First Solar Financials
This page shows First Solar (FSLR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
First Solar has an operating margin of 33.1%, meaning the company retains $33 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 25.8% the prior year.
First Solar's revenue surged 26.7% year-over-year to $4.2B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
First Solar carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.45, First Solar holds $2.45 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 78/100.
While First Solar generated $1.2B in operating cash flow, capex of $1.5B consumed most of it, leaving -$308.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
First Solar earns a strong 16.2% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is up from 12.4% the prior year.
First Solar scores 5.25, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($25.0B) relative to total liabilities ($4.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
First Solar passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, First Solar generates $0.94 in operating cash flow ($1.2B OCF vs $1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
First Solar earns $35.9 in operating income for every $1 of interest expense ($1.4B vs $38.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
First Solar generated $4.2B in revenue in fiscal year 2024. This represents an increase of 26.7% from the prior year.
First Solar's EBITDA was $1.8B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 56.0% from the prior year.
First Solar generated -$308.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 60.7% from the prior year.
First Solar reported $1.3B in net income in fiscal year 2024. This represents an increase of 55.5% from the prior year.
First Solar earned $12.02 per diluted share (EPS) in fiscal year 2024. This represents an increase of 55.3% from the prior year.
First Solar held $1.6B in cash against $373.4M in long-term debt as of fiscal year 2024.
First Solar had 107M shares outstanding in fiscal year 2024. This represents an increase of 0.2% from the prior year.
First Solar's gross margin was 44.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 5.0 percentage points from the prior year.
First Solar's operating margin was 33.1% in fiscal year 2024, reflecting core business profitability. This is up 7.3 percentage points from the prior year.
First Solar's net profit margin was 30.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 5.7 percentage points from the prior year.
First Solar's ROE was 16.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 3.8 percentage points from the prior year.
First Solar invested $191.4M in research and development in fiscal year 2024. This represents an increase of 25.7% from the prior year.
First Solar invested $1.5B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 10.0% from the prior year.
FSLR Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B+45.4% | $1.1B+29.9% | $844.6M-27.1% | $1.2B+44.6% | $801.1M-1.2% | $810.7M+47.9% | $548.3M-45.3% | $1.0B |
| Cost of Revenue | $984.1M+64.8% | $597.3M+19.4% | $500.2M-23.8% | $656.5M+54.5% | $424.9M-15.1% | $500.3M+14.7% | $436.2M-53.7% | $941.8M |
| Gross Profit | $610.7M+22.2% | $499.9M+45.1% | $344.4M-31.4% | $502.0M+33.5% | $376.2M+21.2% | $310.4M+177.0% | $112.1M+84.9% | $60.6M |
| R&D Expenses | $60.6M+11.2% | $54.5M+4.0% | $52.4M+19.4% | $43.9M+6.5% | $41.2M+12.1% | $36.7M+20.4% | $30.5M-2.5% | $31.3M |
| SG&A Expenses | $47.3M-10.0% | $52.6M-1.1% | $53.2M-6.9% | $57.1M+13.8% | $50.2M+8.3% | $46.3M+5.2% | $44.0M+3.0% | $42.7M |
| Operating Income | $466.1M+28.9% | $361.6M+63.4% | $221.2M-44.4% | $397.8M+45.7% | $273.0M+62.0% | $168.5M+836.1% | $18.0M+139.2% | -$45.9M |
| Interest Expense | $14.1M+53.8% | $9.2M-3.6% | $9.5M+34.8% | $7.1M+89.3% | $3.7M+163.9% | $1.4M+89.2% | $748K-76.1% | $3.1M |
| Income Tax | $4.4M-57.3% | $10.3M+36.9% | $7.5M-72.6% | $27.4M+24.4% | $22.1M+23.3% | $17.9M+359.8% | -$6.9M-805.7% | $976K |
| Net Income | $455.9M+33.4% | $341.9M+63.2% | $209.5M-40.0% | $349.2M+30.1% | $268.4M+57.3% | $170.6M+300.8% | $42.6M+663.9% | -$7.5M |
| EPS (Diluted) | $4.24+33.3% | $3.18+63.1% | $1.95-40.0% | $3.25+30.0% | $2.50+57.2% | $1.59+297.5% | $0.40+766.7% | $-0.06 |
FSLR Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.5B+4.7% | $12.9B+6.1% | $12.1B+16.9% | $10.4B+8.2% | $9.6B+6.5% | $9.0B+5.1% | $8.6B+3.8% | $8.3B |
| Current Assets | $5.9B+8.8% | $5.4B+18.6% | $4.6B-1.3% | $4.6B+21.2% | $3.8B+4.5% | $3.7B+1.1% | $3.6B-4.5% | $3.8B |
| Cash & Equivalents | $2.0B+77.1% | $1.1B+34.3% | $837.6M-57.0% | $1.9B+30.4% | $1.5B+79.9% | $829.9M-8.5% | $906.6M-38.8% | $1.5B |
| Inventory | $1.1B-22.1% | $1.4B+9.9% | $1.3B+56.9% | $819.9M-7.1% | $882.8M+16.7% | $756.2M+0.6% | $751.4M+20.9% | $621.4M |
| Accounts Receivable | $1.4B-16.7% | $1.7B+7.8% | $1.6B+143.0% | $660.8M-12.3% | $753.5M+19.4% | $631.3M+111.4% | $298.6M-7.9% | $324.3M |
| Goodwill | $30.7M+0.4% | $30.6M+2.9% | $29.7M+0.1% | $29.7M+4.3% | $28.5M-0.6% | $28.6M+98.1% | $14.5M0.0% | $14.5M |
| Total Liabilities | $4.4B+3.1% | $4.3B+9.7% | $3.9B+6.8% | $3.7B+12.1% | $3.3B+10.9% | $3.0B+9.7% | $2.7B+11.6% | $2.4B |
| Current Liabilities | $3.1B+8.3% | $2.9B+20.3% | $2.4B+81.6% | $1.3B+8.9% | $1.2B+9.9% | $1.1B-7.1% | $1.2B+13.1% | $1.0B |
| Long-Term Debt | $282.6M-13.8% | $328.0M0.0% | $327.9M-29.3% | $464.1M0.0% | $464.0M+6.1% | $437.4M+36.5% | $320.4M+73.8% | $184.3M |
| Total Equity | $9.0B+5.5% | $8.5B+4.4% | $8.2B+22.4% | $6.7B+6.1% | $6.3B+4.4% | $6.0B+2.9% | $5.9B+0.6% | $5.8B |
| Retained Earnings | $6.3B+7.8% | $5.8B+6.2% | $5.5B+37.8% | $4.0B+9.6% | $3.6B+8.0% | $3.4B+5.4% | $3.2B+1.4% | $3.1B |
FSLR Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.3B+751.5% | $149.6M+124.6% | -$608.0M-208.4% | $561.1M+239.2% | $165.4M+284.5% | -$89.7M-159.2% | -$34.6M-104.4% | $795.2M |
| Capital Expenditures | $204.0M-29.2% | $288.1M+39.9% | $206.0M-40.6% | $346.9M+21.2% | $286.2M-25.2% | $382.7M+3.2% | $371.0M+13.5% | $326.9M |
| Free Cash Flow | $1.1B+871.9% | -$138.6M+83.0% | -$813.9M-480.0% | $214.2M+277.3% | -$120.8M+74.4% | -$472.4M-16.5% | -$405.6M-186.6% | $468.3M |
| Investing Cash Flow | -$227.7M+13.1% | -$262.0M-197.0% | -$88.2M+49.1% | -$173.2M-139.0% | $444.0M+551.2% | -$98.4M+84.8% | -$645.2M-13.2% | -$570.1M |
| Financing Cash Flow | -$222.6M-149.8% | $446.6M+548.3% | -$99.6M-264.0% | $60.7M+2.0% | $59.5M-45.3% | $108.9M+1.1% | $107.7M+7.8% | $99.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FSLR Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.3%-7.3pp | 45.6%+4.8pp | 40.8%-2.6pp | 43.3%-3.6pp | 47.0%+8.7pp | 38.3%+17.9pp | 20.4%+14.4pp | 6.0% |
| Operating Margin | 29.2%-3.7pp | 33.0%+6.8pp | 26.2%-8.1pp | 34.3%+0.3pp | 34.1%+13.3pp | 20.8%+17.5pp | 3.3%+7.9pp | -4.6% |
| Net Margin | 28.6%-2.6pp | 31.2%+6.3pp | 24.8%-5.3pp | 30.1%-3.4pp | 33.5%+12.5pp | 21.0%+13.3pp | 7.8%+8.5pp | -0.8% |
| Return on Equity | 5.1%+1.1pp | 4.0%+1.4pp | 2.6%-2.7pp | 5.2%+1.0pp | 4.3%+1.4pp | 2.8%+2.1pp | 0.7% | N/A |
| Return on Assets | 3.4%+0.7pp | 2.7%+0.9pp | 1.7%-1.6pp | 3.4%+0.6pp | 2.8%+0.9pp | 1.9%+1.4pp | 0.5%+0.6pp | -0.1% |
| Current Ratio | 1.910.0 | 1.90-0.0 | 1.93-1.6 | 3.55+0.4 | 3.19-0.2 | 3.36+0.3 | 3.08-0.6 | 3.65 |
| Debt-to-Equity | 0.030.0 | 0.040.0 | 0.04-0.0 | 0.070.0 | 0.070.0 | 0.07+0.0 | 0.05+0.0 | 0.03 |
| FCF Margin | 67.1%+79.7pp | -12.6%+83.7pp | -96.4%-114.9pp | 18.5%+33.6pp | -15.1%+43.2pp | -58.3%+15.7pp | -74.0%-120.7pp | 46.7% |
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Frequently Asked Questions
What is First Solar's annual revenue?
First Solar (FSLR) reported $4.2B in total revenue for fiscal year 2024. This represents a 26.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is First Solar's revenue growing?
First Solar (FSLR) revenue grew by 26.7% year-over-year, from $3.3B to $4.2B in fiscal year 2024.
Is First Solar profitable?
Yes, First Solar (FSLR) reported a net income of $1.3B in fiscal year 2024, with a net profit margin of 30.7%.
What is First Solar's earnings per share (EPS)?
First Solar (FSLR) reported diluted earnings per share of $12.02 for fiscal year 2024. This represents a 55.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is First Solar's EBITDA?
First Solar (FSLR) had EBITDA of $1.8B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does First Solar have?
As of fiscal year 2024, First Solar (FSLR) had $1.6B in cash and equivalents against $373.4M in long-term debt.
What is First Solar's gross margin?
First Solar (FSLR) had a gross margin of 44.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is First Solar's operating margin?
First Solar (FSLR) had an operating margin of 33.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is First Solar's net profit margin?
First Solar (FSLR) had a net profit margin of 30.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is First Solar's return on equity (ROE)?
First Solar (FSLR) has a return on equity of 16.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is First Solar's free cash flow?
First Solar (FSLR) generated -$308.1M in free cash flow during fiscal year 2024. This represents a 60.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is First Solar's operating cash flow?
First Solar (FSLR) generated $1.2B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are First Solar's total assets?
First Solar (FSLR) had $12.1B in total assets as of fiscal year 2024, including both current and long-term assets.
What are First Solar's capital expenditures?
First Solar (FSLR) invested $1.5B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does First Solar spend on research and development?
First Solar (FSLR) invested $191.4M in research and development during fiscal year 2024.
How many shares does First Solar have outstanding?
First Solar (FSLR) had 107M shares outstanding as of fiscal year 2024.
What is First Solar's current ratio?
First Solar (FSLR) had a current ratio of 2.45 as of fiscal year 2024, which is generally considered healthy.
What is First Solar's debt-to-equity ratio?
First Solar (FSLR) had a debt-to-equity ratio of 0.05 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is First Solar's return on assets (ROA)?
First Solar (FSLR) had a return on assets of 10.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is First Solar's Altman Z-Score?
First Solar (FSLR) has an Altman Z-Score of 5.25, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is First Solar's Piotroski F-Score?
First Solar (FSLR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are First Solar's earnings high quality?
First Solar (FSLR) has an earnings quality ratio of 0.94x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can First Solar cover its interest payments?
First Solar (FSLR) has an interest coverage ratio of 35.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is First Solar?
First Solar (FSLR) scores 74 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.