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) Free cash flow margin
First Solar, Inc.'s free cash flow margin over the twelve months to 30 June 2026 was 27.9%, up 5.1 percentage points from fiscal 2025 (22.8%). Over the past ten years it has ranged from −47.5% (fiscal 2018) to 28.1% (fiscal 2017); the current reading is higher than 91% of that period. That is above the Solar industry median of −2.95% and above the Technology sector median of 1.69%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 22.8% | 30.07 |
| FY2024 | −7.32% | 16.32 |
| FY2023 | −23.6% | (22.49) |
| FY2022 | −1.15% | 9.21 |
| FY2021 | −10.4% | 3.64 |
| FY2020 | −14.0% | 2.14 |
| FY2019 | −16.1% | 31.39 |
| FY2018 | −47.5% | (75.62) |
| FY2017 | 28.1% | 28.87 |
| FY2016 | −0.78% | 11.17 |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| FSLR First Solar, Inc. | 27.9% |
| NXT Nextpower Inc. compare | 15.1% |
| ENPH Enphase Energy, Inc. compare | 11.5% |
| ARRY Array Technologies, Inc. compare | 11.4% |
| SEDG SolarEdge Technologies, Inc. compare | 8.85% |
| JKS JinkoSolar Holding Company Limited compare | 0.00% |
| SHLS Shoals Technologies Group, Inc. compare | −8.77% |
| DQ DAQO New Energy Corp. compare | −47.1% |
| RUN Sunrun Inc. compare | −63.6% |
| Solar industry median | −2.95% |
| Technology sector median | 1.69% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
More on FSLR
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net 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
- Altman Z-score
- Beneish M-score
- The full statement