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.
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First Solar, Inc. (FSLR) Altman Z-score
First Solar, Inc.'s Altman Z-score for fiscal 2025 is 6.28, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.28 | 1.92 |
| FY2024 | 4.36 | (0.16) |
| FY2023 | 4.52 | (0.69) |
| FY2022 | 5.20 | (0.27) |
| FY2021 | 5.48 | 0.09 |
| FY2020 | 5.39 | 2.79 |
| FY2019 | 2.60 | (0.12) |
| FY2018 | 2.72 | (1.21) |
| FY2017 | 3.93 | 1.54 |
| FY2016 | 2.40 | (1.68) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.28 | — | 0.34 | |
| Retained earnings / total assets | 0.51 | — | 0.71 | |
| EBIT / total assets | 0.12 | — | 0.40 | |
| Market value of equity / total liabilities | 7.40 | — | 4.44 | |
| Sales / total assets | 0.39 | — | 0.39 | |
| Altman Z-score | Safe zone | 6.28 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.97 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NXT Nextpower Inc. compare | 7.4× |
| FSLR First Solar, Inc. | 6.3× |
| SHLS Shoals Technologies Group, Inc. compare | 3.9× |
| DQ DAQO New Energy Corp. compare | 3.2× |
| ENPH Enphase Energy, Inc. compare | 2.0× |
| ARRY Array Technologies, Inc. compare | 1.3× |
| JKS JinkoSolar Holding Company Limited compare | 0.5× |
| SEDG SolarEdge Technologies, Inc. compare | 0.3× |
| RUN Sunrun Inc. compare | 0.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on FSLR
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement