First Solar (FSLR) Financials

$167.22 +2.30 (+1.39%)

As of 04:00 PM 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,292	831	-44	469	398	-115	144	-166	-416	593
Consolidated Net Income / (Loss)	1,292	831	-44	469	398	-115	144	-166	-416	593
Net Income / (Loss) Continuing Operations	1,292	831	-44	469	398	-115	144	-166	-416	593
Total Pre-Tax Income	1,406	891	8.60	572	293	-120	113	202	-537	733
Total Operating Income	1,394	857	-27	587	317	-162	40	178	-568	730
Total Gross Profit	1,858	1,301	70	730	681	549	392	549	638	1,133
Total Revenue	4,206	3,319	2,619	2,923	2,711	3,063	2,244	2,941	2,905	4,113
Operating Revenue	4,206	3,319	2,619	2,923	2,711	3,063	2,244	2,941	2,905	4,113
Total Cost of Revenue	2,348	2,018	2,549	2,193	2,031	2,514	1,852	2,392	2,266	2,980
Operating Cost of Revenue	2,348	2,018	2,549	2,193	2,031	2,514	1,852	2,392	2,266	2,980
Total Operating Expenses	463	443	97	143	363	711	352	371	1,207	403
Selling, General & Admin Expense	188	198	165	170	223	205	177	203	262	255
Marketing Expense	84	65	73	21	41	46	91	43	1.02	17
Research & Development Expense	191	152	113	99	94	97	84	89	125	131
Other Operating Expenses / (Income)	-1.12	-6.88	-254	-147	0.00	0.00	-	-	-	-
Other Special Charges / (Income)	0.43	36	0.00	0.00	6.00	363	0.00	0.00	-	-
Total Other Income / (Expense), net	12	34	36	-15	-24	42	73	24	31	3.17
Interest Expense	39	13	12	13	24	27	26	26	21	6.98
Interest & Investment Income	89	98	33	6.18	17	49	60	36	25	23
Other Income / (Expense), net	-38	-51	15	-7.66	-17	20	39	14	26	-12
Income Tax Expense	114	61	53	103	-107	-5.48	3.44	372	23	32
Basic Earnings per Share	$12.07	$7.78	($0.41)	$4.41	$3.76	($1.09)	$1.38	($1.59)	($4.05)	$5.88
Weighted Average Basic Shares Outstanding	107.02M	106.80M	106.55M	106.26M	105.87M	105.31M	104.75M	104.33M	102.87M	100.89M
Diluted Earnings per Share	$12.02	$7.74	($0.41)	$4.38	$3.73	($1.09)	$1.36	($1.59)	($4.05)	$5.83
Weighted Average Diluted Shares Outstanding	107.53M	107.37M	106.55M	106.92M	106.69M	105.31M	106.11M	104.33M	102.87M	101.82M
Weighted Average Basic & Diluted Shares Outstanding	107.06M	106.85M	106.61M	106.33M	105.99M	105.46M	104.60M	104.20M	119.60M	100.80M

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	210	393	313	349	237	349	268	171	43	-7.55	-49
Consolidated Net Income / (Loss)	210	393	313	349	237	349	268	171	43	-7.55	-49
Net Income / (Loss) Continuing Operations	210	393	313	349	237	349	268	171	43	-7.55	-49
Total Pre-Tax Income	217	446	327	377	256	377	290	188	36	-6.57	-62
Total Operating Income	221	457	322	373	243	398	273	169	18	-46	-68
Total Gross Profit	344	568	445	499	346	502	376	310	112	61	21
Total Revenue	845	1,514	888	1,010	794	1,159	801	811	548	1,002	629
Operating Revenue	845	1,514	888	1,010	794	1,159	801	811	548	1,002	629
Total Cost of Revenue	500	946	442	512	448	657	425	500	436	942	608
Operating Cost of Revenue	500	946	442	512	448	657	425	500	436	942	608
Total Operating Expenses	123	111	123	126	103	104	103	142	94	107	89
Selling, General & Admin Expense	53	50	46	47	46	57	50	46	44	43	46
Marketing Expense	18	15	27	27	15	9.85	12	23	19	33	20
Research & Development Expense	52	46	50	52	43	44	41	37	31	31	29
Other Operating Expenses / (Income)	0.00	-	0.00	0.00	-1.12	-6.55	-0.21	-0.14	0.02	-0.24	-5.98
Total Other Income / (Expense), net	-4.19	-10	5.34	4.62	12	-21	18	20	18	39	6.67
Interest Expense	9.53	11	9.01	9.77	9.21	7.07	3.73	1.42	0.75	3.13	2.99
Interest & Investment Income	19	15	23	25	27	24	23	25	26	18	9.75
Other Income / (Expense), net	-14	-14	-8.23	-10	-5.66	-38	-2.02	-3.66	-7.40	24	-0.09
Income Tax Expense	7.52	53	14	28	19	27	22	18	-6.89	0.98	-13
Basic Earnings per Share	$1.96	$3.68	$2.92	$3.26	$2.21	$3.27	$2.51	$1.60	$0.40	($0.06)	($0.46)
Weighted Average Basic Shares Outstanding	107.12M	107.02M	107.05M	107.04M	106.91M	106.80M	106.83M	106.83M	106.68M	106.55M	106.60M
Diluted Earnings per Share	$1.95	$3.66	$2.91	$3.25	$2.20	$3.25	$2.50	$1.59	$0.40	($0.06)	($0.46)
Weighted Average Diluted Shares Outstanding	107.42M	107.53M	107.56M	107.53M	107.41M	107.37M	107.50M	107.28M	107.15M	106.55M	106.60M
Weighted Average Basic & Diluted Shares Outstanding	107.24M	107.06M	107.06M	107.05M	107.04M	106.85M	106.84M	106.83M	106.83M	106.61M	106.61M

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-794	617	-701	17	-260	455	668	-79	-572	285	-548
Net Cash From Operating Activities	-608	811	-54	193	268	561	165	-90	-35	795	129
Net Cash From Continuing Operating Activities	-608	811	-54	193	268	561	165	-90	-35	795	129
Net Income / (Loss) Continuing Operations	210	393	313	349	237	349	268	171	43	-7.55	-49
Consolidated Net Income / (Loss)	210	393	313	349	237	349	268	171	43	-7.55	-49
Depreciation Expense	126	124	111	97	91	90	78	72	69	71	67
Non-Cash Adjustments To Reconcile Net Income	-97	337	-52	-273	288	-224	-197	-147	-63	-168	5.98
Changes in Operating Assets and Liabilities, net	-847	-43	-425	20	-347	346	16	-185	-83	900	105
Net Cash From Investing Activities	-88	-221	-666	-107	-569	-173	444	-98	-645	-570	-761
Net Cash From Continuing Investing Activities	-88	-221	-666	-107	-569	-173	444	-98	-645	-570	-761
Purchase of Property, Plant & Equipment	-206	-314	-434	-365	-413	-347	-286	-383	-371	-327	-223
Purchase of Investments	-390	-501	-901	-544	-569	-392	-728	-1,022	-1,471	-1,097	-1,307
Sale and/or Maturity of Investments	503	594	674	807	417	567	1,458	1,342	1,196	776	673
Other Investing Activities, net	4.65	-0.37	-4.92	-5.00	-2.70	-9.05	-	-	0.00	-0.49	-2.63
Net Cash From Financing Activities	-100	31	22	-68	41	61	60	109	108	100	84
Net Cash From Continuing Financing Activities	-100	31	22	-68	41	61	60	109	108	100	84
Repayment of Debt	-177	-0.05	-94	-73	-46	-	-	-	0.00	-	-0.02
Issuance of Debt	92	31	117	4.98	105	61	60	111	136	100	84
Other Financing Activities, net	-15	-0.03	-1.00	-0.20	-19	-0.03	-0.85	-1.93	-28	-0.04	-0.46
Other Net Changes in Cash	1.61	-3.58	-	-	-	6.14	-	-	-	-	-0.07

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	12,117	12,124	11,437	11,014	10,761	10,365	9,583	8,997	8,565	8,251	7,493
Total Current Assets	4,574	5,089	3,818	3,949	4,241	4,635	3,824	3,661	3,620	3,791	3,339
Cash & Equivalents	838	1,621	1,005	1,703	1,682	1,947	1,493	830	907	1,481	1,151
Short-Term Investments	53	172	265	37	308	155	330	1,054	1,365	1,097	776
Accounts Receivable	1,606	1,261	762	648	670	661	787	668	325	324	361
Inventories, net	1,286	1,084	1,251	1,028	971	820	883	756	751	621	811
Other Current Assets	792	951	536	533	611	1,052	332	352	273	268	240
Plant, Property, & Equipment, net	5,638	5,414	5,326	5,139	4,916	4,397	4,073	4,020	3,859	3,537	3,124
Total Noncurrent Assets	1,905	1,622	2,292	1,926	1,604	1,333	1,686	1,316	1,086	923	1,030
Long-Term Investments	211	199	211	200	194	198	184	195	197	182	182
Noncurrent Note & Lease Receivables	430	158	872	607	348	152	582	225	70	0.00	-
Goodwill	30	28	30	29	29	30	28	29	14	14	14
Intangible Assets	53	55	57	59	62	65	66	70	28	31	37
Noncurrent Deferred & Refundable Income Taxes	204	209	238	202	170	143	133	126	136	79	64
Other Noncurrent Operating Assets	977	973	885	829	801	746	692	671	640	617	733
Total Liabilities & Shareholders' Equity	12,117	12,124	11,437	11,014	10,761	10,365	9,583	8,997	8,565	8,251	7,493
Total Liabilities	3,929	4,147	3,843	3,759	3,858	3,678	3,280	2,958	2,696	2,415	1,664
Total Current Liabilities	2,372	2,077	1,782	1,773	1,759	1,306	1,199	1,091	1,174	1,038	816
Short-Term Debt	197	236	208	140	201	96	35	-	-	0.00	5.44
Accounts Payable	428	482	265	231	239	207	111	246	286	341	188
Accrued Expenses	555	509	521	540	528	525	600	303	392	383	333
Current Deferred Revenue	1,042	712	645	689	693	414	372	390	399	263	235
Current Deferred & Payable Income Tax Liabilities	82	77	98	81	52	22	34	29	77	29	26
Other Current Liabilities	68	61	44	91	46	42	47	122	21	21	28
Total Noncurrent Liabilities	1,558	2,069	2,061	1,986	2,099	2,372	2,081	1,867	1,522	1,377	848
Long-Term Debt	328	373	373	419	419	464	464	437	320	184	254
Noncurrent Deferred Revenue	859	1,328	1,320	1,259	1,375	1,592	1,350	1,157	950	945	-
Other Noncurrent Operating Liabilities	370	368	367	309	305	316	268	272	252	248	594
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	8,187	7,978	7,594	7,255	6,903	6,687	6,302	6,040	5,869	5,836	5,828
Total Preferred & Common Equity	8,187	7,978	7,594	7,255	6,903	6,687	6,302	6,040	5,869	5,836	5,828
Total Common Equity	8,187	7,978	7,594	7,255	6,903	6,687	6,302	6,040	5,869	5,836	5,828
Common Stock	2,886	2,899	2,893	2,887	2,878	2,891	2,880	2,872	2,866	2,888	2,880
Retained Earnings	5,473	5,263	4,870	4,557	4,208	3,971	3,622	3,353	3,183	3,140	3,148
Accumulated Other Comprehensive Income / (Loss)	-171	-184	-169	-188	-184	-174	-199	-186	-180	-192	-200

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	26.75%	26.70%	-10.40%	7.82%	-11.48%	36.50%	-23.71%	1.27%	-29.37%	21.27%
EBITDA Growth	59.67%	333.25%	-69.34%	57.23%	739.96%	-69.75%	-31.70%	198.88%	-131.87%	47.41%
EBIT Growth	68.13%	6,572.90%	-102.15%	92.60%	311.81%	-279.05%	-58.75%	135.46%	-175.50%	72.52%
NOPAT Growth	60.32%	471.15%	-70.89%	10.83%	482.94%	-391.18%	126.02%	62.41%	-156.98%	78.26%
Net Income Growth	55.52%	1,981.03%	-109.42%	17.66%	446.60%	-179.63%	187.15%	60.20%	-170.12%	49.86%
EPS Growth	55.30%	1,987.80%	-109.36%	17.43%	442.20%	-180.15%	185.53%	60.74%	-169.47%	49.49%
Operating Cash Flow Growth	102.24%	-31.04%	267.64%	539.98%	-78.69%	153.30%	-124.38%	548.44%	163.58%	-144.22%
Free Cash Flow Firm Growth	58.63%	-188.03%	10,285.89%	122.25%	90.91%	47.43%	-209.40%	2,631.99%	226.40%	-106.49%
Invested Capital Growth	33.32%	51.73%	-21.03%	12.88%	15.01%	13.04%	51.16%	-34.59%	-13.08%	28.30%
Revenue Q/Q Growth	9.23%	4.94%	3.77%	11.35%	-22.57%	30.07%	18.61%	0.29%	-28.28%	12.89%
EBITDA Q/Q Growth	7.04%	56.22%	-41.70%	16.69%	40.61%	-66.81%	91.87%	167.56%	-135.69%	17.82%
EBIT Q/Q Growth	6.47%	89.95%	-107.05%	24.61%	99.51%	-116,251.64%	1,541.98%	131.85%	-185.32%	25.60%
NOPAT Q/Q Growth	2.73%	107.09%	40.35%	2.25%	107.43%	-2,409.66%	-43.43%	64.89%	-165.48%	24.31%
Net Income Q/Q Growth	3.52%	75.27%	-146.61%	3.46%	78.44%	-3,271.46%	142.42%	65.78%	-176.24%	3.76%
EPS Q/Q Growth	3.53%	74.72%	-146.59%	3.55%	78.47%	-3,533.33%	141.59%	66.53%	-175.70%	4.29%
Operating Cash Flow Q/Q Growth	25.81%	-27.99%	675.49%	-39.00%	-94.13%	121.97%	-211.67%	14.09%	661.97%	-157.20%
Free Cash Flow Firm Q/Q Growth	43.65%	-105.84%	1,689.71%	-96.50%	-115.39%	61.56%	-13,447.85%	-2.63%	313.96%	-103.08%
Invested Capital Q/Q Growth	-1.48%	3.16%	-18.05%	4.92%	-2.26%	-16.67%	9.78%	-25.57%	-24.80%	3.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.17%	39.19%	2.67%	24.97%	25.10%	17.93%	17.48%	18.66%	21.98%	27.54%
EBITDA Margin	42.31%	33.59%	9.82%	28.70%	19.68%	2.07%	9.36%	10.45%	-10.71%	23.72%
Operating Margin	33.15%	25.83%	-1.04%	20.07%	11.71%	-5.28%	1.79%	6.05%	-19.56%	17.75%
EBIT Margin	32.24%	24.31%	-0.48%	19.81%	11.09%	-4.63%	3.53%	6.53%	-18.66%	17.45%
Profit (Net Income) Margin	30.72%	25.03%	-1.69%	16.03%	14.69%	-3.75%	6.43%	-5.63%	-14.33%	14.43%
Tax Burden Percent	91.87%	93.21%	-513.68%	81.92%	135.87%	95.67%	127.56%	-81.94%	77.45%	80.92%
Interest Burden Percent	103.70%	110.50%	-69.00%	98.80%	97.51%	84.63%	142.72%	105.17%	99.14%	102.17%
Effective Tax Rate	8.13%	6.79%	613.68%	18.08%	-36.60%	0.00%	3.04%	184.05%	0.00%	4.41%
Return on Invested Capital (ROIC)	22.20%	19.47%	3.79%	12.35%	12.68%	-3.78%	1.66%	-6.35%	-13.00%	23.96%
ROIC Less NNEP Spread (ROIC-NNEP)	21.50%	18.00%	12.14%	12.99%	14.55%	-3.70%	-2.08%	-5.78%	-12.21%	28.40%
Return on Net Nonoperating Assets (RNNOA)	-4.58%	-6.20%	-4.54%	-4.18%	-5.18%	1.55%	1.14%	3.14%	5.27%	-12.70%
Return on Equity (ROE)	17.62%	13.27%	-0.75%	8.17%	7.50%	-2.23%	2.80%	-3.21%	-7.73%	11.26%
Cash Return on Invested Capital (CROIC)	-6.36%	-21.63%	27.29%	0.25%	-1.28%	-16.02%	-39.07%	35.47%	1.00%	-0.83%
Operating Return on Assets (OROA)	12.06%	8.67%	-0.16%	7.98%	4.11%	-1.94%	1.13%	2.81%	-7.66%	10.23%
Return on Assets (ROA)	11.49%	8.93%	-0.56%	6.45%	5.45%	-1.57%	2.06%	-2.42%	-5.89%	8.45%
Return on Common Equity (ROCE)	17.62%	13.27%	-0.75%	8.17%	7.50%	-2.23%	2.80%	-3.21%	-7.73%	11.26%
Return on Equity Simple (ROE_SIMPLE)	16.20%	12.42%	-0.76%	7.86%	7.22%	-2.26%	2.77%	-3.25%	-7.97%	10.69%
Net Operating Profit after Tax (NOPAT)	1,281	799	140	481	434	-113	39	-149	-398	698
NOPAT Margin	30.46%	24.08%	5.34%	16.44%	15.99%	-3.70%	1.73%	-5.08%	-13.69%	16.97%
Net Nonoperating Expense Percent (NNEP)	0.70%	1.47%	-8.35%	-0.65%	-1.87%	-0.08%	3.74%	-0.58%	-0.79%	-4.44%
Return On Investment Capital (ROIC_SIMPLE)	14.92%	11.02%	2.32%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	55.83%	60.81%	97.33%	75.03%	74.90%	82.07%	82.52%	81.34%	78.02%	72.46%
SG&A Expenses to Revenue	4.48%	5.96%	6.29%	5.83%	8.22%	6.71%	7.88%	6.89%	9.02%	6.21%
R&D to Revenue	4.55%	4.59%	4.31%	3.39%	3.46%	3.15%	3.76%	3.01%	4.30%	3.18%
Operating Expenses to Revenue	11.02%	13.36%	3.71%	4.90%	13.40%	23.21%	15.69%	12.62%	41.54%	9.79%
Earnings before Interest and Taxes (EBIT)	1,356	807	-12	579	301	-142	79	192	-542	718
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,780	1,115	257	839	534	64	210	307	-311	976
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.37	2.75	2.74	1.56	1.90	1.16	0.85	1.38	0.64	1.20
Price to Tangible Book Value (P/TBV)	2.39	2.79	2.76	1.57	1.92	1.18	0.87	1.41	0.65	1.24
Price to Revenue (P/Rev)	4.49	5.55	6.10	3.17	3.87	1.93	1.98	2.40	1.15	1.62
Price to Earnings (P/E)	14.60	22.16	0.00	19.77	26.32	0.00	30.83	0.00	0.00	11.22
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.85%	4.51%	0.00%	5.06%	3.80%	0.00%	3.24%	0.00%	0.00%	8.91%
Enterprise Value to Invested Capital (EV/IC)	2.65	3.37	4.11	1.80	2.39	1.25	0.73	2.05	0.34	1.34
Enterprise Value to Revenue (EV/Rev)	4.16	5.02	5.11	2.54	3.23	1.30	0.91	1.30	0.33	1.07
Enterprise Value to EBITDA (EV/EBITDA)	9.83	14.95	52.06	8.86	16.40	62.69	9.77	12.40	0.00	4.49
Enterprise Value to EBIT (EV/EBIT)	12.89	20.66	0.00	12.84	29.10	0.00	25.87	19.85	0.00	6.11
Enterprise Value to NOPAT (EV/NOPAT)	13.65	20.86	95.73	15.47	20.18	0.00	52.74	0.00	0.00	6.28
Enterprise Value to Operating Cash Flow (EV/OCF)	14.36	27.67	15.33	31.30	235.72	22.86	0.00	2.84	4.65	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	13.28	766.04	0.00	0.00	0.00	4.57	31.48	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.08	0.03	0.04	0.05	0.09	0.09	0.08	0.04	0.05
Long-Term Debt to Equity	0.05	0.07	0.03	0.04	0.04	0.09	0.09	0.07	0.03	0.05
Financial Leverage	-0.21	-0.34	-0.37	-0.32	-0.36	-0.42	-0.55	-0.54	-0.43	-0.45
Leverage Ratio	1.53	1.49	1.33	1.27	1.38	1.42	1.36	1.33	1.31	1.33
Compound Leverage Factor	1.59	1.64	-0.92	1.25	1.34	1.20	1.94	1.40	1.30	1.36
Debt to Total Capital	7.10%	7.73%	3.06%	3.87%	4.81%	8.47%	8.22%	7.17%	3.48%	4.96%
Short-Term Debt to Total Capital	2.75%	1.33%	0.00%	0.06%	0.72%	0.31%	0.10%	0.24%	0.52%	0.65%
Long-Term Debt to Total Capital	4.35%	6.40%	3.06%	3.81%	4.10%	8.16%	8.12%	6.93%	2.97%	4.31%
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	92.90%	92.27%	96.94%	96.13%	95.19%	91.53%	91.78%	92.83%	96.52%	95.04%
Debt to EBITDA	0.34	0.50	0.72	0.29	0.52	7.43	2.22	1.28	-0.61	0.30
Net Debt to EBITDA	-0.78	-1.56	-10.01	-2.18	-3.25	-30.17	-11.42	-10.53	7.63	-2.33
Long-Term Debt to EBITDA	0.21	0.42	0.72	0.28	0.45	7.15	2.20	1.24	-0.52	0.26
Debt to NOPAT	0.48	0.70	1.32	0.50	0.64	-4.17	12.00	-2.63	-0.47	0.41
Net Debt to NOPAT	-1.08	-2.18	-18.41	-3.81	-4.00	16.92	-61.68	21.66	5.97	-3.26
Long-Term Debt to NOPAT	0.29	0.58	1.32	0.49	0.55	-4.01	11.86	-2.55	-0.40	0.36
Altman Z-Score	4.35	4.50	5.21	5.48	5.38	2.61	2.74	3.94	2.42	4.07
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	2.45	3.55	3.65	4.39	3.56	2.73	4.57	5.89	4.17	3.48
Quick Ratio	1.47	2.12	2.80	3.14	2.41	2.14	3.71	5.22	2.69	2.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-367	-888	1,008	9.71	-44	-480	-913	835	31	-24
Operating Cash Flow to CapEx	79.81%	43.43%	96.65%	43.97%	8.91%	26.05%	-44.17%	260.65%	90.11%	-195.39%
Free Cash Flow to Firm to Interest Expense	-9.45	-68.46	82.47	0.74	-1.82	-17.74	-35.24	32.40	1.49	-3.47
Operating Cash Flow to Interest Expense	31.34	46.45	71.44	18.12	1.54	6.44	-12.61	52.03	10.07	-46.62
Operating Cash Flow Less CapEx to Interest Expense	-7.93	-60.51	-2.47	-23.10	-15.79	-18.27	-41.15	32.07	-1.11	-70.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.36	0.33	0.40	0.37	0.42	0.32	0.43	0.41	0.59
Accounts Receivable Turnover	4.38	6.74	6.72	7.83	5.70	4.92	4.61	6.84	5.62	10.65
Inventory Turnover	2.47	2.80	3.96	3.56	3.81	5.34	5.73	7.63	4.80	5.19
Fixed Asset Turnover	0.86	0.84	0.85	1.16	1.18	1.56	1.54	3.30	3.04	3.04
Accounts Payable Turnover	6.81	7.36	9.53	11.64	10.12	11.14	10.48	17.79	9.32	10.79
Days Sales Outstanding (DSO)	83.38	54.17	54.28	46.64	64.01	74.17	79.12	53.35	64.92	34.27
Days Inventory Outstanding (DIO)	147.99	130.35	92.18	102.66	95.69	68.38	63.67	47.85	75.97	70.28
Days Payable Outstanding (DPO)	53.57	49.61	38.28	31.34	36.08	32.77	34.84	20.52	39.17	33.83
Cash Conversion Cycle (CCC)	177.80	134.91	108.17	117.96	123.62	109.79	107.95	80.68	101.72	70.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,595	4,947	3,260	4,129	3,658	3,180	2,814	1,861	2,846	3,274
Invested Capital Turnover	0.73	0.81	0.71	0.75	0.79	1.02	0.96	1.25	0.95	1.41
Increase / (Decrease) in Invested Capital	1,648	1,687	-868	471	477	367	952	-984	-428	722
Enterprise Value (EV)	17,486	16,667	13,393	7,437	8,750	3,982	2,051	3,814	962	4,385
Market Capitalization	18,868	18,407	15,968	9,267	10,483	5,899	4,450	7,051	3,335	6,660
Book Value per Share	$74.52	$62.59	$54.74	$56.05	$52.10	$48.35	$49.73	$48.82	$50.22	$54.98
Tangible Book Value per Share	$73.74	$61.71	$54.32	$55.49	$51.43	$47.60	$48.88	$47.92	$49.23	$53.05
Total Capital	8,587	7,248	6,020	6,199	5,800	5,568	5,679	5,492	5,407	5,838
Total Debt	610	560	184	240	279	472	467	394	188	289
Total Long-Term Debt	373	464	184	236	238	454	461	380	160	251
Net Debt	-1,382	-1,740	-2,576	-1,831	-1,733	-1,916	-2,399	-3,237	-2,373	-2,275
Capital Expenditures (CapEx)	1,526	1,387	904	540	417	669	740	514	229	166
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,455	1,322	175	642	462	135	472	207	953	593
Debt-free Net Working Capital (DFNWC)	3,248	3,425	2,753	2,468	2,209	2,299	3,020	3,196	2,908	2,423
Net Working Capital (NWC)	3,012	3,329	2,753	2,464	2,167	2,282	3,014	3,182	2,880	2,385
Net Nonoperating Expense (NNE)	-11	-32	184	12	35	1.68	-105	16	18	105
Net Nonoperating Obligations (NNO)	-1,382	-1,740	-2,576	-1,831	-1,863	-1,916	-2,399	-3,237	-2,373	-2,275
Total Depreciation and Amortization (D&A)	423	308	270	260	233	205	131	115	231	258
Debt-free, Cash-free Net Working Capital to Revenue	34.59%	39.85%	6.70%	21.97%	17.03%	4.40%	21.05%	7.03%	32.80%	14.41%
Debt-free Net Working Capital to Revenue	77.22%	103.20%	105.12%	84.43%	81.46%	75.06%	134.56%	108.64%	100.12%	58.91%
Net Working Capital to Revenue	71.60%	100.30%	105.12%	84.30%	79.93%	74.49%	134.31%	108.20%	99.15%	57.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$12.07	$7.78	($0.41)	$4.41	$3.76	($1.09)	$1.38	($1.59)	($3.48)	$5.42
Adjusted Weighted Average Basic Shares Outstanding	107.02M	106.80M	106.55M	106.26M	105.87M	105.31M	104.75M	104.33M	102.87M	100.89M
Adjusted Diluted Earnings per Share	$12.02	$7.74	($0.41)	$4.38	$3.73	($1.09)	$1.36	($1.59)	($3.48)	$5.37
Adjusted Weighted Average Diluted Shares Outstanding	107.53M	107.37M	106.55M	106.92M	106.69M	105.31M	106.11M	104.33M	102.87M	101.82M
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	107.06M	106.85M	106.61M	106.33M	105.99M	105.46M	104.89M	104.47M	104.04M	101.77M
Normalized Net Operating Profit after Tax (NOPAT)	1,281	832	-19	481	226	141	39	151	175	698
Normalized NOPAT Margin	30.47%	25.08%	-0.73%	16.44%	8.35%	4.60%	1.73%	5.12%	6.04%	16.97%
Pre Tax Income Margin	33.43%	26.86%	0.33%	19.57%	10.81%	-3.92%	5.04%	6.87%	-18.50%	17.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	34.89	62.21	-1.02	44.18	12.51	-5.24	3.06	7.46	-26.39	102.91
NOPAT to Interest Expense	32.96	61.63	11.44	36.67	18.04	-4.18	1.50	-5.80	-19.36	100.07
EBIT Less CapEx to Interest Expense	-4.37	-44.75	-74.93	2.96	-4.82	-29.95	-25.48	-12.50	-37.56	79.05
NOPAT Less CapEx to Interest Expense	-6.30	-45.33	-62.47	-4.55	0.71	-28.89	-27.04	-25.77	-30.54	76.21
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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.35%	30.68%	10.81%	24.65%	44.83%	15.58%	27.37%	30.55%	49.38%	10.48%	7.79%
EBITDA Growth	1.68%	26.03%	21.86%	94.30%	312.90%	822.40%	34,453.50%	14.55%	2,554.66%	-79.05%	-100.90%
EBIT Growth	-12.53%	22.87%	15.81%	119.76%	2,140.63%	1,754.57%	495.90%	17.79%	117.04%	-113.00%	-244.85%
NOPAT Growth	-5.14%	9.08%	22.05%	126.25%	948.30%	1,247.70%	627.15%	163.45%	153.08%	-123.61%	-195.80%
Net Income Growth	-11.45%	12.56%	16.60%	104.81%	455.95%	4,726.91%	645.88%	205.67%	198.40%	-105.75%	-208.77%
EPS Growth	-11.36%	12.62%	16.40%	104.40%	450.00%	5,516.67%	643.48%	205.77%	197.56%	-104.88%	-209.52%
Operating Cash Flow Growth	-327.09%	44.53%	-132.48%	315.23%	873.81%	-29.44%	28.26%	-201.89%	75.08%	2,207.18%	-57.76%
Free Cash Flow Firm Growth	-48.09%	5.45%	-181.64%	-412.89%	-311.47%	-257.60%	-519.35%	-166.80%	7,401.08%	349.72%	36.22%
Invested Capital Growth	42.60%	33.32%	39.59%	33.54%	43.43%	51.73%	20.54%	9.26%	-14.60%	-21.03%	1.10%
Revenue Q/Q Growth	-44.22%	70.56%	-12.15%	27.25%	-31.46%	44.62%	-1.18%	47.86%	-45.30%	59.38%	1.28%
EBITDA Q/Q Growth	-41.16%	33.43%	-7.55%	40.10%	-27.08%	29.02%	47.40%	197.74%	62.91%	4,905.12%	-100.49%
EBIT Q/Q Growth	-53.07%	41.05%	-13.39%	52.56%	-34.07%	32.94%	64.35%	1,455.43%	148.69%	68.19%	-148.90%
NOPAT Q/Q Growth	-46.91%	30.68%	-10.79%	53.26%	-38.95%	46.22%	65.38%	610.11%	166.84%	32.84%	-182.65%
Net Income Q/Q Growth	-46.70%	25.61%	-10.42%	47.65%	-32.25%	30.12%	57.35%	300.79%	663.87%	84.65%	-188.11%
EPS Q/Q Growth	-46.72%	25.77%	-10.46%	47.73%	-32.31%	30.00%	57.23%	297.50%	766.67%	86.96%	-188.46%
Operating Cash Flow Q/Q Growth	-174.97%	1,609.28%	-127.84%	-27.91%	-52.29%	239.19%	284.47%	-159.20%	-104.35%	516.57%	46.53%
Free Cash Flow Firm Q/Q Growth	-65.33%	21.67%	-40.75%	18.76%	-5.56%	-133.31%	-156.33%	-133.50%	-21.33%	1,016.91%	-127.64%
Invested Capital Q/Q Growth	15.40%	-1.48%	13.97%	10.05%	7.89%	3.16%	9.03%	18.20%	14.14%	-18.05%	-1.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.78%	37.49%	50.17%	49.37%	43.57%	43.33%	46.96%	38.29%	20.44%	6.05%	3.34%
EBITDA Margin	39.50%	37.45%	47.87%	45.49%	41.31%	38.83%	43.53%	29.18%	14.49%	4.87%	-0.16%
Operating Margin	26.20%	30.17%	36.27%	36.86%	30.62%	34.33%	34.07%	20.79%	3.28%	-4.58%	-10.87%
EBIT Margin	24.59%	29.23%	35.35%	35.85%	29.91%	31.09%	33.82%	20.34%	1.93%	-2.17%	-10.88%
Profit (Net Income) Margin	24.81%	25.96%	35.26%	34.57%	29.80%	30.14%	33.50%	21.04%	7.76%	-0.75%	-7.82%
Tax Burden Percent	96.53%	88.07%	95.61%	92.64%	92.60%	92.71%	92.40%	90.51%	119.31%	114.85%	79.71%
Interest Burden Percent	104.50%	100.85%	104.33%	104.09%	107.59%	104.58%	107.20%	114.32%	336.57%	30.19%	90.13%
Effective Tax Rate	3.47%	11.93%	4.39%	7.36%	7.40%	7.29%	7.60%	9.49%	-19.31%	0.00%	0.00%
Return on Invested Capital (ROIC)	16.63%	19.37%	23.25%	25.03%	22.31%	25.74%	22.70%	13.36%	2.72%	-2.27%	-4.85%
ROIC Less NNEP Spread (ROIC-NNEP)	17.00%	19.95%	22.82%	24.75%	21.70%	26.65%	21.73%	12.33%	1.57%	-3.39%	-4.78%
Return on Net Nonoperating Assets (RNNOA)	-2.41%	-4.25%	-3.95%	-5.63%	-6.31%	-9.18%	-6.01%	-3.63%	-0.49%	1.27%	1.54%
Return on Equity (ROE)	14.21%	15.12%	19.29%	19.40%	16.01%	16.56%	16.68%	9.73%	2.23%	-1.01%	-3.32%
Cash Return on Invested Capital (CROIC)	-15.51%	-6.36%	-11.34%	-5.53%	-13.64%	-21.63%	-9.83%	-7.13%	16.22%	27.29%	1.42%
Operating Return on Assets (OROA)	9.15%	10.93%	12.95%	13.49%	11.03%	11.08%	12.53%	7.41%	0.68%	-0.73%	-3.72%
Return on Assets (ROA)	9.23%	9.71%	12.92%	13.01%	10.99%	10.75%	12.41%	7.67%	2.72%	-0.25%	-2.67%
Return on Common Equity (ROCE)	14.21%	15.12%	19.29%	19.40%	16.01%	16.56%	16.68%	9.73%	2.23%	-1.01%	-3.32%
Return on Equity Simple (ROE_SIMPLE)	15.45%	0.00%	16.44%	16.59%	14.85%	0.00%	7.52%	2.59%	0.71%	0.00%	1.63%
Net Operating Profit after Tax (NOPAT)	214	402	308	345	225	369	252	153	21	-32	-48
NOPAT Margin	25.29%	26.57%	34.68%	34.15%	28.35%	31.83%	31.49%	18.81%	3.92%	-3.21%	-7.61%
Net Nonoperating Expense Percent (NNEP)	-0.38%	-0.59%	0.42%	0.28%	0.62%	-0.91%	0.96%	1.03%	1.15%	1.12%	-0.07%
Return On Investment Capital (ROIC_SIMPLE)	2.45%	4.68%	-	-	-	5.09%	-	-	-	-0.53%	-
Cost of Revenue to Revenue	59.22%	62.51%	49.83%	50.63%	56.43%	56.67%	53.04%	61.71%	79.56%	93.95%	96.66%
SG&A Expenses to Revenue	6.29%	3.27%	5.22%	4.61%	5.77%	4.93%	6.26%	5.71%	8.03%	4.26%	7.37%
R&D to Revenue	6.20%	3.07%	5.65%	5.14%	5.38%	3.79%	5.14%	4.53%	5.56%	3.12%	4.64%
Operating Expenses to Revenue	14.58%	7.32%	13.89%	12.51%	12.95%	9.00%	12.88%	17.50%	17.15%	10.63%	14.20%
Earnings before Interest and Taxes (EBIT)	208	443	314	362	237	360	271	165	11	-22	-68
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	334	567	425	460	328	450	349	237	79	49	-1.02
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.65	2.37	3.52	3.33	2.61	2.75	2.74	3.36	3.95	2.74	2.42
Price to Tangible Book Value (P/TBV)	1.67	2.39	3.56	3.37	2.65	2.79	2.78	3.42	3.98	2.76	2.44
Price to Revenue (P/Rev)	3.18	4.49	6.93	6.41	5.06	5.55	5.46	6.79	8.28	6.10	5.59
Price to Earnings (P/E)	10.70	14.60	21.39	20.05	17.60	22.16	36.42	129.82	556.72	0.00	148.80
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	9.35%	6.85%	4.67%	4.99%	5.68%	4.51%	2.75%	0.77%	0.18%	0.00%	0.67%
Enterprise Value to Invested Capital (EV/IC)	1.70	2.65	3.85	3.87	3.09	3.37	3.29	4.24	5.65	4.11	3.08
Enterprise Value to Revenue (EV/Rev)	3.04	4.16	6.70	6.04	4.62	5.02	4.98	6.24	7.51	5.11	4.85
Enterprise Value to EBITDA (EV/EBITDA)	7.26	9.83	15.52	14.34	12.08	14.95	22.08	51.31	63.05	52.06	27.76
Enterprise Value to EBIT (EV/EBIT)	9.77	12.89	20.26	18.48	15.94	20.66	37.11	218.94	348.62	0.00	69.28
Enterprise Value to NOPAT (EV/NOPAT)	10.21	13.65	20.69	19.10	16.50	20.86	40.83	257.44	1,113.14	95.73	122.88
Enterprise Value to Operating Cash Flow (EV/OCF)	37.86	14.36	26.65	19.16	18.21	27.67	18.84	23.33	21.52	15.33	108.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	32.11	13.28	217.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	0.08	0.08	0.08	0.09	0.08	0.08	0.07	0.05	0.03	0.04
Long-Term Debt to Equity	0.04	0.05	0.05	0.06	0.06	0.07	0.07	0.07	0.05	0.03	0.04
Financial Leverage	-0.14	-0.21	-0.17	-0.23	-0.29	-0.34	-0.28	-0.29	-0.31	-0.37	-0.32
Leverage Ratio	1.52	1.53	1.51	1.51	1.51	1.49	1.41	1.38	1.36	1.33	1.27
Compound Leverage Factor	1.58	1.55	1.58	1.57	1.63	1.55	1.51	1.57	4.58	0.40	1.14
Debt to Total Capital	6.03%	7.10%	7.11%	7.15%	8.24%	7.73%	7.34%	6.75%	5.18%	3.06%	4.27%
Short-Term Debt to Total Capital	2.26%	2.75%	2.55%	1.79%	2.67%	1.33%	0.52%	0.00%	0.00%	0.00%	0.09%
Long-Term Debt to Total Capital	3.76%	4.35%	4.57%	5.36%	5.57%	6.40%	6.82%	6.75%	5.18%	3.06%	4.18%
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	93.97%	92.90%	92.89%	92.85%	91.76%	92.27%	92.66%	93.25%	94.82%	96.94%	95.73%
Debt to EBITDA	0.29	0.34	0.35	0.35	0.45	0.50	0.70	1.20	0.96	0.72	0.59
Net Debt to EBITDA	-0.32	-0.78	-0.54	-0.87	-1.15	-1.56	-2.11	-4.51	-6.43	-10.01	-4.19
Long-Term Debt to EBITDA	0.18	0.21	0.22	0.26	0.31	0.42	0.65	1.20	0.96	0.72	0.58
Debt to NOPAT	0.41	0.48	0.47	0.47	0.62	0.70	1.29	6.03	16.95	1.32	2.60
Net Debt to NOPAT	-0.45	-1.08	-0.72	-1.16	-1.57	-2.18	-3.90	-22.64	-113.61	-18.41	-18.56
Long-Term Debt to NOPAT	0.26	0.29	0.30	0.35	0.42	0.58	1.20	6.03	16.95	1.32	2.55
Altman Z-Score	3.33	4.10	5.41	5.12	4.03	4.36	4.44	5.38	6.35	5.21	6.38
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	1.93	2.45	2.14	2.23	2.41	3.55	3.19	3.36	3.08	3.65	4.09
Quick Ratio	1.05	1.47	1.14	1.35	1.51	2.12	2.18	2.34	2.21	2.80	2.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,060	-1,246	-1,591	-1,130	-1,391	-1,318	-565	-220	658	836	-91
Operating Cash Flow to CapEx	-295.19%	258.66%	-12.38%	52.86%	64.75%	161.74%	57.80%	-23.43%	-9.33%	243.26%	57.77%
Free Cash Flow to Firm to Interest Expense	-216.28	-114.45	-176.60	-115.74	-151.04	-186.45	-151.27	-155.73	879.43	266.90	-30.49
Operating Cash Flow to Interest Expense	-63.83	74.49	-5.97	19.77	29.07	79.39	44.30	-63.38	-46.25	253.82	43.12
Operating Cash Flow Less CapEx to Interest Expense	-85.45	45.69	-54.14	-17.63	-15.82	30.31	-32.35	-333.83	-542.19	149.48	-31.52
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.37	0.37	0.38	0.37	0.36	0.37	0.36	0.35	0.33	0.34
Accounts Receivable Turnover	3.74	4.38	4.97	5.72	7.17	6.74	5.51	5.16	8.66	6.72	8.29
Inventory Turnover	2.13	2.47	1.93	2.29	2.36	2.80	2.72	3.17	3.30	3.96	3.11
Fixed Asset Turnover	0.81	0.86	0.82	0.82	0.81	0.84	0.88	0.85	0.84	0.85	0.90
Accounts Payable Turnover	7.20	6.81	10.95	8.56	7.73	7.36	15.40	12.22	12.18	9.53	12.66
Days Sales Outstanding (DSO)	97.55	83.38	73.42	63.80	50.91	54.17	66.23	70.69	42.14	54.28	44.02
Days Inventory Outstanding (DIO)	171.59	147.99	189.13	159.51	154.85	130.35	134.19	115.00	110.48	92.18	117.30
Days Payable Outstanding (DPO)	50.71	53.57	33.34	42.62	47.20	49.61	23.70	29.86	29.98	38.28	28.83
Cash Conversion Cycle (CCC)	218.43	177.80	229.21	180.69	158.55	134.91	176.72	155.83	122.64	108.17	132.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,611	6,595	6,694	5,874	5,338	4,947	4,796	4,398	3,721	3,260	3,979
Invested Capital Turnover	0.66	0.73	0.67	0.73	0.79	0.81	0.72	0.71	0.69	0.71	0.64
Increase / (Decrease) in Invested Capital	2,274	1,648	1,899	1,475	1,616	1,687	817	373	-636	-868	43
Enterprise Value (EV)	12,960	17,486	25,802	22,752	16,470	16,667	15,756	18,665	21,040	13,393	12,250
Market Capitalization	13,536	18,868	26,702	24,134	18,035	18,407	17,263	20,306	23,187	15,968	14,099
Book Value per Share	$76.47	$74.52	$70.94	$67.78	$64.56	$62.59	$58.99	$56.54	$55.05	$54.74	$54.68
Tangible Book Value per Share	$75.70	$73.74	$70.13	$66.96	$63.72	$61.71	$58.11	$55.61	$54.65	$54.32	$54.20
Total Capital	8,712	8,587	8,175	7,814	7,522	7,248	6,802	6,477	6,189	6,020	6,088
Total Debt	525	610	582	559	620	560	499	437	320	184	260
Total Long-Term Debt	328	373	373	419	419	464	464	437	320	184	254
Net Debt	-576	-1,382	-899	-1,382	-1,565	-1,740	-1,507	-1,641	-2,147	-2,576	-1,850
Capital Expenditures (CapEx)	206	314	434	365	413	347	286	383	371	327	223
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,509	1,455	974	576	693	1,322	838	686	174	175	601
Debt-free Net Working Capital (DFNWC)	2,400	3,248	2,244	2,316	2,684	3,425	2,660	2,570	2,446	2,753	2,528
Net Working Capital (NWC)	2,202	3,012	2,036	2,176	2,483	3,329	2,625	2,570	2,446	2,753	2,522
Net Nonoperating Expense (NNE)	4.04	9.18	-5.11	-4.28	-11	20	-16	-18	-21	-25	1.32
Net Nonoperating Obligations (NNO)	-576	-1,382	-899	-1,382	-1,565	-1,740	-1,507	-1,641	-2,147	-2,576	-1,850
Total Depreciation and Amortization (D&A)	126	124	111	97	91	90	78	72	69	71	67
Debt-free, Cash-free Net Working Capital to Revenue	35.45%	34.59%	25.30%	15.31%	19.46%	39.85%	26.49%	22.95%	6.23%	6.70%	23.80%
Debt-free Net Working Capital to Revenue	56.37%	77.22%	58.28%	61.54%	75.29%	103.20%	84.12%	85.95%	87.33%	105.12%	100.15%
Net Working Capital to Revenue	51.74%	71.60%	52.87%	57.82%	69.65%	100.30%	83.00%	85.95%	87.33%	105.12%	99.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.96	$3.68	$2.92	$3.26	$2.21	$3.27	$2.51	$1.60	$0.40	($0.06)	($0.46)
Adjusted Weighted Average Basic Shares Outstanding	107.12M	107.02M	107.05M	107.04M	106.91M	106.80M	106.83M	106.83M	106.68M	106.55M	106.60M
Adjusted Diluted Earnings per Share	$1.95	$3.66	$2.91	$3.25	$2.20	$3.25	$2.50	$1.59	$0.40	($0.06)	($0.46)
Adjusted Weighted Average Diluted Shares Outstanding	107.42M	107.53M	107.56M	107.53M	107.41M	107.37M	107.50M	107.28M	107.15M	106.55M	106.60M
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	107.24M	107.06M	107.06M	107.05M	107.04M	106.85M	106.84M	106.83M	106.83M	106.61M	106.61M
Normalized Net Operating Profit after Tax (NOPAT)	214	402	308	345	225	369	252	185	13	-32	-48
Normalized NOPAT Margin	25.29%	26.57%	34.68%	34.19%	28.35%	31.83%	31.49%	22.79%	2.30%	-3.21%	-7.61%
Pre Tax Income Margin	25.70%	29.48%	36.88%	37.32%	32.18%	32.51%	36.26%	23.25%	6.51%	-0.66%	-9.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	21.81	40.65	34.83	37.10	25.79	50.96	72.56	116.51	14.17	-6.95	-22.88
NOPAT to Interest Expense	22.42	36.95	34.17	35.34	24.45	52.18	67.55	107.79	28.71	-10.26	-16.00
EBIT Less CapEx to Interest Expense	0.18	11.85	-13.34	-0.29	-19.11	1.88	-4.09	-153.95	-481.77	-111.29	-97.52
NOPAT Less CapEx to Interest Expense	0.80	8.15	-14.00	-2.06	-20.45	3.10	-9.10	-162.67	-467.22	-114.60	-90.64
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%

Frequently Asked Questions About First Solar's Financials

When does First Solar's fiscal year end?

According to the most recent income statement we have on file, First Solar's financial year ends in December. Their financial 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. View First Solar's forecast to see where analysts expect First Solar to go next.

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 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 5/20/2025 by MarketBeat.com Staff

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First Solar (FSLR) Financials

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First Solar (FSLR) Financials

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