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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

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
P/E ratio Full definition →	0.00	0.00	30.77	0.00	26.31	19.67	0.00	22.13	14.61	18.33
Piotroski F-Score Full definition →	4	5	2	5	6	6	3	5	6	7
P/S ratio Full definition →	1.19	2.50	1.98	1.92	3.86	3.17	5.94	5.54	4.48	5.37
Altman Z-Score Full definition →	2.40	3.93	2.72	2.60	5.39	5.48	5.20	4.52	4.36	6.28
P/FCF ratio Full definition →	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) Full definition →	6.80	7.34	6.80	5.07	7.20	8.42	5.94	5.82	5.84	6.97
Beneish M-Score Full definition →	(2.97)	(3.39)	(1.59)	(2.56)	(2.87)	(1.80)	0.91	(0.57)	(2.29)	(2.54)
P/Operating CF Full definition →	12.85	16.93	(23.98)	7.54	56.21	268.72	19.55	32.77	23.26	22.56
P/B ratio Full definition →	0.66	1.44	0.85	1.16	1.90	1.55	2.66	2.75	2.36	2.94
Price to Tangible BV Full definition →	0.67	1.47	0.87	1.17	1.92	1.57	2.69	2.79	2.39	2.96
EV/Sales Full definition →	0.58	1.62	1.05	1.37	3.32	2.63	5.03	5.08	4.20	4.92
EV/EBITDA Full definition →	0.00	16.21	13.85	96.15	16.36	9.07	54.29	14.45	9.72	12.07
EV/Operating CF Full definition →	8.14	3.54	(7.24)	24.11	242.58	32.31	15.07	27.97	14.51	12.47
EV/FCF Full definition →	(74.16)	5.75	(2.22)	(8.49)	(23.73)	(25.35)	(435.42)	(21.47)	(57.38)	21.61
Quick Ratio Full definition →	2.68	5.19	3.71	2.14	2.41	3.14	2.80	2.62	1.66	2.06
Current Ratio Full definition →	4.17	5.89	4.57	2.73	3.56	4.39	3.65	3.55	2.45	2.67
Net Debt/EBITDA Full definition →	5.24	(8.85)	(12.18)	(38.74)	(2.67)	(1.87)	(9.83)	(1.32)	(0.65)	(1.11)
Debt/Assets Full definition →	2.76%	5.73%	6.55%	6.28%	3.93%	3.24%	2.34%	5.41%	5.03%	3.74%
Debt/Equity Full definition →	0.04	0.08	0.09	0.09	0.05	0.04	0.03	0.08	0.08	0.05
Asset Turnover Full definition →	0.41	0.43	0.32	0.42	0.37	0.40	0.33	0.36	0.37	0.41
Operating CF/Net income Full definition →	(0.50)	(8.10)	(2.26)	(1.52)	0.09	0.51	(19.77)	0.72	0.94	1.35
Capex/Depreciation Full definition →	(0.99)	(4.46)	(5.66)	(3.25)	(1.79)	(2.08)	(3.35)	(4.50)	(3.60)	(1.64)
Interest Coverage Full definition →	(27.66)	6.90	1.55	(5.98)	13.21	44.77	(2.23)	66.12	35.87	36.18
ROE Full definition →	(7.73%)	(3.21%)	2.80%	(2.23%)	7.50%	8.17%	(0.75%)	13.27%	17.62%	17.45%
ROA Full definition →	(5.89%)	(2.42%)	2.06%	(1.57%)	5.45%	6.45%	(0.56%)	8.93%	11.49%	12.01%
ROIC Full definition →	(10.29%)	4.44%	0.80%	(2.97%)	4.90%	8.39%	(0.49%)	10.41%	12.83%	13.90%
Return on Tangible Assets Full definition →	(11.86%)	(3.82%)	3.03%	(2.58%)	8.72%	9.16%	(0.70%)	10.75%	15.34%	16.17%
Average Days of Receivables Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	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 Full definition →	0.99%	1.19%	1.52%	1.22%	1.08%	0.71%	1.09%	1.03%	0.67%	0.37%
Graham Net Nets Full definition →	0.63	0.28	0.44	0.20	0.14	0.19	0.09	0.05	0.05	0.08
Graham Number Full definition →	0.00	0.00	39.31	0.00	66.42	74.77	0.00	104.70	142.23	168.87
Earnings Yield Full definition →	(11.54%)	(2.24%)	3.25%	(1.95%)	3.80%	5.08%	(0.29%)	4.52%	6.84%	5.45%
Free Cash Flow Yield Full definition →	(0.66%)	11.25%	(23.98%)	(8.39%)	(3.62%)	(3.27%)	(0.19%)	(4.27%)	(1.63%)	4.24%
Revenue per Share Full definition →	28.24	28.19	21.42	29.09	25.61	27.51	24.58	31.07	39.31	48.67
Operating CF per Share Full definition →	2.01	12.85	(3.12)	1.65	0.35	2.24	8.20	5.64	11.38	19.18
Capex per Share Full definition →	(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 Full definition →	(0.22)	7.92	(10.18)	(4.70)	(3.58)	(2.85)	(0.28)	(7.35)	(2.88)	11.07
Cash per Share Full definition →	19.01	28.65	24.32	20.55	16.50	17.18	24.19	19.69	16.75	26.63
Shareholders Equity per Share Full definition →	50.73	48.87	49.76	48.40	52.15	56.08	54.77	62.62	74.55	88.94
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	50.73	48.87	49.76	48.40	52.15	56.08	54.77	62.62	74.55	88.94
Free Cash Flow Full definition →	(22.70)	826.32	(1,066.65)	(494.52)	(379.51)	(302.73)	(30.24)	(784.51)	(308.08)	1,187.23
Working Capital Full definition →	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 Full definition →	(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 Full definition →	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 Full definition →	0.00	26.72	59.01	0.00	28.36	13.08	0.00	19.65	12.68	16.07
Capex to Sales Full definition →	0.08	0.17	0.33	0.22	0.15	0.18	0.35	0.42	0.36	0.17
Price to Operating Income Full definition →	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 Full definition →	0.37	0.10	0.07	0.09	0.10	0.10	0.08	0.07	0.08	0.09
Cash ROIC Full definition →	(0.31%)	9.74%	(12.97%)	(6.40%)	(5.03%)	(3.77%)	(0.35%)	(8.39%)	(2.97%)	9.21%
Accounts Receivable Turnover Full definition →	5.62	6.84	4.61	4.92	5.70	7.83	6.72	4.04	2.82	3.02
Accounts Payable Turnover Full definition →	9.32	17.79	10.48	11.14	10.12	11.64	9.53	7.36	6.81	6.98
Inventory Turnover Full definition →	6.09	8.93	6.61	6.05	4.02	3.56	3.96	2.80	2.47	3.40
Average Days of Payables Full definition →	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 Full definition →	58.50	26.30	76.46	64.39	102.02	110.88	88.96	148.30	168.54	86.77
Average Receivables Full definition →	516.61	429.92	486.43	622.48	475.48	373.58	389.52	822.43	1,492.66	1,729.22
Average Payables Full definition →	243.20	134.48	176.75	225.68	200.72	188.36	267.39	274.29	344.68	443.98
Average Inventory Full definition →	371.82	267.79	280.14	415.71	505.55	616.94	643.84	720.64	952.14	910.56
Average Assets Full definition →	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 Full definition →	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

Fold the line items

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