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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.

Revenue
−22.8%
EPS
+25.0%
Free cash flow
−118.5%
Total debt
−80.6%

Quarter to September 2026, against a year earlier

199.08 3.32 +1.70%
Market cap
$21.0B
P/E
11.4×
Fwd P/E
10.1×
Dividend yield
—
F-score
7/9
Altman Z
6.28
Beneish M
−2.54
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

First Solar, Inc. (FSLR) EV/EBITDA

Alert me on EV/EBITDA

As of 5 November 2026, First Solar, Inc. (FSLR) trades at a EV/EBITDA of 8.0×. Over the past ten years it has ranged from 0.0× (December 2017) to 121× (June 2019); the current reading is higher than 28% of that period. That is below the Solar industry median of 10.7× and below the Technology sector median of 14.5×.

EV/EBITDA, daily

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Annual newest first

Period EV/EBITDA Change
FY2025 12.1× 24.10%
FY2024 9.7× (32.73%)
FY2023 14.5× (73.38%)
FY2022 54.3× 498.86%
FY2021 9.1× (44.58%)
FY2020 16.4× (82.98%)
FY2019 96.1× 593.98%
FY2018 13.9× (14.54%)
FY2017 16.2× —
FY2016 0.0× —

Quarterly newest first

Period EV/EBITDA Change
Sep 2026 7.1× (29.43%)
Jun 2026 10.0× 18.74%
Mar 2026 8.4× (30.08%)
Dec 2025 12.1× 9.44%
43 more quarters

Against its own ten years

Low 0.0× High 121×
Ten-year median 11.7×
Current reading's percentile 28

EV/EBITDA against peers

Company EV/EBITDA
JKS Jinko Holdings Limited - Unsponsored ADR compare n/m
SEDG SolarEdge Technologies, Inc. compare n/m
DQ DAQO New Energy Corp. compare 2.3×
FSLR First Solar, Inc. 8.0×
ARRY Array Technologies, Inc. compare 11.2×
SHLS Shoals Technologies Group, Inc. compare 18.3×
NXT Nextpower Inc. compare 18.5×
RUN Sunrun Inc. compare 19.6×
ENPH Enphase Energy, Inc. compare 30.2×
Solar industry median 10.7×
Technology sector median 14.5×
Market median 10.9×

What EV/EBITDA is

Enterprise Value over EBITDA tells an investor how the market values a whole company, with debt added and cash taken off, against its operating earnings.

((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ EBITDA (TTM)

The full definition of EV/EBITDA →

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