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First Solar (FSLR) Financials

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$227.81 -1.19 (-0.52%)
As of 11:34 AM Eastern
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Annual Income Statements for First Solar

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

Quarterly Income Statements for First Solar

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

Annual Cash Flow Statements for First Solar

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

Quarterly Cash Flow Statements for First Solar

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

Annual Balance Sheets for First Solar

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

Quarterly Balance Sheets for First Solar

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

Annual Metrics And Ratios for First Solar

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%

Quarterly Metrics And Ratios for First Solar

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%.



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