First Solar (FSLR) Financials

$227.62 -1.95 (-0.85%)

As of 11:19 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	593	-416	-166	144	-115	398	469	-44	831	1,292
Consolidated Net Income / (Loss)	593	-416	-166	144	-115	398	469	-44	831	1,292
Net Income / (Loss) Continuing Operations	593	-416	-166	144	-115	398	469	-44	831	1,292
Total Pre-Tax Income	733	-537	202	113	-120	293	572	8.60	891	1,406
Total Operating Income	730	-568	178	40	-162	317	587	-27	857	1,394
Total Gross Profit	1,133	638	549	392	549	681	730	70	1,301	1,858
Total Revenue	4,113	2,905	2,941	2,244	3,063	2,711	2,923	2,619	3,319	4,206
Operating Revenue	4,113	2,905	2,941	2,244	3,063	2,711	2,923	2,619	3,319	4,206
Total Cost of Revenue	2,980	2,266	2,392	1,852	2,514	2,031	2,193	2,549	2,018	2,348
Operating Cost of Revenue	2,980	2,266	2,392	1,852	2,514	2,031	2,193	2,549	2,018	2,348
Total Operating Expenses	403	1,207	371	352	711	363	143	97	443	463
Selling, General & Admin Expense	255	262	203	177	205	223	170	165	198	188
Marketing Expense	17	1.02	43	91	46	41	21	73	65	84
Research & Development Expense	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	3.17	31	24	73	42	-24	-15	36	34	12
Interest Expense	6.98	21	26	26	27	24	13	12	13	39
Interest & Investment Income	23	25	36	60	49	17	6.18	33	98	89
Other Income / (Expense), net	-12	26	14	39	20	-17	-7.66	15	-51	-38
Income Tax Expense	32	23	372	3.44	-5.48	-107	103	53	61	114
Basic Earnings per Share	$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	100.89M	102.87M	104.33M	104.75M	105.31M	105.87M	106.26M	106.55M	106.80M	107.02M
Diluted Earnings per Share	$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	101.82M	102.87M	104.33M	106.11M	105.31M	106.69M	106.92M	106.55M	107.37M	107.53M
Weighted Average Basic & Diluted Shares Outstanding	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	-49	-7.55	43	171	268	349	237	349	313	393	210
Consolidated Net Income / (Loss)	-49	-7.55	43	171	268	349	237	349	313	393	210
Net Income / (Loss) Continuing Operations	-49	-7.55	43	171	268	349	237	349	313	393	210
Total Pre-Tax Income	-62	-6.57	36	188	290	377	256	377	327	446	217
Total Operating Income	-68	-46	18	169	273	398	243	373	322	457	221
Total Gross Profit	21	61	112	310	376	502	346	499	445	568	344
Total Revenue	629	1,002	548	811	801	1,159	794	1,010	888	1,514	845
Operating Revenue	629	1,002	548	811	801	1,159	794	1,010	888	1,514	845
Total Cost of Revenue	608	942	436	500	425	657	448	512	442	946	500
Operating Cost of Revenue	608	942	436	500	425	657	448	512	442	946	500
Total Operating Expenses	89	107	94	142	103	104	103	126	123	111	123
Selling, General & Admin Expense	46	43	44	46	50	57	46	47	46	50	53
Marketing Expense	20	33	19	23	12	9.85	15	27	27	15	18
Research & Development Expense	29	31	31	37	41	44	43	52	50	46	52
Other Operating Expenses / (Income)	-5.98	-0.24	0.02	-0.14	-0.21	-6.55	-1.12	0.00	0.00	-	0.00
Total Other Income / (Expense), net	6.67	39	18	20	18	-21	12	4.62	5.34	-10	-4.19
Interest Expense	2.99	3.13	0.75	1.42	3.73	7.07	9.21	9.77	9.01	11	9.53
Interest & Investment Income	9.75	18	26	25	23	24	27	25	23	15	19
Other Income / (Expense), net	-0.09	24	-7.40	-3.66	-2.02	-38	-5.66	-10	-8.23	-14	-14
Income Tax Expense	-13	0.98	-6.89	18	22	27	19	28	14	53	7.52
Basic Earnings per Share	($0.46)	($0.06)	$0.40	$1.60	$2.51	$3.27	$2.21	$3.26	$2.92	$3.68	$1.96
Weighted Average Basic Shares Outstanding	106.60M	106.55M	106.68M	106.83M	106.83M	106.80M	106.91M	107.04M	107.05M	107.02M	107.12M
Diluted Earnings per Share	($0.46)	($0.06)	$0.40	$1.59	$2.50	$3.25	$2.20	$3.25	$2.91	$3.66	$1.95
Weighted Average Diluted Shares Outstanding	106.60M	106.55M	107.15M	107.28M	107.50M	107.37M	107.41M	107.53M	107.56M	107.53M	107.42M
Weighted Average Basic & Diluted Shares Outstanding	106.61M	106.61M	106.83M	106.83M	106.84M	106.85M	107.04M	107.05M	107.06M	107.06M	107.24M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	-380	215	906	-754	-116	-173	182	-9.81	472	-327
Net Cash From Operating Activities	-325	207	1,341	-327	174	37	238	873	602	1,218
Net Cash From Continuing Operating Activities	-325	207	1,341	-327	174	37	238	873	602	1,218
Net Income / (Loss) Continuing Operations	593	-416	-166	144	-115	398	469	-44	831	1,292
Consolidated Net Income / (Loss)	593	-416	-166	144	-115	398	469	-44	831	1,292
Depreciation Expense	258	231	115	131	205	233	260	270	308	423
Non-Cash Adjustments To Reconcile Net Income	-181	781	262	-525	-84	-87	-201	-337	-631	299
Changes in Operating Assets and Liabilities, net	-996	-389	1,129	-77	167	-507	-290	985	94	-796
Net Cash From Investing Activities	-156	145	-627	-683	-362	-131	-99	-1,193	-473	-1,563
Net Cash From Continuing Investing Activities	-156	145	-627	-683	-362	-131	-99	-1,193	-473	-1,563
Purchase of Property, Plant & Equipment	-166	-229	-514	-740	-669	-417	-540	-904	-1,387	-1,526
Acquisitions	-	-	-	-	-	-	0.00	0.00	-36	0.00
Purchase of Investments	-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	592	526	466	1,136	1,487	1,193	2,295	2,647	4,564	2,492
Other Investing Activities, net	-26	-20	2.22	43	-2.88	-5.50	-6.71	-3.05	-9.05	-13
Net Cash From Financing Activities	101	-136	192	255	75	-83	41	309	337	25
Net Cash From Continuing Financing Activities	101	-136	192	255	75	-83	41	309	337	25
Repayment of Debt	-79	-693	-61	-25	-29	-226	-73	-76	0.00	-213
Issuance of Debt	157	577	258	291	120	157	129	397	368	258
Other Financing Activities, net	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	-548	285	-572	-79	668	455	-260	17	-701	617	-794
Net Cash From Operating Activities	129	795	-35	-90	165	561	268	193	-54	811	-608
Net Cash From Continuing Operating Activities	129	795	-35	-90	165	561	268	193	-54	811	-608
Net Income / (Loss) Continuing Operations	-49	-7.55	43	171	268	349	237	349	313	393	210
Consolidated Net Income / (Loss)	-49	-7.55	43	171	268	349	237	349	313	393	210
Depreciation Expense	67	71	69	72	78	90	91	97	111	124	126
Non-Cash Adjustments To Reconcile Net Income	5.98	-168	-63	-147	-197	-224	288	-273	-52	337	-97
Changes in Operating Assets and Liabilities, net	105	900	-83	-185	16	346	-347	20	-425	-43	-847
Net Cash From Investing Activities	-761	-570	-645	-98	444	-173	-569	-107	-666	-221	-88
Net Cash From Continuing Investing Activities	-761	-570	-645	-98	444	-173	-569	-107	-666	-221	-88
Purchase of Property, Plant & Equipment	-223	-327	-371	-383	-286	-347	-413	-365	-434	-314	-206
Purchase of Investments	-1,307	-1,097	-1,471	-1,022	-728	-392	-569	-544	-901	-501	-390
Sale and/or Maturity of Investments	673	776	1,196	1,342	1,458	567	417	807	674	594	503
Other Investing Activities, net	-2.63	-0.49	0.00	-	-	-9.05	-2.70	-5.00	-4.92	-0.37	4.65
Net Cash From Financing Activities	84	100	108	109	60	61	41	-68	22	31	-100
Net Cash From Continuing Financing Activities	84	100	108	109	60	61	41	-68	22	31	-100
Repayment of Debt	-0.02	-	0.00	-	-	-	-46	-73	-94	-0.05	-177
Issuance of Debt	84	100	136	111	60	61	105	4.98	117	31	92
Other Financing Activities, net	-0.46	-0.04	-28	-1.93	-0.85	-0.03	-19	-0.20	-1.00	-0.03	-15
Other Net Changes in Cash	-0.07	-	-	-	-	6.14	-	-	-	-3.58	1.61

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	7,316	6,824	6,865	7,121	7,516	7,109	7,414	8,251	10,365	12,124
Total Current Assets	3,346	3,788	3,833	3,860	3,600	3,015	3,191	3,791	4,635	5,089
Cash & Equivalents	1,127	1,347	2,269	1,404	1,353	1,227	1,451	1,481	1,947	1,621
Short-Term Investments	703	608	720	1,144	812	520	375	1,097	155	172
Accounts Receivable	560	473	386	586	659	292	455	324	661	1,261
Inventories, net	517	426	201	445	497	568	666	621	820	1,084
Other Current Assets	188	701	78	38	3.52	252	244	268	1,052	951
Plant, Property, & Equipment, net	1,284	629	1,155	1,756	2,181	2,402	2,650	3,537	4,397	5,414
Total Noncurrent Assets	2,687	2,407	1,877	1,506	1,735	1,692	1,573	923	1,333	1,622
Long-Term Investments	734	606	642	318	224	265	245	182	198	199
Noncurrent Note & Lease Receivables	18	55	48	23	-	-	-	0.00	152	158
Goodwill	85	14	14	14	14	14	14	14	30	28
Intangible Assets	110	88	80	74	65	56	46	31	65	55
Noncurrent Deferred & Refundable Income Taxes	358	255	51	78	131	104	59	79	143	209
Other Noncurrent Operating Assets	1,382	1,389	1,041	998	1,301	1,252	1,209	617	746	973
Total Liabilities & Shareholders' Equity	7,316	6,824	6,865	7,121	7,516	7,109	7,414	8,251	10,365	12,124
Total Liabilities	1,768	1,606	1,766	1,909	2,419	1,588	1,454	2,415	3,678	4,147
Total Current Liabilities	961	908	650	845	1,318	847	727	1,038	1,306	2,077
Short-Term Debt	38	28	13	5.57	18	42	3.90	0.00	96	236
Accounts Payable	338	149	120	233	218	183	193	341	207	482
Accrued Expenses	409	263	367	442	351	310	288	383	525	509
Current Deferred Revenue	117	309	82	130	323	189	202	263	414	712
Current Deferred & Payable Income Tax Liabilities	1.33	13	20	21	17	15	4.54	29	22	77
Other Current Liabilities	58	147	49	14	391	83	35	21	42	61
Total Noncurrent Liabilities	807	698	1,116	1,064	1,101	741	727	1,377	2,372	2,069
Long-Term Debt	251	160	380	461	454	238	236	184	464	373
Noncurrent Deferred Revenue	-	-	-	-	-	-	96	945	1,592	1,328
Other Noncurrent Operating Liabilities	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
Total Equity & Noncontrolling Interests	5,548	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978
Total Preferred & Common Equity	5,548	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978
Total Common Equity	5,548	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978
Common Stock	2,743	2,765	2,799	2,825	2,849	2,867	2,871	2,888	2,891	2,899
Retained Earnings	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)	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Total Assets	7,493	8,251	8,565	8,997	9,583	10,365	10,761	11,014	11,437	12,124	12,117
Total Current Assets	3,339	3,791	3,620	3,661	3,824	4,635	4,241	3,949	3,818	5,089	4,574
Cash & Equivalents	1,151	1,481	907	830	1,493	1,947	1,682	1,703	1,005	1,621	838
Short-Term Investments	776	1,097	1,365	1,054	330	155	308	37	265	172	53
Accounts Receivable	361	324	325	668	787	661	670	648	762	1,261	1,606
Inventories, net	811	621	751	756	883	820	971	1,028	1,251	1,084	1,286
Other Current Assets	240	268	273	352	332	1,052	611	533	536	951	792
Plant, Property, & Equipment, net	3,124	3,537	3,859	4,020	4,073	4,397	4,916	5,139	5,326	5,414	5,638
Total Noncurrent Assets	1,030	923	1,086	1,316	1,686	1,333	1,604	1,926	2,292	1,622	1,905
Long-Term Investments	182	182	197	195	184	198	194	200	211	199	211
Noncurrent Note & Lease Receivables	-	0.00	70	225	582	152	348	607	872	158	430
Goodwill	14	14	14	29	28	30	29	29	30	28	30
Intangible Assets	37	31	28	70	66	65	62	59	57	55	53
Noncurrent Deferred & Refundable Income Taxes	64	79	136	126	133	143	170	202	238	209	204
Other Noncurrent Operating Assets	733	617	640	671	692	746	801	829	885	973	977
Total Liabilities & Shareholders' Equity	7,493	8,251	8,565	8,997	9,583	10,365	10,761	11,014	11,437	12,124	12,117
Total Liabilities	1,664	2,415	2,696	2,958	3,280	3,678	3,858	3,759	3,843	4,147	3,929
Total Current Liabilities	816	1,038	1,174	1,091	1,199	1,306	1,759	1,773	1,782	2,077	2,372
Short-Term Debt	5.44	0.00	-	-	35	96	201	140	208	236	197
Accounts Payable	188	341	286	246	111	207	239	231	265	482	428
Accrued Expenses	333	383	392	303	600	525	528	540	521	509	555
Current Deferred Revenue	235	263	399	390	372	414	693	689	645	712	1,042
Current Deferred & Payable Income Tax Liabilities	26	29	77	29	34	22	52	81	98	77	82
Other Current Liabilities	28	21	21	122	47	42	46	91	44	61	68
Total Noncurrent Liabilities	848	1,377	1,522	1,867	2,081	2,372	2,099	1,986	2,061	2,069	1,558
Long-Term Debt	254	184	320	437	464	464	419	419	373	373	328
Noncurrent Deferred Revenue	-	945	950	1,157	1,350	1,592	1,375	1,259	1,320	1,328	859
Other Noncurrent Operating Liabilities	594	248	252	272	268	316	305	309	367	368	370
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	5,828	5,836	5,869	6,040	6,302	6,687	6,903	7,255	7,594	7,978	8,187
Total Preferred & Common Equity	5,828	5,836	5,869	6,040	6,302	6,687	6,903	7,255	7,594	7,978	8,187
Total Common Equity	5,828	5,836	5,869	6,040	6,302	6,687	6,903	7,255	7,594	7,978	8,187
Common Stock	2,880	2,888	2,866	2,872	2,880	2,891	2,878	2,887	2,893	2,899	2,886
Retained Earnings	3,148	3,140	3,183	3,353	3,622	3,971	4,208	4,557	4,870	5,263	5,473
Accumulated Other Comprehensive Income / (Loss)	-200	-192	-180	-186	-199	-174	-184	-188	-169	-184	-171

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	21.27%	-29.37%	1.27%	-23.71%	36.50%	-11.48%	7.82%	-10.40%	26.70%	26.75%
EBITDA Growth	47.41%	-131.87%	198.88%	-31.70%	-69.75%	739.96%	57.23%	-69.34%	333.25%	59.67%
EBIT Growth	72.52%	-175.50%	135.46%	-58.75%	-279.05%	311.81%	92.60%	-102.15%	6,572.90%	68.13%
NOPAT Growth	78.26%	-156.98%	62.41%	126.02%	-391.18%	482.94%	10.83%	-70.89%	471.15%	60.32%
Net Income Growth	49.86%	-170.12%	60.20%	187.15%	-179.63%	446.60%	17.66%	-109.42%	1,981.03%	55.52%
EPS Growth	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	-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	-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	28.30%	-13.08%	-34.59%	51.16%	13.04%	15.01%	12.88%	-21.03%	51.73%	33.32%
Revenue Q/Q Growth	12.89%	-28.28%	0.29%	18.61%	30.07%	-22.57%	11.35%	3.77%	4.94%	9.23%
EBITDA Q/Q Growth	17.82%	-135.69%	167.56%	91.87%	-66.81%	40.61%	16.69%	-41.70%	56.22%	7.04%
EBIT Q/Q Growth	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	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	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	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	-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	-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	3.53%	-24.80%	-25.57%	9.78%	-16.67%	-2.26%	4.92%	-18.05%	3.16%	-1.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.54%	21.98%	18.66%	17.48%	17.93%	25.10%	24.97%	2.67%	39.19%	44.17%
EBITDA Margin	23.72%	-10.71%	10.45%	9.36%	2.07%	19.68%	28.70%	9.82%	33.59%	42.31%
Operating Margin	17.75%	-19.56%	6.05%	1.79%	-5.28%	11.71%	20.07%	-1.04%	25.83%	33.15%
EBIT Margin	17.45%	-18.66%	6.53%	3.53%	-4.63%	11.09%	19.81%	-0.48%	24.31%	32.24%
Profit (Net Income) Margin	14.43%	-14.33%	-5.63%	6.43%	-3.75%	14.69%	16.03%	-1.69%	25.03%	30.72%
Tax Burden Percent	80.92%	77.45%	-81.94%	127.56%	95.67%	135.87%	81.92%	-513.68%	93.21%	91.87%
Interest Burden Percent	102.17%	99.14%	105.17%	142.72%	84.63%	97.51%	98.80%	-69.00%	110.50%	103.70%
Effective Tax Rate	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)	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)	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)	-12.70%	5.27%	3.14%	1.14%	1.55%	-5.18%	-4.18%	-4.54%	-6.20%	-4.58%
Return on Equity (ROE)	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)	-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)	10.23%	-7.66%	2.81%	1.13%	-1.94%	4.11%	7.98%	-0.16%	8.67%	12.06%
Return on Assets (ROA)	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)	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)	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)	698	-398	-149	39	-113	434	481	140	799	1,281
NOPAT Margin	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)	-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	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	6.21%	9.02%	6.89%	7.88%	6.71%	8.22%	5.83%	6.29%	5.96%	4.48%
R&D to Revenue	3.18%	4.30%	3.01%	3.76%	3.15%	3.46%	3.39%	4.31%	4.59%	4.55%
Operating Expenses to Revenue	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)	718	-542	192	79	-142	301	579	-12	807	1,356
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	976	-311	307	210	64	534	839	257	1,115	1,780
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	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)	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)	1.62	1.15	2.40	1.98	1.93	3.87	3.17	6.10	5.55	4.49
Price to Earnings (P/E)	11.22	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%
Earnings Yield	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)	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)	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)	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)	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)	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)	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)	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	0.05	0.04	0.08	0.09	0.09	0.05	0.04	0.03	0.08	0.08
Long-Term Debt to Equity	0.05	0.03	0.07	0.09	0.09	0.04	0.04	0.03	0.07	0.05
Financial Leverage	-0.45	-0.43	-0.54	-0.55	-0.42	-0.36	-0.32	-0.37	-0.34	-0.21
Leverage Ratio	1.33	1.31	1.33	1.36	1.42	1.38	1.27	1.33	1.49	1.53
Compound Leverage Factor	1.36	1.30	1.40	1.94	1.20	1.34	1.25	-0.92	1.64	1.59
Debt to Total Capital	4.96%	3.48%	7.17%	8.22%	8.47%	4.81%	3.87%	3.06%	7.73%	7.10%
Short-Term Debt to Total Capital	0.65%	0.52%	0.24%	0.10%	0.31%	0.72%	0.06%	0.00%	1.33%	2.75%
Long-Term Debt to Total Capital	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%
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%
Common Equity to Total Capital	95.04%	96.52%	92.83%	91.78%	91.53%	95.19%	96.13%	96.94%	92.27%	92.90%
Debt to EBITDA	0.30	-0.61	1.28	2.22	7.43	0.52	0.29	0.72	0.50	0.34
Net Debt to EBITDA	-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	0.26	-0.52	1.24	2.20	7.15	0.45	0.28	0.72	0.42	0.21
Debt to NOPAT	0.41	-0.47	-2.63	12.00	-4.17	0.64	0.50	1.32	0.70	0.48
Net Debt to NOPAT	-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	0.36	-0.40	-2.55	11.86	-4.01	0.55	0.49	1.32	0.58	0.29
Altman Z-Score	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%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.48	4.17	5.89	4.57	2.73	3.56	4.39	3.65	3.55	2.45
Quick Ratio	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)	-24	31	835	-913	-480	-44	9.71	1,008	-888	-367
Operating Cash Flow to CapEx	-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	-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	-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	-70.49	-1.11	32.07	-41.15	-18.27	-15.79	-23.10	-2.47	-60.51	-7.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.41	0.43	0.32	0.42	0.37	0.40	0.33	0.36	0.37
Accounts Receivable Turnover	10.65	5.62	6.84	4.61	4.92	5.70	7.83	6.72	6.74	4.38
Inventory Turnover	5.19	4.80	7.63	5.73	5.34	3.81	3.56	3.96	2.80	2.47
Fixed Asset Turnover	3.04	3.04	3.30	1.54	1.56	1.18	1.16	0.85	0.84	0.86
Accounts Payable Turnover	10.79	9.32	17.79	10.48	11.14	10.12	11.64	9.53	7.36	6.81
Days Sales Outstanding (DSO)	34.27	64.92	53.35	79.12	74.17	64.01	46.64	54.28	54.17	83.38
Days Inventory Outstanding (DIO)	70.28	75.97	47.85	63.67	68.38	95.69	102.66	92.18	130.35	147.99
Days Payable Outstanding (DPO)	33.83	39.17	20.52	34.84	32.77	36.08	31.34	38.28	49.61	53.57
Cash Conversion Cycle (CCC)	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	3,274	2,846	1,861	2,814	3,180	3,658	4,129	3,260	4,947	6,595
Invested Capital Turnover	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	722	-428	-984	952	367	477	471	-868	1,687	1,648
Enterprise Value (EV)	4,385	962	3,814	2,051	3,982	8,750	7,437	13,393	16,667	17,486
Market Capitalization	6,660	3,335	7,051	4,450	5,899	10,483	9,267	15,968	18,407	18,868
Book Value per Share	$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	$53.05	$49.23	$47.92	$48.88	$47.60	$51.43	$55.49	$54.32	$61.71	$73.74
Total Capital	5,838	5,407	5,492	5,679	5,568	5,800	6,199	6,020	7,248	8,587
Total Debt	289	188	394	467	472	279	240	184	560	610
Total Long-Term Debt	251	160	380	461	454	238	236	184	464	373
Net Debt	-2,275	-2,373	-3,237	-2,399	-1,916	-1,733	-1,831	-2,576	-1,740	-1,382
Capital Expenditures (CapEx)	166	229	514	740	669	417	540	904	1,387	1,526
Debt-free, Cash-free Net Working Capital (DFCFNWC)	593	953	207	472	135	462	642	175	1,322	1,455
Debt-free Net Working Capital (DFNWC)	2,423	2,908	3,196	3,020	2,299	2,209	2,468	2,753	3,425	3,248
Net Working Capital (NWC)	2,385	2,880	3,182	3,014	2,282	2,167	2,464	2,753	3,329	3,012
Net Nonoperating Expense (NNE)	105	18	16	-105	1.68	35	12	184	-32	-11
Net Nonoperating Obligations (NNO)	-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)	258	231	115	131	205	233	260	270	308	423
Debt-free, Cash-free Net Working Capital to Revenue	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	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	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	$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	100.89M	102.87M	104.33M	104.75M	105.31M	105.87M	106.26M	106.55M	106.80M	107.02M
Adjusted Diluted Earnings per Share	$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	101.82M	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	698	175	151	39	141	226	481	-19	832	1,281
Normalized NOPAT Margin	16.97%	6.04%	5.12%	1.73%	4.60%	8.35%	16.44%	-0.73%	25.08%	30.47%
Pre Tax Income Margin	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	102.91	-26.39	7.46	3.06	-5.24	12.51	44.18	-1.02	62.21	34.89
NOPAT to Interest Expense	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	79.05	-37.56	-12.50	-25.48	-29.95	-4.82	2.96	-74.93	-44.75	-4.37
NOPAT Less CapEx to Interest Expense	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%
Augmented Payout Ratio	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.79%	10.48%	49.38%	30.55%	27.37%	15.58%	44.83%	24.65%	10.81%	30.68%	6.35%
EBITDA Growth	-100.90%	-79.05%	2,554.66%	14.55%	34,453.50%	822.40%	312.90%	94.30%	21.86%	26.03%	1.68%
EBIT Growth	-244.85%	-113.00%	117.04%	17.79%	495.90%	1,754.57%	2,140.63%	119.76%	15.81%	22.87%	-12.53%
NOPAT Growth	-195.80%	-123.61%	153.08%	163.45%	627.15%	1,247.70%	948.30%	126.25%	22.05%	9.08%	-5.14%
Net Income Growth	-208.77%	-105.75%	198.40%	205.67%	645.88%	4,726.91%	455.95%	104.81%	16.60%	12.56%	-11.45%
EPS Growth	-209.52%	-104.88%	197.56%	205.77%	643.48%	5,516.67%	450.00%	104.40%	16.40%	12.62%	-11.36%
Operating Cash Flow Growth	-57.76%	2,207.18%	75.08%	-201.89%	28.26%	-29.44%	873.81%	315.23%	-132.48%	44.53%	-327.09%
Free Cash Flow Firm Growth	36.22%	349.72%	7,401.08%	-166.80%	-519.35%	-257.60%	-311.47%	-412.89%	-181.64%	5.45%	-48.09%
Invested Capital Growth	1.10%	-21.03%	-14.60%	9.26%	20.54%	51.73%	43.43%	33.54%	39.59%	33.32%	42.60%
Revenue Q/Q Growth	1.28%	59.38%	-45.30%	47.86%	-1.18%	44.62%	-31.46%	27.25%	-12.15%	70.56%	-44.22%
EBITDA Q/Q Growth	-100.49%	4,905.12%	62.91%	197.74%	47.40%	29.02%	-27.08%	40.10%	-7.55%	33.43%	-41.16%
EBIT Q/Q Growth	-148.90%	68.19%	148.69%	1,455.43%	64.35%	32.94%	-34.07%	52.56%	-13.39%	41.05%	-53.07%
NOPAT Q/Q Growth	-182.65%	32.84%	166.84%	610.11%	65.38%	46.22%	-38.95%	53.26%	-10.79%	30.68%	-46.91%
Net Income Q/Q Growth	-188.11%	84.65%	663.87%	300.79%	57.35%	30.12%	-32.25%	47.65%	-10.42%	25.61%	-46.70%
EPS Q/Q Growth	-188.46%	86.96%	766.67%	297.50%	57.23%	30.00%	-32.31%	47.73%	-10.46%	25.77%	-46.72%
Operating Cash Flow Q/Q Growth	46.53%	516.57%	-104.35%	-159.20%	284.47%	239.19%	-52.29%	-27.91%	-127.84%	1,609.28%	-174.97%
Free Cash Flow Firm Q/Q Growth	-127.64%	1,016.91%	-21.33%	-133.50%	-156.33%	-133.31%	-5.56%	18.76%	-40.75%	21.67%	-65.33%
Invested Capital Q/Q Growth	-1.17%	-18.05%	14.14%	18.20%	9.03%	3.16%	7.89%	10.05%	13.97%	-1.48%	15.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	3.34%	6.05%	20.44%	38.29%	46.96%	43.33%	43.57%	49.37%	50.17%	37.49%	40.78%
EBITDA Margin	-0.16%	4.87%	14.49%	29.18%	43.53%	38.83%	41.31%	45.49%	47.87%	37.45%	39.50%
Operating Margin	-10.87%	-4.58%	3.28%	20.79%	34.07%	34.33%	30.62%	36.86%	36.27%	30.17%	26.20%
EBIT Margin	-10.88%	-2.17%	1.93%	20.34%	33.82%	31.09%	29.91%	35.85%	35.35%	29.23%	24.59%
Profit (Net Income) Margin	-7.82%	-0.75%	7.76%	21.04%	33.50%	30.14%	29.80%	34.57%	35.26%	25.96%	24.81%
Tax Burden Percent	79.71%	114.85%	119.31%	90.51%	92.40%	92.71%	92.60%	92.64%	95.61%	88.07%	96.53%
Interest Burden Percent	90.13%	30.19%	336.57%	114.32%	107.20%	104.58%	107.59%	104.09%	104.33%	100.85%	104.50%
Effective Tax Rate	0.00%	0.00%	-19.31%	9.49%	7.60%	7.29%	7.40%	7.36%	4.39%	11.93%	3.47%
Return on Invested Capital (ROIC)	-4.85%	-2.27%	2.72%	13.36%	22.70%	25.74%	22.31%	25.03%	23.25%	19.37%	16.63%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.78%	-3.39%	1.57%	12.33%	21.73%	26.65%	21.70%	24.75%	22.82%	19.95%	17.00%
Return on Net Nonoperating Assets (RNNOA)	1.54%	1.27%	-0.49%	-3.63%	-6.01%	-9.18%	-6.31%	-5.63%	-3.95%	-4.25%	-2.41%
Return on Equity (ROE)	-3.32%	-1.01%	2.23%	9.73%	16.68%	16.56%	16.01%	19.40%	19.29%	15.12%	14.21%
Cash Return on Invested Capital (CROIC)	1.42%	27.29%	16.22%	-7.13%	-9.83%	-21.63%	-13.64%	-5.53%	-11.34%	-6.36%	-15.51%
Operating Return on Assets (OROA)	-3.72%	-0.73%	0.68%	7.41%	12.53%	11.08%	11.03%	13.49%	12.95%	10.93%	9.15%
Return on Assets (ROA)	-2.67%	-0.25%	2.72%	7.67%	12.41%	10.75%	10.99%	13.01%	12.92%	9.71%	9.23%
Return on Common Equity (ROCE)	-3.32%	-1.01%	2.23%	9.73%	16.68%	16.56%	16.01%	19.40%	19.29%	15.12%	14.21%
Return on Equity Simple (ROE_SIMPLE)	1.63%	0.00%	0.71%	2.59%	7.52%	0.00%	14.85%	16.59%	16.44%	0.00%	15.45%
Net Operating Profit after Tax (NOPAT)	-48	-32	21	153	252	369	225	345	308	402	214
NOPAT Margin	-7.61%	-3.21%	3.92%	18.81%	31.49%	31.83%	28.35%	34.15%	34.68%	26.57%	25.29%
Net Nonoperating Expense Percent (NNEP)	-0.07%	1.12%	1.15%	1.03%	0.96%	-0.91%	0.62%	0.28%	0.42%	-0.59%	-0.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.53%	-	-	-	5.09%	-	-	-	4.68%	2.45%
Cost of Revenue to Revenue	96.66%	93.95%	79.56%	61.71%	53.04%	56.67%	56.43%	50.63%	49.83%	62.51%	59.22%
SG&A Expenses to Revenue	7.37%	4.26%	8.03%	5.71%	6.26%	4.93%	5.77%	4.61%	5.22%	3.27%	6.29%
R&D to Revenue	4.64%	3.12%	5.56%	4.53%	5.14%	3.79%	5.38%	5.14%	5.65%	3.07%	6.20%
Operating Expenses to Revenue	14.20%	10.63%	17.15%	17.50%	12.88%	9.00%	12.95%	12.51%	13.89%	7.32%	14.58%
Earnings before Interest and Taxes (EBIT)	-68	-22	11	165	271	360	237	362	314	443	208
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.02	49	79	237	349	450	328	460	425	567	334
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.42	2.74	3.95	3.36	2.74	2.75	2.61	3.33	3.52	2.37	1.65
Price to Tangible Book Value (P/TBV)	2.44	2.76	3.98	3.42	2.78	2.79	2.65	3.37	3.56	2.39	1.67
Price to Revenue (P/Rev)	5.59	6.10	8.28	6.79	5.46	5.55	5.06	6.41	6.93	4.49	3.18
Price to Earnings (P/E)	148.80	0.00	556.72	129.82	36.42	22.16	17.60	20.05	21.39	14.60	10.70
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	0.67%	0.00%	0.18%	0.77%	2.75%	4.51%	5.68%	4.99%	4.67%	6.85%	9.35%
Enterprise Value to Invested Capital (EV/IC)	3.08	4.11	5.65	4.24	3.29	3.37	3.09	3.87	3.85	2.65	1.70
Enterprise Value to Revenue (EV/Rev)	4.85	5.11	7.51	6.24	4.98	5.02	4.62	6.04	6.70	4.16	3.04
Enterprise Value to EBITDA (EV/EBITDA)	27.76	52.06	63.05	51.31	22.08	14.95	12.08	14.34	15.52	9.83	7.26
Enterprise Value to EBIT (EV/EBIT)	69.28	0.00	348.62	218.94	37.11	20.66	15.94	18.48	20.26	12.89	9.77
Enterprise Value to NOPAT (EV/NOPAT)	122.88	95.73	1,113.14	257.44	40.83	20.86	16.50	19.10	20.69	13.65	10.21
Enterprise Value to Operating Cash Flow (EV/OCF)	108.77	15.33	21.52	23.33	18.84	27.67	18.21	19.16	26.65	14.36	37.86
Enterprise Value to Free Cash Flow (EV/FCFF)	217.44	13.28	32.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.03	0.05	0.07	0.08	0.08	0.09	0.08	0.08	0.08	0.06
Long-Term Debt to Equity	0.04	0.03	0.05	0.07	0.07	0.07	0.06	0.06	0.05	0.05	0.04
Financial Leverage	-0.32	-0.37	-0.31	-0.29	-0.28	-0.34	-0.29	-0.23	-0.17	-0.21	-0.14
Leverage Ratio	1.27	1.33	1.36	1.38	1.41	1.49	1.51	1.51	1.51	1.53	1.52
Compound Leverage Factor	1.14	0.40	4.58	1.57	1.51	1.55	1.63	1.57	1.58	1.55	1.58
Debt to Total Capital	4.27%	3.06%	5.18%	6.75%	7.34%	7.73%	8.24%	7.15%	7.11%	7.10%	6.03%
Short-Term Debt to Total Capital	0.09%	0.00%	0.00%	0.00%	0.52%	1.33%	2.67%	1.79%	2.55%	2.75%	2.26%
Long-Term Debt to Total Capital	4.18%	3.06%	5.18%	6.75%	6.82%	6.40%	5.57%	5.36%	4.57%	4.35%	3.76%
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	95.73%	96.94%	94.82%	93.25%	92.66%	92.27%	91.76%	92.85%	92.89%	92.90%	93.97%
Debt to EBITDA	0.59	0.72	0.96	1.20	0.70	0.50	0.45	0.35	0.35	0.34	0.29
Net Debt to EBITDA	-4.19	-10.01	-6.43	-4.51	-2.11	-1.56	-1.15	-0.87	-0.54	-0.78	-0.32
Long-Term Debt to EBITDA	0.58	0.72	0.96	1.20	0.65	0.42	0.31	0.26	0.22	0.21	0.18
Debt to NOPAT	2.60	1.32	16.95	6.03	1.29	0.70	0.62	0.47	0.47	0.48	0.41
Net Debt to NOPAT	-18.56	-18.41	-113.61	-22.64	-3.90	-2.18	-1.57	-1.16	-0.72	-1.08	-0.45
Long-Term Debt to NOPAT	2.55	1.32	16.95	6.03	1.20	0.58	0.42	0.35	0.30	0.29	0.26
Altman Z-Score	6.38	5.21	6.35	5.38	4.44	4.36	4.03	5.12	5.41	4.10	3.33
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	4.09	3.65	3.08	3.36	3.19	3.55	2.41	2.23	2.14	2.45	1.93
Quick Ratio	2.80	2.80	2.21	2.34	2.18	2.12	1.51	1.35	1.14	1.47	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-91	836	658	-220	-565	-1,318	-1,391	-1,130	-1,591	-1,246	-2,060
Operating Cash Flow to CapEx	57.77%	243.26%	-9.33%	-23.43%	57.80%	161.74%	64.75%	52.86%	-12.38%	258.66%	-295.19%
Free Cash Flow to Firm to Interest Expense	-30.49	266.90	879.43	-155.73	-151.27	-186.45	-151.04	-115.74	-176.60	-114.45	-216.28
Operating Cash Flow to Interest Expense	43.12	253.82	-46.25	-63.38	44.30	79.39	29.07	19.77	-5.97	74.49	-63.83
Operating Cash Flow Less CapEx to Interest Expense	-31.52	149.48	-542.19	-333.83	-32.35	30.31	-15.82	-17.63	-54.14	45.69	-85.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.33	0.35	0.36	0.37	0.36	0.37	0.38	0.37	0.37	0.37
Accounts Receivable Turnover	8.29	6.72	8.66	5.16	5.51	6.74	7.17	5.72	4.97	4.38	3.74
Inventory Turnover	3.11	3.96	3.30	3.17	2.72	2.80	2.36	2.29	1.93	2.47	2.13
Fixed Asset Turnover	0.90	0.85	0.84	0.85	0.88	0.84	0.81	0.82	0.82	0.86	0.81
Accounts Payable Turnover	12.66	9.53	12.18	12.22	15.40	7.36	7.73	8.56	10.95	6.81	7.20
Days Sales Outstanding (DSO)	44.02	54.28	42.14	70.69	66.23	54.17	50.91	63.80	73.42	83.38	97.55
Days Inventory Outstanding (DIO)	117.30	92.18	110.48	115.00	134.19	130.35	154.85	159.51	189.13	147.99	171.59
Days Payable Outstanding (DPO)	28.83	38.28	29.98	29.86	23.70	49.61	47.20	42.62	33.34	53.57	50.71
Cash Conversion Cycle (CCC)	132.50	108.17	122.64	155.83	176.72	134.91	158.55	180.69	229.21	177.80	218.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,979	3,260	3,721	4,398	4,796	4,947	5,338	5,874	6,694	6,595	7,611
Invested Capital Turnover	0.64	0.71	0.69	0.71	0.72	0.81	0.79	0.73	0.67	0.73	0.66
Increase / (Decrease) in Invested Capital	43	-868	-636	373	817	1,687	1,616	1,475	1,899	1,648	2,274
Enterprise Value (EV)	12,250	13,393	21,040	18,665	15,756	16,667	16,470	22,752	25,802	17,486	12,960
Market Capitalization	14,099	15,968	23,187	20,306	17,263	18,407	18,035	24,134	26,702	18,868	13,536
Book Value per Share	$54.68	$54.74	$55.05	$56.54	$58.99	$62.59	$64.56	$67.78	$70.94	$74.52	$76.47
Tangible Book Value per Share	$54.20	$54.32	$54.65	$55.61	$58.11	$61.71	$63.72	$66.96	$70.13	$73.74	$75.70
Total Capital	6,088	6,020	6,189	6,477	6,802	7,248	7,522	7,814	8,175	8,587	8,712
Total Debt	260	184	320	437	499	560	620	559	582	610	525
Total Long-Term Debt	254	184	320	437	464	464	419	419	373	373	328
Net Debt	-1,850	-2,576	-2,147	-1,641	-1,507	-1,740	-1,565	-1,382	-899	-1,382	-576
Capital Expenditures (CapEx)	223	327	371	383	286	347	413	365	434	314	206
Debt-free, Cash-free Net Working Capital (DFCFNWC)	601	175	174	686	838	1,322	693	576	974	1,455	1,509
Debt-free Net Working Capital (DFNWC)	2,528	2,753	2,446	2,570	2,660	3,425	2,684	2,316	2,244	3,248	2,400
Net Working Capital (NWC)	2,522	2,753	2,446	2,570	2,625	3,329	2,483	2,176	2,036	3,012	2,202
Net Nonoperating Expense (NNE)	1.32	-25	-21	-18	-16	20	-11	-4.28	-5.11	9.18	4.04
Net Nonoperating Obligations (NNO)	-1,850	-2,576	-2,147	-1,641	-1,507	-1,740	-1,565	-1,382	-899	-1,382	-576
Total Depreciation and Amortization (D&A)	67	71	69	72	78	90	91	97	111	124	126
Debt-free, Cash-free Net Working Capital to Revenue	23.80%	6.70%	6.23%	22.95%	26.49%	39.85%	19.46%	15.31%	25.30%	34.59%	35.45%
Debt-free Net Working Capital to Revenue	100.15%	105.12%	87.33%	85.95%	84.12%	103.20%	75.29%	61.54%	58.28%	77.22%	56.37%
Net Working Capital to Revenue	99.93%	105.12%	87.33%	85.95%	83.00%	100.30%	69.65%	57.82%	52.87%	71.60%	51.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.46)	($0.06)	$0.40	$1.60	$2.51	$3.27	$2.21	$3.26	$2.92	$3.68	$1.96
Adjusted Weighted Average Basic Shares Outstanding	106.60M	106.55M	106.68M	106.83M	106.83M	106.80M	106.91M	107.04M	107.05M	107.02M	107.12M
Adjusted Diluted Earnings per Share	($0.46)	($0.06)	$0.40	$1.59	$2.50	$3.25	$2.20	$3.25	$2.91	$3.66	$1.95
Adjusted Weighted Average Diluted Shares Outstanding	106.60M	106.55M	107.15M	107.28M	107.50M	107.37M	107.41M	107.53M	107.56M	107.53M	107.42M
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	106.61M	106.83M	106.83M	106.84M	106.85M	107.04M	107.05M	107.06M	107.06M	107.24M
Normalized Net Operating Profit after Tax (NOPAT)	-48	-32	13	185	252	369	225	345	308	402	214
Normalized NOPAT Margin	-7.61%	-3.21%	2.30%	22.79%	31.49%	31.83%	28.35%	34.19%	34.68%	26.57%	25.29%
Pre Tax Income Margin	-9.81%	-0.66%	6.51%	23.25%	36.26%	32.51%	32.18%	37.32%	36.88%	29.48%	25.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-22.88	-6.95	14.17	116.51	72.56	50.96	25.79	37.10	34.83	40.65	21.81
NOPAT to Interest Expense	-16.00	-10.26	28.71	107.79	67.55	52.18	24.45	35.34	34.17	36.95	22.42
EBIT Less CapEx to Interest Expense	-97.52	-111.29	-481.77	-153.95	-4.09	1.88	-19.11	-0.29	-13.34	11.85	0.18
NOPAT Less CapEx to Interest Expense	-90.64	-114.60	-467.22	-162.67	-9.10	3.10	-20.45	-2.06	-14.00	8.15	0.80
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 significant financial performance improvements over the past four years, as reflected in its quarterly income statements, cash flow statements, and balance sheets.

Positive Trends and Highlights:

Strong revenue growth: Operating revenue increased from approximately $548 million in Q1 2023 to $845 million in Q1 2025, indicating solid top-line growth.
Increasing gross profit: Total gross profit rose from about $112 million in Q1 2023 to $344 million in Q1 2025, demonstrating improvement in operational efficiency and pricing power.
Net income surge: Net income attributable to common shareholders grew markedly from $42.6 million in Q1 2023 to $209.5 million in Q1 2025, reflecting expanded profitability.
Earnings per share growth: Diluted EPS improved from $0.40 in Q1 2023 to $1.95 in Q1 2025, benefiting shareholders through higher earnings on a per-share basis.
Higher operating income: Operating income increased from $18 million in Q1 2023 to $221 million in Q1 2025, showing enhanced profitability from core operations.
Growing retained earnings and equity: Total common equity rose from approximately $5.87 billion at Q1 2023 to $8.19 billion at Q1 2025, evidencing capital strength.
Strong depreciation and non-cash adjustments: Depreciation expenses rose to $126 million in Q1 2025, indicating significant capital investment which may support future growth.

Neutral Observations:

Stable share count: Weighted average shares outstanding remained consistent, ranging from about 106.8 million to 107.4 million, indicating no significant dilution or buybacks recently.
Interest expense fluctuated slightly around $7 million to $10 million quarterly, balanced by investment income.
Inventories and accounts receivable have risen with business growth, which is typical but requires monitoring to avoid excess working capital.

Potential Concerns:

Significant cash outflow from operations: Net cash from operating activities was negative $608 million in Q1 2025, a sharp decline from positive cash flows in prior quarters, driven by an $847 million increase in operating assets and liabilities. This could pressure liquidity if persistent.
Net cash used in investing activities increased, driven by heavy purchases of property, plant and equipment and investments, totaling about $294 million outflow in Q1 2025, reflecting substantial capital expenditure that could limit near-term cash availability.
Decrease in cash & equivalents from $1.62 billion in Q4 2024 to $838 million in Q1 2025, indicating shrinking liquidity reserves in the latest quarter.
Decline in total liabilities to equity ratio slightly improved, but long-term debt rose moderately, which could influence financial leverage and interest coverage.
Negative net income and cash flow in Q4 2022 and Q3 2022 highlight past volatility and operational challenges, although the company has recovered well since.

Overall, First Solar's financials reflect strong revenue and earnings growth, with improving profitability supported by increased capital investment. However, recent quarters’ negative operating cash flow and shrinking cash reserves suggest close monitoring of working capital management and capital needs is warranted. Retail investors might find the accelerating profit trend encouraging but should remain cautious about liquidity and capital expenditure demands.

10/07/25 11:20 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 9 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 $593.41 million in 2015. 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 9 years?

Over the last 9 years, First Solar's total revenue changed from $4.11 billion in 2015 to $4.21 billion in 2024, a change of 2.3%.

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 134.6% increase since 2015.

How much cash does First Solar have?

In the past 9 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 9 years?

Over the last 9 years, First Solar's book value per share changed from 54.98 in 2015 to 74.52 in 2024, a change of 35.5%.

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This page (NASDAQ:FSLR) was last updated on 10/7/2025 by MarketBeat.com Staff

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First Solar (FSLR) Financials

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