1,056	—	—	—
’25	845	1,097	1,595	1,683	5,219
’24	794	1,010	888	1,514	4,206
’23	548	811	801	1,159	3,319
’22	367	621	629	1,002	2,619
’21	803	629	584	907	2,923
’20	532	642	928	609	2,711

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(215)	(145)	—	—	—
’25	(608)	150	1,274	1,242	2,057
’24	268	193	(54)	811	1,218
’23	(35)	(90)	165	561	602
’22	(139)	88	129	795	873
’21	(279)	177	305	34	238
’20	(505)	148	208	186	37

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(333)	(306)	—	—	—
’25	(814)	(139)	1,070	1,070	1,187
’24	(146)	(172)	(488)	497	(308)
’23	(406)	(472)	(121)	214	(785)
’22	(294)	(111)	(94)	468	(30)
’21	(370)	87	141	(160)	(303)
’20	(617)	39	102	97	(380)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	3.22	3.92	—	—	—
’25	1.95	3.18	4.24	4.84	14.21
’24	2.20	3.25	2.91	3.65	12.02
’23	0.40	1.59	2.50	3.25	7.74
’22	(0.41)	0.52	(0.46)	(0.07)	(0.41)
’21	1.96	0.77	0.42	1.23	4.38
’20	0.85	0.35	1.45	1.08	3.73

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	28.60	25.56	36.51	41.41	28.47	67.71	59.60	129.22	135.88	116.56	Analyst estimates 2026–2028 Powerpack
	High	74.29	71.80	81.72	69.24	109.09	123.13	173.68	232.00	306.77	285.99
People
People	Employees	5,400	4,100	6,400	6,600	5,100	4,800	5,500	6,700	8,100	7,900
	Revenue/emp, $m	0.54	0.72	0.35	0.46	0.53	0.61	0.48	0.50	0.52	0.66
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
	Gross margin, %	21.98	18.66	17.48	17.93	25.10	24.97	2.67	39.19	44.17	40.62
	EBT	(537)	202	113	(120)	293	572	9	891	1,406	1,581
	EBT margin, %	(18.50)	6.87	5.04	(3.92)	10.81	19.57	0.33	26.86	33.43	30.29
	Net income	(416)	(166)	144	(115)	398	469	(44)	831	1,292	1,528
	Depreciation	231	115	131	205	233	260	270	308	423	529
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
	Earnings	(3.48)	(1.59)	1.38	(1.09)	3.76	4.41	(0.41)	7.78	12.07	14.25
	Cash flow	2.01	12.85	(3.12)	1.65	0.35	2.24	8.20	5.64	11.38	19.18
	Capex	(2.23)	(4.93)	(7.06)	(6.35)	(3.94)	(5.08)	(8.48)	(12.99)	(14.26)	(8.11)
	Free cash flow	(0.22)	7.92	(10.18)	(4.70)	(3.58)	(2.85)	(0.28)	(7.35)	(2.88)	11.07
	Book value	50.73	48.87	49.76	48.40	52.15	56.08	54.77	62.62	74.55	88.94
	Shares, m	103	104	105	105	106	106	107	107	107	107
Valuation, ×
Valuation, ×	P/E	0.00	0.00	30.77	0.00	26.31	19.67	0.00	22.13	14.61	18.33
	P/S	1.19	2.50	1.98	1.92	3.86	3.17	5.94	5.54	4.48	5.37
	P/B	0.66	1.44	0.85	1.16	1.90	1.55	2.66	2.75	2.36	2.94
	EV/Sales	0.58	1.62	1.05	1.37	3.32	2.63	5.03	5.08	4.20	4.92
	EV/FCF	(74.16)	5.75	(2.22)	(8.49)	(23.73)	(25.35)	(435.42)	(21.47)	(57.38)	21.61
Cash, $m
Cash, $m	Operating cash flow	207	1,341	(327)	174	37	238	873	602	1,218	2,057
	Capex	(229)	(514)	(740)	(669)	(417)	(540)	(904)	(1,387)	(1,526)	(870)
	Free cash flow	(23)	826	(1,067)	(495)	(380)	(303)	(30)	(785)	(308)	1,187
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
	Total debt	188	394	467	472	279	240	193	560	610	499
	Net debt	(1,767)	(2,595)	(2,080)	(1,693)	(1,468)	(1,586)	(2,385)	(1,542)	(1,183)	(2,357)
	Shareholders’ equity	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978	9,538
Returns, %
Returns, %	ROA	(5.89)	(2.42)	2.06	(1.57)	5.45	6.45	(0.56)	8.93	11.49	12.01
	ROIC	(10.29)	4.44	0.80	(2.97)	4.90	8.39	(0.49)	10.41	12.83	13.90
	ROE	(7.73)	(3.21)	2.80	(2.23)	7.50	8.17	(0.75)	13.27	17.62	17.45

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$19.2B	10.9×	16.0×	−3.73% (below 0%: shrinking)	+23.20% (above 0%: growing)	−121.01% (below 0%: shrinking)	57.28%	42.64%
NXT Nextpower Inc.	$12.9B	21.6×	35.6×	+8.21% (above 0%: growing)	+3.77% (above 0%: growing)	+50.09% (above 0%: growing)	35.91%	20.41%	Compare
ENPH Enphase Energy, Inc.	$4.4B	32.1×	194×	−19.63% (below 0%: shrinking)	−3.57% (below 0%: shrinking)	+41.15% (above 0%: growing)	59.97%	17.65%	Compare
SEDG SolarEdge Technologies, Inc.	$2.0B	— (loss-making)	— (loss-making)	+19.63% (above 0%: growing)	n/m	+196.82% (above 0%: growing)	27.48%	(4.63%)	Compare
RUN Sunrun Inc.	$1.8B	4.5×	10.8×	+52.81% (above 0%: growing)	−60.66% (below 0%: shrinking)	+37.10% (above 0%: growing)	37.73%	4.00%	Compare
SHLS Shoals Technologies Group, Inc.	$1.4B	46.3×	42.0×	+47.39% (above 0%: growing)	−12.50% (below 0%: shrinking)	+99.01% (above 0%: growing)	30.31%	11.46%	Compare
DQ DAQO New Energy Corp.	$725.4M	— (loss-making)	— (loss-making)	−16.67% (below 0%: shrinking)	n/m	−60.43% (below 0%: shrinking)	(132.00%)	(156.53%)	Compare
ARRY Array Technologies, Inc.	$577.5M	— (loss-making)	43.9×	−5.57% (below 0%: shrinking)	−73.68% (below 0%: shrinking)	+205.42% (above 0%: growing)	29.12%	10.16%	Compare
JKS JinkoSolar Holding Company Limited	$435.3M	— (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	26.9×	42.0×	+1.32%	−12.50%	+64.41%	29.72%	7.08%

All 26 Solar stocks →

First Solar, Inc. (FSLR) key facts

Strength: First Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.2 billion, up 24.1% from fiscal 2024.
First Solar, Inc. (FSLR) is a Solar company in the Technology sector, listed on Nasdaq.
As of October 9, 2026, FSLR traded at $177.82, a market capitalization of $19.2 billion.
Return on equity was 17.5% and debt-to-equity 0.00.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 6.28 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.