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

Fold the line items

Columns are period end dates

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