First Solar (FSLR) Financials

$234.60 +6.54 (+2.87%)

Closing price 05/13/2026 04:00 PM Eastern

Extended Trading

$236.04 +1.44 (+0.61%)

As of 05:03 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	593	-416	-166	144	-115	398	469	-44	831	1,292	1,528
Consolidated Net Income / (Loss)	593	-416	-166	144	-115	398	469	-44	831	1,292	1,528
Net Income / (Loss) Continuing Operations	593	-416	-166	144	-115	398	469	-44	831	1,292	1,528
Total Pre-Tax Income	733	-537	202	113	-120	293	572	8.60	891	1,406	1,581
Total Operating Income	730	-568	178	40	-162	317	587	-27	857	1,394	1,597
Total Gross Profit	1,133	638	549	392	549	681	730	70	1,301	1,858	2,120
Total Revenue	4,113	2,905	2,941	2,244	3,063	2,711	2,923	2,619	3,319	4,206	5,219
Operating Revenue	4,113	2,905	2,941	2,244	3,063	2,711	2,923	2,619	3,319	4,206	5,219
Total Cost of Revenue	2,980	2,266	2,392	1,852	2,514	2,031	2,193	2,549	2,018	2,348	3,099
Operating Cost of Revenue	2,980	2,266	2,392	1,852	2,514	2,031	2,193	2,549	2,018	2,348	3,099
Total Operating Expenses	403	1,207	371	352	711	363	143	97	443	463	523
Selling, General & Admin Expense	255	262	203	177	205	223	170	165	198	188	204
Marketing Expense	17	1.02	43	91	46	41	21	73	65	84	86
Research & Development Expense	131	125	89	84	97	94	99	113	152	191	233
Other Operating Expenses / (Income)	-	-	-	-	0.00	0.00	-147	-254	-6.88	-1.12	0.00
Other Special Charges / (Income)	-	-	0.00	0.00	363	6.00	0.00	0.00	36	0.43	0.00
Total Other Income / (Expense), net	3.17	31	24	73	42	-24	-15	36	34	12	-16
Interest Expense	6.98	21	26	26	27	24	13	12	13	39	44
Interest & Investment Income	23	25	36	60	49	17	6.18	33	98	89	82
Other Income / (Expense), net	-12	26	14	39	20	-17	-7.66	15	-51	-38	-54
Income Tax Expense	32	23	372	3.44	-5.48	-107	103	53	61	114	53
Basic Earnings per Share	$5.88	($4.05)	($1.59)	$1.38	($1.09)	$3.76	$4.41	($0.41)	$7.78	$12.07	$14.25
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	107.24M
Diluted Earnings per Share	$5.83	($4.05)	($1.59)	$1.36	($1.09)	$3.73	$4.38	($0.41)	$7.74	$12.02	$14.21
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	107.54M
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	107.31M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	268	349	237	349	313	393	210	342	456	521	347
Consolidated Net Income / (Loss)	268	349	237	349	313	393	210	342	456	521	347
Net Income / (Loss) Continuing Operations	268	349	237	349	313	393	210	342	456	521	347
Total Pre-Tax Income	290	377	256	377	327	446	217	352	460	551	354
Total Operating Income	273	398	243	373	322	457	221	362	466	548	345
Total Gross Profit	376	502	346	499	445	568	344	500	611	665	486
Total Revenue	801	1,159	794	1,010	888	1,514	845	1,097	1,595	1,683	1,044
Operating Revenue	801	1,159	794	1,010	888	1,514	845	1,097	1,595	1,683	1,044
Total Cost of Revenue	425	657	448	512	442	946	500	597	984	1,017	558
Operating Cost of Revenue	425	657	448	512	442	946	500	597	984	1,017	558
Total Operating Expenses	103	104	103	126	123	111	123	138	145	117	141
Selling, General & Admin Expense	50	57	46	47	46	50	53	53	47	51	65
Marketing Expense	12	9.85	15	27	27	15	18	31	37	0.79	8.55
Research & Development Expense	41	44	43	52	50	46	52	54	61	66	67
Total Other Income / (Expense), net	18	-21	12	4.62	5.34	-10	-4.19	-9.44	-5.75	3.42	9.03
Interest Expense	3.73	7.07	9.21	9.77	9.01	11	9.53	9.18	14	11	7.62
Interest & Investment Income	23	24	27	25	23	15	19	12	23	27	29
Other Income / (Expense), net	-2.02	-38	-5.66	-10	-8.23	-14	-14	-12	-15	-13	-12
Income Tax Expense	22	27	19	28	14	53	7.52	10	4.40	30	7.72
Basic Earnings per Share	$2.51	$3.27	$2.21	$3.26	$2.92	$3.68	$1.96	$3.19	$4.25	$4.85	$3.23
Weighted Average Basic Shares Outstanding	106.83M	106.80M	106.91M	107.04M	107.05M	107.02M	107.12M	107.25M	107.26M	107.24M	107.36M
Diluted Earnings per Share	$2.50	$3.25	$2.20	$3.25	$2.91	$3.66	$1.95	$3.18	$4.24	$4.84	$3.22
Weighted Average Diluted Shares Outstanding	107.50M	107.37M	107.41M	107.53M	107.56M	107.53M	107.42M	107.52M	107.54M	107.54M	107.62M
Weighted Average Basic & Diluted Shares Outstanding	106.84M	106.85M	107.04M	107.05M	107.06M	107.06M	107.24M	107.25M	107.31M	107.31M	107.45M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-380	215	906	-754	-116	-173	182	-9.81	472	-327	1,176
Net Cash From Operating Activities	-325	207	1,341	-327	174	37	238	873	602	1,218	2,057
Net Cash From Continuing Operating Activities	-325	207	1,341	-327	174	37	238	873	602	1,218	2,057
Net Income / (Loss) Continuing Operations	593	-416	-166	144	-115	398	469	-44	831	1,292	1,528
Consolidated Net Income / (Loss)	593	-416	-166	144	-115	398	469	-44	831	1,292	1,528
Depreciation Expense	258	231	115	131	205	233	260	270	308	423	529
Non-Cash Adjustments To Reconcile Net Income	-181	781	262	-525	-84	-87	-201	-337	-632	297	-132
Changes in Operating Assets and Liabilities, net	-996	-389	1,129	-77	167	-507	-290	985	96	-795	131
Net Cash From Investing Activities	-156	145	-627	-683	-362	-131	-99	-1,193	-473	-1,563	-765
Net Cash From Continuing Investing Activities	-156	145	-627	-683	-362	-131	-99	-1,193	-473	-1,563	-765
Purchase of Property, Plant & Equipment	-166	-229	-514	-740	-669	-417	-540	-904	-1,387	-1,526	-870
Acquisitions	-	-	-	-	-	-	0.00	0.00	-36	0.00	0.00
Purchase of Investments	-556	-423	-581	-1,369	-1,177	-902	-2,147	-3,375	-3,613	-2,516	-1,540
Divestitures	-	292	0.00	248	0.00	0.00	300	442	7.68	0.00	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	1,654
Other Investing Activities, net	-26	-20	2.22	43	-2.88	-5.50	-6.71	-3.05	-9.05	-13	-8.39
Net Cash From Financing Activities	101	-136	192	255	75	-83	41	309	337	25	-119
Net Cash From Continuing Financing Activities	101	-136	192	255	75	-83	41	309	337	25	-119
Repayment of Debt	-79	-693	-61	-25	-29	-226	-73	-76	0.00	-213	-961
Issuance of Debt	157	577	258	291	120	157	129	397	368	258	858
Other Financing Activities, net	23	-20	-5.14	-11	-16	-13	-16	-12	-31	-20	-16
Other Net Changes in Cash	-	-	-	-	-2.96	3.78	3.17	-	5.29	-6.39	3.10

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	668	455	-262	17	-701	617	-794	336	822	812	-438
Net Cash From Operating Activities	165	561	268	193	-54	811	-608	150	1,274	1,242	-215
Net Cash From Continuing Operating Activities	165	561	268	193	-54	811	-608	150	1,274	1,242	-215
Net Income / (Loss) Continuing Operations	268	349	237	349	313	393	210	342	456	521	347
Consolidated Net Income / (Loss)	268	349	237	349	313	393	210	342	456	521	347
Depreciation Expense	78	90	91	97	111	124	125	125	138	141	147
Non-Cash Adjustments To Reconcile Net Income	-197	-224	288	-273	-52	337	-97	-71	-257	293	-198
Changes in Operating Assets and Liabilities, net	16	346	-347	20	-425	-43	-846	-245	937	287	-511
Net Cash From Investing Activities	444	-173	-569	-107	-666	-221	-88	-262	-228	-187	-149
Net Cash From Continuing Investing Activities	444	-173	-569	-107	-666	-221	-88	-262	-228	-187	-149
Purchase of Property, Plant & Equipment	-286	-347	-413	-365	-434	-314	-206	-288	-204	-172	-119
Purchase of Investments	-728	-392	-569	-544	-901	-501	-390	-541	-377	-233	-460
Sale and/or Maturity of Investments	1,458	567	417	807	674	594	503	565	357	229	445
Other Investing Activities, net	-	-9.05	-2.70	-5.00	-4.92	-0.37	4.65	2.35	-4.05	-11	-15
Net Cash From Financing Activities	60	61	41	-68	22	31	-100	447	-223	-244	-72
Net Cash From Continuing Financing Activities	60	61	41	-68	22	31	-100	447	-223	-244	-72
Repayment of Debt	-	-	-46	-73	-94	-0.05	-177	-68	-412	-305	-133
Issuance of Debt	60	61	105	4.98	117	31	92	514	190	61	61
Other Financing Activities, net	-0.85	-0.03	-19	-0.20	-1.00	-0.03	-15	-0.02	-0.04	-0.05	-0.17
Other Net Changes in Cash	-	6.14	-1.94	-	-	-3.58	1.61	1.86	-1.45	1.08	-2.05

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	2025
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	12/31/2025
Total Assets	7,316	6,824	6,865	7,121	7,516	7,109	7,414	8,251	10,365	12,124	13,321
Total Current Assets	3,346	3,788	3,833	3,860	3,600	3,015	3,191	3,791	4,635	5,089	6,029
Cash & Equivalents	1,127	1,347	2,269	1,404	1,353	1,227	1,451	1,481	1,947	1,621	2,804
Short-Term Investments	703	608	720	1,144	812	520	375	1,097	155	172	52
Accounts Receivable	560	473	386	586	659	292	455	324	661	1,261	1,294
Inventories, net	517	426	201	445	497	568	666	621	820	1,084	737
Other Current Assets	188	701	78	38	3.52	252	244	268	1,052	951	1,143
Plant, Property, & Equipment, net	1,284	629	1,155	1,756	2,181	2,402	2,650	3,537	4,397	5,414	5,676
Total Noncurrent Assets	2,687	2,407	1,877	1,506	1,735	1,692	1,573	923	1,333	1,622	1,617
Long-Term Investments	734	606	642	318	224	265	245	182	198	199	217
Noncurrent Note & Lease Receivables	18	55	48	23	-	-	-	0.00	152	158	126
Goodwill	85	14	14	14	14	14	14	14	30	28	31
Intangible Assets	110	88	80	74	65	56	46	31	65	55	51
Noncurrent Deferred & Refundable Income Taxes	358	255	51	78	131	104	59	79	143	209	195
Other Noncurrent Operating Assets	1,382	1,389	1,041	998	1,301	1,252	1,209	617	746	973	997
Total Liabilities & Shareholders' Equity	7,316	6,824	6,865	7,121	7,516	7,109	7,414	8,251	10,365	12,124	13,321
Total Liabilities	1,768	1,606	1,766	1,909	2,419	1,588	1,454	2,415	3,678	4,147	3,783
Total Current Liabilities	961	908	650	845	1,318	847	727	1,038	1,306	2,077	2,254
Short-Term Debt	38	28	13	5.57	18	42	3.90	0.00	96	236	216
Accounts Payable	338	149	120	233	218	183	193	341	207	482	406
Accrued Expenses	409	263	367	442	351	310	288	383	525	509	519
Current Deferred Revenue	117	309	82	130	323	189	202	263	414	712	1,014
Current Deferred & Payable Income Tax Liabilities	1.33	13	20	21	17	15	4.54	29	22	77	7.49
Other Current Liabilities	58	147	49	14	391	83	35	21	42	61	91
Total Noncurrent Liabilities	807	698	1,116	1,064	1,101	741	727	1,377	2,372	2,069	1,529
Long-Term Debt	251	160	380	461	454	238	236	184	464	373	283
Noncurrent Deferred Revenue	-	-	-	-	-	-	96	945	1,592	1,328	805
Other Noncurrent Operating Liabilities	556	538	735	602	647	503	395	248	316	368	442
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	5,548	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978	9,538
Total Preferred & Common Equity	5,548	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978	9,538
Total Common Equity	5,548	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978	9,538
Common Stock	2,743	2,765	2,799	2,825	2,849	2,867	2,871	2,888	2,891	2,899	2,902
Retained Earnings	2,790	2,463	2,297	2,442	2,327	2,716	3,184	3,140	3,971	5,263	6,791
Accumulated Other Comprehensive Income / (Loss)	15	-9.91	2.26	-54	-79	-62	-96	-192	-174	-184	-155

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	8,997	9,583	10,365	10,761	11,014	11,437	12,124	12,117	12,858	13,459	13,351
Total Current Assets	3,661	3,824	4,635	4,241	3,949	3,818	5,089	4,574	5,424	5,902	5,646
Cash & Equivalents	830	1,493	1,947	1,682	1,703	1,005	1,621	838	1,125	1,992	2,363
Short-Term Investments	1,054	330	155	308	37	265	172	53	29	48	64
Accounts Receivable	668	787	661	670	648	762	1,261	1,606	1,731	1,442	1,374
Inventories, net	756	883	820	971	1,028	1,251	1,084	1,286	1,414	1,101	894
Other Current Assets	352	332	1,052	611	533	536	951	792	1,125	1,319	951
Plant, Property, & Equipment, net	4,020	4,073	4,397	4,916	5,139	5,326	5,414	5,638	5,723	5,760	5,666
Total Noncurrent Assets	1,316	1,686	1,333	1,604	1,926	2,292	1,622	1,905	1,712	1,798	2,039
Long-Term Investments	195	184	198	194	200	211	199	211	214	216	215
Noncurrent Note & Lease Receivables	225	582	152	348	607	872	158	430	239	296	538
Goodwill	29	28	30	29	29	30	28	30	31	31	31
Intangible Assets	70	66	65	62	59	57	55	53	52	51	65
Noncurrent Deferred & Refundable Income Taxes	126	133	143	170	202	238	209	204	205	184	207
Other Noncurrent Operating Assets	671	692	746	801	829	885	973	977	972	1,020	984
Total Liabilities & Shareholders' Equity	8,997	9,583	10,365	10,761	11,014	11,437	12,124	12,117	12,858	13,459	13,351
Total Liabilities	2,958	3,280	3,678	3,858	3,759	3,843	4,147	3,929	4,312	4,444	3,473
Total Current Liabilities	1,091	1,199	1,306	1,759	1,773	1,782	2,077	2,372	2,853	3,090	2,208
Short-Term Debt	-	35	96	201	140	208	236	197	250	272	189
Accounts Payable	246	111	207	239	231	265	482	428	368	285	307
Accrued Expenses	303	600	525	528	540	521	509	555	593	588	437
Current Deferred Revenue	390	372	414	693	689	645	712	1,042	1,058	1,555	1,203
Current Deferred & Payable Income Tax Liabilities	29	34	22	52	81	98	77	82	79	79	23
Other Current Liabilities	122	47	42	46	91	44	61	68	505	312	50
Total Noncurrent Liabilities	1,867	2,081	2,372	2,099	1,986	2,061	2,069	1,558	1,459	1,354	1,264
Long-Term Debt	437	464	464	419	419	373	373	328	328	283	237
Noncurrent Deferred Revenue	1,157	1,350	1,592	1,375	1,259	1,320	1,328	859	765	663	582
Other Noncurrent Operating Liabilities	272	268	316	305	309	367	368	370	367	409	445
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	6,040	6,302	6,687	6,903	7,255	7,594	7,978	8,187	8,546	9,015	9,879
Total Preferred & Common Equity	6,040	6,302	6,687	6,903	7,255	7,594	7,978	8,187	8,546	9,015	9,879
Total Common Equity	6,040	6,302	6,687	6,903	7,255	7,594	7,978	8,187	8,546	9,015	9,879
Common Stock	2,872	2,880	2,891	2,878	2,887	2,893	2,899	2,886	2,893	2,900	2,909
Retained Earnings	3,353	3,622	3,971	4,208	4,557	4,870	5,263	5,473	5,815	6,270	7,138
Accumulated Other Comprehensive Income / (Loss)	-186	-199	-174	-184	-188	-169	-184	-171	-161	-155	-168

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.27%	-29.37%	1.27%	-23.71%	36.50%	-11.48%	7.82%	-10.40%	26.70%	26.75%	24.09%
EBITDA Growth	47.41%	-131.87%	198.88%	-31.70%	-69.75%	739.96%	57.23%	-69.34%	333.25%	59.67%	16.46%
EBIT Growth	72.52%	-175.50%	135.46%	-58.75%	-279.05%	311.81%	92.60%	-102.15%	6,572.90%	68.13%	13.80%
NOPAT Growth	78.26%	-156.98%	62.41%	126.02%	-391.18%	482.94%	10.83%	-70.89%	471.15%	60.32%	20.49%
Net Income Growth	49.86%	-170.12%	60.20%	187.15%	-179.63%	446.60%	17.66%	-109.42%	1,981.03%	55.52%	18.28%
EPS Growth	49.49%	-169.47%	60.74%	185.53%	-180.15%	442.20%	17.43%	-109.36%	1,987.80%	55.30%	18.22%
Operating Cash Flow Growth	-144.22%	163.58%	548.44%	-124.38%	153.30%	-78.69%	539.98%	267.64%	-31.04%	102.24%	68.89%
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%	419.97%
Invested Capital Growth	28.30%	-13.08%	-34.59%	51.16%	13.04%	15.01%	12.88%	-21.03%	51.73%	33.32%	5.59%
Revenue Q/Q Growth	12.89%	-28.28%	0.29%	18.61%	30.07%	-22.57%	11.35%	3.77%	4.94%	9.23%	3.34%
EBITDA Q/Q Growth	17.82%	-135.69%	167.56%	91.87%	-66.81%	40.61%	16.69%	-41.70%	56.22%	7.04%	5.54%
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%	6.38%
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%	8.04%
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%	9.12%
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%	9.06%
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%	26.50%
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%	45.37%
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%	-4.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.54%	21.98%	18.66%	17.48%	17.93%	25.10%	24.97%	2.67%	39.19%	44.17%	40.62%
EBITDA Margin	23.72%	-10.71%	10.45%	9.36%	2.07%	19.68%	28.70%	9.82%	33.59%	42.31%	39.71%
Operating Margin	17.75%	-19.56%	6.05%	1.79%	-5.28%	11.71%	20.07%	-1.04%	25.83%	33.15%	30.59%
EBIT Margin	17.45%	-18.66%	6.53%	3.53%	-4.63%	11.09%	19.81%	-0.48%	24.31%	32.24%	29.57%
Profit (Net Income) Margin	14.43%	-14.33%	-5.63%	6.43%	-3.75%	14.69%	16.03%	-1.69%	25.03%	30.72%	29.28%
Tax Burden Percent	80.92%	77.45%	-81.94%	127.56%	95.67%	135.87%	81.92%	-513.68%	93.21%	91.87%	96.67%
Interest Burden Percent	102.17%	99.14%	105.17%	142.72%	84.63%	97.51%	98.80%	-69.00%	110.50%	103.70%	102.44%
Effective Tax Rate	4.41%	0.00%	184.05%	3.04%	0.00%	-36.60%	18.08%	613.68%	6.79%	8.13%	3.33%
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%	22.77%
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%	23.55%
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%	-5.32%
Return on Equity (ROE)	11.26%	-7.73%	-3.21%	2.80%	-2.23%	7.50%	8.17%	-0.75%	13.27%	17.62%	17.45%
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%	17.33%
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%	12.13%
Return on Assets (ROA)	8.45%	-5.89%	-2.42%	2.06%	-1.57%	5.45%	6.45%	-0.56%	8.93%	11.49%	12.01%
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%	17.45%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	698	-398	-149	39	-113	434	481	140	799	1,281	1,544
NOPAT Margin	16.97%	-13.69%	-5.08%	1.73%	-3.70%	15.99%	16.44%	5.34%	24.08%	30.46%	29.58%
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%	-0.78%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.32%	11.02%	14.92%	15.38%
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%	59.38%
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%	3.90%
R&D to Revenue	3.18%	4.30%	3.01%	3.76%	3.15%	3.46%	3.39%	4.31%	4.59%	4.55%	4.47%
Operating Expenses to Revenue	9.79%	41.54%	12.62%	15.69%	23.21%	13.40%	4.90%	3.71%	13.36%	11.02%	10.03%
Earnings before Interest and Taxes (EBIT)	718	-542	192	79	-142	301	579	-12	807	1,356	1,543
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	976	-311	307	210	64	534	839	257	1,115	1,780	2,072
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	2.94
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	2.96
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	5.37
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	18.34
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	8.91%	0.00%	0.00%	3.24%	0.00%	3.80%	5.06%	0.00%	4.51%	6.85%	5.45%
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	3.66
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	4.88
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	12.28
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	16.50
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	16.49
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	12.38
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	21.67
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	0.05
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	0.03
Financial Leverage	-0.45	-0.43	-0.54	-0.55	-0.42	-0.36	-0.32	-0.37	-0.34	-0.21	-0.23
Leverage Ratio	1.33	1.31	1.33	1.36	1.42	1.38	1.27	1.33	1.49	1.53	1.45
Compound Leverage Factor	1.36	1.30	1.40	1.94	1.20	1.34	1.25	-0.92	1.64	1.59	1.49
Debt to Total Capital	4.96%	3.48%	7.17%	8.22%	8.47%	4.81%	3.87%	3.06%	7.73%	7.10%	4.97%
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%	2.15%
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%	2.82%
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	95.04%	96.52%	92.83%	91.78%	91.53%	95.19%	96.13%	96.94%	92.27%	92.90%	95.03%
Debt to EBITDA	0.30	-0.61	1.28	2.22	7.43	0.52	0.29	0.72	0.50	0.34	0.24
Net Debt to EBITDA	-2.33	7.63	-10.53	-11.42	-30.17	-3.25	-2.18	-10.01	-1.56	-0.78	-1.24
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	0.14
Debt to NOPAT	0.41	-0.47	-2.63	12.00	-4.17	0.64	0.50	1.32	0.70	0.48	0.32
Net Debt to NOPAT	-3.26	5.97	21.66	-61.68	16.92	-4.00	-3.81	-18.41	-2.18	-1.08	-1.67
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	0.18
Altman Z-Score	4.07	2.42	3.94	2.74	2.61	5.38	5.48	5.21	4.50	4.35	6.27
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	3.48	4.17	5.89	4.57	2.73	3.56	4.39	3.65	3.55	2.45	2.67
Quick Ratio	2.49	2.69	5.22	3.71	2.14	2.41	3.14	2.80	2.12	1.47	1.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-24	31	835	-913	-480	-44	9.71	1,008	-888	-367	1,175
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%	236.48%
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	26.62
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	46.61
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	26.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.41	0.43	0.32	0.42	0.37	0.40	0.33	0.36	0.37	0.41
Accounts Receivable Turnover	10.65	5.62	6.84	4.61	4.92	5.70	7.83	6.72	6.74	4.38	4.09
Inventory Turnover	5.19	4.80	7.63	5.73	5.34	3.81	3.56	3.96	2.80	2.47	3.40
Fixed Asset Turnover	3.04	3.04	3.30	1.54	1.56	1.18	1.16	0.85	0.84	0.86	0.94
Accounts Payable Turnover	10.79	9.32	17.79	10.48	11.14	10.12	11.64	9.53	7.36	6.81	6.98
Days Sales Outstanding (DSO)	34.27	64.92	53.35	79.12	74.17	64.01	46.64	54.28	54.17	83.38	89.34
Days Inventory Outstanding (DIO)	70.28	75.97	47.85	63.67	68.38	95.69	102.66	92.18	130.35	147.99	107.24
Days Payable Outstanding (DPO)	33.83	39.17	20.52	34.84	32.77	36.08	31.34	38.28	49.61	53.57	52.29
Cash Conversion Cycle (CCC)	70.72	101.72	80.68	107.95	109.79	123.62	117.96	108.17	134.91	177.80	144.29
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	6,964
Invested Capital Turnover	1.41	0.95	1.25	0.96	1.02	0.79	0.75	0.71	0.81	0.73	0.77
Increase / (Decrease) in Invested Capital	722	-428	-984	952	367	477	471	-868	1,687	1,648	369
Enterprise Value (EV)	4,385	962	3,814	2,051	3,982	8,750	7,437	13,393	16,667	17,486	25,458
Market Capitalization	6,660	3,335	7,051	4,450	5,899	10,483	9,267	15,968	18,407	18,868	28,032
Book Value per Share	$54.98	$50.22	$48.82	$49.73	$48.35	$52.10	$56.05	$54.74	$62.59	$74.52	$88.88
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	$88.12
Total Capital	5,838	5,407	5,492	5,679	5,568	5,800	6,199	6,020	7,248	8,587	10,037
Total Debt	289	188	394	467	472	279	240	184	560	610	499
Total Long-Term Debt	251	160	380	461	454	238	236	184	464	373	283
Net Debt	-2,275	-2,373	-3,237	-2,399	-1,916	-1,733	-1,831	-2,576	-1,740	-1,382	-2,574
Capital Expenditures (CapEx)	166	229	514	740	669	417	540	904	1,387	1,526	870
Debt-free, Cash-free Net Working Capital (DFCFNWC)	593	953	207	472	135	462	642	175	1,322	1,455	1,135
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	3,991
Net Working Capital (NWC)	2,385	2,880	3,182	3,014	2,282	2,167	2,464	2,753	3,329	3,012	3,775
Net Nonoperating Expense (NNE)	105	18	16	-105	1.68	35	12	184	-32	-11	15
Net Nonoperating Obligations (NNO)	-2,275	-2,373	-3,237	-2,399	-1,916	-1,863	-1,831	-2,576	-1,740	-1,382	-2,574
Total Depreciation and Amortization (D&A)	258	231	115	131	205	233	260	270	308	423	529
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%	21.75%
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%	76.46%
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%	72.32%
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	$14.25
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	107.24M
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	$14.21
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	107.54M
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	101.77M	104.04M	104.47M	104.89M	105.46M	105.99M	106.33M	106.61M	106.85M	107.06M	107.31M
Normalized Net Operating Profit after Tax (NOPAT)	698	175	151	39	141	226	481	-19	832	1,281	1,544
Normalized NOPAT Margin	16.97%	6.04%	5.12%	1.73%	4.60%	8.35%	16.44%	-0.73%	25.08%	30.47%	29.58%
Pre Tax Income Margin	17.83%	-18.50%	6.87%	5.04%	-3.92%	10.81%	19.57%	0.33%	26.86%	33.43%	30.29%
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	34.97
NOPAT to Interest Expense	100.07	-19.36	-5.80	1.50	-4.18	18.04	36.67	11.44	61.63	32.96	34.98
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	15.26
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	15.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	107,310,994.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	107,310,994.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.37%	15.58%	44.83%	24.65%	10.81%	30.68%	6.35%	8.58%	79.67%	11.15%	23.64%
EBITDA Growth	34,453.50%	822.40%	312.90%	94.30%	21.86%	26.03%	1.68%	3.10%	38.66%	19.19%	44.48%
EBIT Growth	495.90%	1,754.57%	2,140.63%	119.76%	15.81%	22.87%	-12.53%	-3.60%	43.79%	20.92%	60.35%
NOPAT Growth	627.15%	1,247.70%	948.30%	126.25%	22.05%	9.08%	-5.14%	1.73%	49.96%	28.67%	58.16%
Net Income Growth	645.88%	4,726.91%	455.95%	104.81%	16.60%	12.56%	-11.45%	-2.14%	45.69%	32.50%	65.42%
EPS Growth	643.48%	5,516.67%	450.00%	104.40%	16.40%	12.62%	-11.36%	-2.15%	45.70%	32.24%	65.13%
Operating Cash Flow Growth	28.26%	-29.44%	873.81%	315.23%	-132.48%	44.53%	-327.09%	-22.50%	2,470.23%	53.13%	64.66%
Free Cash Flow Firm Growth	-519.35%	-257.60%	-311.47%	-412.89%	-181.64%	5.45%	-48.09%	-35.52%	90.01%	111.95%	113.88%
Invested Capital Growth	20.54%	51.73%	43.43%	33.54%	39.59%	33.32%	42.60%	32.05%	9.27%	5.59%	0.68%
Revenue Q/Q Growth	-1.18%	44.62%	-31.46%	27.25%	-12.15%	70.56%	-44.22%	29.91%	45.36%	5.51%	-37.95%
EBITDA Q/Q Growth	47.40%	29.02%	-27.08%	40.10%	-7.55%	33.43%	-41.16%	42.06%	24.33%	14.69%	-28.90%
EBIT Q/Q Growth	64.35%	32.94%	-34.07%	52.56%	-13.39%	41.05%	-53.07%	68.14%	29.18%	18.62%	-37.76%
NOPAT Q/Q Growth	65.38%	46.22%	-38.95%	53.26%	-10.79%	30.68%	-46.91%	64.36%	31.51%	12.13%	-34.75%
Net Income Q/Q Growth	57.35%	30.12%	-32.25%	47.65%	-10.42%	25.61%	-46.70%	63.16%	33.37%	14.24%	-33.46%
EPS Q/Q Growth	57.23%	30.00%	-32.31%	47.73%	-10.46%	25.77%	-46.72%	63.08%	33.33%	14.15%	-33.47%
Operating Cash Flow Q/Q Growth	284.47%	239.19%	-52.29%	-27.91%	-127.84%	1,609.28%	-174.97%	124.60%	751.48%	-2.49%	-117.30%
Free Cash Flow Firm Q/Q Growth	-156.33%	-133.31%	-5.56%	18.76%	-40.75%	21.67%	-65.33%	25.65%	89.63%	193.69%	91.99%
Invested Capital Q/Q Growth	9.03%	3.16%	7.89%	10.05%	13.97%	-1.48%	15.40%	1.91%	-5.69%	-4.80%	10.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.96%	43.33%	43.57%	49.37%	50.17%	37.49%	40.78%	45.56%	38.29%	39.54%	46.55%
EBITDA Margin	43.53%	38.83%	41.31%	45.49%	47.87%	37.45%	39.50%	43.19%	36.95%	40.16%	46.01%
Operating Margin	34.07%	34.33%	30.62%	36.86%	36.27%	30.17%	26.20%	32.96%	29.22%	32.56%	33.07%
EBIT Margin	33.82%	31.09%	29.91%	35.85%	35.35%	29.23%	24.59%	31.83%	28.29%	31.80%	31.90%
Profit (Net Income) Margin	33.50%	30.14%	29.80%	34.57%	35.26%	25.96%	24.81%	31.16%	28.59%	30.95%	33.19%
Tax Burden Percent	92.40%	92.71%	92.60%	92.64%	95.61%	88.07%	96.53%	97.08%	99.04%	94.48%	97.82%
Interest Burden Percent	107.20%	104.58%	107.59%	104.09%	104.33%	100.85%	104.50%	100.83%	102.04%	103.02%	106.38%
Effective Tax Rate	7.60%	7.29%	7.40%	7.36%	4.39%	11.93%	3.47%	2.92%	0.96%	5.52%	2.18%
Return on Invested Capital (ROIC)	22.70%	25.74%	22.31%	25.03%	23.25%	19.37%	16.63%	20.39%	20.87%	23.68%	22.95%
ROIC Less NNEP Spread (ROIC-NNEP)	21.73%	26.65%	21.70%	24.75%	22.82%	19.95%	17.00%	21.23%	21.31%	23.52%	22.32%
Return on Net Nonoperating Assets (RNNOA)	-6.01%	-9.18%	-6.31%	-5.63%	-3.95%	-4.25%	-2.41%	-2.92%	-3.34%	-5.31%	-3.45%
Return on Equity (ROE)	16.68%	16.56%	16.01%	19.40%	19.29%	15.12%	14.21%	17.47%	17.54%	18.37%	19.50%
Cash Return on Invested Capital (CROIC)	-9.83%	-21.63%	-13.64%	-5.53%	-11.34%	-6.36%	-15.51%	-8.92%	11.54%	17.33%	21.16%
Operating Return on Assets (OROA)	12.53%	11.08%	11.03%	13.49%	12.95%	10.93%	9.15%	11.58%	11.48%	13.05%	13.57%
Return on Assets (ROA)	12.41%	10.75%	10.99%	13.01%	12.92%	9.71%	9.23%	11.34%	11.60%	12.70%	14.13%
Return on Common Equity (ROCE)	16.68%	16.56%	16.01%	19.40%	19.29%	15.12%	14.21%	17.47%	17.54%	18.37%	19.50%
Return on Equity Simple (ROE_SIMPLE)	7.52%	0.00%	14.85%	16.59%	16.44%	0.00%	15.45%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	252	369	225	345	308	402	214	351	462	518	338
NOPAT Margin	31.49%	31.83%	28.35%	34.15%	34.68%	26.57%	25.29%	31.99%	28.95%	30.76%	32.35%
Net Nonoperating Expense Percent (NNEP)	0.96%	-0.91%	0.62%	0.28%	0.42%	-0.59%	-0.38%	-0.84%	-0.44%	0.16%	0.63%
Return On Investment Capital (ROIC_SIMPLE)	-	5.09%	-	-	-	4.68%	2.45%	3.85%	4.82%	5.16%	3.28%
Cost of Revenue to Revenue	53.04%	56.67%	56.43%	50.63%	49.83%	62.51%	59.22%	54.44%	61.71%	60.46%	53.45%
SG&A Expenses to Revenue	6.26%	4.93%	5.77%	4.61%	5.22%	3.27%	6.29%	4.79%	2.97%	3.01%	6.26%
R&D to Revenue	5.14%	3.79%	5.38%	5.14%	5.65%	3.07%	6.20%	4.97%	3.80%	3.92%	6.41%
Operating Expenses to Revenue	12.88%	9.00%	12.95%	12.51%	13.89%	7.32%	14.58%	12.60%	9.07%	6.98%	13.49%
Earnings before Interest and Taxes (EBIT)	271	360	237	362	314	443	208	349	451	535	333
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	349	450	328	460	425	567	334	474	589	676	480
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.74	2.75	2.61	3.33	3.52	2.37	1.65	2.08	2.62	2.94	2.14
Price to Tangible Book Value (P/TBV)	2.78	2.79	2.65	3.37	3.56	2.39	1.67	2.10	2.65	2.96	2.16
Price to Revenue (P/Rev)	5.46	5.55	5.06	6.41	6.93	4.49	3.18	4.09	4.68	5.37	3.91
Price to Earnings (P/E)	36.42	22.16	17.60	20.05	21.39	14.60	10.70	14.12	16.89	18.34	12.71
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	2.75%	4.51%	5.68%	4.99%	4.67%	6.85%	9.35%	7.08%	5.92%	5.45%	7.87%
Enterprise Value to Invested Capital (EV/IC)	3.29	3.37	3.09	3.87	3.85	2.65	1.70	2.19	3.00	3.66	2.47
Enterprise Value to Revenue (EV/Rev)	4.98	5.02	4.62	6.04	6.70	4.16	3.04	3.91	4.35	4.88	3.50
Enterprise Value to EBITDA (EV/EBITDA)	22.08	14.95	12.08	14.34	15.52	9.83	7.26	9.43	11.18	12.28	8.54
Enterprise Value to EBIT (EV/EBIT)	37.11	20.66	15.94	18.48	20.26	12.89	9.77	12.92	15.13	16.50	11.36
Enterprise Value to NOPAT (EV/NOPAT)	40.83	20.86	16.50	19.10	20.69	13.65	10.21	13.30	15.36	16.49	11.36
Enterprise Value to Operating Cash Flow (EV/OCF)	18.84	27.67	18.21	19.16	26.65	14.36	37.86	56.76	13.50	12.38	7.74
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	27.16	21.67	11.73
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.08	0.09	0.08	0.08	0.08	0.06	0.07	0.06	0.05	0.04
Long-Term Debt to Equity	0.07	0.07	0.06	0.06	0.05	0.05	0.04	0.04	0.03	0.03	0.02
Financial Leverage	-0.28	-0.34	-0.29	-0.23	-0.17	-0.21	-0.14	-0.14	-0.16	-0.23	-0.15
Leverage Ratio	1.41	1.49	1.51	1.51	1.51	1.53	1.52	1.51	1.50	1.45	1.41
Compound Leverage Factor	1.51	1.55	1.63	1.57	1.58	1.55	1.58	1.52	1.53	1.50	1.50
Debt to Total Capital	7.34%	7.73%	8.24%	7.15%	7.11%	7.10%	6.03%	6.33%	5.80%	4.97%	4.13%
Short-Term Debt to Total Capital	0.52%	1.33%	2.67%	1.79%	2.55%	2.75%	2.26%	2.74%	2.85%	2.15%	1.83%
Long-Term Debt to Total Capital	6.82%	6.40%	5.57%	5.36%	4.57%	4.35%	3.76%	3.59%	2.95%	2.82%	2.30%
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	92.66%	92.27%	91.76%	92.85%	92.89%	92.90%	93.97%	93.67%	94.20%	95.03%	95.87%
Debt to EBITDA	0.70	0.50	0.45	0.35	0.35	0.34	0.29	0.32	0.28	0.24	0.19
Net Debt to EBITDA	-2.11	-1.56	-1.15	-0.87	-0.54	-0.78	-0.32	-0.44	-0.87	-1.24	-1.00
Long-Term Debt to EBITDA	0.65	0.42	0.31	0.26	0.22	0.21	0.18	0.18	0.14	0.14	0.11
Debt to NOPAT	1.29	0.70	0.62	0.47	0.47	0.48	0.41	0.45	0.39	0.32	0.26
Net Debt to NOPAT	-3.90	-2.18	-1.57	-1.16	-0.72	-1.08	-0.45	-0.62	-1.19	-1.67	-1.33
Long-Term Debt to NOPAT	1.20	0.58	0.42	0.35	0.30	0.29	0.26	0.26	0.20	0.18	0.14
Altman Z-Score	4.44	4.36	4.03	5.12	5.41	4.10	3.33	3.77	4.58	6.02	5.20
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	3.19	3.55	2.41	2.23	2.14	2.45	1.93	1.90	1.91	2.67	2.56
Quick Ratio	2.18	2.12	1.51	1.35	1.14	1.47	1.05	1.01	1.13	1.84	1.72
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-565	-1,318	-1,391	-1,130	-1,591	-1,246	-2,060	-1,532	-159	149	286
Operating Cash Flow to CapEx	57.80%	161.74%	64.75%	52.86%	-12.38%	258.66%	-295.19%	51.91%	624.18%	723.18%	-181.28%
Free Cash Flow to Firm to Interest Expense	-151.27	-186.45	-151.04	-115.74	-176.60	-114.45	-216.28	-166.78	-11.25	13.17	37.54
Operating Cash Flow to Interest Expense	44.30	79.39	29.07	19.77	-5.97	74.49	-63.83	16.29	90.19	109.89	-28.22
Operating Cash Flow Less CapEx to Interest Expense	-32.35	30.31	-15.82	-17.63	-54.14	45.69	-85.45	-15.09	75.74	94.70	-43.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.36	0.37	0.38	0.37	0.37	0.37	0.36	0.41	0.41	0.43
Accounts Receivable Turnover	5.51	6.74	7.17	5.72	4.97	4.38	3.74	3.65	4.58	4.09	3.64
Inventory Turnover	2.72	2.80	2.36	2.29	1.93	2.47	2.13	2.04	2.58	3.40	2.90
Fixed Asset Turnover	0.88	0.84	0.81	0.82	0.82	0.86	0.81	0.80	0.91	0.94	0.96
Accounts Payable Turnover	15.40	7.36	7.73	8.56	10.95	6.81	7.20	8.31	11.01	6.98	8.59
Days Sales Outstanding (DSO)	66.23	54.17	50.91	63.80	73.42	83.38	97.55	99.94	79.65	89.34	100.34
Days Inventory Outstanding (DIO)	134.19	130.35	154.85	159.51	189.13	147.99	171.59	179.25	141.73	107.24	126.02
Days Payable Outstanding (DPO)	23.70	49.61	47.20	42.62	33.34	53.57	50.71	43.94	33.14	52.29	42.47
Cash Conversion Cycle (CCC)	176.72	134.91	158.55	180.69	229.21	177.80	218.43	235.25	188.23	144.29	183.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,796	4,947	5,338	5,874	6,694	6,595	7,611	7,756	7,315	6,964	7,663
Invested Capital Turnover	0.72	0.81	0.79	0.73	0.67	0.73	0.66	0.64	0.72	0.77	0.71
Increase / (Decrease) in Invested Capital	817	1,687	1,616	1,475	1,899	1,648	2,274	1,883	621	369	52
Enterprise Value (EV)	15,756	16,667	16,470	22,752	25,802	17,486	12,960	16,964	21,951	25,458	18,953
Market Capitalization	17,263	18,407	18,035	24,134	26,702	18,868	13,536	17,753	23,651	28,032	21,168
Book Value per Share	$58.99	$62.59	$64.56	$67.78	$70.94	$74.52	$76.47	$79.69	$84.06	$88.88	$92.06
Tangible Book Value per Share	$58.11	$61.71	$63.72	$66.96	$70.13	$73.74	$75.70	$78.92	$83.30	$88.12	$91.17
Total Capital	6,802	7,248	7,522	7,814	8,175	8,587	8,712	9,124	9,570	10,037	10,304
Total Debt	499	560	620	559	582	610	525	578	555	499	426
Total Long-Term Debt	464	464	419	419	373	373	328	328	283	283	237
Net Debt	-1,507	-1,740	-1,565	-1,382	-899	-1,382	-576	-790	-1,700	-2,574	-2,215
Capital Expenditures (CapEx)	286	347	413	365	434	314	206	288	204	172	119
Debt-free, Cash-free Net Working Capital (DFCFNWC)	838	1,322	693	576	974	1,455	1,509	1,667	1,044	1,135	1,199
Debt-free Net Working Capital (DFNWC)	2,660	3,425	2,684	2,316	2,244	3,248	2,400	2,821	3,084	3,991	3,626
Net Working Capital (NWC)	2,625	3,329	2,483	2,176	2,036	3,012	2,202	2,571	2,812	3,775	3,437
Net Nonoperating Expense (NNE)	-16	20	-11	-4.28	-5.11	9.18	4.04	9.16	5.70	-3.23	-8.83
Net Nonoperating Obligations (NNO)	-1,507	-1,740	-1,565	-1,382	-899	-1,382	-576	-790	-1,700	-2,574	-2,215
Total Depreciation and Amortization (D&A)	78	90	91	97	111	124	126	125	138	141	147
Debt-free, Cash-free Net Working Capital to Revenue	26.49%	39.85%	19.46%	15.31%	25.30%	34.59%	35.45%	38.38%	20.68%	21.75%	22.13%
Debt-free Net Working Capital to Revenue	84.12%	103.20%	75.29%	61.54%	58.28%	77.22%	56.37%	64.95%	61.07%	76.46%	66.91%
Net Working Capital to Revenue	83.00%	100.30%	69.65%	57.82%	52.87%	71.60%	51.74%	59.19%	55.67%	72.32%	63.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.51	$3.27	$2.21	$3.26	$2.92	$3.68	$1.96	$3.19	$4.25	$4.85	$3.23
Adjusted Weighted Average Basic Shares Outstanding	106.83M	106.80M	106.91M	107.04M	107.05M	107.02M	107.12M	107.25M	107.26M	107.24M	107.36M
Adjusted Diluted Earnings per Share	$2.50	$3.25	$2.20	$3.25	$2.91	$3.66	$1.95	$3.18	$4.24	$4.84	$3.22
Adjusted Weighted Average Diluted Shares Outstanding	107.50M	107.37M	107.41M	107.53M	107.56M	107.53M	107.42M	107.52M	107.54M	107.54M	107.62M
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	106.84M	106.85M	107.04M	107.05M	107.06M	107.06M	107.24M	107.25M	107.31M	107.31M	107.45M
Normalized Net Operating Profit after Tax (NOPAT)	252	369	225	345	308	402	214	351	462	518	338
Normalized NOPAT Margin	31.49%	31.83%	28.35%	34.19%	34.68%	26.57%	25.29%	31.99%	28.95%	30.76%	32.35%
Pre Tax Income Margin	36.26%	32.51%	32.18%	37.32%	36.88%	29.48%	25.70%	32.10%	28.86%	32.76%	33.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	72.56	50.96	25.79	37.10	34.83	40.65	21.81	38.03	31.95	47.35	43.74
NOPAT to Interest Expense	67.55	52.18	24.45	35.34	34.17	36.95	22.42	38.22	32.69	45.81	44.36
EBIT Less CapEx to Interest Expense	-4.09	1.88	-19.11	-0.29	-13.34	11.85	0.18	6.65	17.50	32.16	28.18
NOPAT Less CapEx to Interest Expense	-9.10	3.10	-20.45	-2.06	-14.00	8.15	0.80	6.85	18.24	30.61	28.79
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, Inc. (NASDAQ:FSLR) has shown a clear improvement in profitability and cash generation across the last four years in the quarterly statements provided. Below are the 10 most notable trends for retail investors, with the positives shown first, then neutrals, and finally the negatives.

Revenue growth supporting higher profitability: Quarterly operating revenue rose from about $1.00B in Q4 2022 to approximately $1.68B in Q4 2025, indicating a sustained top‑line expansion.
Net income improving meaningfully: Net income attributable to common shareholders swung from a small loss in 2022 to about $520.9M in Q4 2025, signaling a material improvement in bottom‑line profitability.
Operating cash flow strengthened: Net cash from continuing operating activities reached about $1.24B in Q4 2025, up from roughly $0.80B in late‑2022, highlighting strong cash conversion from operations.
Gross margin showing resilience and improvement: Total gross profit margin improved to about 39.5% in Q4 2025 (665.3M gross profit on 1.682B revenue), vs around 37–38% in the prior year periods, indicating improved product economics.
Liquidity remains solid thanks to a large cash balance: Cash and equivalents rose to nearly $2.0B by mid‑2025 (about $1.99B in Q3 2025), providing substantial liquidity for operations and capex.
Earnings per share trending higher: Diluted earnings per share stood at about $4.84 in Q4 2025, reflecting the stronger net income base and improved profitability per share.
Asset base rising along with equity growth: Total assets expanded to around $13.46B by Q3 2025, up from roughly $8.6B in 2024, supported by growing equity and cash balances.
Debt at a manageable level: Long‑term debt around the low hundreds of millions (roughly $327M or less in mid‑2025), with total liabilities around $4.3–4.4B, indicating a solid but controllable leverage position given the large asset base.
Cash outflows from financing activities: Net cash from continuing financing activities was negative in several quarters, including about −$243.7M in Q4 2025, signaling ongoing debt repayments and/or capital returns that reduce cash despite strong ops.
Near‑term operating expense pressure in some quarters: SG&A and RD expenses remained meaningful (e.g., SG&A around $50.7M and RD around $66.0M in Q4 2025), which can temper margin gains on a quarterly basis even as gross margins improve.

05/14/26 04:55 AM ETAI Generated. May Contain Errors.

First Solar Financials - Frequently Asked Questions

According to the most recent income statement we have on file, First Solar's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

First Solar's net income appears to be on an upward trend, with a most recent value of $1.53 billion in 2025, rising from $593.41 million in 2015. The previous period was $1.29 billion in 2024. View First Solar's forecast to see where analysts expect First Solar to go next.

First Solar's total operating income in 2025 was $1.60 billion, based on the following breakdown:

Total Gross Profit: $2.12 billion
Total Operating Expenses: $523.48 million

Over the last 10 years, First Solar's total revenue changed from $4.11 billion in 2015 to $5.22 billion in 2025, a change of 26.9%.

First Solar's total liabilities were at $3.78 billion at the end of 2025, a 8.8% decrease from 2024, and a 114.0% increase since 2015.

In the past 10 years, First Solar's cash and equivalents has ranged from $1.13 billion in 2015 to $2.80 billion in 2025, and is currently $2.80 billion as of their latest financial filing in 2025.

Over the last 10 years, First Solar's book value per share changed from 54.98 in 2015 to 88.88 in 2025, a change of 61.7%.

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Financial statements for NASDAQ:FSLR last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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First Solar (FSLR) Financials

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