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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%
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

First Solar, Inc. (FSLR) Beneish M-score

Alert me on Beneish M-score

First Solar, Inc.'s Beneish M-score for fiscal 2025 is −2.54; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.

Beneish M-score, annual

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Annual newest first

Period Beneish M-score Change (points)
FY2025 −2.54 (0.25)
FY2024 −2.29 (1.72)
FY2023 −0.57 (1.48)
FY2022 0.91 2.72
FY2021 −1.80 1.07
FY2020 −2.87 (0.30)
FY2019 −2.56 (0.97)
FY2018 −1.59 1.80
FY2017 −3.39 (0.42)
FY2016 −2.97 (2.36)

How fiscal 2025’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index 0.87 — 0.80
Gross margin index 1.09 — 0.57
Asset quality index 0.91 — 0.37
Sales growth index 1.24 — 1.11
Depreciation index 0.85 — 0.10
SG&A index 0.87 — −0.15
Total accruals to total assets (0.04) — −0.19
Leverage index 0.94 — −0.31
Beneish M-score Low — no pattern the model associates with manipulation −2.54

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
SEDG SolarEdge Technologies, Inc. compare −6.6×
FSLR First Solar, Inc. −2.5×
NXT Nextpower Inc. compare −2.5×
ARRY Array Technologies, Inc. compare −2.5×
ENPH Enphase Energy, Inc. compare −2.4×
SHLS Shoals Technologies Group, Inc. compare −1.9×
RUN Sunrun Inc. compare −1.9×
JKS JinkoSolar Holding Company Limited compare −0.4×
DQ DAQO New Energy Corp. compare —

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

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