First Solar Inc. (FSLR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.88	$3.92	+36.1%	—	$1.1B	—
Q1 26	$2.96	$3.22	+8.8%	—	$1B	—
Q4 25	$4.47	$4.67	+4.5%	—	$1.7B	—
Q3 25	$4.29	$4.24	-1.2%	—	$1.6B	—
Q2 25	$2.68	$3.18	+18.7%	—	$1.1B	—
Q1 25	$2.47	$1.95	-21.1%	—	$844.6M	—
Q4 24	$4.73	$3.65	-22.8%	—	$1.5B	—
Q3 24	$3.15	$2.91	-7.6%	—	$887.7M	—
Q2 24	$2.66	$3.25	+22.2%	—	$1B	—
Q1 24	$1.99	$2.2	+10.6%	—	$794.1M	—
Q4 23	$3.13	$3.25	+3.8%	—	$1.2B	—
Q3 23	$2.06	$2.5	+21.4%	—	$801.1M	—
Q2 23	$0.96	$1.59	+65.6%	—	$810.7M	—
Q1 23	$1.02	$0.4	-60.8%	—	$548.3M	—
Q4 22	-$0.16	-$0.07	+56.3%	—	$1B	—
Q3 22	-$0.27	-$0.46	-70.4%	—	$628.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$14.3	—	—	$5.2B	—
FY24	—	$12.1	—	—	$4.2B	—
FY23	—	$7.78	—	—	$3.3B	—
FY22	—	-$0.41	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.9B	$2.9B	$2.2B	$3.1B	$2.7B	$2.9B	$2.6B	$3.3B	$4.2B	$5.2B
YoY change	-29.4%	+1.27%	-23.7%	+36.5%	-11.5%	+7.82%	-10.4%	+26.7%	+26.7%	+24.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.9B	2.9B	2.2B	3.1B	2.7B	2.9B	2.6B	3.3B	4.2B	5.2B
Cost of revenue	2.3B	2.4B	1.9B	2.5B	2B	2.2B	2.5B	2B	2.3B	3.1B
Gross profit	638.4M	548.9M	392.2M	549.2M	680.7M	730M	69.9M	1.3B	1.9B	2.1B
Gross margin	22%	18.7%	17.5%	17.9%	25.1%	25%	2.67%	39.2%	44.2%	40.6%
Research & development	124.8M	88.6M	84.5M	96.6M	93.7M	99.1M	112.8M	152.3M	191.4M	233.4M
Selling, general & administrative	262M	202.7M	176.9M	205.5M	222.9M	170.3M	164.7M	197.6M	188.3M	203.8M
Operating expenses	387.8M	333.9M	352.1M	348M	357.2M	290.5M	350.6M	414.7M	464.1M	523.5M
Operating income	250.6M	215M	40.1M	201.2M	323.5M	439.5M	-280.7M	886M	1.4B	1.6B
Operating margin	8.63%	7.31%	1.79%	6.57%	11.9%	15%	-10.7%	26.7%	33.1%	30.6%
Non-operating income, net	-792.5M	-22.9M	39.2M	-343.2M	-22.8M	139.6M	268.3M	-79.4M	-37.6M	-53.6M
Pretax income	-537.3M	202.1M	113.1M	-120.1M	293.2M	572.2M	8.6M	891.3M	1.4B	1.6B
Income tax	23.2M	372M	3.4M	-5.5M	-107.3M	103.5M	52.8M	60.5M	114.3M	52.7M
Net income	-416.1M	-165.6M	144.3M	-114.9M	398.4M	468.7M	-44.2M	830.8M	1.3B	1.5B
Net margin	-14.3%	-5.63%	6.43%	-3.75%	14.7%	16%	-1.69%	25%	30.7%	29.3%
EBITDA	547M	390M	270.4M	473.1M	561M	705.9M	53.5M	1.3B	1.9B	2.2B
EPS	-3.48	-1.59	1.38	-1.09	3.76	4.41	-0.41	7.78	12.1	14.3
Diluted EPS	-3.48	-1.59	1.36	-1.09	3.73	4.38	-0.41	7.74	12	14.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	801.1M	1.2B	794.1M	1B	887.7M	1.5B	844.6M	1.1B	1.6B	1.7B	1B	1.1B
Cost of revenue	424.9M	656.5M	448.1M	511.6M	442.4M	946.4M	500.2M	597.3M	984.1M	1B	558.1M	451.2M
Gross profit	376.2M	502M	346M	498.9M	445.3M	567.7M	344.4M	499.9M	610.7M	665.3M	486.1M	605M
Gross margin	47%	43.3%	43.6%	49.4%	50.2%	37.5%	40.8%	45.6%	38.3%	39.5%	46.6%	57.3%
Research & development	41.2M	43.9M	42.7M	51.9M	50.2M	46.5M	52.4M	54.5M	60.6M	66M	66.9M	76.2M
Selling, general & administrative	50.2M	57.1M	45.8M	46.6M	46.3M	49.6M	53.2M	52.6M	47.3M	50.7M	65.3M	51.9M
Operating expenses	103.4M	110.8M	104M	125.9M	123.3M	110.9M	123.2M	138.2M	144.7M	117.4M	140.8M	154.6M
Operating income	272.8M	391.2M	242M	372.9M	322M	456.8M	221.2M	361.6M	466.1M	547.9M	345.3M	450.4M
Operating margin	34%	33.8%	30.5%	36.9%	36.3%	30.2%	26.2%	33%	29.2%	32.6%	33.1%	42.6%
Non-operating income, net	-1.8M	-31M	-4.5M	-10.6M	-8.2M	-14.2M	-13.5M	—	—	—	—	-15.4M
Pretax income	290.5M	376.7M	255.5M	377.1M	327.3M	446.3M	217.1M	352.2M	460.3M	551.3M	354.3M	459.4M
Income tax	22.1M	27.4M	18.9M	27.8M	14.4M	53.2M	7.5M	10.3M	4.4M	30.5M	7.7M	36.8M
Net income	268.4M	349.2M	236.6M	349.4M	313M	393.1M	209.5M	341.9M	455.9M	520.9M	346.6M	422.6M
Net margin	33.5%	30.1%	29.8%	34.6%	35.3%	26%	24.8%	31.2%	28.6%	31%	33.2%	40%
EBITDA	372.7M	476.8M	357.1M	494.3M	452.7M	589M	364.1M	496.8M	623.7M	711.6M	518.4M	626.8M
EPS	2.51	—	2.21	3.26	2.92	3.67	1.96	3.19	4.25	4.85	3.23	3.93
Diluted EPS	2.5	—	2.2	3.25	2.91	3.65	1.95	3.18	4.24	4.84	3.22	3.92

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.3B	7B	4.4B	5.9B	10.5B	9.3B	16B	18.4B	18.9B	28B	18.6B
Enterprise value	1.6B	4.5B	2.4B	4.3B	9.2B	7.8B	13.6B	16.9B	17.8B	25.8B	17.6B
Shares outstanding	102.9M	104.3M	104.7M	105.3M	105.9M	106.3M	106.6M	106.8M	107M	107.2M	107.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	30.8	—	26.3	19.8	—	22.1	14.6	18.3	11
P/S	1.14	2.39	1.98	1.92	3.86	3.17	6.09	5.54	4.48	5.37	3.55
P/B	0.63	1.38	0.85	1.16	1.9	1.55	2.73	2.75	2.36	2.94	1.85
EV/EBITDA	2.85	11.5	8.75	9.14	16.4	11.1	254.8	13.4	9.4	11.8	7.36
EV/Sales	0.54	1.53	1.05	1.41	3.4	2.68	5.2	5.1	4.23	4.95	3.27
Earnings yield	—	—	3.25%	—	3.8%	5.06%	—	4.52%	6.85%	5.46%	9.13%
FCF yield	-0.69%	11.7%	-24%	-8.39%	-3.62%	-3.27%	-0.19%	-4.26%	-1.63%	4.24%	8.6%
PEG	—	—	—	—	—	—	—	—	—	—	0.47

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22%	18.7%	17.5%	17.9%	25.1%	25%	2.67%	39.2%	44.2%	40.6%	57.3%
Operating margin	8.63%	7.31%	1.79%	6.57%	11.9%	15%	-10.7%	26.7%	33.1%	30.6%	42.6%
Net margin	-14.3%	-5.63%	6.43%	-3.75%	14.7%	16%	-1.69%	25%	30.7%	29.3%	32.5%
ROE	-7.97%	-3.25%	2.77%	-2.26%	7.22%	7.86%	-0.76%	12.4%	16.2%	16%	18.5%
ROA	-6.1%	-2.41%	2.03%	-1.53%	5.6%	6.32%	-0.54%	8.02%	10.7%	11.5%	8.62%
ROIC	7.21%	0%	1.24%	5.7%	7.6%	7.94%	0%	15.9%	18.5%	21%	19.7%
Return on tangible assets	-6.29%	-2.48%	2.08%	-1.56%	5.72%	6.43%	-0.54%	8.16%	10.8%	11.6%	13.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.17	5.89	4.57	2.73	3.56	4.39	3.65	3.55	2.45	2.67	2.52
Quick ratio	3.7	5.58	4.04	2.35	2.73	3.26	2.9	2.77	1.8	2.2	1.84
Debt / equity	0.04	0.09	0.09	0.12	0.09	0.07	0.04	0.09	0.09	0.07	0.02
Debt / assets	0.03	0.06	0.07	0.08	0.07	0.05	0.03	0.06	0.06	0.05	0.01
Net debt / EBITDA	-3.18	-6.54	-7.69	-3.32	-2.25	-2.02	-43.9	-1.17	-0.57	-1	-0.62
Interest coverage	-25.2	8.84	5.37	-3.44	13.2	44.7	1.7	69.7	37.2	36.8	48.3
Effective tax rate	0%	100%	3.04%	0%	0%	18.1%	100%	6.79%	8.13%	3.33%	4.35%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	28.2	28.2	21.4	29.1	25.6	27.5	24.6	31.1	39.3	48.7	50.1
EPS (basic)	-3.48	-1.59	1.38	-1.09	3.76	4.41	-0.41	7.78	12.1	14.3	14.3
EPS (diluted)	-3.48	-1.59	1.36	-1.09	3.73	4.38	-0.41	7.74	12	14.2	16.2
Book value per share	50.7	48.9	49.8	48.4	52.1	56.1	54.8	62.6	74.5	88.9	96
FCF per share	-0.22	7.92	-10.2	-4.7	-3.58	-2.85	-0.28	-7.35	-2.88	11.1	13.9
Cash per share	19	28.6	24.3	20.6	16.5	17.2	24.2	19.7	16.8	26.6	16.1
Capex per share	2.23	4.93	7.06	6.35	3.94	5.08	8.48	13	14.3	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	7.9%	17.5%	33%	21.8%	15.4%	18.5%	34.5%	41.8%	36.3%	—	—
Capex / operating cash flow	-37.5%	33.9%	-220.1%	-351.4%	502.2%	150.2%	83%	262.5%	160.8%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$801.1M	$1.2B	$794.1M	$1B	$887.7M	$1.5B	$844.6M	$1.1B	$1.6B	$1.7B	$1B	$1.1B
YoY change	+27.4%	+15.6%	+44.8%	+24.6%	+10.8%	+30.7%	+6.35%	+8.58%	+79.7%	+11.1%	+23.6%	-3.73%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2B	3B	2.5B	2.2B	1.7B	1.8B	2.6B	2.1B	1.8B	2.9B
Receivables	266.7M	211.8M	128.3M	475M	266.1M	429.4M	324.3M	660.8M	1.3B	1.3B
Inventory	426M	201.2M	444.8M	497.1M	702.1M	819.4M	783.3M	1B	1.3B	1.1B
Total current assets	3.8B	3.8B	3.9B	3.6B	3B	3.2B	3.8B	4.6B	5.1B	6B
Property, plant & equipment	698.8M	1.1B	1.5B	2.1B	2.2B	2.4B	2.7B	3.5B	4B	3.9B
Goodwill & intangibles	204.9M	189.4M	177.2M	158M	141.2M	119.9M	91.1M	188.4M	166M	164.2M
Total assets	6.8B	6.9B	7.1B	7.5B	7.1B	7.4B	8.3B	10.4B	12.1B	13.3B
Accounts payable	148.7M	120.2M	233.3M	218.1M	183.3M	193.4M	341.4M	207.2M	482.2M	405.8M
Short-term debt	28M	13.1M	5.6M	28.6M	55.5M	16.7M	9.2M	106.6M	249.7M	234.1M
Total current liabilities	907.9M	650.3M	845.5M	1.3B	847.4M	726.9M	1B	1.3B	2.1B	2.3B
Long-term debt	187M	423.9M	461.2M	566.7M	426.7M	381.9M	224.9M	517.8M	469.1M	421.3M
Total liabilities	1.6B	1.8B	1.9B	2.4B	1.6B	1.5B	2.4B	3.7B	4.1B	3.8B
Shareholders' equity	5.2B	5.1B	5.2B	5.1B	5.5B	6B	5.8B	6.7B	8B	9.5B
Total debt	215M	436.9M	466.8M	595.3M	482.3M	398.6M	234.1M	624.4M	718.8M	655.3M
Net debt	-1.1B	-1.8B	-936.8M	-757.4M	-744.7M	-1.1B	-1.2B	-1.3B	-902.6M	-2.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.8B	2.1B	2B	1.7B	—	—	—	—	2B	2.9B	2.4B	1.7B
Receivables	753.5M	660.8M	669.7M	647.6M	—	—	—	—	1.4B	1.3B	1.4B	1.5B
Inventory	1.1B	1B	1.2B	1.3B	—	—	—	—	1.4B	1.1B	1.2B	1.4B
Total current assets	3.8B	4.6B	4.2B	3.9B	—	—	—	—	5.9B	6B	5.6B	5.3B
Property, plant & equipment	3.2B	3.5B	4B	3.9B	—	—	—	—	4B	3.9B	3.9B	3.9B
Goodwill & intangibles	189.7M	188.4M	181.2M	176.2M	29.6M	28.3M	29.7M	30.6M	163.9M	164.2M	190.9M	187M
Total assets	9.6B	10.4B	10.8B	11B	—	—	—	—	13.5B	13.3B	13.4B	13.4B
Accounts payable	110.8M	207.2M	239.2M	230.9M	—	—	—	—	284.5M	405.8M	306.8M	346.3M
Short-term debt	45.1M	106.6M	211.4M	151M	—	—	—	—	484.8M	234.1M	205.9M	52M
Total current liabilities	1.2B	1.3B	1.8B	1.8B	—	—	—	—	3.1B	2.3B	2.2B	2.1B
Long-term debt	498.3M	517.8M	470.1M	471M	—	—	—	—	407.1M	421.3M	381.2M	142M
Total liabilities	3.3B	3.7B	3.9B	3.8B	—	—	—	—	4.4B	3.8B	3.5B	3.1B
Shareholders' equity	6.3B	6.7B	6.9B	7.3B	—	—	—	—	9B	9.5B	9.9B	10.3B
Total debt	543.3M	624.4M	681.5M	621.9M	—	—	—	—	891.9M	655.3M	587.1M	194M
Net debt	-949.6M	-1.3B	-1B	-1.1B	—	—	—	—	-1.1B	-2.1B	-1.8B	-1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-416.1M	-165.6M	144.3M	-114.9M	398.4M	468.7M	-44.2M	830.8M	1.3B	1.5B
Depreciation & amortization	230.9M	115.3M	130.7M	205.5M	232.9M	259.9M	269.7M	308M	423.5M	529.2M
Stock-based compensation	28.7M	35.1M	34.2M	37.4M	29.3M	20.9M	28.7M	34.2M	28.1M	19.2M
Change in working capital	-565.6M	1.4B	-405.2M	-172.2M	-496.2M	-350.8M	993.1M	-606M	-751.9M	-94.1M
Operating cash flow	-612.2M	1.5B	-336.1M	-190.3M	83M	359.6M	1.1B	528.2M	949M	2.1B
Capital expenditure	-229.5M	-514.4M	-739.8M	-668.7M	-416.6M	-540.3M	-903.6M	-1.4B	-1.5B	—
Investing cash flow	144.5M	-626.8M	-682.7M	-362.3M	-131.2M	-99M	-1.2B	-472.8M	-1.6B	104.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-136.4M	192M	255.2M	74.9M	-82.6M	40.5M	309.4M	336.9M	24.8M	-119.2M
Net change in cash	-604.1M	1.1B	-763.6M	-477.6M	-130.9M	301.1M	205M	392.3M	-589.4M	2B
Free cash flow	-22.7M	826.3M	-1.1B	-494.5M	-379.5M	-302.7M	-30.2M	-784.5M	-308.1M	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	268.4M	349.2M	236.6M	349.4M	—	—	—	—	455.9M	520.9M	346.6M	422.6M
Depreciation & amortization	77.7M	89.7M	90.6M	97.3M	—	—	—	—	140.3M	140.6M	147.4M	147.8M
Stock-based compensation	8.2M	11M	6.8M	8.4M	—	—	—	—	7.3M	2.5M	6.8M	7M
Change in working capital	-358.9M	151.3M	125.6M	-282.9M	—	—	—	—	709.7M	393.8M	-509M	-791M
Operating cash flow	1.3M	608.4M	429.8M	145.3M	—	—	—	—	1.3B	1.2B	-214.9M	-144.9M
Capital expenditure	-286.2M	-346.9M	-413.5M	-365.2M	—	—	—	—	—	—	—	—
Investing cash flow	444M	-164.1M	-568.6M	-107.3M	—	—	—	—	-23.7M	-15.5M	-30M	18.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	59.5M	60.7M	40.7M	-68.4M	—	—	—	—	-222.6M	-243.7M	-72.2M	-391.7M
Net change in cash	504.8M	505.1M	-98.2M	-30.4M	—	—	—	—	1B	982.7M	-317.1M	-518.4M
Free cash flow	-120.8M	214.2M	-145.7M	-172.1M	-487.7M	497.5M	-813.9M	-138.6M	1.1B	1.1B	-333.4M	-306.2M

First Solar Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement