FirmAtlas
Company handbook · FSLR · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
FSLR · CIK 1274494 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
First Solar, Inc.
$172.64
−6.17 (−3.45%)
Close, Oct 16, 2026 · 52-week $169–321
Last fiscal year
First Solar, Inc. reported revenue of $5.2B for the year ended Dec 31, 2025 (FY25), up 24.1% from FY24. Net income was $1.5B, operating cash flow $2.1B and free cash flow $1.2B. Source: 10-K filed Feb 24, 2026.
Market cap
$18.5B
P/E
10.6
EV/EBITDA
7.5x
P/B
1.8
ROIC
22.5%
Revenue 1Y
24.1%/yr
EPS 1Y
18.2%/yr
Shares 1Y
+0.2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMark R. Widmar
HQPhoenix, AZ
AuditorPricewaterhouseCoopers LLP
Employees7,900
Year endsDecember
Revenue by segment · FY24
Modules100%
Systems0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
15.9%
10.4%
4.5%
−27.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.4B deployed
Capex
$2.4B
100.0%
Operating cash flow over the period: $3.3B. Total debt changed by −$89M. R&D of $425M is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
4,206
5,219+24.1%
5,378
YoY
+24.1%
Gross profit
1,858
2,120+14.1%
2,367
Gross margin
44.2%
40.6%−3.5 pp
—
Operating income
1,394
1,597+14.5%
1,810
Operating margin
33.2%
30.6%−2.6 pp
—
EBITDA
1,818
2,126+17.0%
—
EBITDA margin
43.2%
40.7%−2.5 pp
—
Interest expense
39
44+13.5%
—
Interest coverage
46.77x
48.18x+1.41x
—
Net income
1,292
1,528+18.3%
1,746
YoY
+18.3%
Net margin
30.7%
29.3%−1.4 pp
—
EPS (diluted, $)
12.02
14.21+18.2%
16.23
YoY
+18.2%
Balance sheet
Total assets
12,124
13,321+9.9%
13,389
Cash & short-term investments
1,638
2,814+71.8%
—
Accounts receivable
1,261
1,294+2.6%
—
Inventory
1,084
737−32.1%
—
Net PP&E
5,414
5,676+4.8%
—
Other assets
2,727
2,801+2.7%
—
Total liabilities
4,147
3,783−8.8%
3,068
Accounts payable
482
406−15.8%
—
Total debt
375
286−23.8%
3
Other liabilities
3,290
3,092−6.0%
—
Shareholders’ equity
7,978
9,538+19.6%
10,320
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,218
2,057+68.9%
2,156
Net income
1,292
1,528+18.3%
—
Depreciation & amortization
423
529+25.0%
—
Stock-based compensation
28
19−31.6%
—
Working capital & other
(526)
(20)n/m
—
Cash from investing
(1,563)
(765)n/m
—
Capex
(1,526)
(870)n/m
—
Acquisitions
0
0n/m
—
Investments bought
(2,516)
(1,540)n/m
—
Investments sold / matured
2,492
1,654−33.6%
—
Other investing
(13)
(8)n/m
—
Cash from financing
25
(119)−579.8%
—
Debt raised
258
370+43.3%
—
Debt repaid
(206)
(473)n/m
—
Other financing
(28)
(16)n/m
—
Net change in cash
(327)
—
—
Free cash flow (OCF − capex)
(308)
1,187n/m
1,500
Where the cash went
Operating cash flow
1,218
2,057+68.9%
2,156
Reinvested in the business
1,526
870−43.0%
—
% of operating cash flow
125.3%
42.3%
Capex
1,526
870−43.0%
656
Acquisitions
0
0n/m
—
R&D (memo, already in costs)
191
233+22.0%
—
Free cash flow
(308)
1,187n/m
1,500
YoY
n/m
Change in total debt
—
(89)
—
Cash left over
—
1,098
—
FCF conversion (FCF ÷ net income)
−23.8%
77.7%+101.5 pp
—
Owner earnings
—
1,426
—
Owner earnings margin
—
27.3%
—
Returns & ratios
ROIC (all capital)
19.1%
22.5%+3.4 pp
—
ROIC (operating)
17.6%
21.2%+3.6 pp
—
Net debt / EBITDA
−0.69x
−1.19x−0.49x
—
Debt / equity
0.05x
0.03x−0.02x
—
Cash conversion cycle (days)
203
129−74 d
—
ROE
16.2%
16.0%−0.2 pp
—
ROA
10.7%
11.5%+0.8 pp
—
ROCE
13.9%
14.4%+0.5 pp
—
NOPAT
1,281
1,544+20.5%
—
Invested capital (operating)
7,277
7,301+0.3%
—
Invested capital (all)
6,714
7,009+4.4%
—
Reinvestment rate
—
1.5%
—
Debtor days
109
90−19 d
—
Inventory days
169
87−82 d
—
Days payable
75
48−27 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,595
1,683
1,044
1,056
vs year-ago quarter
Gross profit
611
665
486
605
Gross margin
38.3%
39.5%
46.6%
57.3%
Operating income
466
548
345
450
Net income
456
521
347
423
vs year-ago quarter
Net margin
28.6%
31.0%
33.2%
40.0%
EPS (diluted, $)
4.24
4.85
3.22
3.92
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
13,459
13,321
13,351
13,389
Cash & equivalents
2,002
2,814
2,376
1,703
Total debt
285
286
241
3
Shareholders’ equity
9,015
9,538
9,879
10,320
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,274
1,242
(215)
(145)
Capex
204
172
119
161
Free cash flow
1,070
1,070
(333)
(306)
vs year-ago quarter