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Friday 6 November 2026 Export FSLR’s income statement to Excel — free account

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) P/B ratio

Alert me on P/B ratio

As of 5 November 2026, First Solar, Inc. (FSLR) trades at a P/B ratio of 1.9×. Over the past ten years it has ranged from 0.5× (November 2016) to 4.7× (June 2024); the current reading is higher than 66% of that period. That is above the Solar industry median of 0.9× and below the Technology sector median of 2.5×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 2.9× 24.23%
FY2024 2.4× (14.01%)
FY2023 2.7× 3.18%
FY2022 2.7× 71.45%
FY2021 1.6× (18.07%)
FY2020 1.9× 64.04%
FY2019 1.2× 35.53%
FY2018 0.9× (40.80%)
FY2017 1.4× 117.95%
FY2016 0.7× (44.90%)

Quarterly newest first

Period P/B ratio Change
Sep 2026 1.7× (29.58%)
Jun 2026 2.5× 14.61%
Mar 2026 2.1× (27.01%)
Dec 2025 2.9× 11.93%
43 more quarters

Against its own ten years

Low 0.5× High 4.7×
Ten-year median 1.4×
Current reading's percentile 63

P/B ratio against peers

Company P/B ratio
ARRY Array Technologies, Inc. compare n/m
DQ DAQO New Energy Corp. compare 0.1×
JKS Jinko Holdings Limited - Unsponsored ADR compare 0.1×
RUN Sunrun Inc. compare 0.5×
FSLR First Solar, Inc. 1.9×
SHLS Shoals Technologies Group, Inc. compare 2.4×
ENPH Enphase Energy, Inc. compare 3.1×
SEDG SolarEdge Technologies, Inc. compare 3.7×
NXT Nextpower Inc. compare 5.7×
Solar industry median 0.9×
Technology sector median 2.5×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

More on FSLR