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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. 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.

177.82 1.03 −0.58%
Market cap
$19.2B
P/E
10.9×
Fwd P/E
16.0×
Dividend yield
—
F-score
7/9
Altman Z
6.28
Beneish M
−2.54
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 43.29
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 3 — — — 36 1 20 1 — 4 1 1
Insider Ownership 5.52%

Capital & Financial Ratios $m

Market Cap 19,220.00
Revenue 5,378.07
Net Income 1,746.01
Free Cash Flow 1,500.12
Net Debt (1,689.33)
Current Ratio 2.52 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 10.94
Fwd P/E 16.00
P/S ratio 3.55
P/B ratio 1.85
Past 5Y EPS Growth 30.67% (at or above 15%: strong)
This Y EPS Growth 23.32% (at or above 15%: strong)
Next Y EPS Growth 32.91% (at or above 15%: strong)
Next Y revenue growth (3.49%) (below 0%: weak)
Next 5Y EPS Growth 27.47% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 2.5×; over the ten years it ranged from 0.2× in 2017 to 7.8× in 2024.
P/E against its own 10 years 11.65%
10-year low 10-year high
P/S against its own 10 years 59.42%
10-year low 10-year high
P/B against its own 10 years 60.38%
10-year low 10-year high
EV/Sales against its own 10 years 60.19%
10-year low 10-year high
EV/FCF against its own 10 years 37.25%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2028 Powerpack
2027 Powerpack
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,102 1,793 2,855 1,727
Receivables 1,321 1,665 1,794 1,761
Inventory 820 1,084 737 1,088
Other 392 547 643 741
4,635 5,089 6,029 5,317
2023 2024 2025 Q'26
Payables 207 482 406 346
ST’ Debt 96 236 216 38
Other 42 61 91 92
1,306 2,077 2,254 2,112

Compound Annual Growth %

10y 5y 3y
Sales 2.41% 14.00% 25.84%
Cash Flow 0.00% 123.22% 33.05%
Earnings 9.92% 30.85% 0.00%
Book Value 5.57% 11.55% 17.79%

Revenue $m

Mar Jun Sep Dec Year
’26 1,044 1,056 — — —
’25 845 1,097 1,595 1,683 5,219
’24 794 1,010 888 1,514 4,206
’23 548 811 801 1,159 3,319
’22 367 621 629 1,002 2,619
’21 803 629 584 907 2,923
’20 532 642 928 609 2,711
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (215) (145) — — —
’25 (608) 150 1,274 1,242 2,057
’24 268 193 (54) 811 1,218
’23 (35) (90) 165 561 602
’22 (139) 88 129 795 873
’21 (279) 177 305 34 238
’20 (505) 148 208 186 37
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (333) (306) — — —
’25 (814) (139) 1,070 1,070 1,187
’24 (146) (172) (488) 497 (308)
’23 (406) (472) (121) 214 (785)
’22 (294) (111) (94) 468 (30)
’21 (370) 87 141 (160) (303)
’20 (617) 39 102 97 (380)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 3.22 3.92 — — —
’25 1.95 3.18 4.24 4.84 14.21
’24 2.20 3.25 2.91 3.65 12.02
’23 0.40 1.59 2.50 3.25 7.74
’22 (0.41) 0.52 (0.46) (0.07) (0.41)
’21 1.96 0.77 0.42 1.23 4.38
’20 0.85 0.35 1.45 1.08 3.73
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 28.60 25.56 36.51 41.41 28.47 67.71 59.60 129.22 135.88 116.56

Analyst estimates 2026–2028

Powerpack
High 74.29 71.80 81.72 69.24 109.09 123.13 173.68 232.00 306.77 285.99
People
People Employees 5,400 4,100 6,400 6,600 5,100 4,800 5,500 6,700 8,100 7,900
Revenue/emp, $m 0.54 0.72 0.35 0.46 0.53 0.61 0.48 0.50 0.52 0.66
Income, $m
Income, $m Revenue 2,905 2,941 2,244 3,063 2,711 2,923 2,619 3,319 4,206 5,219
Gross margin, % 21.98 18.66 17.48 17.93 25.10 24.97 2.67 39.19 44.17 40.62
EBT (537) 202 113 (120) 293 572 9 891 1,406 1,581
EBT margin, % (18.50) 6.87 5.04 (3.92) 10.81 19.57 0.33 26.86 33.43 30.29
Net income (416) (166) 144 (115) 398 469 (44) 831 1,292 1,528
Depreciation 231 115 131 205 233 260 270 308 423 529
Per share, $
Per share, $ Revenue 28.24 28.19 21.42 29.09 25.61 27.51 24.58 31.07 39.31 48.67
Earnings (3.48) (1.59) 1.38 (1.09) 3.76 4.41 (0.41) 7.78 12.07 14.25
Cash flow 2.01 12.85 (3.12) 1.65 0.35 2.24 8.20 5.64 11.38 19.18
Capex (2.23) (4.93) (7.06) (6.35) (3.94) (5.08) (8.48) (12.99) (14.26) (8.11)
Free cash flow (0.22) 7.92 (10.18) (4.70) (3.58) (2.85) (0.28) (7.35) (2.88) 11.07
Book value 50.73 48.87 49.76 48.40 52.15 56.08 54.77 62.62 74.55 88.94
Shares, m 103 104 105 105 106 106 107 107 107 107
Valuation, ×
Valuation, × P/E 0.00 0.00 30.77 0.00 26.31 19.67 0.00 22.13 14.61 18.33
P/S 1.19 2.50 1.98 1.92 3.86 3.17 5.94 5.54 4.48 5.37
P/B 0.66 1.44 0.85 1.16 1.90 1.55 2.66 2.75 2.36 2.94
EV/Sales 0.58 1.62 1.05 1.37 3.32 2.63 5.03 5.08 4.20 4.92
EV/FCF (74.16) 5.75 (2.22) (8.49) (23.73) (25.35) (435.42) (21.47) (57.38) 21.61
Cash, $m
Cash, $m Operating cash flow 207 1,341 (327) 174 37 238 873 602 1,218 2,057
Capex (229) (514) (740) (669) (417) (540) (904) (1,387) (1,526) (870)
Free cash flow (23) 826 (1,067) (495) (380) (303) (30) (785) (308) 1,187
Balance, $m
Balance, $m Working capital 2,880 3,182 3,014 2,282 2,167 2,464 2,753 3,329 3,012 3,775
Total debt 188 394 467 472 279 240 193 560 610 499
Net debt (1,767) (2,595) (2,080) (1,693) (1,468) (1,586) (2,385) (1,542) (1,183) (2,357)
Shareholders’ equity 5,218 5,099 5,212 5,097 5,521 5,960 5,836 6,687 7,978 9,538
Returns, %
Returns, % ROA (5.89) (2.42) 2.06 (1.57) 5.45 6.45 (0.56) 8.93 11.49 12.01
ROIC (10.29) 4.44 0.80 (2.97) 4.90 8.39 (0.49) 10.41 12.83 13.90
ROE (7.73) (3.21) 2.80 (2.23) 7.50 8.17 (0.75) 13.27 17.62 17.45
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

First Solar, Inc. vs peers in Solar (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FSLR First Solar, Inc. $19.2B 10.9× 16.0× −3.73% (below 0%: shrinking) +23.20% (above 0%: growing) −121.01% (below 0%: shrinking) 57.28% 42.64%
NXT Nextpower Inc. $12.9B 21.6× 35.6× +8.21% (above 0%: growing) +3.77% (above 0%: growing) +50.09% (above 0%: growing) 35.91% 20.41% Compare
ENPH Enphase Energy, Inc. $4.4B 32.1× 194× −19.63% (below 0%: shrinking) −3.57% (below 0%: shrinking) +41.15% (above 0%: growing) 59.97% 17.65% Compare
SEDG SolarEdge Technologies, Inc. $2.0B — (loss-making) — (loss-making) +19.63% (above 0%: growing) n/m +196.82% (above 0%: growing) 27.48% (4.63%) Compare
RUN Sunrun Inc. $1.8B 4.5× 10.8× +52.81% (above 0%: growing) −60.66% (below 0%: shrinking) +37.10% (above 0%: growing) 37.73% 4.00% Compare
SHLS Shoals Technologies Group, Inc. $1.4B 46.3× 42.0× +47.39% (above 0%: growing) −12.50% (below 0%: shrinking) +99.01% (above 0%: growing) 30.31% 11.46% Compare
DQ DAQO New Energy Corp. $725.4M — (loss-making) — (loss-making) −16.67% (below 0%: shrinking) n/m −60.43% (below 0%: shrinking) (132.00%) (156.53%) Compare
ARRY Array Technologies, Inc. $577.5M — (loss-making) 43.9× −5.57% (below 0%: shrinking) −73.68% (below 0%: shrinking) +205.42% (above 0%: growing) 29.12% 10.16% Compare
JKS JinkoSolar Holding Company Limited $435.3M — (loss-making) — (loss-making) −27.48% (below 0%: shrinking) n/m +78.73% (above 0%: growing) 4.15% (11.62%) Compare
Median of peers $1.6B 26.9× 42.0× +1.32% −12.50% +64.41% 29.72% 7.08%

All 26 Solar stocks →

FSLR metrics, ten years each

First Solar, Inc. (FSLR) key facts

  • Strength: First Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.2 billion, up 24.1% from fiscal 2024.
  • First Solar, Inc. (FSLR) is a Solar company in the Technology sector, listed on Nasdaq.
  • As of October 9, 2026, FSLR traded at $177.82, a market capitalization of $19.2 billion.
  • Return on equity was 17.5% and debt-to-equity 0.00.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 6.28 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

First Solar, Inc. (FSLR) Latest News

24 Feb

Impact 5 · transcript
Impact 5 ·
stockrow.com/FSLR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com