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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

202.08 6.32 +3.23%
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/Sales

Alert me on EV/Sales

As of 5 November 2026, First Solar, Inc. (FSLR) trades at a EV/Sales of 4.0×. Over the past ten years it has ranged from 0.2× (April 2017) to 8.6× (June 2024); the current reading is higher than 71% of that period. That is above the Solar industry median of 0.9× and above the Technology sector median of 2.6×.

EV/Sales, daily

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Annual newest first

Period EV/Sales Change
FY2025 4.9× 16.97%
FY2024 4.2× (17.20%)
FY2023 5.1× 0.98%
FY2022 5.0× 91.43%
FY2021 2.6× (20.94%)
FY2020 3.3× 142.19%
FY2019 1.4× 30.01%
FY2018 1.1× (34.72%)
FY2017 1.6× 178.78%
FY2016 0.6× (53.41%)

Quarterly newest first

Period EV/Sales Change
Sep 2026 3.5× (21.27%)
Jun 2026 4.4× 25.61%
Mar 2026 3.5× (28.01%)
Dec 2025 4.9× 11.99%
43 more quarters

Against its own ten years

Low 0.2× High 8.6×
Ten-year median 2.2×
Current reading's percentile 68

EV/Sales against peers

Company EV/Sales
DQ DAQO New Energy Corp. compare −1.6×
JKS Jinko Holdings Limited - Unsponsored ADR compare 0.1×
ARRY Array Technologies, Inc. compare 1.0×
SEDG SolarEdge Technologies, Inc. compare 1.3×
SHLS Shoals Technologies Group, Inc. compare 2.6×
ENPH Enphase Energy, Inc. compare 3.4×
NXT Nextpower Inc. compare 3.7×
FSLR First Solar, Inc. 4.0×
RUN Sunrun Inc. compare 4.3×
Solar industry median 0.9×
Technology sector median 2.6×
Market median 2.1×

What EV/Sales is

EV/Sales tells an investor how the value of a whole company, counting its debt and cash, compares with the sales it brings in.

((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)) ÷ Revenue (TTM)

The full definition of EV/Sales →

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