NASDAQ : FSLR
First Solar, Inc. — Financial statements
Technology · Solar · United States
Last price 176.89 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 19.01B
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Financial statements
First Solar, Inc. (FSLR) reported revenue of 5.01B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.01B | 5.22B | 4.21B | 3.32B | 2.62B | 2.92B |
| Cost of Revenue | 2.54B | 3.10B | 2.35B | 2.02B | 2.55B | 2.19B |
| Gross Profit | 2.47B | 2.12B | 1.86B | 1.30B | 69.86M | 729.95M |
| Selling, General & Admin | 233.28M | 203.76M | 188.26M | 197.62M | 164.72M | 170.32M |
| Research & Development | 276.36M | 233.42M | 191.38M | 152.31M | 112.80M | 99.11M |
| Operating Expenses | 579.82M | 523.48M | 464.13M | 414.71M | 350.61M | 290.49M |
| Operating Income | 1.89B | 1.60B | 1.39B | 885.97M | -280.75M | 439.47M |
| Interest Expense | -26.87M | -44.13M | -38.87M | -12.96M | -12.22M | -13.11M |
| Interest & Investment Income | 110.42M | 81.76M | 89.09M | 97.67M | 33.28M | 6.18M |
| Currency Exchange Gain (Loss) | -33.53M | -40.76M | -29.64M | -23.30M | -15.46M | -9.18M |
| Other Non Operating Income (Expenses) | -7.91M | -12.81M | -8.67M | -27.37M | 30.23M | -10.18M |
| EBT Excluding Unusual Items | 1.93B | 1.58B | 1.41B | 920.01M | -244.91M | 413.18M |
| Gain (Loss) on Sale of Investments | -747.00K | -9.00K | 11.00K | -9.00K | 11.70M | |
| Gain (Loss) on Sale of Assets | 1.11M | 6.88M | 253.51M | 147.28M | ||
| Legal Settlements | -430.00K | -35.59M | ||||
| Pretax Income | 1.93B | 1.58B | 1.41B | 891.29M | 8.60M | 572.16M |
| Income Tax Expense | 69.95M | 52.68M | 114.29M | 60.51M | 52.76M | 103.47M |
| Net Income | 1.86B | 1.53B | 1.29B | 830.78M | -44.17M | 468.69M |
| Net Income to Common | 1.86B | 1.53B | 1.29B | 830.78M | -44.17M | 468.69M |
| Shares Outstanding (Basic) | 107.40M | 107.23M | 107.02M | 106.80M | 106.55M | 106.26M |
| Shares Outstanding (Diluted) | 107.67M | 107.54M | 107.53M | 107.37M | 106.55M | 106.92M |
| EPS (Basic) | 17.33 | 14.25 | 12.07 | 7.78 | -0.41 | 4.41 |
| EPS (Diluted) | 17.29 | 14.21 | 12.02 | 7.74 | -0.41 | 4.38 |
| Free Cash Flow | 232.79M | 1.19B | -308.08M | -784.51M | -30.24M | -302.73M |
| Free Cash Flow Per Share | 2.16 | 11.04 | -2.87 | -7.31 | -0.28 | -2.83 |
| Gross Margin | 49.25% | 40.62% | 44.17% | 39.19% | 2.67% | 24.97% |
| Operating Margin | 37.69% | 30.59% | 33.13% | 26.70% | -10.72% | 15.03% |
| Profit Margin | 37.12% | 29.28% | 30.72% | 25.03% | -1.69% | 16.03% |
| Free Cash Flow Margin | 4.64% | 22.75% | -7.32% | -23.64% | -1.15% | -10.36% |
| EBITDA | 2.48B | 2.13B | 1.82B | 1.19B | -11.02M | 699.37M |
| EBITDA Margin | 49.49% | 40.73% | 43.20% | 35.98% | -0.42% | 23.92% |
| D&A For EBITDA | 591.95M | 529.22M | 423.50M | 307.99M | 269.72M | 259.90M |
| EBIT | 1.89B | 1.60B | 1.39B | 885.97M | -280.75M | 439.47M |
| EBIT Margin | 37.69% | 30.59% | 33.13% | 26.70% | -10.72% | 15.03% |
| Effective Tax Rate | 3.62% | 3.33% | 8.13% | 6.79% | 613.68% | 18.08% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.58B | 2.80B | 1.62B | 1.95B | 1.48B | 1.45B |
| Short-Term Investments | 48.07M | 51.85M | 171.58M | 155.50M | 1.10B | 375.39M |
| Cash & Short-Term Investments | 1.62B | 2.86B | 1.79B | 2.10B | 2.58B | 1.83B |
| Accounts Receivable | 1.59B | 1.29B | 1.26B | 660.78M | 324.34M | 454.71M |
| Other Receivables | 409.57M | 623.64M | 525.89M | 725.05M | 5.27M | |
| Receivables | 2.00B | 1.92B | 1.79B | 1.39B | 329.61M | 454.71M |
| Inventory | 1.51B | 1.02B | 1.30B | 968.12M | 735.80M | 778.37M |
| Prepaid Expenses | 32.53M | 99.28M | 75.25M | 62.48M | 43.26M | 28.23M |
| Restricted Cash | 1.39M | 8.26M | 8.26M | 3.17M | 1.53M | |
| Other Current Assets | 140.73M | 141.01M | 127.05M | 107.64M | 101.59M | 102.36M |
| Total Current Assets | 5.31B | 6.03B | 5.09B | 4.63B | 3.79B | 3.19B |
| Property, Plant & Equipment | 5.89B | 5.87B | 5.56B | 4.50B | 3.63B | 3.07B |
| Goodwill | 29.80M | 31.09M | 28.34M | 29.69M | 14.46M | 14.46M |
| Other Intangible Assets | 61.36M | 51.01M | 54.65M | 64.51M | 31.11M | 45.51M |
| Long-Term Accounts Receivable | 16.00M | 94.37M | 42.13M | |||
| Long-Term Deferred Tax Assets | 221.23M | 194.67M | 208.81M | 142.82M | 78.68M | 59.16M |
| Other Long-Term Assets | 2.51B | 1.13B | 1.09B | 994.55M | 705.47M | 986.81M |
| Total Assets | 14.02B | 13.32B | 12.12B | 10.37B | 8.25B | 7.41B |
| Accounts Payable | 338.20M | 405.77M | 482.19M | 207.18M | 341.41M | 193.37M |
| Accrued Expenses | 283.08M | 351.12M | 310.27M | 308.68M | 223.34M | 192.11M |
| Short-Term Debt | 107.67M | 125.14M | 145.60M | 60.83M | ||
| Current Portion of Long-Term Debt | 90.84M | 90.82M | 35.41M | 3.90M | ||
| Current Portion of Leases | 17.50M | 18.09M | 13.28M | 10.36M | 9.19M | 12.78M |
| Current Income Taxes Payable | 54.28M | 7.49M | 77.36M | 22.13M | 29.40M | 4.54M |
| Current Unearned Revenue | 1.01B | 1.01B | 712.00M | 413.58M | 263.21M | 201.87M |
| Other Current Liabilities | 257.85M | 241.26M | 245.92M | 248.00M | 171.49M | 118.31M |
| Total Current Liabilities | 2.06B | 2.25B | 2.08B | 1.31B | 1.04B | 726.88M |
| Long-Term Debt | 282.59M | 373.35M | 464.07M | 184.35M | 236.00M | |
| Long-Term Leases | 199.81M | 138.67M | 95.74M | 53.73M | 40.59M | 145.91M |
| Long-Term Unearned Revenue | 591.38M | 805.02M | 1.33B | 1.59B | 944.73M | 95.94M |
| Long-Term Deferred Tax Liabilities | 58.35M | 69.69M | 54.70M | 42.77M | 28.93M | 27.70M |
| Other Long-Term Liabilities | 225.07M | 233.24M | 217.72M | 219.34M | 178.53M | 221.76M |
| Total Liabilities | 3.14B | 3.78B | 4.15B | 3.68B | 2.42B | 1.45B |
| Common Stock | 107.00K | 107.00K | 107.00K | 107.00K | 107.00K | 106.00K |
| Additional Paid-In Capital | 2.92B | 2.90B | 2.90B | 2.89B | 2.89B | 2.87B |
| Retained Earnings | 8.13B | 6.79B | 5.26B | 3.97B | 3.14B | 3.18B |
| Comprehensive Income & Other | -175.12M | -155.47M | -184.06M | -174.13M | -191.82M | -96.36M |
| Shareholders' Equity | 10.88B | 9.54B | 7.98B | 6.69B | 5.84B | 5.96B |
| Total Liabilities & Equity | 14.02B | 13.32B | 12.12B | 10.37B | 8.25B | 7.41B |
| Total Debt | 324.97M | 655.34M | 718.80M | 624.39M | 234.13M | 398.59M |
| Net Cash (Debt) | 1.30B | 2.20B | 1.07B | 1.48B | 2.34B | 1.43B |
| Net Cash Per Share | 12.07 | 20.46 | 9.99 | 13.77 | 22.00 | 13.35 |
| Filing Date Shares Outstanding | 107.48M | 107.31M | 107.06M | 106.85M | 106.61M | 106.33M |
| Total Common Shares Outstanding | 107.48M | 107.31M | 107.06M | 106.85M | 106.61M | 106.33M |
| Working Capital | 3.24B | 3.77B | 3.01B | 3.33B | 2.75B | 2.46B |
| Book Value Per Share | 101.23 | 88.88 | 74.51 | 62.59 | 54.74 | 56.05 |
| Tangible Book Value | 10.79B | 9.46B | 7.89B | 6.59B | 5.79B | 5.90B |
| Tangible Book Value Per Share | 100.39 | 88.12 | 73.74 | 61.71 | 54.32 | 55.48 |
| Land | 39.48M | 39.58M | 38.88M | 35.36M | 35.26M | 18.36M |
| Buildings | 1.94B | 1.93B | 1.58B | 1.04B | 893.05M | 693.29M |
| Machinery | 5.98B | 5.91B | 4.98B | 3.75B | 2.91B | 2.95B |
| Construction In Progress | 611.46M | 321.52M | 858.54M | 1.22B | 1.12B | 461.71M |
| Leasehold Improvements | 34.03M | 34.14M | 40.30M | 40.08M | 40.16M | 40.52M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.86B | 1.53B | 1.29B | 830.78M | -44.17M | 468.69M |
| Depreciation & Amortization | 591.95M | 529.22M | 423.50M | 307.99M | 269.72M | 259.90M |
| Loss (Gain) From Sale of Assets | -1.11M | -6.88M | -253.51M | -147.28M | ||
| Asset Writedown & Restructuring Costs | 63.34M | 22.88M | ||||
| Loss (Gain) From Sale of Investments | -11.70M | |||||
| Stock-Based Compensation | 25.41M | 19.22M | 28.10M | 34.22M | 28.66M | 20.90M |
| Other Operating Activities | 12.82M | 69.84M | -41.41M | -37.18M | -189.31M | -39.13M |
| Change in Accounts Receivable | -63.39M | 30.62M | -505.34M | -304.18M | 118.72M | -96.95M |
| Change in Inventory | 29.40M | 377.72M | -276.81M | -205.11M | 16.69M | -136.37M |
| Change in Accounts Payable | 21.66M | 4.68M | 268.73M | 79.33M | 5.57M | 48.97M |
| Change in Unearned Revenue | -673.54M | -189.92M | 698.00K | 783.21M | 912.95M | 47.06M |
| Change in Income Taxes | 69.58M | -31.81M | 47.42M | 8.66M | 43.59M | -13.06M |
| Change in Other Net Operating Assets | -1.04B | -280.69M | -17.83M | -888.57M | -98.89M | -186.36M |
| Operating Cash Flow | 839.18M | 2.06B | 1.22B | 602.26M | 873.37M | 237.56M |
| Capital Expenditures | -606.39M | -869.88M | -1.53B | -1.39B | -903.61M | -540.29M |
| Cash Acquisitions | -35.74M | |||||
| Divestitures | 7.68M | 442.30M | 300.50M | |||
| Investment in Securities | -3.37M | 113.10M | -24.24M | 951.09M | -728.22M | 147.46M |
| Other Investing Activities | -5.54M | -8.39M | -12.99M | -9.05M | -3.05M | -6.71M |
| Investing Cash Flow | -615.30M | -765.17M | -1.56B | -472.79M | -1.19B | -99.04M |
| Long-Term Debt Issued | 857.79M | 258.46M | 367.98M | 397.38M | 129.22M | |
| Total Debt Issued | 401.38M | 857.79M | 258.46M | 367.98M | 397.38M | 129.22M |
| Long-Term Debt Repaid | -960.69M | -205.82M | -75.90M | -72.68M | ||
| Total Debt Repaid | -1.04B | -960.69M | -205.82M | -75.90M | -72.68M | |
| Net Debt Issued (Repaid) | -635.50M | -102.89M | 52.64M | 367.98M | 321.48M | 56.54M |
| Repurchase of Common Stock | -991.00K | -15.53M | -20.18M | -31.13M | -12.09M | -15.99M |
| Other Financing Activities | -1.16M | -810.00K | -7.61M | |||
| Financing Cash Flow | -637.65M | -119.23M | 24.85M | 336.85M | 309.39M | 40.55M |
| Foreign Exchange Rate Adjustments | 4.75M | 3.10M | -6.39M | 5.29M | 47.44M | 3.17M |
| Net Cash Flow | -409.02M | 1.18B | -326.85M | 471.61M | 37.62M | 182.24M |
| Free Cash Flow | 232.79M | 1.19B | -308.08M | -784.51M | -30.24M | -302.73M |
| Free Cash Flow Margin | 4.64% | 22.75% | -7.32% | -23.64% | -1.15% | -10.36% |
| Free Cash Flow Per Share | 2.16 | 11.04 | -2.87 | -7.31 | -0.28 | -2.83 |
| Levered Free Cash Flow | 687.75M | 963.92M | -363.26M | -1.65B | -317.92M | -172.40M |
| Unlevered Free Cash Flow | 704.55M | 991.50M | -338.97M | -1.64B | -310.28M | -164.21M |
| Cash Interest Paid | 34.60M | 34.60M | 36.20M | 15.00M | 11.60M | 12.70M |
| Cash Income Tax Paid | 43.16M | 43.16M | 94.20M | 90.90M | -3.90M | 38.20M |
| Change in Working Capital | -1.65B | -89.41M | -483.12M | -526.66M | 998.64M | -336.70M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 18.74B | 28.03B | 18.87B | 18.41B | 15.97B | 9.27B |
| Enterprise Value | 17.45B | 26.88B | 18.29B | 17.13B | 14.35B | 7.81B |
| Last Close Price | 174.40 | 261.23 | 176.24 | 172.28 | 149.79 | 87.16 |
| PE Ratio | 10.09 | 18.34 | 14.60 | 22.16 | 19.77 | |
| Forward PE | 8.08 | 11.97 | 9.14 | 14.89 | 44.67 | 37.54 |
| PS Ratio | 3.74 | 5.37 | 4.49 | 5.55 | 6.10 | 3.17 |
| PB Ratio | 1.72 | 2.94 | 2.37 | 2.75 | 2.74 | 1.55 |
| P/TBV Ratio | 1.74 | 2.96 | 2.39 | 2.79 | 2.76 | 1.57 |
| P/FCF Ratio | 80.52 | 23.61 | ||||
| P/OCF Ratio | 22.34 | 13.63 | 15.49 | 30.56 | 18.28 | 39.01 |
| PEG Ratio | 0.35 | 0.37 | 0.28 | 0.40 | 2.56 | 4.75 |
| EV/Sales Ratio | 3.48 | 5.15 | 4.35 | 5.16 | 5.48 | 2.67 |
| EV/EBITDA Ratio | 7.03 | 12.64 | 10.07 | 14.35 | 11.17 | |
| EV/EBIT Ratio | 9.23 | 16.84 | 13.12 | 19.33 | 17.78 | |
| EV/FCF Ratio | 74.94 | 22.64 | ||||
| Debt / Equity Ratio | 0.03 | 0.07 | 0.09 | 0.09 | 0.04 | 0.07 |
| Debt / EBITDA Ratio | 0.13 | 0.30 | 0.39 | 0.52 | 36.20 | 0.55 |
| Debt / FCF Ratio | 1.40 | 0.55 | ||||
| Net Debt / Equity Ratio | -0.12 | -0.23 | -0.14 | -0.22 | -0.40 | -0.24 |
| Net Debt / EBITDA Ratio | -0.52 | -1.03 | -0.59 | -1.24 | 212.63 | -2.04 |
| Net Debt / FCF Ratio | -5.58 | -1.85 | 3.49 | 1.88 | 77.52 | 4.71 |
| Asset Turnover | 0.36 | 0.41 | 0.37 | 0.36 | 0.33 | 0.40 |
| Inventory Turnover | 1.77 | 2.68 | 2.07 | 2.37 | 3.37 | 3.04 |
| Quick Ratio | 1.76 | 2.12 | 1.72 | 2.67 | 2.80 | 3.14 |
| Current Ratio | 2.57 | 2.67 | 2.45 | 3.55 | 3.65 | 4.39 |
| Return on Equity (ROE) | 18.71% | 17.45% | 17.62% | 13.27% | -0.75% | 8.16% |
| Return on Assets (ROA) | 8.60% | 7.84% | 7.75% | 5.95% | -2.24% | 3.78% |
| Return on Invested Capital (ROIC) | 19.83% | 21.68% | 21.14% | 18.98% | 35.94% | 8.19% |
| Return on Capital Employed (ROCE) | 15.80% | 14.40% | 13.90% | 9.80% | -3.90% | 6.60% |
| Earnings Yield | 9.91% | 5.45% | 6.85% | 4.51% | -0.28% | 5.06% |
| FCF Yield | 1.24% | 4.23% | -1.63% | -4.26% | -0.19% | -3.27% |
| Buyback Yield / Dilution | -0.15% | -0.01% | -0.14% | -0.77% | 0.35% | -0.22% |