Overview
FIRST SOLAR, INC.
Latest 10-K: FY2025, filed Feb 24, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $5.22B
- 24.1%YoYup from FY2024
- TotalRevenue
- Gross profit
- $2.12B
- 14.1%YoYup from FY2024
- GrossProfit
- Operating income
- $1.60B
- 14.5%YoYup from FY2024
- OperatingIncome
- Net income
- $1.53B
- 18.3%YoYup from FY2024
- NetIncome
- Diluted EPS
- $14.21
- 18.2%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 107.5M
- 0.0%YoYunchanged from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- FIRST SOLAR, INC. reported revenue of $5.22B for fiscal 2025, up 24.1% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 30.6% and net margin was 29.3%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $14.21, up 18.2% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $5.22B24.1%up Benchmark median 6.4% | $4.21B26.7%up Benchmark median 4.5% | $3.32B26.7%up Benchmark median 4.8% | $2.62B10.4%down Benchmark median 10.3% | $2.92B7.8%up Benchmark median 13.8% | 15.6% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $2.12B14.1%up Benchmark median 6.8% | $1.86B42.8%up Benchmark median 5.5% | $1.30B1761.9%up Benchmark median 5.2% | $0.07B90.4%down Benchmark median 8.3% | $0.73B7.2%up Benchmark median 15.7% | 30.6% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.60B14.5%up Benchmark median 7.3% | $1.39B62.7%up Benchmark median 7.4% | $0.86Bn/m Benchmark median 4.9% | negative: -$0.03B104.6%down Benchmark median 7.5% | $0.59B84.8%up Benchmark median 23.5% | 28.4% Benchmark median 7.2% |
| Net Income | $1.53B18.3%up Benchmark median 4.8% | $1.29B55.5%up Benchmark median 5.7% | $0.83Bn/m Benchmark median 1.9% | negative: -$0.04B109.4%down Benchmark median 1.3% | $0.47B17.7%up Benchmark median 33.9% | 34.4% Benchmark median 4.1% |
| EPS (Diluted) | $14.2118.2%up Benchmark median 6.2% | $12.0255.3%up Benchmark median 7.9% | $7.74n/m Benchmark median 1.9% | negative: -$0.41109.4%down Benchmark median 1.5% | $4.3817.4%up Benchmark median 34.8% | 34.2% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $13.32B9.9%up Benchmark median 5.6% | $12.12B17.0%up Benchmark median 3.4% | $10.37B25.6%up Benchmark median 4.1% | $8.25B11.3%up Benchmark median 2.2% | $7.41B4.3%up Benchmark median 6.7% | 15.8% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $3.78B8.8%down Benchmark median 6.4% | $4.15B12.8%up Benchmark median 1.9% | $3.68B52.3%up Benchmark median 2.9% | $2.42B66.1%up Benchmark median 2.0% | $1.45B8.4%down Benchmark median 5.2% | 27.0% Benchmark median 4.4% |
| Stockholders' Equity | $9.54B19.6%up Benchmark median 6.8% | $7.98B19.3%up Benchmark median 5.4% | $6.69B14.6%up Benchmark median 7.3% | $5.84B2.1%down Benchmark median 2.5% | $5.96B7.9%up Benchmark median 9.0% | 12.5% Benchmark median 6.1% |
| Cash & Equivalents | $2.80B72.9%up Benchmark median 5.2% | $1.62B16.7%down Benchmark median 1.9% | $1.95B31.4%up Benchmark median 6.7% | $1.48B2.1%up Benchmark median -8.6% | $1.45B18.2%up Benchmark median -2.9% | 17.9% Benchmark median 2.0% |
| Total Debt | $498.57M18.2%down Benchmark median 2.1% | $609.78M8.8%up Benchmark median 0.2% | $560.31M203.9%up Benchmark median 0.3% | $184.35M23.2%down Benchmark median 0.1% | $239.90M14.1%down Benchmark median -0.1% | 20.1% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.06B68.9%up Benchmark median 6.3% | $1.22B102.2%up Benchmark median 4.8% | $0.60B31.0%down Benchmark median 9.9% | $0.87B267.6%up Benchmark median -0.7% | $0.24B540.0%up Benchmark median 10.7% | 71.5% Benchmark median 7.0% |
| Capital Expenditures | $0.87B43.0%down Benchmark median 5.4% | $1.53B10.0%up Benchmark median 2.8% | $1.39B53.5%up Benchmark median 11.3% | $0.90B67.2%up Benchmark median 14.0% | $0.54B29.7%up Benchmark median 8.1% | 12.6% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.19Bn/m Benchmark median 7.3% | negative: -$0.31Bn/m Benchmark median 6.1% | negative: -$0.78Bn/m Benchmark median 8.8% | negative: -$0.03Bn/m Benchmark median -11.3% | negative: -$0.30Bn/m Benchmark median 10.2% | n/m Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
5.4%
Wall Street
on net earnings
FY2024 6.8%
4.2%
Value investor
on free cash flow
FY2024 negative: −1.6%
Gap −1.2 pts: Value-investor figure 1.2 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 18.4×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
8.3%
Wall Street
on EBITDA
FY2024 10.2%
6.2%
Value investor
on EBIT
FY2024 7.8%
Gap −2.1 pts: Value-investor figure 2.1 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 12.1×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
34.0%
Wall Street
on book equity
FY2024 42.1%
33.7%
Value investor
on tangible book
FY2024 41.7%
Gap −0.3 pts: Value-investor figure 0.3 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 2.9×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
17.4%
Wall Street
ROE: net income ÷ equity
FY2024 17.6%
18.9%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 15.5%
Gap +1.5 pts: Value-investor figure 1.5 points higher
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
40.7%
Wall Street
EBITDA margin
FY2024 43.2%
22.7%
Value investor
Free-cash-flow margin
FY2024 negative: −7.3%
Gap −18.0 pts: Value-investor figure 18.0 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
2.67×
Wall Street
Current ratio
FY2024 2.45×
2.35×
Value investor
Quick ratio, inventory excluded
FY2024 1.93×
Gap −0.32×: Value-investor figure 0.32 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
4.26×
Wall Street
EBITDA ÷ total debt
FY2024 2.98×
2.38×
Value investor
FCF ÷ total debt
FY2024 negative: −0.51×
Gap −1.88×: Value-investor figure 1.88 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
327.1×
Wall Street
EBITDA ÷ interest
FY2024 46.8×
245.7×
Value investor
EBIT ÷ interest
FY2024 35.9×
Gap −81.4×: Value-investor figure 81.4 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on FSLR yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on FSLR and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/FSLR
Valuein. (2026, October 31). FIRST SOLAR, INC. (FSLR) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/FSLR
@misc{valuein_fslr_2026,
author = {{Valuein}},
title = {FIRST SOLAR, INC. (FSLR) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/FSLR}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 24, 2026 · accession 0001274494-26-000021
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