FSLRNasdaqSemiconductors & Related DevicesFiscal year ends December 31
FIRST SOLAR, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$171.80−0.84 (-0.49%)
Close on Oct 19, 2026
- Market cap
- $18.51B
- P/E (TTM)
- 10.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
40.6%+15.5 pts over 5 years
Operating margin
30.6%+18.9 pts over 5 years
Net margin
29.3%+14.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +24.1% | +25.8% | +14.0% | +2.4% | |
| Gross profit | +14.1% | +211.9% | +25.5% | +6.5% | |
| Operating income | +14.5% | – | +38.1% | +8.1% | |
| Net income | +18.3% | – | +30.9% | +9.9% | |
| EPS, diluted | +18.2% | – | +30.7% | +9.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -7.7% | 7.5% | 17.4% | |
| Return on assets | -5.9% | 5.4% | 12.0% | |
| Current ratio | 4.17 | 3.56 | 2.67 | |
| Debt to equity | 0.04 | 0.05 | 0.05 | |
| Net debt to EBITDA | 3.64× | -1.81× | -1.08× | |
| Interest coverage | -27.7× | 13.2× | 36.2× | |
| Inventory turnover | 6.1× | 4.0× | 3.4× | |
| Capex to revenue | 7.9% | 15.4% | 16.7% | |
| Diluted shares | 103M | 107M | 108M |
Where the cash went
Fiscal 2021 to 2025, five years combined
First Solar generated $4.99B from operations and spent $5.23B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$4.99B
Used
$5.23B
Capital expenditure$5.23B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin29.3%
×Asset turnover0.41×
×Equity multiplier1.45×
=Return on equity, FY202517.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 29.3% | 0.41× | 1.45× | 17.4% |
| FY2024 | 30.7% | 0.37× | 1.53× | 17.6% |
| FY2023 | 25.0% | 0.36× | 1.49× | 13.3% |
| FY2022 | -1.7% | 0.33× | 1.33× | -0.7% |
| FY2021 | 16.0% | 0.40× | 1.26× | 8.2% |
| FY2020 | 14.7% | 0.37× | 1.38× | 7.5% |
| FY2019 | -3.8% | 0.42× | 1.42× | -2.2% |
| FY2018 | 6.4% | 0.32× | 1.36× | 2.8% |
| FY2017 | -5.6% | 0.43× | 1.33× | -3.2% |
| FY2016 | -14.3% | 0.41× | 1.30× | -7.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.53B
- Cash generatingOperating cash flow above zero$2.06B
- Return on assets improvedROA up on the prior year12.5% → 12.6%
- Earnings backed by cashOperating cash flow above net income$2.06B vs $1.53B
- Less leverageLong-term debt to assets fell3.1% → 2.1%
- Better liquidityCurrent ratio rose2.45 → 2.67
- No dilutionShare count did not rise108M → 108M
- Gross margin improvedGross margin up on the prior year44.17% → 40.62%
- More efficientAsset turnover rose0.41 → 0.43