First Solar, Inc.

FSLR · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Valuation
Market cap	$28,032	$18,868	$18,407	$15,968	$9,267	$10,518	$5,950	$4,514	$7,179	$3,412	$7,016	$4,462	$5,120	$2,678	$2,906	$11,048	$11,306	$11,061	$19,956	$1,680	–	–	–	$1,330	$1,330
Enterprise value	$25,675	$17,794	$16,929	$13,625	$7,840	$9,253	$4,381	$2,434	$4,627	$1,672	$5,476	$2,684	$3,579	$2,237	$2,898	$10,352	$10,696	$10,418	$19,427	$1,453	–	–	–	$1,378	$1,352
P/E (TTM) at period end	18.34×	14.60×	22.16×	–	19.77×	26.40×	–	31.28×	–	–	11.82×	11.27×	14.60×	–	–	16.63×	17.66×	31.76×	126.02×	422.82×	–	–	–	–	–
P/S (TTM) at period end	5.37×	4.49×	5.55×	6.10×	3.17×	3.88×	1.94×	2.01×	2.44×	1.17×	1.71×	1.32×	1.55×	0.79×	1.05×	4.31×	5.47×	8.88×	39.60×	12.45×	–	–	–	2714.18×	–
P/B at period end	2.94×	2.37×	2.75×	2.74×	1.56×	1.91×	1.17×	0.87×	1.41×	0.65×	1.25×	0.89×	1.15×	0.75×	0.80×	3.20×	4.26×	7.31×	18.19×	4.08×	–	–	–	–	–
EV / EBITDA (TTM)	12.08×	9.79×	14.53×	56.19×	9.26×	16.81×	100.28×	14.24×	15.78×	–	5.54×	4.20×	5.87×	9.82×	17.40×	11.44×	13.22×	20.93×	120.17×	111.56×	–	–	–	–	–
EV / Sales (TTM)	4.92×	4.23×	5.10×	5.20×	2.68×	3.41×	1.43×	1.08×	1.57×	0.58×	1.33×	0.79×	1.08×	0.66×	1.05×	4.04×	5.18×	8.36×	38.55×	10.76×	–	–	–	2812.04×	–
Returns
Return on equity	16.0%	16.2%	12.4%	(0.8%)	7.9%	7.2%	(2.3%)	2.8%	(3.2%)	(8.0%)	10.6%	7.9%	7.8%	(2.7%)	(1.1%)	19.2%	24.1%	23.0%	14.4%	1.0%	(49.2%)	(74.1%)	–	–	–
Return on invested capital	21.3%	18.1%	14.9%	–	9.8%	6.6%	(3.6%)	0.9%	–	(13.9%)	14.6%	10.5%	10.0%	(1.1%)	(1.4%)	22.3%	29.3%	34.8%	17.1%	0.7%	(10.6%)	(51.0%)	–	(512.1%)	(562.2%)
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.67×	2.45×	3.55×	3.65×	4.39×	3.56×	2.73×	4.57×	5.89×	4.17×	3.48×	3.08×	2.39×	2.57×	2.68×	3.37×	3.42×	2.82×	4.30×	7.46×	0.78×	2.29×	–	–	–
Debt / equity	0.05×	0.08×	0.08×	0.03×	0.04×	0.05×	0.09×	0.09×	0.08×	0.04×	0.05×	0.04×	0.05×	0.16×	0.18×	0.07×	0.07×	0.13×	0.10×	0.20×	3.71×	0.61×	–	(1.15×)	(1.35×)
Effective tax rate	3.3%	8.1%	6.8%	613.7%	18.1%	(36.6%)	4.6%	3.0%	184.1%	(4.3%)	4.4%	7.2%	7.9%	(142.0%)	26.5%	12.8%	6.7%	24.9%	(1.5%)	56.7%	–	–	–	–	–
Share count
Diluted shares outstanding	108	108	107	107	107	107	105	106	104	103	102	102	95	87	86	86	85	82	78	58	49	44	36	54	54

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Revenue and gross profit
Revenue	$5,378	$5,219	$4,206	$3,319	$2,619	$2,923	$2,711	$3,063	$2,244	$2,941	$2,905	$4,113	$3,391	$3,310	$3,369	$2,766	$2,564	$2,066	$1,246	$504	$135	$48	$14	$3	$0	–
Cost of revenue	($3,011)	($3,099)	($2,348)	($2,018)	($2,549)	($2,193)	($2,031)	($2,514)	($1,852)	($2,392)	($2,266)	($2,980)	($2,566)	($2,445)	($2,516)	($1,794)	($1,379)	($1,022)	($568)	($253)	($81)	($31)	($19)	–	($7)	–
Gross profit	$2,367	$2,120	$1,858	$1,301	$70	$730	$681	$549	$392	$549	$638	$1,133	$825	$865	$853	$972	$1,185	$1,045	$678	$251	$54	$17	($5)	–	($7)	–
Operating expenses
Research and development	($270)	($233)	($191)	($152)	($113)	($99)	($94)	($97)	($84)	($89)	($125)	($131)	($144)	($134)	($132)	($141)	($95)	($78)	($34)	($15)	($6)	($2)	($1)	–	($6)	($4)
Selling, general and administrative	($215)	($204)	($188)	($198)	($165)	($170)	($223)	($205)	($177)	($203)	($262)	($255)	($254)	($270)	($281)	($413)	($322)	($273)	($174)	($82)	($45)	($19)	($10)	–	($10)	($8)
Total operating expenses	($558)	($523)	($463)	($443)	($97)	($143)	($363)	($711)	($352)	($371)	($1,207)	($403)	($403)	($494)	($890)	($1,040)	($436)	($365)	($240)	($114)	($51)	($21)	($11)	–	($16)	–
Total costs and expenses	($3,568)	($3,623)	($2,812)	($2,461)	($2,647)	($2,337)	($2,394)	($3,225)	($2,204)	($2,763)	($3,473)	($3,382)	($2,969)	($2,939)	($3,406)	($2,835)	($1,815)	($1,387)	($808)	($367)	($132)	($53)	($30)	–	($23)	($26)
Operating income	$1,810	$1,597	$1,394	$857	($27)	$587	$317	($162)	$40	$178	($568)	$730	$422	$370	($38)	($69)	$749	$680	$438	$137	$3	($5)	($17)	$3	($22)	($26)
Earnings
EBITDA	$2,384	$2,126	$1,818	$1,165	$242	$847	$550	$44	$171	$293	($337)	$988	$639	$609	$228	$167	$905	$809	$498	$162	$13	($1)	($15)	–	–	–
Interest income	$110	$82	$89	$98	$33	$6	$17	$49	$60	$36	$25	$23	$18	$17	$13	$13	$14	$10	$21	$20	–	–	–	–	–	–
Interest expense	($39)	($44)	($39)	($13)	($12)	($13)	($24)	($27)	($26)	($26)	($21)	($7)	($2)	($2)	($14)	($0)	($0)	($5)	($1)	($2)	–	–	–	–	–	–
Pre-tax income	$1,825	$1,581	$1,406	$891	$9	$572	$293	($120)	$113	$202	($537)	$733	$432	$381	($40)	($54)	$762	$686	$464	$156	$9	($7)	($17)	($28)	($26)	($27)
Income tax expense	($79)	($53)	($114)	($61)	($53)	($103)	$107	$5	($3)	($372)	($23)	($32)	($31)	($30)	($57)	$14	($98)	($46)	($115)	$2	($5)	–	–	–	–	–
Net income	$1,746	$1,528	$1,292	$831	($44)	$469	$398	($115)	$144	($166)	($416)	$593	$396	$351	($96)	($39)	$664	$640	$348	$158	$4	($6)	($17)	($28)	($26)	($27)
Per share
Diluted EPS (GAAP)	$16.22	$14.21	$12.02	$7.74	($0.41)	$4.38	$3.73	($1.09)	$1.36	($1.59)	($4.05)	$5.83	$3.90	$3.67	($1.11)	($0.46)	$7.68	$7.53	$4.24	$2.03	$0.07	($0.13)	($0.38)	($0.78)	($0.49)	($0.50)
Basic EPS (GAAP)	$16.26	$14.25	$12.07	$7.78	($0.41)	$4.41	$3.76	($1.09)	$1.38	($1.59)	($4.05)	$5.88	$3.96	$3.74	($1.11)	($0.46)	$7.82	$7.67	$4.34	$2.12	$0.07	($0.13)	($0.39)	($0.78)	($0.49)	($0.50)
Basic shares outstanding	107	107	107	107	107	106	106	105	105	104	103	101	100	94	87	86	85	84	80	75	56	49	43	36	54	54
Margins
Gross margin	44.0%	40.6%	44.2%	39.2%	2.7%	25.0%	25.1%	17.9%	17.5%	18.7%	22.0%	27.5%	24.3%	26.1%	25.3%	35.1%	46.2%	50.6%	54.4%	49.9%	40.2%	34.5%	(39.4%)	–	(1330.0%)	–
Operating margin	33.6%	30.6%	33.2%	25.8%	(1.0%)	20.1%	11.7%	(5.3%)	1.8%	6.0%	(19.6%)	17.8%	12.4%	11.2%	(1.1%)	(2.5%)	29.2%	32.9%	35.2%	27.2%	2.1%	(10.0%)	(124.1%)	100.0%	(4517.1%)	–
Net margin	32.5%	29.3%	30.7%	25.0%	(1.7%)	16.0%	14.7%	(3.8%)	6.4%	(5.6%)	(14.3%)	14.4%	11.7%	10.6%	(2.9%)	(1.4%)	25.9%	31.0%	27.9%	31.4%	2.9%	(13.4%)	(124.0%)	(873.6%)	(5351.8%)	–

Analyst consensus

Buy74 analysts

Bearish · 7 · Hold · 22 · Bullish · 45

Earnings history

	EPS	Estimate
Q3 2024	$2.91	$3.14	Miss
Q4 2024	$3.65	$4.81	Miss
Q1 2025	$1.95	$2.49	Miss
Q2 2025	$3.18	$2.66	Beat
Q3 2025	$4.24	$4.24	Match
Q4 2025	$4.84	$5.14	Miss
Q1 2026	$3.22	$3.03	Beat
Q2 2026	$3.92	$2.90	Beat

Peers

Company overview

IPO dateNov 17, 2006

CEOMark R. Widmar

Employees7,900

SectorEnergy

IndustrySolar

CountryUS

ExchangeNASDAQ Global Select

Websitewww.firstsolar.com

First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the engineering, manufacturing, and sale of cadmium telluride solar modules, which are designed to convert solar radiation directly into electricity. Its clientele is broad, serving system developers and operators, utility companies, independent power producers, commercial and industrial businesses, and various other system owners. Founded in 1999, the firm is based in Tempe, Arizona, and underwent a name change in 2006 from its former designation, First Solar Holdings, Inc.

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