Sunday 11 October 2026
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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. 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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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 30.77 | 0.00 | 26.31 | 19.67 | 0.00 | 22.13 | 14.61 | 18.33 |
Piotroski F-Score |
4 | 5 | 2 | 5 | 6 | 6 | 3 | 5 | 6 | 7 |
P/S ratio |
1.19 | 2.50 | 1.98 | 1.92 | 3.86 | 3.17 | 5.94 | 5.54 | 4.48 | 5.37 |
Altman Z-Score |
2.40 | 3.93 | 2.72 | 2.60 | 5.39 | 5.48 | 5.20 | 4.52 | 4.36 | 6.28 |
P/FCF ratio |
0.00 | 8.89 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 23.60 |
Altman Z″-Score (non-manufacturers) |
6.80 | 7.34 | 6.80 | 5.07 | 7.20 | 8.42 | 5.94 | 5.82 | 5.84 | 6.97 |
Beneish M-Score |
(2.97) | (3.39) | (1.59) | (2.56) | (2.87) | (1.80) | 0.91 | (0.57) | (2.29) | (2.54) |
P/Operating CF |
12.85 | 16.93 | (23.98) | 7.54 | 56.21 | 268.72 | 19.55 | 32.77 | 23.26 | 22.56 |
P/B ratio |
0.66 | 1.44 | 0.85 | 1.16 | 1.90 | 1.55 | 2.66 | 2.75 | 2.36 | 2.94 |
Price to Tangible BV |
0.67 | 1.47 | 0.87 | 1.17 | 1.92 | 1.57 | 2.69 | 2.79 | 2.39 | 2.96 |
EV/Sales |
0.58 | 1.62 | 1.05 | 1.37 | 3.32 | 2.63 | 5.03 | 5.08 | 4.20 | 4.92 |
EV/EBITDA |
0.00 | 16.21 | 13.85 | 96.15 | 16.36 | 9.07 | 54.29 | 14.45 | 9.72 | 12.07 |
EV/Operating CF |
8.14 | 3.54 | (7.24) | 24.11 | 242.58 | 32.31 | 15.07 | 27.97 | 14.51 | 12.47 |
EV/FCF |
(74.16) | 5.75 | (2.22) | (8.49) | (23.73) | (25.35) | (435.42) | (21.47) | (57.38) | 21.61 |
Quick Ratio |
2.68 | 5.19 | 3.71 | 2.14 | 2.41 | 3.14 | 2.80 | 2.62 | 1.66 | 2.06 |
Current Ratio |
4.17 | 5.89 | 4.57 | 2.73 | 3.56 | 4.39 | 3.65 | 3.55 | 2.45 | 2.67 |
Net Debt/EBITDA |
5.24 | (8.85) | (12.18) | (38.74) | (2.67) | (1.87) | (9.83) | (1.32) | (0.65) | (1.11) |
Debt/Assets |
2.76% | 5.73% | 6.55% | 6.28% | 3.93% | 3.24% | 2.34% | 5.41% | 5.03% | 3.74% |
Debt/Equity |
0.04 | 0.08 | 0.09 | 0.09 | 0.05 | 0.04 | 0.03 | 0.08 | 0.08 | 0.05 |
Asset Turnover |
0.41 | 0.43 | 0.32 | 0.42 | 0.37 | 0.40 | 0.33 | 0.36 | 0.37 | 0.41 |
Operating CF/Net income |
(0.50) | (8.10) | (2.26) | (1.52) | 0.09 | 0.51 | (19.77) | 0.72 | 0.94 | 1.35 |
Capex/Depreciation |
(0.99) | (4.46) | (5.66) | (3.25) | (1.79) | (2.08) | (3.35) | (4.50) | (3.60) | (1.64) |
Interest Coverage |
(27.66) | 6.90 | 1.55 | (5.98) | 13.21 | 44.77 | (2.23) | 66.12 | 35.87 | 36.18 |
| (7.73%) | (3.21%) | 2.80% | (2.23%) | 7.50% | 8.17% | (0.75%) | 13.27% | 17.62% | 17.45% | |
| (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% |
Return on Tangible Assets |
(11.86%) | (3.82%) | 3.03% | (2.58%) | 8.72% | 9.16% | (0.70%) | 10.75% | 15.34% | 16.17% |
Average Days of Receivables |
59.49 | 47.95 | 95.39 | 78.47 | 39.37 | 56.77 | 45.20 | 145.24 | 144.46 | 125.43 |
Research and Development Expense of Revenue |
4.30% | 3.01% | 3.76% | 3.15% | 3.46% | 3.39% | 4.31% | 4.59% | 4.55% | 4.47% |
Selling, General and Administrative Expense of Revenue |
9.02% | 6.89% | 7.88% | 6.71% | 8.22% | 5.83% | 6.29% | 5.95% | 4.48% | 3.90% |
Intangible Assets out of Total Assets |
0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Share Based Compensation of Revenue |
0.99% | 1.19% | 1.52% | 1.22% | 1.08% | 0.71% | 1.09% | 1.03% | 0.67% | 0.37% |
Graham Net Nets |
0.63 | 0.28 | 0.44 | 0.20 | 0.14 | 0.19 | 0.09 | 0.05 | 0.05 | 0.08 |
Graham Number |
0.00 | 0.00 | 39.31 | 0.00 | 66.42 | 74.77 | 0.00 | 104.70 | 142.23 | 168.87 |
Earnings Yield |
(11.54%) | (2.24%) | 3.25% | (1.95%) | 3.80% | 5.08% | (0.29%) | 4.52% | 6.84% | 5.45% |
Free Cash Flow Yield |
(0.66%) | 11.25% | (23.98%) | (8.39%) | (3.62%) | (3.27%) | (0.19%) | (4.27%) | (1.63%) | 4.24% |
Revenue per Share |
28.24 | 28.19 | 21.42 | 29.09 | 25.61 | 27.51 | 24.58 | 31.07 | 39.31 | 48.67 |
Operating CF per Share |
2.01 | 12.85 | (3.12) | 1.65 | 0.35 | 2.24 | 8.20 | 5.64 | 11.38 | 19.18 |
Capex per Share |
(2.23) | (4.93) | (7.06) | (6.35) | (3.94) | (5.08) | (8.48) | (12.99) | (14.26) | (8.11) |
Free Cash Flow per Share |
(0.22) | 7.92 | (10.18) | (4.70) | (3.58) | (2.85) | (0.28) | (7.35) | (2.88) | 11.07 |
Cash per Share |
19.01 | 28.65 | 24.32 | 20.55 | 16.50 | 17.18 | 24.19 | 19.69 | 16.75 | 26.63 |
Shareholders Equity per Share |
50.73 | 48.87 | 49.76 | 48.40 | 52.15 | 56.08 | 54.77 | 62.62 | 74.55 | 88.94 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
50.73 | 48.87 | 49.76 | 48.40 | 52.15 | 56.08 | 54.77 | 62.62 | 74.55 | 88.94 |
Free Cash Flow |
(22.70) | 826.32 | (1,066.65) | (494.52) | (379.51) | (302.73) | (30.24) | (784.51) | (308.08) | 1,187.23 |
Working Capital |
2,879.95 | 3,182.50 | 3,014.07 | 2,281.63 | 2,167.14 | 2,464.37 | 2,753.37 | 3,328.65 | 3,011.59 | 3,774.73 |
Capital Expenditures |
(229.45) | (514.36) | (739.84) | (668.72) | (416.63) | (540.29) | (903.60) | (1,386.77) | (1,526.08) | (869.87) |
Net Current Asset Value |
2,181.81 | 2,066.97 | 1,950.56 | 1,180.91 | 1,426.53 | 1,737.05 | 1,376.25 | 957.15 | 942.25 | 2,245.52 |
EV/EBIT |
0.00 | 26.72 | 59.01 | 0.00 | 28.36 | 13.08 | 0.00 | 19.65 | 12.68 | 16.07 |
Capex to Sales |
0.08 | 0.17 | 0.33 | 0.22 | 0.15 | 0.18 | 0.35 | 0.42 | 0.36 | 0.17 |
Price to Operating Income |
0.00 | 41.31 | 110.87 | 0.00 | 32.98 | 15.79 | 0.00 | 21.45 | 13.53 | 17.54 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.37 | 0.10 | 0.07 | 0.09 | 0.10 | 0.10 | 0.08 | 0.07 | 0.08 | 0.09 |
Cash ROIC |
(0.31%) | 9.74% | (12.97%) | (6.40%) | (5.03%) | (3.77%) | (0.35%) | (8.39%) | (2.97%) | 9.21% |
Accounts Receivable Turnover |
5.62 | 6.84 | 4.61 | 4.92 | 5.70 | 7.83 | 6.72 | 4.04 | 2.82 | 3.02 |
Accounts Payable Turnover |
9.32 | 17.79 | 10.48 | 11.14 | 10.12 | 11.64 | 9.53 | 7.36 | 6.81 | 6.98 |
Inventory Turnover |
6.09 | 8.93 | 6.61 | 6.05 | 4.02 | 3.56 | 3.96 | 2.80 | 2.47 | 3.40 |
Average Days of Payables |
23.96 | 18.34 | 45.98 | 31.66 | 32.96 | 32.18 | 48.88 | 37.47 | 74.94 | 47.79 |
Days of Inventory on Hand |
58.50 | 26.30 | 76.46 | 64.39 | 102.02 | 110.88 | 88.96 | 148.30 | 168.54 | 86.77 |
Average Receivables |
516.61 | 429.92 | 486.43 | 622.48 | 475.48 | 373.58 | 389.52 | 822.43 | 1,492.66 | 1,729.22 |
Average Payables |
243.20 | 134.48 | 176.75 | 225.68 | 200.72 | 188.36 | 267.39 | 274.29 | 344.68 | 443.98 |
Average Inventory |
371.82 | 267.79 | 280.14 | 415.71 | 505.55 | 616.94 | 643.84 | 720.64 | 952.14 | 910.56 |
Average Assets |
7,070.35 | 6,844.43 | 6,992.93 | 7,318.53 | 7,312.31 | 7,261.34 | 7,832.49 | 9,308.18 | 11,244.75 | 12,722.84 |
Average Common Equity |
5,383.42 | 5,158.52 | 5,155.55 | 5,154.59 | 5,308.85 | 5,740.24 | 5,897.80 | 6,261.76 | 7,332.52 | 8,757.79 |
Columns are period end dates