First Solar, Inc. (FSLR)
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.
- Symbol
- FSLR
- Exchange
- Nasdaq
- Sector
- Technology
- Industry
- Solar
- Market cap
- $18.77B
- 52 week range
- 168.6 - 320.95
Valuation
- Share price
- $174.61 (close of 2026-10-02)
- P/E (TTM)
- 10.74x
- Price to book
- 1.82x
- Price to free cash flow
- 12.51x
- Enterprise value
- $17.27B
- Book value per share
- $96.03
Price performance
| Period | Change |
|---|---|
| 1 day | +1.45% |
| 5 days | -1.74% |
| 1 month | -13.82% |
| 3 months | -22.25% |
| 6 months | -10.60% |
| Year to date | -33.16% |
| 1 year | -24.78% |
| 3 years | +11.69% |
| 5 years | +80.81% |
| 10 years | +342.16% |
| All time | +605.78% |
Members of Congress who disclosed FSLR trades
Gilbert Ray Cisneros · Robert Bresnahan · Alan Armstrong · Dave Min · John Boozman
Super investors holding FSLR
John Rogers (Ariel Investments LLC) · Ken Griffin (Citadel) · George Soros (Soros Fund Mgmt)
Profitability and growth
- Return on equity
- 16.02%
- Return on invested capital
- 20.90%
- Return on assets
- 11.47%
- Return on capital employed
- 14.43%
- Gross margin
- 40.62%
- Net margin
- 29.28%
- EBITDA margin
- 40.73%
- Revenue growth
- 24.09%
- Net income growth
- 18.28%
- Free cash flow growth
- 485.37%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 7.99%
- Current ratio
- 2.52x
- Net debt to EBITDA
- -0.61x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $5.22B
- Cost of revenue
- $3.10B
- Gross profit
- $2.12B
- EBITDA
- $2.13B
- Net income
- $1.53B
- Earnings per share
- $14.25
- Research and development
- $233.42M
- Shares outstanding
- 107.23M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $5.22B | $2.12B | $1.53B | $14.25 |
| 2024-12-31 | $4.21B | $1.86B | $1.29B | $12.07 |
| 2023-12-31 | $3.32B | $1.30B | $830.78M | $7.78 |
| 2022-12-31 | $2.62B | $69.86M | -$44.17M | $-0.41 |
| 2021-12-31 | $2.92B | $729.95M | $468.69M | $4.41 |
| 2020-12-31 | $2.71B | $680.67M | $398.36M | $3.76 |
| 2019-12-31 | $3.06B | $549.21M | -$114.93M | $-1.09 |
| 2018-12-31 | $2.24B | $392.18M | $144.33M | $1.38 |
| 2017-12-31 | $2.94B | $548.95M | -$165.62M | $-1.59 |
| 2016-12-31 | $2.90B | $638.42M | -$416.11M | $-4.05 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | 40.62% | 29.28% | 16.02% | 20.90% |
| 2024-12-31 | 44.17% | 30.72% | 16.20% | 18.09% |
| 2023-12-31 | 39.19% | 25.03% | 12.42% | 14.85% |
| 2022-12-31 | 2.67% | -1.69% | -0.76% | -0.59% |
| 2021-12-31 | 24.97% | 16.03% | 7.86% | 9.85% |
| 2020-12-31 | 25.10% | 14.69% | 7.22% | 6.65% |
| 2019-12-31 | 17.93% | -3.75% | -2.26% | -3.60% |
| 2018-12-31 | 17.48% | 6.43% | 2.77% | 0.86% |
| 2017-12-31 | 18.66% | -5.63% | -3.25% | 3.53% |
| 2016-12-31 | 21.98% | -14.33% | -7.97% | -16.42% |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $2.80B | $282.59M |
| 2024-12-31 | $1.62B | $373.35M |
| 2023-12-31 | $1.95B | $464.07M |
| 2022-12-31 | $1.48B | $184.35M |
| 2021-12-31 | $1.45B | $236.00M |
| 2020-12-31 | $1.23B | $237.69M |
| 2019-12-31 | $1.35B | $454.19M |
| 2018-12-31 | $1.40B | $479.16M |
| 2017-12-31 | $2.99B | $406.39M |
| 2016-12-31 | $1.96B | $196.69M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | $1.19B | $19.22M |
| 2024-12-31 | -$308.08M | $28.10M |
| 2023-12-31 | -$784.51M | $34.22M |
| 2022-12-31 | -$30.24M | $28.66M |
| 2021-12-31 | -$302.73M | $20.90M |
| 2020-12-31 | -$379.51M | $29.27M |
| 2019-12-31 | -$494.52M | $37.43M |
| 2018-12-31 | -$1.07B | $34.15M |
| 2017-12-31 | $826.32M | $35.12M |
| 2016-12-31 | -$22.70M | $28.71M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-29
- Consensus EPS estimate
- $4.57
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-07-30 | Jun/2026 | $2.74 |
| 2026-04-30 | Mar/2026 | $2.87 |
| 2026-02-24 | Dec/2025 | $5.22 |
| 2025-10-30 | Sep/2025 | $4.32 |
| 2025-07-31 | Jun/2025 | $2.68 |
| 2025-04-29 | Mar/2025 | $2.50 |
| 2025-02-25 | Dec/2024 | $4.64 |
| 2024-10-29 | Sep/2024 | $3.10 |
Filings and sources
- Company website
- firstsolar.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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Understanding these figures
Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
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