First Solar, Inc.

FSLR

TechnologyLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

First Solar, Inc., a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally. The company manufactures and sells PV solar modules with thin film semiconductor technology that provides conventional crystalline silicon PV solar modules. It also designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. The company serves system developers, independent power producers, utilities, commercial and industrial companies, large corporate energy buyers, and other system owners and operators. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Phoenix, Arizona.

Valuation

Market Cap$33.8B

Current Price$253.23as of Jun 23, 2026

P/E Ratio22.14

P/B Ratio3.55

EV / EBITDA14.71

EV / Sales6.07

Profitability

Operating Margin30.6%

Net Profit Margin29.3%

EBITDA Margin41.3%

Returns

ROE16.0%

ROCE14.4%

ROIC %-

ROA11.5%

Solvency

Current Ratio2.67

Debt / Equity0.07

Debt / Assets0.05

CFO / Net Profit1.35

Price History▲ 75.04% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$5.2B▲ 24.1%

EBITDA$2.2B▲ 15.3%

Net Profit$1.5B▲ 18.3%

Cash from Ops (CFO)$2.1B▲ 68.9%

Free Cash Flow (FCF)$1.2B▼ 485.4%

Revenue CAGR 3Y25.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$5.2B	$2.2B	$1.5B	$1.2B	16.0%	24.1%	18.3%
2024	$4.2B	$1.9B	$1.3B	$-308M	16.2%	26.7%	55.5%
2023	$3.3B	$1.2B	$831M	$-785M	12.4%	26.7%	-1981.0%
2022	$2.6B	$291M	$-44M	$-30M	-0.8%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,619.32	3,318.60	4,206.29	5,219.38
Operating Revenue	-	2,619.32	3,318.60	4,206.29	5,219.38
Cost Of Revenue	-	2,549.46	2,017.92	2,348.43	3,099.04
Gross Profit	-	69.86	1,300.68	1,857.86	2,120.34
Operating Expense	-	350.60	414.71	464.13	523.48
Research And Development	-	112.80	152.31	191.38	233.42
Selling General And Administration	-	164.72	197.62	188.26	203.76
Total Expenses	-	2,900.07	2,432.63	2,812.55	3,622.51
Operating Income	-	-280.75	885.97	1,393.74	1,596.86
Total Operating Income As Reported	-	-27.24	857.27	1,394.42	1,596.86
EBITDA	-	290.55	1,212.25	1,868.71	2,154.26
Normalized EBITDA	-	53.45	1,262.49	1,893	2,192.83
EBIT	-	20.82	904.26	1,445.21	1,625.04
Interest Income	-	33.28	97.67	89.09	81.76
Interest Expense	-	12.22	12.96	38.87	44.13
Net Interest Income	-	21.06	84.70	50.22	37.63
Other Non Operating Income Expenses	-	31.19	-29.14	-13.33	-15.01
Other Income Expense	-	268.29	-79.39	-37.62	-53.58
Interest Income Non Operating	-	33.28	97.67	89.09	81.76
Interest Expense Non Operating	-	12.22	12.96	38.87	44.13
Net Non Operating Interest Income Expense	-	21.06	84.70	50.22	37.63
Pretax Income	-	8.60	891.29	1,406.34	1,580.91
Tax Provision	-	52.76	60.51	114.29	52.68
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	49.79	-3.41	-1.97	-1.27
Net Income Continuous Operations	-	-44.17	830.78	1,292.04	1,528.23
Net Income From Continuing And Discontinued Operation	-	-44.17	830.78	1,292.04	1,528.23
Net Income From Continuing Operation Net Minority Interest	-	-44.17	830.78	1,292.04	1,528.23
Net Income	-	-44.17	830.78	1,292.04	1,528.23
Net Income Common Stockholders	-	-44.17	830.78	1,292.04	1,528.23
Net Income Including Noncontrolling Interests	-	-44.17	830.78	1,292.04	1,528.23
Normalized Income	-	-	877.61	-	-
Diluted NI Availto Com Stockholders	-	-44.17	830.78	1,292.04	1,528.23
Basic Average Shares	-	106.55	106.80	107.02	107.24
Diluted Average Shares	-	106.55	107.37	107.52	107.54
Reconciled Depreciation	-	269.72	307.99	423.50	529.22
Reconciled Cost Of Revenue	-	2,549.46	2,017.92	2,348.43	3,099.04
Total Unusual Items	-	237.10	-50.24	-24.29	-38.57
Total Unusual Items Excluding Goodwill	-	237.10	-50.24	-24.29	-38.57
Earnings From Equity Interest Net Of Tax	0	0	-	-	-
Special Income Charges	-	253.51	-28.71	0.68	0
Gain On Sale Of Business	-	253.51	6.88	1.12	0
Other Special Charges	-	-	35.59	0.43	-
Gain On Sale Of Security	-	-16.41	-21.53	-24.98	-38.57
Other Operating Expenses	-	73.08	64.78	84.49	86.30

Peer Comparison

Technology sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
First Solar, Inc.this co.	FSLR	$33.8B	22.14↓ discount	3.55	16.0%	14.71
Jabil Inc.	JBL	$39.4B	60.03	26.07	43.4%	23.86
Workday, Inc.	WDAY	$36.5B	52.71	4.68	8.9%	23.75
Paychex, Inc.	PAYX	$35.6B	21.51	8.63	40.1%	15.67
NetApp, Inc.	NTAP	$35.4B	29.87	34.06

Learn while you research

Hand-picked academy chapters to deepen your understanding of First Solar, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Growth Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$5.2B

$2.2B

$1.5B

$1.2B

16.0%

24.1%

18.3%

2024

$4.2B

$1.9B

$1.3B

$-308M

16.2%

26.7%

55.5%

2023

$3.3B

$1.2B

$831M

$-785M

12.4%

26.7%

-1981.0%

2022

$2.6B

$291M

$-44M

$-30M

-0.8%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

2,619.32

3,318.60

4,206.29

5,219.38

Operating Revenue

2,619.32

3,318.60

4,206.29

5,219.38

Cost Of Revenue

2,549.46

2,017.92

2,348.43

3,099.04

Gross Profit

69.86

1,300.68

1,857.86

2,120.34

Operating Expense

350.60

414.71

464.13

523.48

Research And Development

112.80

152.31

191.38

233.42

Selling General And Administration

164.72

197.62

188.26

203.76

Total Expenses

2,900.07

2,432.63

2,812.55

3,622.51

Operating Income

-280.75

885.97

1,393.74

1,596.86

Total Operating Income As Reported

-27.24

857.27

1,394.42

1,596.86

EBITDA

290.55

1,212.25

1,868.71

2,154.26

Normalized EBITDA

53.45

1,262.49

1,893

2,192.83

EBIT

20.82

904.26

1,445.21

1,625.04

Interest Income

33.28

97.67

89.09

81.76

Interest Expense

12.22

12.96

38.87

44.13

Net Interest Income

21.06

84.70

50.22

37.63

Other Non Operating Income Expenses

31.19

-29.14

-13.33

-15.01

Other Income Expense

268.29

-79.39

-37.62

-53.58

Interest Income Non Operating

33.28

97.67

89.09

81.76

Interest Expense Non Operating

12.22

12.96

38.87

44.13

Net Non Operating Interest Income Expense

21.06

84.70

50.22

37.63

Pretax Income

8.60

891.29

1,406.34

1,580.91

Tax Provision

52.76

60.51

114.29

52.68

Tax Rate For Calcs

Tax Effect Of Unusual Items

49.79

-3.41

-1.97

-1.27

Net Income Continuous Operations

-44.17

830.78

1,292.04

1,528.23

Net Income From Continuing And Discontinued Operation

-44.17

830.78

1,292.04

1,528.23

Net Income From Continuing Operation Net Minority Interest

-44.17

830.78

1,292.04

1,528.23

Net Income

-44.17

830.78

1,292.04

1,528.23

Net Income Common Stockholders

-44.17

830.78

1,292.04

1,528.23

Net Income Including Noncontrolling Interests

-44.17

830.78

1,292.04

1,528.23

Normalized Income

877.61

Diluted NI Availto Com Stockholders

-44.17

830.78

1,292.04

1,528.23

Basic Average Shares

106.55

106.80

107.02

107.24

Diluted Average Shares

106.55

107.37

107.52

107.54

Reconciled Depreciation

269.72

307.99

423.50

529.22

Reconciled Cost Of Revenue

2,549.46

2,017.92

2,348.43

3,099.04

Total Unusual Items

237.10

-50.24

-24.29

-38.57

Total Unusual Items Excluding Goodwill

237.10

-50.24

-24.29

-38.57

Earnings From Equity Interest Net Of Tax

Special Income Charges

253.51

-28.71

0.68

Gain On Sale Of Business

253.51

6.88

1.12

Other Special Charges

35.59

0.43

Gain On Sale Of Security

-16.41

-21.53

-24.98

-38.57

Other Operating Expenses

73.08

64.78

84.49

86.30

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

First Solar, Inc.this co.

FSLR

$33.8B

22.14↓ discount

3.55

16.0%

14.71

Jabil Inc.

JBL

$39.4B

60.03

26.07

43.4%

23.86

Workday, Inc.

WDAY

$36.5B

52.71

4.68

8.9%

23.75

Paychex, Inc.

PAYX

$35.6B

21.51

8.63

40.1%

15.67

NetApp, Inc.

NTAP

$35.4B

29.87

34.06

First Solar, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

First Solar, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on