F 
First Solar FSLR · USD
Information Technology · Semiconductors & Semiconductor Equipment · US listing · 🇺🇸 United States
S&P 500
191.61
-4.74%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$5.22bn
FY2016FY2025
Net income
$1.53bn
FY2016FY2025
Free cash flow
$1.19bn
FY2016FY2025
Shareholders' equity
$9.54bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.22bn | $4.21bn | $3.32bn | $2.62bn | $2.92bn | $2.71bn | $3.06bn | $2.24bn | $2.94bn | $2.90bn |
| Gross profit | $2.12bn | $1.86bn | $1.30bn | $69.9m | $730.0m | $680.7m | $549.2m | $392.2m | $548.9m | $638.4m |
| Research and development | $233.4m | $191.4m | $152.3m | $112.8m | $99.1m | $93.7m | $96.6m | $84.5m | $88.6m | $124.8m |
| Operating income | $1.60bn | $1.39bn | $857.3m | −$27.2m | $586.8m | $317.5m | −$161.8m | $40.1m | $177.9m | −$568.2m |
| Net income | $1.53bn | $1.29bn | $830.8m | −$44.2m | $468.7m | $398.4m | −$114.9m | $144.3m | −$165.6m | −$416.1m |
| Diluted earnings per share | 14.20 | 12.01 | 7.72 | -0.41 | 4.38 | 3.72 | -1.09 | 1.36 | -1.59 | -4.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $13.32bn | $12.12bn | $10.37bn | $8.25bn | $7.41bn | $7.11bn | $7.52bn | $7.12bn | $6.86bn | $6.87bn |
| Cash and short-term investments | $2.86bn | $1.79bn | $2.10bn | $2.58bn | $1.83bn | $1.75bn | $2.16bn | $2.55bn | $2.99bn | $1.96bn |
| Total liabilities | $3.78bn | $4.15bn | $3.68bn | $2.42bn | $1.45bn | $1.59bn | $2.42bn | $1.91bn | $1.77bn | $1.65bn |
| Debt | $536.4m | $640.8m | $577.4m | $184.3m | $239.9m | $279.2m | $471.7m | $466.8m | $436.9m | $215.0m |
| Shareholders' equity | $9.54bn | $7.98bn | $6.69bn | $5.84bn | $5.96bn | $5.52bn | $5.10bn | $5.21bn | $5.10bn | $5.21bn |
| Shares outstanding | 108m | 108m | 108m | 107m | 107m | 107m | 105m | 106m | 104m | 104m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $2.06bn | $1.22bn | $602.3m | $873.4m | $237.6m | $37.1m | $174.2m | −$326.8m | $1.34bn | $206.8m |
| Capital spending | −$869.9m | −$1.53bn | −$1.39bn | −$903.6m | −$540.3m | −$416.6m | −$668.7m | −$739.8m | −$514.4m | −$229.5m |
| Free cash flow | $1.19bn | −$308.1m | −$784.5m | −$30.2m | −$302.7m | −$379.5m | −$494.5m | −$1.07bn | $826.3m | −$22.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.06bn | $1.04bn | $1.68bn | $1.59bn | $1.10bn | $844.6m | $1.51bn | $887.7m |
| Gross profit | $605.0m | $486.1m | $665.3m | $610.7m | $499.9m | $344.4m | $567.7m | $445.3m |
| Operating income | $450.4m | $345.3m | $547.9m | $466.1m | $361.6m | $221.2m | $456.8m | $322.0m |
| Net income | $422.6m | $346.6m | $520.9m | $455.9m | $341.9m | $209.5m | $393.1m | $313.0m |
| Diluted earnings per share | 3.92 | 3.22 | 4.84 | 4.24 | 3.18 | 1.95 | 3.65 | 2.91 |
| Cash from operations | −$144.0m | −$214.0m | $1.24bn | $1.27bn | $149.0m | −$607.0m | $810.0m | −$53.0m |
| Capital spending | −$161.0m | −$118.0m | −$171.0m | −$204.0m | −$288.0m | −$205.0m | −$313.0m | −$433.0m |
| Free cash flow | −$305.0m | −$332.0m | $1.07bn | $1.07bn | −$139.0m | −$812.0m | $497.0m | −$486.0m |
| Total assets | $13.39bn | $13.35bn | $13.32bn | $13.46bn | $12.86bn | $12.12bn | $12.12bn | $11.44bn |
| Cash and short-term investments | $1.73bn | $2.43bn | $2.86bn | $2.04bn | $1.15bn | $890.8m | $1.79bn | $1.27bn |
| Debt | $52.0m | $425.8m | $498.6m | $767.4m | $988.8m | $538.8m | $623.1m | $594.9m |
| Shareholders' equity | $10.32bn | $9.88bn | $9.54bn | $9.02bn | $8.55bn | $8.19bn | $7.98bn | $7.59bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 40.6% | 44.2% | 39.2% | 2.7% | 25.0% | 25.1% |
| Operating margin | 30.6% | 33.2% | 25.8% | -1.0% | 20.1% | 11.7% |
| Net margin | 29.3% | 30.7% | 25.0% | -1.7% | 16.0% | 14.7% |
| Return on equity | 16.0% | 16.2% | 12.4% | -0.8% | 7.9% | 7.2% |
| Return on assets | 11.5% | 10.7% | 8.0% | -0.5% | 6.3% | 5.6% |
| Free cash flow yield | 15.8% | 14.8% | 10.7% | 9.7% | 4.2% | 2.5% |
| Revenue growth | 24.1% | 26.7% | 26.7% | -10.4% | 7.8% | -11.5% |
| Earnings growth | 18.3% | 55.5% | -1981.0% | -109.4% | 17.7% | -446.6% |
| Current ratio | 2.67x | 2.45x | 3.55x | 3.65x | 4.39x | 3.56x |
| Debt to equity | 0.05x | 0.08x | 0.09x | 0.03x | 0.04x | 0.05x |
| Equity ratio | 71.6% | 65.8% | 64.5% | 70.7% | 80.4% | 77.7% |
| Interest coverage | 36.18x | 35.87x | 66.12x | -2.23x | 44.77x | 13.21x |
| R&D as a share of sales | 4.5% | 4.5% | 4.6% | 4.3% | 3.4% | 3.5% |
| Buybacks as a share of market value | -0.1% | -0.0% | -0.9% | 0.4% | -0.1% | -1.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 25.8% | 14.0% | 2.4% |
| Operating income | — | 38.1% | 8.1% |
| Net income | — | 30.9% | 9.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 42.2% | 34.8% | 32.2% | 27.6% |
| Operating margin | 31.7% | 24.9% | 22.5% | 13.6% |
| Net margin | 29.9% | 23.5% | 21.3% | 12.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.4 | 14.7 | 22.3 | -361.6 | 19.9 | 26.6 | -51.3 | 31.1 | -42.6 | -8.0 |
| Price to sales | 5.4 | 4.5 | 5.6 | 6.1 | 3.2 | 3.9 | 1.9 | 2.0 | 2.4 | 1.1 |
Market value over time
31 Oct 2016 to 24 Sept 2026, in USD
$4.21bn$18.55bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 42% | 7% | 10% | 83% | -11% | 68% | 35% | -38% | 99% | -48% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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