FSLR

+ Watchlist + Portfolio

First Solar, Inc.

GridBrain — Sign in

GridSentinel — Sign in

GridAegis — Sign in

Key Metrics

Previous Close: $222.40
52-Week Range: $182.99 – $320.95
Market Cap: $23.00B
P/E (TTM): 21.87
EPS (TTM): 9.79
Dividend Yield: —

Advanced Metrics

Price/Book: 2.23
PEG Ratio: 0.60
Return on Equity: 18.51%
Return on Assets: 8.62%
Gross Margin: 44.02%
Operating Margin: 42.64%
Profit Margin: 32.46%
Current Ratio: 2.52
Debt/Equity: 0.02
Total Debt: $194.01M
Free Cash Flow: $1.60B
Revenue Growth: -3.70%
Earnings Growth: 23.30%
Enterprise Value: $21.47B

FSLR Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$2.62B	$3.32B	$4.21B	$5.22B
Cost of Revenue	$2.55B	$2.02B	$2.35B	$3.10B
Gross Profit	$69.86M	$1.30B	$1.86B	$2.12B
Research & Development	$112.80M	$152.31M	$191.38M	$233.42M
Selling, General & Admin	$164.72M	$197.62M	$188.26M	$203.76M
Operating Expenses	$350.61M	$414.71M	$464.13M	$523.48M
Operating Income	-$280.75M	$885.97M	$1.39B	$1.60B
EBITDA	$290.55M	$1.21B	$1.87B	$2.15B
Pretax Income	$8.60M	$891.29M	$1.41B	$1.58B
Income Tax	$52.76M	$60.51M	$114.29M	$52.68M
Net Income	-$44.17M	$830.78M	$1.29B	$1.53B
Diluted EPS	-0.41	7.74	12.02	14.21
Diluted Shares	106.55M	107.37M	107.53M	107.54M

FSLR Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$1.48B	$1.95B	$1.62B	$2.80B
Receivables	$329.61M	$1.41B	$1.81B	$1.94B
Inventory	$783.30M	$1.01B	$1.35B	$1.07B
Current Assets	$3.79B	$4.63B	$5.09B	$6.03B
Total Assets	$8.25B	$10.37B	$12.12B	$13.32B
Current Liabilities	$1.04B	$1.31B	$2.08B	$2.25B
Long-Term Debt	$184.35M	$464.07M	$373.35M	$282.59M
Total Debt	$234.13M	$624.39M	$718.80M	$655.34M
Total Liabilities	$2.42B	$3.68B	$4.15B	$3.78B
Retained Earnings	$3.14B	$3.97B	$5.26B	$6.79B
Shareholders' Equity	$5.84B	$6.69B	$7.98B	$9.54B
Working Capital	$2.75B	$3.33B	$3.01B	$3.77B

FSLR Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$873.37M	$602.26M	$1.22B	$2.06B
Capital Expenditure	-$903.61M	-$1.39B	-$1.53B	-$869.88M
Free Cash Flow	-$30.24M	-$784.51M	-$308.08M	$1.19B
Depreciation & Amortisation	$269.72M	$307.99M	$423.50M	$529.22M
Stock-Based Compensation	$28.66M	$34.22M	$28.10M	$19.22M
Investing Cash Flow	-$1.19B	-$472.79M	-$1.56B	-$765.17M
Financing Cash Flow	$309.39M	$336.85M	$24.85M	-$119.23M
Net Change in Cash	-$9.81M	$466.32M	-$320.46M	$1.17B

FSLR Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$1.10B	$1.59B	$1.68B	$1.04B	$1.06B
Cost of Revenue	$597.32M	$984.11M	$1.02B	$558.11M	$451.19M
Gross Profit	$499.85M	$610.75M	$665.34M	$486.13M	$605.00M
Research & Development	$54.49M	$60.59M	$65.95M	$66.94M	$76.24M
Selling, General & Admin	$52.59M	$47.32M	$50.68M	$65.33M	$51.95M
Operating Expenses	$138.24M	$144.65M	$117.42M	$140.83M	$154.62M
Operating Income	$361.61M	$466.10M	$547.92M	$345.30M	$450.39M
EBITDA	$484.76M	$614.79M	$703.27M	$509.34M	$612.78M
Pretax Income	$352.17M	$460.35M	$551.34M	$354.33M	$459.38M
Income Tax	$10.30M	$4.40M	$30.46M	$7.71M	$36.81M
Net Income	$341.87M	$455.94M	$520.88M	$346.62M	$422.57M
Diluted EPS	3.18	4.24	4.84	3.22	0.39
Diluted Shares	107.52M	107.54M	107.66M	107.62M	1.08B

FSLR Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$1.12B	$1.99B	$2.80B	$2.36B	$1.69B
Receivables	$2.33B	$2.25B	$1.94B	$1.82B	$1.89B
Inventory	$1.72B	$1.43B	$1.07B	$1.23B	$1.43B
Current Assets	$5.42B	$5.90B	$6.03B	$5.65B	$5.32B
Total Assets	$12.86B	$13.46B	$13.32B	$13.35B	$13.39B
Current Liabilities	$2.85B	$3.09B	$2.25B	$2.21B	$2.11B
Long-Term Debt	$327.97M	$282.56M	$282.59M	$237.18M	—
Total Debt	$1.07B	$891.91M	$655.34M	$587.12M	$194.01M
Total Liabilities	$4.31B	$4.44B	$3.78B	$3.47B	$3.07B
Retained Earnings	$5.81B	$6.27B	$6.79B	$7.14B	$7.56B
Shareholders' Equity	$8.55B	$9.02B	$9.54B	$9.88B	$10.32B
Working Capital	$2.57B	$2.81B	$3.77B	$3.44B	$3.21B

FSLR Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$149.58M	$1.27B	$1.24B	-$214.87M	-$144.90M
Capital Expenditure	-$288.13M	-$204.05M	-$171.73M	-$118.53M	-$161.32M
Free Cash Flow	-$138.56M	$1.07B	$1.07B	-$333.39M	-$306.22M
Depreciation & Amortisation	$123.41M	$140.33M	$140.63M	$147.39M	$147.84M
Stock-Based Compensation	$6.81M	$7.32M	$2.51M	$6.78M	$7.04M
Investing Cash Flow	-$261.99M	-$227.73M	-$187.23M	-$148.53M	-$143.06M
Financing Cash Flow	$446.62M	-$222.56M	-$243.67M	-$72.22M	-$391.73M
Net Change in Cash	$334.20M	$823.33M	$810.99M	-$435.62M	-$679.69M

Market Snapshot

About

First Solar, Inc. is a leading American solar technology company and global provider of photovoltaic (PV) solar energy solutions. The company manufactures thin-film solar modules using advanced semiconductor technology and provides utility-scale PV power plants and supporting services. Unlike many competitors, First Solar is vertically integrated, controlling the manufacturing process from raw materials to finished modules. The company's technology uses cadmium telluride (CdTe) thin film, which offers advantages in high-temperature environments and low-light conditions. First Solar primarily serves utility-scale solar developers and operators rather than residential customers.