First Solar (FSLR) Financials

$227.81 -1.19 (-0.52%)

As of 11:34 AM Eastern

Annual Income Statements for First Solar

This table shows First Solar's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	396	593	-416	-166	144	-115	398	469	-44	831	1,292
Consolidated Net Income / (Loss)	396	593	-416	-166	144	-115	398	469	-44	831	1,292
Net Income / (Loss) Continuing Operations	396	593	-416	-166	144	-115	398	469	-44	831	1,292
Total Pre-Tax Income	432	733	-537	202	113	-120	293	572	8.60	891	1,406
Total Operating Income	422	730	-568	178	40	-162	317	587	-27	857	1,394
Total Gross Profit	825	1,133	638	549	392	549	681	730	70	1,301	1,858
Total Revenue	3,391	4,113	2,905	2,941	2,244	3,063	2,711	2,923	2,619	3,319	4,206
Operating Revenue	3,391	4,113	2,905	2,941	2,244	3,063	2,711	2,923	2,619	3,319	4,206
Total Cost of Revenue	2,566	2,980	2,266	2,392	1,852	2,514	2,031	2,193	2,549	2,018	2,348
Operating Cost of Revenue	2,566	2,980	2,266	2,392	1,852	2,514	2,031	2,193	2,549	2,018	2,348
Total Operating Expenses	403	403	1,207	371	352	711	363	143	97	443	463
Selling, General & Admin Expense	254	255	262	203	177	205	223	170	165	198	188
Marketing Expense	5.15	17	1.02	43	91	46	41	21	73	65	84
Research & Development Expense	144	131	125	89	84	97	94	99	113	152	191
Other Operating Expenses / (Income)	-	-	-	-	-	0.00	0.00	-147	-254	-6.88	-1.12
Other Special Charges / (Income)	-	-	-	0.00	0.00	363	6.00	0.00	0.00	36	0.43
Total Other Income / (Expense), net	10	3.17	31	24	73	42	-24	-15	36	34	12
Interest Expense	1.98	6.98	21	26	26	27	24	13	12	13	39
Interest & Investment Income	18	23	25	36	60	49	17	6.18	33	98	89
Other Income / (Expense), net	-5.95	-12	26	14	39	20	-17	-7.66	15	-51	-38
Income Tax Expense	31	32	23	372	3.44	-5.48	-107	103	53	61	114
Basic Earnings per Share	$3.96	$5.88	($4.05)	($1.59)	$1.38	($1.09)	$3.76	$4.41	($0.41)	$7.78	$12.07
Weighted Average Basic Shares Outstanding	100.05M	100.89M	102.87M	104.33M	104.75M	105.31M	105.87M	106.26M	106.55M	106.80M	107.02M
Diluted Earnings per Share	$3.90	$5.83	($4.05)	($1.59)	$1.36	($1.09)	$3.73	$4.38	($0.41)	$7.74	$12.02
Weighted Average Diluted Shares Outstanding	101.64M	101.82M	102.87M	104.33M	106.11M	105.31M	106.69M	106.92M	106.55M	107.37M	107.53M
Weighted Average Basic & Diluted Shares Outstanding	100M	100.80M	119.60M	104.20M	104.60M	105.46M	105.99M	106.33M	106.61M	106.85M	107.06M

This table shows First Solar's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-7.55	43	171	268	349	237	349	313	393	210	342
Consolidated Net Income / (Loss)	-7.55	43	171	268	349	237	349	313	393	210	342
Net Income / (Loss) Continuing Operations	-7.55	43	171	268	349	237	349	313	393	210	342
Total Pre-Tax Income	-6.57	36	188	290	377	256	377	327	446	217	352
Total Operating Income	-46	18	169	273	398	243	373	322	457	221	362
Total Gross Profit	61	112	310	376	502	346	499	445	568	344	500
Total Revenue	1,002	548	811	801	1,159	794	1,010	888	1,514	845	1,097
Operating Revenue	1,002	548	811	801	1,159	794	1,010	888	1,514	845	1,097
Total Cost of Revenue	942	436	500	425	657	448	512	442	946	500	597
Operating Cost of Revenue	942	436	500	425	657	448	512	442	946	500	597
Total Operating Expenses	107	94	142	103	104	103	126	123	111	123	138
Selling, General & Admin Expense	43	44	46	50	57	46	47	46	50	53	53
Marketing Expense	33	19	23	12	9.85	15	27	27	15	18	31
Research & Development Expense	31	31	37	41	44	43	52	50	46	52	54
Other Operating Expenses / (Income)	-0.24	0.02	-0.14	-0.21	-6.55	-1.12	0.00	0.00	-	0.00	0.00
Other Special Charges / (Income)	-	-	36	0.00	-	-	0.43	0.00	-	-	0.00
Total Other Income / (Expense), net	39	18	20	18	-21	12	4.62	5.34	-10	-4.19	-9.44
Interest Expense	3.13	0.75	1.42	3.73	7.07	9.21	9.77	9.01	11	9.53	9.18
Interest & Investment Income	18	26	25	23	24	27	25	23	15	19	12
Other Income / (Expense), net	24	-7.40	-3.66	-2.02	-38	-5.66	-10	-8.23	-14	-14	-12
Income Tax Expense	0.98	-6.89	18	22	27	19	28	14	53	7.52	10
Basic Earnings per Share	($0.06)	$0.40	$1.60	$2.51	$3.27	$2.21	$3.26	$2.92	$3.68	$1.96	$3.19
Weighted Average Basic Shares Outstanding	106.55M	106.68M	106.83M	106.83M	106.80M	106.91M	107.04M	107.05M	107.02M	107.12M	107.25M
Diluted Earnings per Share	($0.06)	$0.40	$1.59	$2.50	$3.25	$2.20	$3.25	$2.91	$3.66	$1.95	$3.18
Weighted Average Diluted Shares Outstanding	106.55M	107.15M	107.28M	107.50M	107.37M	107.41M	107.53M	107.56M	107.53M	107.42M	107.52M
Weighted Average Basic & Diluted Shares Outstanding	106.61M	106.83M	106.83M	106.84M	106.85M	107.04M	107.05M	107.06M	107.06M	107.24M	107.25M

This table details how cash moves in and out of First Solar's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	281	-380	215	906	-754	-116	-173	182	-9.81	472	-327
Net Cash From Operating Activities	736	-325	207	1,341	-327	174	37	238	873	602	1,218
Net Cash From Continuing Operating Activities	736	-325	207	1,341	-327	174	37	238	873	602	1,218
Net Income / (Loss) Continuing Operations	396	593	-416	-166	144	-115	398	469	-44	831	1,292
Consolidated Net Income / (Loss)	396	593	-416	-166	144	-115	398	469	-44	831	1,292
Depreciation Expense	246	258	231	115	131	205	233	260	270	308	423
Non-Cash Adjustments To Reconcile Net Income	-37	-181	781	262	-525	-84	-87	-201	-337	-631	299
Changes in Operating Assets and Liabilities, net	130	-996	-389	1,129	-77	167	-507	-290	985	94	-796
Net Cash From Investing Activities	-388	-156	145	-627	-683	-362	-131	-99	-1,193	-473	-1,563
Net Cash From Continuing Investing Activities	-388	-156	145	-627	-683	-362	-131	-99	-1,193	-473	-1,563
Purchase of Property, Plant & Equipment	-258	-166	-229	-514	-740	-669	-417	-540	-904	-1,387	-1,526
Acquisitions	-4.31	-	-	-	-	-	-	0.00	0.00	-36	0.00
Purchase of Investments	-305	-556	-423	-581	-1,369	-1,177	-902	-2,147	-3,375	-3,613	-2,516
Divestitures	-	-	292	0.00	248	0.00	0.00	300	442	7.68	0.00
Sale and/or Maturity of Investments	228	592	526	466	1,136	1,487	1,193	2,295	2,647	4,564	2,492
Other Investing Activities, net	-48	-26	-20	2.22	43	-2.88	-5.50	-6.71	-3.05	-9.05	-13
Net Cash From Financing Activities	-47	101	-136	192	255	75	-83	41	309	337	25
Net Cash From Continuing Financing Activities	-47	101	-136	192	255	75	-83	41	309	337	25
Repayment of Debt	-89	-79	-693	-61	-25	-29	-226	-73	-76	0.00	-213
Issuance of Debt	66	157	577	258	291	120	157	129	397	368	258
Other Financing Activities, net	-23	23	-20	-5.14	-11	-16	-13	-16	-12	-31	-20
Other Net Changes in Cash	-	-	-	-	-	-2.96	3.78	3.17	-	5.29	-6.39

This table details how cash moves in and out of First Solar's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	285	-572	-79	668	455	-262	17	-701	617	-794	336
Net Cash From Operating Activities	795	-35	-90	165	561	268	193	-54	811	-608	150
Net Cash From Continuing Operating Activities	795	-35	-90	165	561	268	193	-54	811	-608	150
Net Income / (Loss) Continuing Operations	-7.55	43	171	268	349	237	349	313	393	210	342
Consolidated Net Income / (Loss)	-7.55	43	171	268	349	237	349	313	393	210	342
Depreciation Expense	71	69	72	78	90	91	97	111	124	126	125
Non-Cash Adjustments To Reconcile Net Income	-168	-63	-147	-197	-224	288	-273	-52	337	-97	-71
Changes in Operating Assets and Liabilities, net	900	-83	-185	16	346	-347	20	-425	-43	-847	-245
Net Cash From Investing Activities	-570	-645	-98	444	-173	-569	-107	-666	-221	-88	-262
Net Cash From Continuing Investing Activities	-570	-645	-98	444	-173	-569	-107	-666	-221	-88	-262
Purchase of Property, Plant & Equipment	-327	-371	-383	-286	-347	-413	-365	-434	-314	-206	-288
Purchase of Investments	-1,097	-1,471	-1,022	-728	-392	-569	-544	-901	-501	-390	-541
Sale and/or Maturity of Investments	776	1,196	1,342	1,458	567	417	807	674	594	503	565
Other Investing Activities, net	-0.49	0.00	-	-	-9.05	-2.70	-5.00	-4.92	-0.37	4.65	2.35
Net Cash From Financing Activities	100	108	109	60	61	41	-68	22	31	-100	447
Net Cash From Continuing Financing Activities	100	108	109	60	61	41	-68	22	31	-100	447
Repayment of Debt	-	0.00	-	-	-	-46	-73	-94	-0.05	-177	-68
Issuance of Debt	100	136	111	60	61	105	4.98	117	31	92	514
Other Financing Activities, net	-0.04	-28	-1.93	-0.85	-0.03	-19	-0.20	-1.00	-0.03	-15	-0.02
Other Net Changes in Cash	-	-	-	-	6.14	-1.94	-	-	-3.58	1.61	1.86

This table presents First Solar's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	6,721	7,316	6,824	6,865	7,121	7,516	7,109	7,414	8,251	10,365	12,124
Total Current Assets	3,078	3,346	3,788	3,833	3,860	3,600	3,015	3,191	3,791	4,635	5,089
Cash & Equivalents	1,482	1,127	1,347	2,269	1,404	1,353	1,227	1,451	1,481	1,947	1,621
Short-Term Investments	509	703	608	720	1,144	812	520	375	1,097	155	172
Accounts Receivable	212	560	473	386	586	659	292	455	324	661	1,261
Inventories, net	630	517	426	201	445	497	568	666	621	820	1,084
Other Current Assets	29	188	701	78	38	3.52	252	244	268	1,052	951
Plant, Property, & Equipment, net	1,420	1,284	629	1,155	1,756	2,181	2,402	2,650	3,537	4,397	5,414
Total Noncurrent Assets	2,223	2,687	2,407	1,877	1,506	1,735	1,692	1,573	923	1,333	1,622
Long-Term Investments	662	734	606	642	318	224	265	245	182	198	199
Noncurrent Note & Lease Receivables	9.13	18	55	48	23	-	-	-	0.00	152	158
Goodwill	85	85	14	14	14	14	14	14	14	30	28
Intangible Assets	119	110	88	80	74	65	56	46	31	65	55
Noncurrent Deferred & Refundable Income Taxes	314	358	255	51	78	131	104	59	79	143	209
Other Noncurrent Operating Assets	1,034	1,382	1,389	1,041	998	1,301	1,252	1,209	617	746	973
Total Liabilities & Shareholders' Equity	6,721	7,316	6,824	6,865	7,121	7,516	7,109	7,414	8,251	10,365	12,124
Total Liabilities	1,730	1,768	1,606	1,766	1,909	2,419	1,588	1,454	2,415	3,678	4,147
Total Current Liabilities	1,001	961	908	650	845	1,318	847	727	1,038	1,306	2,077
Short-Term Debt	51	38	28	13	5.57	18	42	3.90	0.00	96	236
Accounts Payable	215	338	149	120	233	218	183	193	341	207	482
Accrued Expenses	388	409	263	367	442	351	310	288	383	525	509
Current Deferred Revenue	256	117	309	82	130	323	189	202	263	414	712
Current Deferred & Payable Income Tax Liabilities	1.73	1.33	13	20	21	17	15	4.54	29	22	77
Other Current Liabilities	89	58	147	49	14	391	83	35	21	42	61
Total Noncurrent Liabilities	729	807	698	1,116	1,064	1,101	741	727	1,377	2,372	2,069
Long-Term Debt	162	251	160	380	461	454	238	236	184	464	373
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	96	945	1,592	1,328
Other Noncurrent Operating Liabilities	567	556	538	735	602	647	503	395	248	316	368
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,991	5,548	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978
Total Preferred & Common Equity	4,991	5,548	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978
Total Common Equity	4,991	5,548	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978
Common Stock	2,698	2,743	2,765	2,799	2,825	2,849	2,867	2,871	2,888	2,891	2,899
Retained Earnings	2,244	2,790	2,463	2,297	2,442	2,327	2,716	3,184	3,140	3,971	5,263
Accumulated Other Comprehensive Income / (Loss)	50	15	-9.91	2.26	-54	-79	-62	-96	-192	-174	-184

This table presents First Solar's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	8,251	8,565	8,997	9,583	10,365	10,761	11,014	11,437	12,124	12,117	12,858
Total Current Assets	3,791	3,620	3,661	3,824	4,635	4,241	3,949	3,818	5,089	4,574	5,424
Cash & Equivalents	1,481	907	830	1,493	1,947	1,682	1,703	1,005	1,621	838	1,125
Short-Term Investments	1,097	1,365	1,054	330	155	308	37	265	172	53	29
Accounts Receivable	324	325	668	787	661	670	648	762	1,261	1,606	1,731
Inventories, net	621	751	756	883	820	971	1,028	1,251	1,084	1,286	1,414
Other Current Assets	268	273	352	332	1,052	611	533	536	951	792	1,125
Plant, Property, & Equipment, net	3,537	3,859	4,020	4,073	4,397	4,916	5,139	5,326	5,414	5,638	5,723
Total Noncurrent Assets	923	1,086	1,316	1,686	1,333	1,604	1,926	2,292	1,622	1,905	1,712
Long-Term Investments	182	197	195	184	198	194	200	211	199	211	214
Noncurrent Note & Lease Receivables	0.00	70	225	582	152	348	607	872	158	430	239
Goodwill	14	14	29	28	30	29	29	30	28	30	31
Intangible Assets	31	28	70	66	65	62	59	57	55	53	52
Noncurrent Deferred & Refundable Income Taxes	79	136	126	133	143	170	202	238	209	204	205
Other Noncurrent Operating Assets	617	640	671	692	746	801	829	885	973	977	972
Total Liabilities & Shareholders' Equity	8,251	8,565	8,997	9,583	10,365	10,761	11,014	11,437	12,124	12,117	12,858
Total Liabilities	2,415	2,696	2,958	3,280	3,678	3,858	3,759	3,843	4,147	3,929	4,312
Total Current Liabilities	1,038	1,174	1,091	1,199	1,306	1,759	1,773	1,782	2,077	2,372	2,853
Short-Term Debt	0.00	-	-	35	96	201	140	208	236	197	250
Accounts Payable	341	286	246	111	207	239	231	265	482	428	368
Accrued Expenses	383	392	303	600	525	528	540	521	509	555	593
Current Deferred Revenue	263	399	390	372	414	693	689	645	712	1,042	1,058
Current Deferred & Payable Income Tax Liabilities	29	77	29	34	22	52	81	98	77	82	79
Other Current Liabilities	21	21	122	47	42	46	91	44	61	68	505
Total Noncurrent Liabilities	1,377	1,522	1,867	2,081	2,372	2,099	1,986	2,061	2,069	1,558	1,459
Long-Term Debt	184	320	437	464	464	419	419	373	373	328	328
Noncurrent Deferred Revenue	945	950	1,157	1,350	1,592	1,375	1,259	1,320	1,328	859	765
Other Noncurrent Operating Liabilities	248	252	272	268	316	305	309	367	368	370	367
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,836	5,869	6,040	6,302	6,687	6,903	7,255	7,594	7,978	8,187	8,546
Total Preferred & Common Equity	5,836	5,869	6,040	6,302	6,687	6,903	7,255	7,594	7,978	8,187	8,546
Total Common Equity	5,836	5,869	6,040	6,302	6,687	6,903	7,255	7,594	7,978	8,187	8,546
Common Stock	2,888	2,866	2,872	2,880	2,891	2,878	2,887	2,893	2,899	2,886	2,893
Retained Earnings	3,140	3,183	3,353	3,622	3,971	4,208	4,557	4,870	5,263	5,473	5,815
Accumulated Other Comprehensive Income / (Loss)	-192	-180	-186	-199	-174	-184	-188	-169	-184	-171	-161

This table displays calculated financial ratios and metrics derived from First Solar's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.46%	21.27%	-29.37%	1.27%	-23.71%	36.50%	-11.48%	7.82%	-10.40%	26.70%	26.75%
EBITDA Growth	10.22%	47.41%	-131.87%	198.88%	-31.70%	-69.75%	739.96%	57.23%	-69.34%	333.25%	59.67%
EBIT Growth	13.64%	72.52%	-175.50%	135.46%	-58.75%	-279.05%	311.81%	92.60%	-102.15%	6,572.90%	68.13%
NOPAT Growth	14.77%	78.26%	-156.98%	62.41%	126.02%	-391.18%	482.94%	10.83%	-70.89%	471.15%	60.32%
Net Income Growth	12.90%	49.86%	-170.12%	60.20%	187.15%	-179.63%	446.60%	17.66%	-109.42%	1,981.03%	55.52%
EPS Growth	6.27%	49.49%	-169.47%	60.74%	185.53%	-180.15%	442.20%	17.43%	-109.36%	1,987.80%	55.30%
Operating Cash Flow Growth	-14.09%	-144.22%	163.58%	548.44%	-124.38%	153.30%	-78.69%	539.98%	267.64%	-31.04%	102.24%
Free Cash Flow Firm Growth	-40.05%	-106.49%	226.40%	2,631.99%	-209.40%	47.43%	90.91%	122.25%	10,285.89%	-188.03%	58.63%
Invested Capital Growth	0.75%	28.30%	-13.08%	-34.59%	51.16%	13.04%	15.01%	12.88%	-21.03%	51.73%	33.32%
Revenue Q/Q Growth	7.52%	12.89%	-28.28%	0.29%	18.61%	30.07%	-22.57%	11.35%	3.77%	4.94%	9.23%
EBITDA Q/Q Growth	135.09%	17.82%	-135.69%	167.56%	91.87%	-66.81%	40.61%	16.69%	-41.70%	56.22%	7.04%
EBIT Q/Q Growth	47.78%	25.60%	-185.32%	131.85%	1,541.98%	-116,251.64%	99.51%	24.61%	-107.05%	89.95%	6.47%
NOPAT Q/Q Growth	47.02%	24.31%	-165.48%	64.89%	-43.43%	-2,409.66%	107.43%	2.25%	40.35%	107.09%	2.73%
Net Income Q/Q Growth	47.03%	3.76%	-176.24%	65.78%	142.42%	-3,271.46%	78.44%	3.46%	-146.61%	75.27%	3.52%
EPS Q/Q Growth	42.86%	4.29%	-175.70%	66.53%	141.59%	-3,533.33%	78.47%	3.55%	-146.59%	74.72%	3.53%
Operating Cash Flow Q/Q Growth	1,442.16%	-157.20%	661.97%	14.09%	-211.67%	121.97%	-94.13%	-39.00%	675.49%	-27.99%	25.81%
Free Cash Flow Firm Q/Q Growth	183.54%	-103.08%	313.96%	-2.63%	-13,447.85%	61.56%	-115.39%	-96.50%	1,689.71%	-105.84%	43.65%
Invested Capital Q/Q Growth	-24.64%	3.53%	-24.80%	-25.57%	9.78%	-16.67%	-2.26%	4.92%	-18.05%	3.16%	-1.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.33%	27.54%	21.98%	18.66%	17.48%	17.93%	25.10%	24.97%	2.67%	39.19%	44.17%
EBITDA Margin	19.52%	23.72%	-10.71%	10.45%	9.36%	2.07%	19.68%	28.70%	9.82%	33.59%	42.31%
Operating Margin	12.44%	17.75%	-19.56%	6.05%	1.79%	-5.28%	11.71%	20.07%	-1.04%	25.83%	33.15%
EBIT Margin	12.27%	17.45%	-18.66%	6.53%	3.53%	-4.63%	11.09%	19.81%	-0.48%	24.31%	32.24%
Profit (Net Income) Margin	11.68%	14.43%	-14.33%	-5.63%	6.43%	-3.75%	14.69%	16.03%	-1.69%	25.03%	30.72%
Tax Burden Percent	91.64%	80.92%	77.45%	-81.94%	127.56%	95.67%	135.87%	81.92%	-513.68%	93.21%	91.87%
Interest Burden Percent	103.86%	102.17%	99.14%	105.17%	142.72%	84.63%	97.51%	98.80%	-69.00%	110.50%	103.70%
Effective Tax Rate	7.22%	4.41%	0.00%	184.05%	3.04%	0.00%	-36.60%	18.08%	613.68%	6.79%	8.13%
Return on Invested Capital (ROIC)	15.40%	23.96%	-13.00%	-6.35%	1.66%	-3.78%	12.68%	12.35%	3.79%	19.47%	22.20%
ROIC Less NNEP Spread (ROIC-NNEP)	15.20%	28.40%	-12.21%	-5.78%	-2.08%	-3.70%	14.55%	12.99%	12.14%	18.00%	21.50%
Return on Net Nonoperating Assets (RNNOA)	-7.06%	-12.70%	5.27%	3.14%	1.14%	1.55%	-5.18%	-4.18%	-4.54%	-6.20%	-4.58%
Return on Equity (ROE)	8.34%	11.26%	-7.73%	-3.21%	2.80%	-2.23%	7.50%	8.17%	-0.75%	13.27%	17.62%
Cash Return on Invested Capital (CROIC)	14.66%	-0.83%	1.00%	35.47%	-39.07%	-16.02%	-1.28%	0.25%	27.29%	-21.63%	-6.36%
Operating Return on Assets (OROA)	6.12%	10.23%	-7.66%	2.81%	1.13%	-1.94%	4.11%	7.98%	-0.16%	8.67%	12.06%
Return on Assets (ROA)	5.82%	8.45%	-5.89%	-2.42%	2.06%	-1.57%	5.45%	6.45%	-0.56%	8.93%	11.49%
Return on Common Equity (ROCE)	8.34%	11.26%	-7.73%	-3.21%	2.80%	-2.23%	7.50%	8.17%	-0.75%	13.27%	17.62%
Return on Equity Simple (ROE_SIMPLE)	7.93%	10.69%	-7.97%	-3.25%	2.77%	-2.26%	7.22%	7.86%	-0.76%	12.42%	16.20%
Net Operating Profit after Tax (NOPAT)	392	698	-398	-149	39	-113	434	481	140	799	1,281
NOPAT Margin	11.55%	16.97%	-13.69%	-5.08%	1.73%	-3.70%	15.99%	16.44%	5.34%	24.08%	30.46%
Net Nonoperating Expense Percent (NNEP)	0.20%	-4.44%	-0.79%	-0.58%	3.74%	-0.08%	-1.87%	-0.65%	-8.35%	1.47%	0.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	2.32%	11.02%	14.92%
Cost of Revenue to Revenue	75.67%	72.46%	78.02%	81.34%	82.52%	82.07%	74.90%	75.03%	97.33%	60.81%	55.83%
SG&A Expenses to Revenue	7.48%	6.21%	9.02%	6.89%	7.88%	6.71%	8.22%	5.83%	6.29%	5.96%	4.48%
R&D to Revenue	4.25%	3.18%	4.30%	3.01%	3.76%	3.15%	3.46%	3.39%	4.31%	4.59%	4.55%
Operating Expenses to Revenue	11.88%	9.79%	41.54%	12.62%	15.69%	23.21%	13.40%	4.90%	3.71%	13.36%	11.02%
Earnings before Interest and Taxes (EBIT)	416	718	-542	192	79	-142	301	579	-12	807	1,356
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	662	976	-311	307	210	64	534	839	257	1,115	1,780
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.90	1.20	0.64	1.38	0.85	1.16	1.90	1.56	2.74	2.75	2.37
Price to Tangible Book Value (P/TBV)	0.93	1.24	0.65	1.41	0.87	1.18	1.92	1.57	2.76	2.79	2.39
Price to Revenue (P/Rev)	1.32	1.62	1.15	2.40	1.98	1.93	3.87	3.17	6.10	5.55	4.49
Price to Earnings (P/E)	11.29	11.22	0.00	0.00	30.83	0.00	26.32	19.77	0.00	22.16	14.60
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	8.86%	8.91%	0.00%	0.00%	3.24%	0.00%	3.80%	5.06%	0.00%	4.51%	6.85%
Enterprise Value to Invested Capital (EV/IC)	0.80	1.34	0.34	2.05	0.73	1.25	2.39	1.80	4.11	3.37	2.65
Enterprise Value to Revenue (EV/Rev)	0.60	1.07	0.33	1.30	0.91	1.30	3.23	2.54	5.11	5.02	4.16
Enterprise Value to EBITDA (EV/EBITDA)	3.07	4.49	0.00	12.40	9.77	62.69	16.40	8.86	52.06	14.95	9.83
Enterprise Value to EBIT (EV/EBIT)	4.88	6.11	0.00	19.85	25.87	0.00	29.10	12.84	0.00	20.66	12.89
Enterprise Value to NOPAT (EV/NOPAT)	5.18	6.28	0.00	0.00	52.74	0.00	20.18	15.47	95.73	20.86	13.65
Enterprise Value to Operating Cash Flow (EV/OCF)	2.76	0.00	4.65	2.84	0.00	22.86	235.72	31.30	15.33	27.67	14.36
Enterprise Value to Free Cash Flow (EV/FCFF)	5.45	0.00	31.48	4.57	0.00	0.00	0.00	766.04	13.28	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.05	0.04	0.08	0.09	0.09	0.05	0.04	0.03	0.08	0.08
Long-Term Debt to Equity	0.03	0.05	0.03	0.07	0.09	0.09	0.04	0.04	0.03	0.07	0.05
Financial Leverage	-0.46	-0.45	-0.43	-0.54	-0.55	-0.42	-0.36	-0.32	-0.37	-0.34	-0.21
Leverage Ratio	1.43	1.33	1.31	1.33	1.36	1.42	1.38	1.27	1.33	1.49	1.53
Compound Leverage Factor	1.49	1.36	1.30	1.40	1.94	1.20	1.34	1.25	-0.92	1.64	1.59
Debt to Total Capital	4.10%	4.96%	3.48%	7.17%	8.22%	8.47%	4.81%	3.87%	3.06%	7.73%	7.10%
Short-Term Debt to Total Capital	0.99%	0.65%	0.52%	0.24%	0.10%	0.31%	0.72%	0.06%	0.00%	1.33%	2.75%
Long-Term Debt to Total Capital	3.11%	4.31%	2.97%	6.93%	8.12%	8.16%	4.10%	3.81%	3.06%	6.40%	4.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	95.90%	95.04%	96.52%	92.83%	91.78%	91.53%	95.19%	96.13%	96.94%	92.27%	92.90%
Debt to EBITDA	0.32	0.30	-0.61	1.28	2.22	7.43	0.52	0.29	0.72	0.50	0.34
Net Debt to EBITDA	-3.69	-2.33	7.63	-10.53	-11.42	-30.17	-3.25	-2.18	-10.01	-1.56	-0.78
Long-Term Debt to EBITDA	0.24	0.26	-0.52	1.24	2.20	7.15	0.45	0.28	0.72	0.42	0.21
Debt to NOPAT	0.55	0.41	-0.47	-2.63	12.00	-4.17	0.64	0.50	1.32	0.70	0.48
Net Debt to NOPAT	-6.23	-3.26	5.97	21.66	-61.68	16.92	-4.00	-3.81	-18.41	-2.18	-1.08
Long-Term Debt to NOPAT	0.41	0.36	-0.40	-2.55	11.86	-4.01	0.55	0.49	1.32	0.58	0.29
Altman Z-Score	3.10	4.07	2.42	3.94	2.74	2.61	5.38	5.48	5.21	4.50	4.35
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.08	3.48	4.17	5.89	4.57	2.73	3.56	4.39	3.65	3.55	2.45
Quick Ratio	2.21	2.49	2.69	5.22	3.71	2.14	2.41	3.14	2.80	2.12	1.47
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	373	-24	31	835	-913	-480	-44	9.71	1,008	-888	-367
Operating Cash Flow to CapEx	285.58%	-195.39%	90.11%	260.65%	-44.17%	26.05%	8.91%	43.97%	96.65%	43.43%	79.81%
Free Cash Flow to Firm to Interest Expense	188.01	-3.47	1.49	32.40	-35.24	-17.74	-1.82	0.74	82.47	-68.46	-9.45
Operating Cash Flow to Interest Expense	371.10	-46.62	10.07	52.03	-12.61	6.44	1.54	18.12	71.44	46.45	31.34
Operating Cash Flow Less CapEx to Interest Expense	241.15	-70.49	-1.11	32.07	-41.15	-18.27	-15.79	-23.10	-2.47	-60.51	-7.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.59	0.41	0.43	0.32	0.42	0.37	0.40	0.33	0.36	0.37
Accounts Receivable Turnover	7.79	10.65	5.62	6.84	4.61	4.92	5.70	7.83	6.72	6.74	4.38
Inventory Turnover	4.45	5.19	4.80	7.63	5.73	5.34	3.81	3.56	3.96	2.80	2.47
Fixed Asset Turnover	2.42	3.04	3.04	3.30	1.54	1.56	1.18	1.16	0.85	0.84	0.86
Accounts Payable Turnover	10.78	10.79	9.32	17.79	10.48	11.14	10.12	11.64	9.53	7.36	6.81
Days Sales Outstanding (DSO)	46.83	34.27	64.92	53.35	79.12	74.17	64.01	46.64	54.28	54.17	83.38
Days Inventory Outstanding (DIO)	81.99	70.28	75.97	47.85	63.67	68.38	95.69	102.66	92.18	130.35	147.99
Days Payable Outstanding (DPO)	33.85	33.83	39.17	20.52	34.84	32.77	36.08	31.34	38.28	49.61	53.57
Cash Conversion Cycle (CCC)	94.96	70.72	101.72	80.68	107.95	109.79	123.62	117.96	108.17	134.91	177.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,552	3,274	2,846	1,861	2,814	3,180	3,658	4,129	3,260	4,947	6,595
Invested Capital Turnover	1.33	1.41	0.95	1.25	0.96	1.02	0.79	0.75	0.71	0.81	0.73
Increase / (Decrease) in Invested Capital	19	722	-428	-984	952	367	477	471	-868	1,687	1,648
Enterprise Value (EV)	2,029	4,385	962	3,814	2,051	3,982	8,750	7,437	13,393	16,667	17,486
Market Capitalization	4,469	6,660	3,335	7,051	4,450	5,899	10,483	9,267	15,968	18,407	18,868
Book Value per Share	$49.81	$54.98	$50.22	$48.82	$49.73	$48.35	$52.10	$56.05	$54.74	$62.59	$74.52
Tangible Book Value per Share	$47.77	$53.05	$49.23	$47.92	$48.88	$47.60	$51.43	$55.49	$54.32	$61.71	$73.74
Total Capital	5,205	5,838	5,407	5,492	5,679	5,568	5,800	6,199	6,020	7,248	8,587
Total Debt	213	289	188	394	467	472	279	240	184	560	610
Total Long-Term Debt	162	251	160	380	461	454	238	236	184	464	373
Net Debt	-2,440	-2,275	-2,373	-3,237	-2,399	-1,916	-1,733	-1,831	-2,576	-1,740	-1,382
Capital Expenditures (CapEx)	258	166	229	514	740	669	417	540	904	1,387	1,526
Debt-free, Cash-free Net Working Capital (DFCFNWC)	137	593	953	207	472	135	462	642	175	1,322	1,455
Debt-free Net Working Capital (DFNWC)	2,129	2,423	2,908	3,196	3,020	2,299	2,209	2,468	2,753	3,425	3,248
Net Working Capital (NWC)	2,077	2,385	2,880	3,182	3,014	2,282	2,167	2,464	2,753	3,329	3,012
Net Nonoperating Expense (NNE)	-4.42	105	18	16	-105	1.68	35	12	184	-32	-11
Net Nonoperating Obligations (NNO)	-2,440	-2,275	-2,373	-3,237	-2,399	-1,916	-1,863	-1,831	-2,576	-1,740	-1,382
Total Depreciation and Amortization (D&A)	246	258	231	115	131	205	233	260	270	308	423
Debt-free, Cash-free Net Working Capital to Revenue	4.05%	14.41%	32.80%	7.03%	21.05%	4.40%	17.03%	21.97%	6.70%	39.85%	34.59%
Debt-free Net Working Capital to Revenue	62.77%	58.91%	100.12%	108.64%	134.56%	75.06%	81.46%	84.43%	105.12%	103.20%	77.22%
Net Working Capital to Revenue	61.25%	57.99%	99.15%	108.20%	134.31%	74.49%	79.93%	84.30%	105.12%	100.30%	71.60%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.97	$5.42	($3.48)	($1.59)	$1.38	($1.09)	$3.76	$4.41	($0.41)	$7.78	$12.07
Adjusted Weighted Average Basic Shares Outstanding	100.05M	100.89M	102.87M	104.33M	104.75M	105.31M	105.87M	106.26M	106.55M	106.80M	107.02M
Adjusted Diluted Earnings per Share	$3.91	$5.37	($3.48)	($1.59)	$1.36	($1.09)	$3.73	$4.38	($0.41)	$7.74	$12.02
Adjusted Weighted Average Diluted Shares Outstanding	101.64M	101.82M	102.87M	104.33M	106.11M	105.31M	106.69M	106.92M	106.55M	107.37M	107.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	100.29M	101.77M	104.04M	104.47M	104.89M	105.46M	105.99M	106.33M	106.61M	106.85M	107.06M
Normalized Net Operating Profit after Tax (NOPAT)	392	698	175	151	39	141	226	481	-19	832	1,281
Normalized NOPAT Margin	11.55%	16.97%	6.04%	5.12%	1.73%	4.60%	8.35%	16.44%	-0.73%	25.08%	30.47%
Pre Tax Income Margin	12.74%	17.83%	-18.50%	6.87%	5.04%	-3.92%	10.81%	19.57%	0.33%	26.86%	33.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	209.92	102.91	-26.39	7.46	3.06	-5.24	12.51	44.18	-1.02	62.21	34.89
NOPAT to Interest Expense	197.55	100.07	-19.36	-5.80	1.50	-4.18	18.04	36.67	11.44	61.63	32.96
EBIT Less CapEx to Interest Expense	79.97	79.05	-37.56	-12.50	-25.48	-29.95	-4.82	2.96	-74.93	-44.75	-4.37
NOPAT Less CapEx to Interest Expense	67.60	76.21	-30.54	-25.77	-27.04	-28.89	0.71	-4.55	-62.47	-45.33	-6.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from First Solar's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.48%	49.38%	30.55%	27.37%	15.58%	44.83%	24.65%	10.81%	30.68%	6.35%	8.58%
EBITDA Growth	-79.05%	2,554.66%	14.55%	34,453.50%	822.40%	312.90%	94.30%	21.86%	26.03%	1.68%	3.10%
EBIT Growth	-113.00%	117.04%	17.79%	495.90%	1,754.57%	2,140.63%	119.76%	15.81%	22.87%	-12.53%	-3.60%
NOPAT Growth	-123.61%	153.08%	163.45%	627.15%	1,247.70%	948.30%	126.25%	22.05%	9.08%	-5.14%	1.73%
Net Income Growth	-105.75%	198.40%	205.67%	645.88%	4,726.91%	455.95%	104.81%	16.60%	12.56%	-11.45%	-2.14%
EPS Growth	-104.88%	197.56%	205.77%	643.48%	5,516.67%	450.00%	104.40%	16.40%	12.62%	-11.36%	-2.15%
Operating Cash Flow Growth	2,207.18%	75.08%	-201.89%	28.26%	-29.44%	873.81%	315.23%	-132.48%	44.53%	-327.09%	-22.50%
Free Cash Flow Firm Growth	349.72%	7,401.08%	-166.80%	-519.35%	-257.60%	-311.47%	-412.89%	-181.64%	5.45%	-48.09%	-35.52%
Invested Capital Growth	-21.03%	-14.60%	9.26%	20.54%	51.73%	43.43%	33.54%	39.59%	33.32%	42.60%	32.05%
Revenue Q/Q Growth	59.38%	-45.30%	47.86%	-1.18%	44.62%	-31.46%	27.25%	-12.15%	70.56%	-44.22%	29.91%
EBITDA Q/Q Growth	4,905.12%	62.91%	197.74%	47.40%	29.02%	-27.08%	40.10%	-7.55%	33.43%	-41.16%	42.06%
EBIT Q/Q Growth	68.19%	148.69%	1,455.43%	64.35%	32.94%	-34.07%	52.56%	-13.39%	41.05%	-53.07%	68.14%
NOPAT Q/Q Growth	32.84%	166.84%	610.11%	65.38%	46.22%	-38.95%	53.26%	-10.79%	30.68%	-46.91%	64.36%
Net Income Q/Q Growth	84.65%	663.87%	300.79%	57.35%	30.12%	-32.25%	47.65%	-10.42%	25.61%	-46.70%	63.16%
EPS Q/Q Growth	86.96%	766.67%	297.50%	57.23%	30.00%	-32.31%	47.73%	-10.46%	25.77%	-46.72%	63.08%
Operating Cash Flow Q/Q Growth	516.57%	-104.35%	-159.20%	284.47%	239.19%	-52.29%	-27.91%	-127.84%	1,609.28%	-174.97%	124.60%
Free Cash Flow Firm Q/Q Growth	1,016.91%	-21.33%	-133.50%	-156.33%	-133.31%	-5.56%	18.76%	-40.75%	21.67%	-65.33%	25.65%
Invested Capital Q/Q Growth	-18.05%	14.14%	18.20%	9.03%	3.16%	7.89%	10.05%	13.97%	-1.48%	15.40%	1.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	6.05%	20.44%	38.29%	46.96%	43.33%	43.57%	49.37%	50.17%	37.49%	40.78%	45.56%
EBITDA Margin	4.87%	14.49%	29.18%	43.53%	38.83%	41.31%	45.49%	47.87%	37.45%	39.50%	43.19%
Operating Margin	-4.58%	3.28%	20.79%	34.07%	34.33%	30.62%	36.86%	36.27%	30.17%	26.20%	32.96%
EBIT Margin	-2.17%	1.93%	20.34%	33.82%	31.09%	29.91%	35.85%	35.35%	29.23%	24.59%	31.83%
Profit (Net Income) Margin	-0.75%	7.76%	21.04%	33.50%	30.14%	29.80%	34.57%	35.26%	25.96%	24.81%	31.16%
Tax Burden Percent	114.85%	119.31%	90.51%	92.40%	92.71%	92.60%	92.64%	95.61%	88.07%	96.53%	97.08%
Interest Burden Percent	30.19%	336.57%	114.32%	107.20%	104.58%	107.59%	104.09%	104.33%	100.85%	104.50%	100.83%
Effective Tax Rate	0.00%	-19.31%	9.49%	7.60%	7.29%	7.40%	7.36%	4.39%	11.93%	3.47%	2.92%
Return on Invested Capital (ROIC)	-2.27%	2.72%	13.36%	22.70%	25.74%	22.31%	25.03%	23.25%	19.37%	16.63%	20.39%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.39%	1.57%	12.33%	21.73%	26.65%	21.70%	24.75%	22.82%	19.95%	17.00%	21.23%
Return on Net Nonoperating Assets (RNNOA)	1.27%	-0.49%	-3.63%	-6.01%	-9.18%	-6.31%	-5.63%	-3.95%	-4.25%	-2.41%	-2.92%
Return on Equity (ROE)	-1.01%	2.23%	9.73%	16.68%	16.56%	16.01%	19.40%	19.29%	15.12%	14.21%	17.47%
Cash Return on Invested Capital (CROIC)	27.29%	16.22%	-7.13%	-9.83%	-21.63%	-13.64%	-5.53%	-11.34%	-6.36%	-15.51%	-8.92%
Operating Return on Assets (OROA)	-0.73%	0.68%	7.41%	12.53%	11.08%	11.03%	13.49%	12.95%	10.93%	9.15%	11.58%
Return on Assets (ROA)	-0.25%	2.72%	7.67%	12.41%	10.75%	10.99%	13.01%	12.92%	9.71%	9.23%	11.34%
Return on Common Equity (ROCE)	-1.01%	2.23%	9.73%	16.68%	16.56%	16.01%	19.40%	19.29%	15.12%	14.21%	17.47%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.71%	2.59%	7.52%	0.00%	14.85%	16.59%	16.44%	0.00%	15.45%	0.00%
Net Operating Profit after Tax (NOPAT)	-32	21	153	252	369	225	345	308	402	214	351
NOPAT Margin	-3.21%	3.92%	18.81%	31.49%	31.83%	28.35%	34.15%	34.68%	26.57%	25.29%	31.99%
Net Nonoperating Expense Percent (NNEP)	1.12%	1.15%	1.03%	0.96%	-0.91%	0.62%	0.28%	0.42%	-0.59%	-0.38%	-0.84%
Return On Investment Capital (ROIC_SIMPLE)	-0.53%	-	-	-	5.09%	-	-	-	4.68%	2.45%	3.85%
Cost of Revenue to Revenue	93.95%	79.56%	61.71%	53.04%	56.67%	56.43%	50.63%	49.83%	62.51%	59.22%	54.44%
SG&A Expenses to Revenue	4.26%	8.03%	5.71%	6.26%	4.93%	5.77%	4.61%	5.22%	3.27%	6.29%	4.79%
R&D to Revenue	3.12%	5.56%	4.53%	5.14%	3.79%	5.38%	5.14%	5.65%	3.07%	6.20%	4.97%
Operating Expenses to Revenue	10.63%	17.15%	17.50%	12.88%	9.00%	12.95%	12.51%	13.89%	7.32%	14.58%	12.60%
Earnings before Interest and Taxes (EBIT)	-22	11	165	271	360	237	362	314	443	208	349
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	49	79	237	349	450	328	460	425	567	334	474
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.74	3.95	3.36	2.74	2.75	2.61	3.33	3.52	2.37	1.65	2.08
Price to Tangible Book Value (P/TBV)	2.76	3.98	3.42	2.78	2.79	2.65	3.37	3.56	2.39	1.67	2.10
Price to Revenue (P/Rev)	6.10	8.28	6.79	5.46	5.55	5.06	6.41	6.93	4.49	3.18	4.09
Price to Earnings (P/E)	0.00	556.72	129.82	36.42	22.16	17.60	20.05	21.39	14.60	10.70	14.12
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.18%	0.77%	2.75%	4.51%	5.68%	4.99%	4.67%	6.85%	9.35%	7.08%
Enterprise Value to Invested Capital (EV/IC)	4.11	5.65	4.24	3.29	3.37	3.09	3.87	3.85	2.65	1.70	2.19
Enterprise Value to Revenue (EV/Rev)	5.11	7.51	6.24	4.98	5.02	4.62	6.04	6.70	4.16	3.04	3.91
Enterprise Value to EBITDA (EV/EBITDA)	52.06	63.05	51.31	22.08	14.95	12.08	14.34	15.52	9.83	7.26	9.43
Enterprise Value to EBIT (EV/EBIT)	0.00	348.62	218.94	37.11	20.66	15.94	18.48	20.26	12.89	9.77	12.92
Enterprise Value to NOPAT (EV/NOPAT)	95.73	1,113.14	257.44	40.83	20.86	16.50	19.10	20.69	13.65	10.21	13.30
Enterprise Value to Operating Cash Flow (EV/OCF)	15.33	21.52	23.33	18.84	27.67	18.21	19.16	26.65	14.36	37.86	56.76
Enterprise Value to Free Cash Flow (EV/FCFF)	13.28	32.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.03	0.05	0.07	0.08	0.08	0.09	0.08	0.08	0.08	0.06	0.07
Long-Term Debt to Equity	0.03	0.05	0.07	0.07	0.07	0.06	0.06	0.05	0.05	0.04	0.04
Financial Leverage	-0.37	-0.31	-0.29	-0.28	-0.34	-0.29	-0.23	-0.17	-0.21	-0.14	-0.14
Leverage Ratio	1.33	1.36	1.38	1.41	1.49	1.51	1.51	1.51	1.53	1.52	1.51
Compound Leverage Factor	0.40	4.58	1.57	1.51	1.55	1.63	1.57	1.58	1.55	1.58	1.52
Debt to Total Capital	3.06%	5.18%	6.75%	7.34%	7.73%	8.24%	7.15%	7.11%	7.10%	6.03%	6.33%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.52%	1.33%	2.67%	1.79%	2.55%	2.75%	2.26%	2.74%
Long-Term Debt to Total Capital	3.06%	5.18%	6.75%	6.82%	6.40%	5.57%	5.36%	4.57%	4.35%	3.76%	3.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	96.94%	94.82%	93.25%	92.66%	92.27%	91.76%	92.85%	92.89%	92.90%	93.97%	93.67%
Debt to EBITDA	0.72	0.96	1.20	0.70	0.50	0.45	0.35	0.35	0.34	0.29	0.32
Net Debt to EBITDA	-10.01	-6.43	-4.51	-2.11	-1.56	-1.15	-0.87	-0.54	-0.78	-0.32	-0.44
Long-Term Debt to EBITDA	0.72	0.96	1.20	0.65	0.42	0.31	0.26	0.22	0.21	0.18	0.18
Debt to NOPAT	1.32	16.95	6.03	1.29	0.70	0.62	0.47	0.47	0.48	0.41	0.45
Net Debt to NOPAT	-18.41	-113.61	-22.64	-3.90	-2.18	-1.57	-1.16	-0.72	-1.08	-0.45	-0.62
Long-Term Debt to NOPAT	1.32	16.95	6.03	1.20	0.58	0.42	0.35	0.30	0.29	0.26	0.26
Altman Z-Score	5.21	6.35	5.38	4.44	4.36	4.03	5.12	5.41	4.10	3.33	3.77
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.65	3.08	3.36	3.19	3.55	2.41	2.23	2.14	2.45	1.93	1.90
Quick Ratio	2.80	2.21	2.34	2.18	2.12	1.51	1.35	1.14	1.47	1.05	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	836	658	-220	-565	-1,318	-1,391	-1,130	-1,591	-1,246	-2,060	-1,532
Operating Cash Flow to CapEx	243.26%	-9.33%	-23.43%	57.80%	161.74%	64.75%	52.86%	-12.38%	258.66%	-295.19%	51.91%
Free Cash Flow to Firm to Interest Expense	266.90	879.43	-155.73	-151.27	-186.45	-151.04	-115.74	-176.60	-114.45	-216.28	-166.78
Operating Cash Flow to Interest Expense	253.82	-46.25	-63.38	44.30	79.39	29.07	19.77	-5.97	74.49	-63.83	16.29
Operating Cash Flow Less CapEx to Interest Expense	149.48	-542.19	-333.83	-32.35	30.31	-15.82	-17.63	-54.14	45.69	-85.45	-15.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.35	0.36	0.37	0.36	0.37	0.38	0.37	0.37	0.37	0.36
Accounts Receivable Turnover	6.72	8.66	5.16	5.51	6.74	7.17	5.72	4.97	4.38	3.74	3.65
Inventory Turnover	3.96	3.30	3.17	2.72	2.80	2.36	2.29	1.93	2.47	2.13	2.04
Fixed Asset Turnover	0.85	0.84	0.85	0.88	0.84	0.81	0.82	0.82	0.86	0.81	0.80
Accounts Payable Turnover	9.53	12.18	12.22	15.40	7.36	7.73	8.56	10.95	6.81	7.20	8.31
Days Sales Outstanding (DSO)	54.28	42.14	70.69	66.23	54.17	50.91	63.80	73.42	83.38	97.55	99.94
Days Inventory Outstanding (DIO)	92.18	110.48	115.00	134.19	130.35	154.85	159.51	189.13	147.99	171.59	179.25
Days Payable Outstanding (DPO)	38.28	29.98	29.86	23.70	49.61	47.20	42.62	33.34	53.57	50.71	43.94
Cash Conversion Cycle (CCC)	108.17	122.64	155.83	176.72	134.91	158.55	180.69	229.21	177.80	218.43	235.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,260	3,721	4,398	4,796	4,947	5,338	5,874	6,694	6,595	7,611	7,756
Invested Capital Turnover	0.71	0.69	0.71	0.72	0.81	0.79	0.73	0.67	0.73	0.66	0.64
Increase / (Decrease) in Invested Capital	-868	-636	373	817	1,687	1,616	1,475	1,899	1,648	2,274	1,883
Enterprise Value (EV)	13,393	21,040	18,665	15,756	16,667	16,470	22,752	25,802	17,486	12,960	16,964
Market Capitalization	15,968	23,187	20,306	17,263	18,407	18,035	24,134	26,702	18,868	13,536	17,753
Book Value per Share	$54.74	$55.05	$56.54	$58.99	$62.59	$64.56	$67.78	$70.94	$74.52	$76.47	$79.69
Tangible Book Value per Share	$54.32	$54.65	$55.61	$58.11	$61.71	$63.72	$66.96	$70.13	$73.74	$75.70	$78.92
Total Capital	6,020	6,189	6,477	6,802	7,248	7,522	7,814	8,175	8,587	8,712	9,124
Total Debt	184	320	437	499	560	620	559	582	610	525	578
Total Long-Term Debt	184	320	437	464	464	419	419	373	373	328	328
Net Debt	-2,576	-2,147	-1,641	-1,507	-1,740	-1,565	-1,382	-899	-1,382	-576	-790
Capital Expenditures (CapEx)	327	371	383	286	347	413	365	434	314	206	288
Debt-free, Cash-free Net Working Capital (DFCFNWC)	175	174	686	838	1,322	693	576	974	1,455	1,509	1,667
Debt-free Net Working Capital (DFNWC)	2,753	2,446	2,570	2,660	3,425	2,684	2,316	2,244	3,248	2,400	2,821
Net Working Capital (NWC)	2,753	2,446	2,570	2,625	3,329	2,483	2,176	2,036	3,012	2,202	2,571
Net Nonoperating Expense (NNE)	-25	-21	-18	-16	20	-11	-4.28	-5.11	9.18	4.04	9.16
Net Nonoperating Obligations (NNO)	-2,576	-2,147	-1,641	-1,507	-1,740	-1,565	-1,382	-899	-1,382	-576	-790
Total Depreciation and Amortization (D&A)	71	69	72	78	90	91	97	111	124	126	125
Debt-free, Cash-free Net Working Capital to Revenue	6.70%	6.23%	22.95%	26.49%	39.85%	19.46%	15.31%	25.30%	34.59%	35.45%	38.38%
Debt-free Net Working Capital to Revenue	105.12%	87.33%	85.95%	84.12%	103.20%	75.29%	61.54%	58.28%	77.22%	56.37%	64.95%
Net Working Capital to Revenue	105.12%	87.33%	85.95%	83.00%	100.30%	69.65%	57.82%	52.87%	71.60%	51.74%	59.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.06)	$0.40	$1.60	$2.51	$3.27	$2.21	$3.26	$2.92	$3.68	$1.96	$3.19
Adjusted Weighted Average Basic Shares Outstanding	106.55M	106.68M	106.83M	106.83M	106.80M	106.91M	107.04M	107.05M	107.02M	107.12M	107.25M
Adjusted Diluted Earnings per Share	($0.06)	$0.40	$1.59	$2.50	$3.25	$2.20	$3.25	$2.91	$3.66	$1.95	$3.18
Adjusted Weighted Average Diluted Shares Outstanding	106.55M	107.15M	107.28M	107.50M	107.37M	107.41M	107.53M	107.56M	107.53M	107.42M	107.52M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	106.61M	106.83M	106.83M	106.84M	106.85M	107.04M	107.05M	107.06M	107.06M	107.24M	107.25M
Normalized Net Operating Profit after Tax (NOPAT)	-32	13	185	252	369	225	345	308	402	214	351
Normalized NOPAT Margin	-3.21%	2.30%	22.79%	31.49%	31.83%	28.35%	34.19%	34.68%	26.57%	25.29%	31.99%
Pre Tax Income Margin	-0.66%	6.51%	23.25%	36.26%	32.51%	32.18%	37.32%	36.88%	29.48%	25.70%	32.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.95	14.17	116.51	72.56	50.96	25.79	37.10	34.83	40.65	21.81	38.03
NOPAT to Interest Expense	-10.26	28.71	107.79	67.55	52.18	24.45	35.34	34.17	36.95	22.42	38.22
EBIT Less CapEx to Interest Expense	-111.29	-481.77	-153.95	-4.09	1.88	-19.11	-0.29	-13.34	11.85	0.18	6.65
NOPAT Less CapEx to Interest Expense	-114.60	-467.22	-162.67	-9.10	3.10	-20.45	-2.06	-14.00	8.15	0.80	6.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

First Solar (NASDAQ: FSLR) has shown notable financial trends over the past four years as reflected in its income statements, balance sheets, and cash flow statements. Below is an analysis highlighting key observations that retail investors should consider:

Strong Revenue Growth: Operating revenue has grown from approximately $548 million in Q1 2023 to about $1.1 billion in Q2 2025, indicating robust demand and expanding business operations.
Increasing Net Income: Net income has significantly increased from $42.6 million in Q1 2023 to $342 million in Q2 2025, demonstrating improved profitability and operational efficiency.
Rising Gross Profit: Gross profit margins are healthy, with gross profit about $500 million in recent quarters, reflecting effective cost management against revenue growth.
Growing Cash & Equivalents: Cash reserves rose to over $1.1 billion by Q2 2025 from around $907 million in Q1 2023, improving liquidity and financial flexibility.
Increased Investment in Property, Plant & Equipment: Significant spending on plant and equipment (over $280 million in Q2 2025) signals ongoing capacity expansion and long-term growth investment.
Controlled Operating Expenses: Operating expenses have increased modestly relative to revenue growth, indicating scalable operations.
Fluctuating Cash Flows from Operations: Operating cash flow has shown variability, including negative cash flow in early 2025 quarters; this reflects working capital fluctuations and investment cycles.
Increasing Debt Levels: Total debt (short-term and long-term) has increased moderately but remains manageable relative to equity.
Large Investments in Financial Instruments: Substantial purchases of investments (sometimes exceeding $500 million) could expose the company to market risk or liquidity constraints.
Some Volatility in Other Income / Expense: Net other income/expense has had negative impacts on pre-tax income in multiple quarters, potentially from non-operating activities or impairments.

Overall, First Solar's financials suggest a company in a strong growth phase with improving profitability and healthy liquidity. Their investments in expanding capacity and a growing revenue base are positive signs. However, investors should monitor cash flow volatility and investment exposure, as well as any fluctuations in non-operating income that may affect future earnings stability.

10/21/25 09:27 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About First Solar's Financials

When does First Solar's financial year end?

According to the most recent income statement we have on file, First Solar's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has First Solar's net income changed over the last 10 years?

First Solar's net income appears to be on an upward trend, with a most recent value of $1.29 billion in 2024, rising from $395.96 million in 2014. The previous period was $830.78 million in 2023. See where experts think First Solar is headed by visiting First Solar's forecast page.

What is First Solar's operating income?

First Solar's total operating income in 2024 was $1.39 billion, based on the following breakdown:

Total Gross Profit: $1.86 billion
Total Operating Expenses: $463.44 million

How has First Solar's revenue changed over the last 10 years?

Over the last 10 years, First Solar's total revenue changed from $3.39 billion in 2014 to $4.21 billion in 2024, a change of 24.0%.

How much debt does First Solar have?

First Solar's total liabilities were at $4.15 billion at the end of 2024, a 12.8% increase from 2023, and a 139.8% increase since 2014.

How much cash does First Solar have?

In the past 10 years, First Solar's cash and equivalents has ranged from $1.13 billion in 2015 to $2.27 billion in 2017, and is currently $1.62 billion as of their latest financial filing in 2024.

How has First Solar's book value per share changed over the last 10 years?

Over the last 10 years, First Solar's book value per share changed from 49.81 in 2014 to 74.52 in 2024, a change of 49.6%.

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This page (NASDAQ:FSLR) was last updated on 10/21/2025 by MarketBeat.com Staff

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