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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
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 | - | - |
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 |
| 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 |
| Operating Income | - | -280.75 | 885.97 | 1,393.74 | 1,596.86 |
| EBITDA | - | 290.55 | 1,212.25 | 1,868.71 | 2,154.26 |
| EBIT | - | 20.82 | 904.26 | 1,445.21 | 1,625.04 |
| Pretax Income | - | 8.60 | 891.29 | 1,406.34 | 1,580.91 |
| Tax Provision | - | 52.76 | 60.51 | 114.29 | 52.68 |
| 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 |
| Total Expenses | - | 2,900.07 | 2,432.63 | 2,812.55 | 3,622.51 |
| Interest Expense | - | 12.22 | 12.96 | 38.87 | 44.13 |
| Interest Income | - | 33.28 | 97.67 | 89.09 | 81.76 |
| Research And Development | - | 112.80 | 152.31 | 191.38 | 233.42 |
| Selling General And Administration | - | 164.72 | 197.62 | 188.26 | 203.76 |
| Normalized EBITDA | - | 53.45 | 1,262.49 | 1,893 | 2,192.83 |
| Normalized Income | - | -231.47 | 877.61 | 1,314.37 | 1,565.53 |
| Market Cap | 20,819.66 | 20,819.66 | 20,819.66 | 20,819.66 | 20,819.66 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First Solar, Inc.this co. | FSLR | $20.8B | 13.62↓ discount | 2.18 | 16.0% | 8.67 |
| Fidelity National Information Services, Inc. | FIS | $23.9B | 61.99 | 1.70 | 2.7% | 10.55 |
| NetApp, Inc. | NTAP | $22.2B | 18.15 | 20.70 | 114.0% | 13.18 |
| Corpay, Inc. | CPAY | $22.0B | 19.34 | 5.33 | 27.5% | 12.09 |
| Fortive Corporation | FTV | $20.3B |
| - |
| - |
| - |
| - |
| - |
| 32.47 |
| 2.91 |
| 9.0% |
| 18.73 |
| HP Inc. | HPQ | $18.7B | 7.18 | -52.51 | -730.9% | 6.13 |
| Leidos Holdings, Inc. | LDOS | $18.7B | 12.75 | 3.76 | 29.5% | 9.40 |
| Broadridge Financial Solutions, Inc. | BR | $18.2B | 21.57 | 6.82 | 31.6% | 13.80 |
| CDW Corporation | CDW | $17.8B | 16.37 | 6.70 | 40.9% | 11.60 |
| Peer Median | - | 18.75 | 4.54 | 28.5% | 11.85 | |