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) Return on invested capital
First Solar, Inc.'s return on invested capital over the twelve months to 30 June 2026 was 13.1%, down 0.8 percentage points from fiscal 2025 (13.9%). Over the past ten years it has ranged from −10.3% (fiscal 2016) to 13.9% (fiscal 2025) — the current reading is the highest in ten years. That is above the Solar industry median of −5.27% and above the Technology sector median of 0.00%.
Return on invested capital, annual
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Annual newest first
| Period | Return on invested capital | Change (points) |
|---|---|---|
| FY2025 | 13.9% | 1.07 |
| FY2024 | 12.8% | 2.42 |
| FY2023 | 10.4% | 10.90 |
| FY2022 | −0.49% | (8.88) |
| FY2021 | 8.39% | 3.49 |
| FY2020 | 4.90% | 7.87 |
| FY2019 | −2.97% | (3.77) |
| FY2018 | 0.80% | (3.64) |
| FY2017 | 4.44% | 14.73 |
| FY2016 | −10.3% | (21.68) |
Against its own ten years
Return on invested capital against peers
| Company | Return on invested capital |
|---|---|
| NXT Nextpower Inc. compare | 32.7% |
| FSLR First Solar, Inc. | 13.1% |
| ENPH Enphase Energy, Inc. compare | 8.45% |
| SHLS Shoals Technologies Group, Inc. compare | 4.89% |
| RUN Sunrun Inc. compare | 0.31% |
| DQ DAQO New Energy Corp. compare | −4.45% |
| JKS JinkoSolar Holding Company Limited compare | −15.2% |
| ARRY Array Technologies, Inc. compare | −25.6% |
| SEDG SolarEdge Technologies, Inc. compare | −59.6% |
| Solar industry median | −5.27% |
| Technology sector median | 0.00% |
| Market median | 0.00% |
What Return on invested capital is
Return on Invested Capital shows how much after-tax operating profit a company earns on the money its lenders and shareholders have put in.
TTM: (Operating Income × 0.625) ÷ (Shareholders Equity (Total) (latest quarter) + Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter) − Cash & Short Term Investments (latest quarter)); Annual: (Operating Income × 0.625) ÷ (Shareholders Equity (Total) + Long Term Debt (Total) + Current Part of Debt − Cash & Short Term Investments)
More on FSLR
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow 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
- 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