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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
198.59
2.83
+1.45%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
18.33 | 14.61 | 22.13 | 0.00 | 19.67 | 26.31 | 0.00 | 30.77 | 0.00 | 0.00 |
Piotroski F-Score |
7 | 6 | 5 | 3 | 6 | 6 | 5 | 2 | 5 | 4 |
P/S ratio |
5.37 | 4.48 | 5.54 | 5.94 | 3.17 | 3.86 | 1.92 | 1.98 | 2.50 | 1.19 |
Altman Z-Score |
6.28 | 4.36 | 4.52 | 5.20 | 5.48 | 5.39 | 2.60 | 2.72 | 3.93 | 2.40 |
P/FCF ratio |
23.60 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.89 | 0.00 |
Altman Z″-Score (non-manufacturers) |
6.97 | 5.84 | 5.82 | 5.94 | 8.42 | 7.20 | 5.07 | 6.80 | 7.34 | 6.80 |
Beneish M-Score |
(2.54) | (2.29) | (0.57) | 0.91 | (1.80) | (2.87) | (2.56) | (1.59) | (3.39) | (2.97) |
P/Operating CF |
22.56 | 23.26 | 32.77 | 19.55 | 268.72 | 56.21 | 7.54 | (23.98) | 16.93 | 12.85 |
P/B ratio |
2.94 | 2.36 | 2.75 | 2.66 | 1.55 | 1.90 | 1.16 | 0.85 | 1.44 | 0.66 |
Price to Tangible BV |
2.96 | 2.39 | 2.79 | 2.69 | 1.57 | 1.92 | 1.17 | 0.87 | 1.47 | 0.67 |
EV/Sales |
4.92 | 4.20 | 5.08 | 5.03 | 2.63 | 3.32 | 1.37 | 1.05 | 1.62 | 0.58 |
EV/EBITDA |
12.07 | 9.72 | 14.45 | 54.29 | 9.07 | 16.36 | 96.15 | 13.85 | 16.21 | 0.00 |
EV/Operating CF |
12.47 | 14.51 | 27.97 | 15.07 | 32.31 | 242.58 | 24.11 | (7.24) | 3.54 | 8.14 |
EV/FCF |
21.61 | (57.38) | (21.47) | (435.42) | (25.35) | (23.73) | (8.49) | (2.22) | 5.75 | (74.16) |
Quick Ratio |
2.06 | 1.66 | 2.62 | 2.80 | 3.14 | 2.41 | 2.14 | 3.71 | 5.19 | 2.68 |
Current Ratio |
2.67 | 2.45 | 3.55 | 3.65 | 4.39 | 3.56 | 2.73 | 4.57 | 5.89 | 4.17 |
Net Debt/EBITDA |
(1.11) | (0.65) | (1.32) | (9.83) | (1.87) | (2.67) | (38.74) | (12.18) | (8.85) | 5.24 |
Debt/Assets |
3.74% | 5.03% | 5.41% | 2.34% | 3.24% | 3.93% | 6.28% | 6.55% | 5.73% | 2.76% |
Debt/Equity |
0.05 | 0.08 | 0.08 | 0.03 | 0.04 | 0.05 | 0.09 | 0.09 | 0.08 | 0.04 |
Asset Turnover |
0.41 | 0.37 | 0.36 | 0.33 | 0.40 | 0.37 | 0.42 | 0.32 | 0.43 | 0.41 |
Operating CF/Net income |
1.35 | 0.94 | 0.72 | (19.77) | 0.51 | 0.09 | (1.52) | (2.26) | (8.10) | (0.50) |
Capex/Depreciation |
(1.64) | (3.60) | (4.50) | (3.35) | (2.08) | (1.79) | (3.25) | (5.66) | (4.46) | (0.99) |
Interest Coverage |
36.18 | 35.87 | 66.12 | (2.23) | 44.77 | 13.21 | (5.98) | 1.55 | 6.90 | (27.66) |
| 17.45% | 17.62% | 13.27% | (0.75%) | 8.17% | 7.50% | (2.23%) | 2.80% | (3.21%) | (7.73%) | |
| 12.01% | 11.49% | 8.93% | (0.56%) | 6.45% | 5.45% | (1.57%) | 2.06% | (2.42%) | (5.89%) | |
ROIC |
13.90% | 12.83% | 10.41% | (0.49%) | 8.39% | 4.90% | (2.97%) | 0.80% | 4.44% | (10.29%) |
Return on Tangible Assets |
16.17% | 15.34% | 10.75% | (0.70%) | 9.16% | 8.72% | (2.58%) | 3.03% | (3.82%) | (11.86%) |
Average Days of Receivables |
125.43 | 144.46 | 145.24 | 45.20 | 56.77 | 39.37 | 78.47 | 95.39 | 47.95 | 59.49 |
Research and Development Expense of Revenue |
4.47% | 4.55% | 4.59% | 4.31% | 3.39% | 3.46% | 3.15% | 3.76% | 3.01% | 4.30% |
Selling, General and Administrative Expense of Revenue |
3.90% | 4.48% | 5.95% | 6.29% | 5.83% | 8.22% | 6.71% | 7.88% | 6.89% | 9.02% |
Intangible Assets out of Total Assets |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
Share Based Compensation of Revenue |
0.37% | 0.67% | 1.03% | 1.09% | 0.71% | 1.08% | 1.22% | 1.52% | 1.19% | 0.99% |
Graham Net Nets |
0.08 | 0.05 | 0.05 | 0.09 | 0.19 | 0.14 | 0.20 | 0.44 | 0.28 | 0.63 |
Graham Number |
168.87 | 142.23 | 104.70 | 0.00 | 74.77 | 66.42 | 0.00 | 39.31 | 0.00 | 0.00 |
Earnings Yield |
5.45% | 6.84% | 4.52% | (0.29%) | 5.08% | 3.80% | (1.95%) | 3.25% | (2.24%) | (11.54%) |
Free Cash Flow Yield |
4.24% | (1.63%) | (4.27%) | (0.19%) | (3.27%) | (3.62%) | (8.39%) | (23.98%) | 11.25% | (0.66%) |
Revenue per Share |
48.67 | 39.31 | 31.07 | 24.58 | 27.51 | 25.61 | 29.09 | 21.42 | 28.19 | 28.24 |
Operating CF per Share |
19.18 | 11.38 | 5.64 | 8.20 | 2.24 | 0.35 | 1.65 | (3.12) | 12.85 | 2.01 |
Capex per Share |
(8.11) | (14.26) | (12.99) | (8.48) | (5.08) | (3.94) | (6.35) | (7.06) | (4.93) | (2.23) |
Free Cash Flow per Share |
11.07 | (2.88) | (7.35) | (0.28) | (2.85) | (3.58) | (4.70) | (10.18) | 7.92 | (0.22) |
Cash per Share |
26.63 | 16.75 | 19.69 | 24.19 | 17.18 | 16.50 | 20.55 | 24.32 | 28.65 | 19.01 |
Shareholders Equity per Share |
88.94 | 74.55 | 62.62 | 54.77 | 56.08 | 52.15 | 48.40 | 49.76 | 48.87 | 50.73 |
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 |
88.94 | 74.55 | 62.62 | 54.77 | 56.08 | 52.15 | 48.40 | 49.76 | 48.87 | 50.73 |
Free Cash Flow |
1,187.23 | (308.08) | (784.51) | (30.24) | (302.73) | (379.51) | (494.52) | (1,066.65) | 826.32 | (22.70) |
Working Capital |
3,774.73 | 3,011.59 | 3,328.65 | 2,753.37 | 2,464.37 | 2,167.14 | 2,281.63 | 3,014.07 | 3,182.50 | 2,879.95 |
Capital Expenditures |
(869.87) | (1,526.08) | (1,386.77) | (903.60) | (540.29) | (416.63) | (668.72) | (739.84) | (514.36) | (229.45) |
Net Current Asset Value |
2,245.52 | 942.25 | 957.15 | 1,376.25 | 1,737.05 | 1,426.53 | 1,180.91 | 1,950.56 | 2,066.97 | 2,181.81 |
EV/EBIT |
16.07 | 12.68 | 19.65 | 0.00 | 13.08 | 28.36 | 0.00 | 59.01 | 26.72 | 0.00 |
Capex to Sales |
0.17 | 0.36 | 0.42 | 0.35 | 0.18 | 0.15 | 0.22 | 0.33 | 0.17 | 0.08 |
Price to Operating Income |
17.54 | 13.53 | 21.45 | 0.00 | 15.79 | 32.98 | 0.00 | 110.87 | 41.31 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.09 | 0.08 | 0.07 | 0.08 | 0.10 | 0.10 | 0.09 | 0.07 | 0.10 | 0.37 |
Cash ROIC |
9.21% | (2.97%) | (8.39%) | (0.35%) | (3.77%) | (5.03%) | (6.40%) | (12.97%) | 9.74% | (0.31%) |
Accounts Receivable Turnover |
3.02 | 2.82 | 4.04 | 6.72 | 7.83 | 5.70 | 4.92 | 4.61 | 6.84 | 5.62 |
Accounts Payable Turnover |
6.98 | 6.81 | 7.36 | 9.53 | 11.64 | 10.12 | 11.14 | 10.48 | 17.79 | 9.32 |
Inventory Turnover |
3.40 | 2.47 | 2.80 | 3.96 | 3.56 | 4.02 | 6.05 | 6.61 | 8.93 | 6.09 |
Average Days of Payables |
47.79 | 74.94 | 37.47 | 48.88 | 32.18 | 32.96 | 31.66 | 45.98 | 18.34 | 23.96 |
Days of Inventory on Hand |
86.77 | 168.54 | 148.30 | 88.96 | 110.88 | 102.02 | 64.39 | 76.46 | 26.30 | 58.50 |
Average Receivables |
1,729.22 | 1,492.66 | 822.43 | 389.52 | 373.58 | 475.48 | 622.48 | 486.43 | 429.92 | 516.61 |
Average Payables |
443.98 | 344.68 | 274.29 | 267.39 | 188.36 | 200.72 | 225.68 | 176.75 | 134.48 | 243.20 |
Average Inventory |
910.56 | 952.14 | 720.64 | 643.84 | 616.94 | 505.55 | 415.71 | 280.14 | 267.79 | 371.82 |
Average Assets |
12,722.84 | 11,244.75 | 9,308.18 | 7,832.49 | 7,261.34 | 7,312.31 | 7,318.53 | 6,992.93 | 6,844.43 | 7,070.35 |
Average Common Equity |
8,757.79 | 7,332.52 | 6,261.76 | 5,897.80 | 5,740.24 | 5,308.85 | 5,154.59 | 5,155.55 | 5,158.52 | 5,383.42 |
Columns are period end dates · fundamentals updated 2 Nov 2026