What is First Solar's earnings per share (EPS)?

First Solar (FSLR) reported diluted earnings per share of $14.21 for fiscal year 2025. This represents a 18.2% 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.

First Solar Financials

FSLR

Trailing 12 months to June 30, 2026

Revenue $5.4B +23.8% YoY

Net Income $1.7B +38.9% YoY

EPS (Diluted) $16.22 +38.6% YoY

Free Cash Flow $1.5B +259.1% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

First Solar (FSLR) reported $5.4B in revenue over the twelve months to Jun 30, 2026, up 23.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI FSLR FY2025 2026-07-30

Expansion spending has flipped into cash generation as high margins and a light debt load turn scale into balance-sheet strength.

The biggest shift is that cash conversion finally caught up with earnings: free cash flow swung from -$308M in FY2024 to $1.2B in FY2025 because operating cash flow rose to $2.1B while capital spending fell to $870M. That pairing suggests the earlier cash drain was mainly build-out timing, not weak profit quality, since net income also increased from $1.3B to $1.5B.

FY2025 shows margin normalization rather than a broken profit model: gross margin eased from 44.2% to 40.6% and operating margin from 33.2% to 30.6%, yet revenue still climbed to $5.2B. That means the company grew on slightly less favorable economics than FY2024’s peak, but it still kept unusually high profit per sales dollar for a business with heavy production costs.

The balance sheet strengthened while investment continued: cash rose from $1.6B to $2.8B even as total assets expanded to $13.3B, and long-term debt fell to $283M. Add in inventory dropping from $1.1B to $737M, and FY2025 looks more like internally funded expansion than growth that depends on outside financing.

Financial Health Signals

Financial Health Score 75/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of First Solar's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

First Solar has an operating margin of 30.6%, meaning the company retains $31 of operating profit per $100 of revenue. This strong profitability earns a score of 79/100, reflecting efficient cost management and pricing power. This is down from 33.1% the prior year.

Growth

First Solar's revenue surged 24.1% year-over-year to $5.2B, reflecting rapid business expansion. This strong growth earns a score of 86/100.

Leverage

First Solar carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.67, First Solar holds $2.67 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.

Cash Flow

First Solar has a free cash flow margin of 22.8%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

First Solar earns a strong 16.0% 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 70/100. This is down from 16.2% the prior year.

Altman Z-Score Safe

5.33

First Solar scores 5.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($22.0B) relative to total liabilities ($3.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

7/9

First Solar passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.35x

For every $1 of reported earnings, First Solar generates $1.35 in operating cash flow ($2.1B OCF vs $1.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

36.18x

First Solar earns $36.18 in operating income for every $1 of interest expense ($1.6B vs $44.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.2B

YoY+24.1%

5Y CAGR+14.0%

10Y CAGR+2.4%

First Solar generated $5.2B in revenue in fiscal year 2025. This represents an increase of 24.1% from the prior year.

EBITDA

$2.1B

YoY+17.0%

5Y CAGR+31.0%

10Y CAGR+8.3%

First Solar's EBITDA was $2.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.0% from the prior year.

Net Income

$1.5B

YoY+18.3%

5Y CAGR+30.9%

10Y CAGR+9.9%

First Solar reported $1.5B in net income in fiscal year 2025. This represents an increase of 18.3% from the prior year.

EPS (Diluted)

$14.21

YoY+18.2%

5Y CAGR+30.7%

10Y CAGR+9.3%

First Solar earned $14.21 per diluted share (EPS) in fiscal year 2025. This represents an increase of 18.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$1.2B

YoY+485.4%

First Solar generated $1.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 485.4% from the prior year.

Cash & Debt

$2.8B

YoY+72.9%

5Y CAGR+18.0%

10Y CAGR+9.5%

First Solar held $2.8B in cash against $282.6M in long-term debt as of fiscal year 2025.

Shares Outstanding

107M

YoY+0.2%

5Y CAGR+0.2%

10Y CAGR+0.5%

First Solar had 107M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

40.6%

YoY-3.5pp

5Y CAGR+15.5pp

10Y CAGR+13.1pp

First Solar's gross margin was 40.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.5 percentage points from the prior year.

Operating Margin

30.6%

YoY-2.6pp

5Y CAGR+18.9pp

10Y CAGR+12.8pp

First Solar's operating margin was 30.6% in fiscal year 2025, reflecting core business profitability. This is down 2.6 percentage points from the prior year.

Net Margin

29.3%

YoY-1.4pp

5Y CAGR+14.6pp

10Y CAGR+14.8pp

First Solar's net profit margin was 29.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.4 percentage points from the prior year.

Return on Equity

16.0%

YoY-0.2pp

5Y CAGR+8.8pp

10Y CAGR+5.5pp

First Solar's ROE was 16.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$233.4M

YoY+22.0%

5Y CAGR+20.0%

10Y CAGR+6.0%

First Solar invested $233.4M in research and development in fiscal year 2025. This represents an increase of 22.0% from the prior year.

Capital Expenditures

$869.9M

YoY-43.0%

5Y CAGR+15.9%

10Y CAGR+18.0%

First Solar invested $869.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 43.0% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

FSLR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FSLR quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$5.4B	$5.2B+24.1%	$4.2B+26.7%	$3.3B+26.7%	$2.6B-10.4%	$2.9B+7.8%	$2.7B-11.5%	$3.1B+36.5%	$2.2B-23.7%	$2.9B+1.3%	$2.9B-29.4%	$4.1B+21.3%	$3.4B+2.5%	$3.3B-1.7%	$3.4B+21.8%	$2.8B
Cost of Revenue	$3.0B	$3.1B+32.0%	$2.3B+16.4%	$2.0B-20.8%	$2.5B+16.2%	$2.2B+8.0%	$2.0B-19.2%	$2.5B+35.7%	$1.9B-22.6%	$2.4B+5.6%	$2.3B-24.0%	$3.0B+16.1%	$2.6B+5.0%	$2.4B-2.8%	$2.5B+40.2%	$1.8B
Gross Profit	$2.4B	$2.1B+14.1%	$1.9B+42.8%	$1.3B+1761.9%	$69.9M-90.4%	$730.0M+7.2%	$680.7M+23.9%	$549.2M+40.0%	$392.2M-28.6%	$548.9M-14.0%	$638.4M-43.6%	$1.1B+37.3%	$824.9M-4.6%	$864.6M+1.4%	$852.7M-12.2%	$971.8M
R&D Expenses	$269.7M	$233.4M+22.0%	$191.4M+25.7%	$152.3M+35.0%	$112.8M+13.8%	$99.1M+5.7%	$93.7M-3.0%	$96.6M+14.4%	$84.5M-4.6%	$88.6M-29.0%	$124.8M-4.5%	$130.6M-9.3%	$144.0M+7.2%	$134.3M+1.4%	$132.5M-5.7%	$140.5M
SG&A Expenses	$215.3M	$203.8M+8.2%	$188.3M-4.7%	$197.6M+20.0%	$164.7M-3.3%	$170.3M-23.6%	$222.9M+8.5%	$205.5M+16.2%	$176.9M-12.7%	$202.7M-22.6%	$262.0M+2.7%	$255.2M+0.5%	$253.8M-6.1%	$270.3M-3.8%	$280.9M-31.9%	$412.5M
Operating Income	$1.8B	$1.6B+14.5%	$1.4B+62.7%	$857.3M+3247.5%	-$27.2M-104.6%	$586.8M+84.8%	$317.5M+296.2%	-$161.8M-503.3%	$40.1M-77.4%	$177.9M+131.3%	-$568.2M-177.8%	$730.2M+73.0%	$422.0M+13.9%	$370.4M+1086.1%	-$37.6M+45.3%	-$68.7M
Interest Expense	$38.6M	$44.1M+13.5%	$38.9M+199.8%	$13.0M+6.1%	$12.2M-6.7%	$13.1M-45.5%	$24.0M-11.2%	$27.1M+4.4%	$25.9M+0.6%	$25.8M+25.5%	$20.5M+194.5%	$7.0M+251.9%	$2.0M+5.2%	$1.9M-86.4%	$13.9M+13788.0%	$100K
Income Tax	$79.4M	$52.7M-53.9%	$114.3M+88.9%	$60.5M+14.7%	$52.8M-49.0%	$103.5M+196.4%	-$107.3M-1857.9%	-$5.5M-259.3%	$3.4M-99.1%	$372.0M+1505.7%	$23.2M-28.3%	$32.3M+3.7%	$31.2M+3.6%	$30.1M-46.8%	$56.5M+497.6%	-$14.2M
Net Income	$1.7B	$1.5B+18.3%	$1.3B+55.5%	$830.8M+1981.0%	-$44.2M-109.4%	$468.7M+17.7%	$398.4M+446.6%	-$114.9M-179.6%	$144.3M+187.1%	-$165.6M+60.2%	-$416.1M-170.1%	$593.4M+49.9%	$396.0M+12.9%	$350.7M+464.0%	-$96.3M-143.9%	-$39.5M
EPS (Diluted)	$16.22	$14.21+18.2%	$12.02+55.3%	$7.74+1987.8%	-$0.41-109.4%	$4.38+17.4%	$3.73+442.2%	-$1.09-180.1%	$1.36+185.5%	-$1.59+60.7%	-$4.05-169.5%	$5.83+49.5%	$3.90+6.3%	$3.67+430.6%	-$1.11-141.3%	-$0.46

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$1.1B+1.1%	$1.0B-37.9%	$1.7B+5.5%	$1.6B+45.4%	$1.1B+29.9%	$844.6M-44.2%	$1.5B+70.6%	$887.7M
Cost of Revenue	$451.2M-19.2%	$558.1M-45.1%	$1.0B+3.4%	$984.1M+64.8%	$597.3M+19.4%	$500.2M-47.1%	$946.4M+113.9%	$442.4M
Gross Profit	$605.0M+24.5%	$486.1M-26.9%	$665.3M+8.9%	$610.7M+22.2%	$499.9M+45.1%	$344.4M-39.3%	$567.7M+27.5%	$445.3M
R&D Expenses	$76.2M+13.9%	$66.9M+1.5%	$66.0M+8.8%	$60.6M+11.2%	$54.5M+4.0%	$52.4M+12.7%	$46.5M-7.4%	$50.2M
SG&A Expenses	$51.9M-20.5%	$65.3M+28.9%	$50.7M+7.1%	$47.3M-10.0%	$52.6M-1.1%	$53.2M+7.2%	$49.6M+7.1%	$46.3M
Operating Income	$450.4M+30.4%	$345.3M-37.0%	$547.9M+17.6%	$466.1M+28.9%	$361.6M+63.4%	$221.2M-51.6%	$456.8M+41.9%	$322.0M
Interest Expense	$5.6M-26.9%	$7.6M-32.6%	$11.3M-20.0%	$14.1M+53.8%	$9.2M-3.6%	$9.5M-12.5%	$10.9M+20.9%	$9.0M
Income Tax	$36.8M+377.1%	$7.7M-74.7%	$30.5M+591.9%	$4.4M-57.3%	$10.3M+36.9%	$7.5M-85.9%	$53.2M+270.0%	$14.4M
Net Income	$422.6M+21.9%	$346.6M-33.5%	$520.9M+14.2%	$455.9M+33.4%	$341.9M+63.2%	$209.5M-46.7%	$393.1M+25.6%	$313.0M
EPS (Diluted)	$3.92+21.7%	$3.22-33.5%	$4.84+14.2%	$4.24+33.3%	$3.18+63.1%	$1.95-46.7%	$3.66+25.8%	$2.91

FSLR Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FSLR quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$13.3B+9.9%	$12.1B+17.0%	$10.4B+25.6%	$8.3B+11.3%	$7.4B+4.3%	$7.1B-5.4%	$7.5B+5.5%	$7.1B+3.7%	$6.9B+0.6%	$6.8B-6.7%	$7.3B+8.9%	$6.7B-2.4%	$6.9B+8.4%	$6.3B+9.9%	$5.8B
Current Assets	$6.0B+18.5%	$5.1B+9.8%	$4.6B+22.2%	$3.8B+18.8%	$3.2B+5.9%	$3.0B-16.3%	$3.6B-6.7%	$3.9B+0.7%	$3.8B+1.2%	$3.8B+13.2%	$3.3B+8.7%	$3.1B-18.9%	$3.8B+33.9%	$2.8B+8.4%	$2.6B
Cash & Equivalents	$2.8B+72.9%	$1.6B-16.7%	$1.9B+31.4%	$1.5B+2.1%	$1.5B+18.2%	$1.2B-9.3%	$1.4B-3.6%	$1.4B-38.1%	$2.3B+68.4%	$1.3B+19.6%	$1.1B-24.0%	$1.5B+11.8%	$1.3B+47.0%	$901.3M+48.8%	$605.6M
Inventory	$736.7M-32.1%	$1.1B+32.3%	$819.9M+31.9%	$621.4M-6.7%	$666.3M+17.4%	$567.6M+28.0%	$443.5M+14.3%	$387.9M+125.0%	$172.4M-52.5%	$363.2M-4.5%	$380.4M-24.7%	$505.1M+29.9%	$389.0M-10.6%	$434.9M-8.6%	$475.9M
Accounts Receivable	$1.3B+2.6%	$1.3B+90.8%	$660.8M+103.7%	$324.3M-24.5%	$429.4M+61.4%	$266.1M-44.0%	$475.0M+270.3%	$128.3M-39.4%	$211.8M-20.6%	$266.7M-46.7%	$500.6M+269.6%	$135.4M-0.7%	$136.4M-75.4%	$553.6M+78.2%	$310.6M
Goodwill	$31.1M+9.7%	$28.3M-4.6%	$29.7M+105.3%	$14.5M0.0%	$14.5M0.0%	$14.5M0.0%	$14.5M0.0%	$14.5M0.0%	$14.5M0.0%	$14.5M-83.0%	$85.0M0.0%	$85.0M0.0%	$85.0M+29.9%	$65.4M0.0%	$65.4M
Total Liabilities	$3.8B-8.8%	$4.1B+12.8%	$3.7B+52.3%	$2.4B+66.1%	$1.5B-8.4%	$1.6B-34.4%	$2.4B+26.7%	$1.9B+8.1%	$1.8B+9.9%	$1.6B-9.2%	$1.8B+2.2%	$1.7B-27.3%	$2.4B-13.2%	$2.7B+28.6%	$2.1B
Current Liabilities	$2.3B+8.5%	$2.1B+59.0%	$1.3B+25.8%	$1.0B+42.8%	$726.9M-14.2%	$847.4M-35.7%	$1.3B+55.9%	$845.5M+30.0%	$650.3M-28.4%	$907.9M-5.5%	$960.8M-4.0%	$1.0B-37.0%	$1.6B+44.2%	$1.1B+13.1%	$973.7M
Long-Term Debt	$282.6M-24.3%	$373.4M-19.5%	$464.1M+151.7%	$184.3M-21.9%	$236.0M-0.7%	$237.7M-47.7%	$454.2M-1.5%	$461.2M+21.2%	$380.5M+137.2%	$160.4M-36.2%	$251.3M+55.1%	$162.1M-0.4%	$162.8M-67.5%	$500.2M-19.2%	$619.1M
Total Equity	$9.5B+19.6%	$8.0B+19.3%	$6.7B+14.6%	$5.8B-2.1%	$6.0B+7.9%	$5.5B+8.3%	$5.1B-2.2%	$5.2B+2.2%	$5.1B-2.3%	$5.2B-7.1%	$5.6B+12.6%	$5.0B+11.7%	$4.5B+25.0%	$3.6B-1.9%	$3.6B
Retained Earnings	$6.8B+29.0%	$5.3B+32.5%	$4.0B+26.5%	$3.1B-1.4%	$3.2B+17.3%	$2.7B+16.7%	$2.3B-4.7%	$2.4B+6.3%	$2.3B-6.7%	$2.5B-11.7%	$2.8B+24.4%	$2.2B+19.2%	$1.9B+23.1%	$1.5B-5.9%	$1.6B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$13.4B+0.3%	$13.4B+0.2%	$13.3B-1.0%	$13.5B+4.7%	$12.9B+6.1%	$12.1B-0.1%	$12.1B+6.0%	$11.4B
Current Assets	$5.3B-5.8%	$5.6B-6.4%	$6.0B+2.2%	$5.9B+8.8%	$5.4B+18.6%	$4.6B-10.1%	$5.1B+33.3%	$3.8B
Cash & Equivalents	$1.7B-28.6%	$2.4B-15.7%	$2.8B+40.7%	$2.0B+77.1%	$1.1B+34.3%	$837.6M-48.3%	$1.6B+61.3%	$1.0B
Inventory	$1.1B+21.7%	$893.9M+21.3%	$736.7M-33.1%	$1.1B-22.1%	$1.4B+9.9%	$1.3B+18.6%	$1.1B-13.3%	$1.3B
Accounts Receivable	$1.5B+7.4%	$1.4B+6.2%	$1.3B-10.3%	$1.4B-16.7%	$1.7B+7.8%	$1.6B+27.3%	$1.3B+65.5%	$762.1M
Goodwill	$30.1M-1.4%	$30.6M-1.6%	$31.1M+1.3%	$30.7M+0.4%	$30.6M+2.9%	$29.7M+4.8%	$28.3M-4.2%	$29.6M
Total Liabilities	$3.1B-11.6%	$3.5B-8.2%	$3.8B-14.9%	$4.4B+3.1%	$4.3B+9.7%	$3.9B-5.2%	$4.1B+7.9%	$3.8B
Current Liabilities	$2.1B-4.4%	$2.2B-2.0%	$2.3B-27.0%	$3.1B+8.3%	$2.9B+20.3%	$2.4B+14.2%	$2.1B+16.6%	$1.8B
Long-Term Debt	$0-100.0%	$237.2M-16.1%	$282.6M0.0%	$282.6M-13.8%	$328.0M0.0%	$327.9M-12.2%	$373.4M0.0%	$373.3M
Total Equity	$10.3B+4.5%	$9.9B+3.6%	$9.5B+5.8%	$9.0B+5.5%	$8.5B+4.4%	$8.2B+2.6%	$8.0B+5.1%	$7.6B
Retained Earnings	$7.6B+5.9%	$7.1B+5.1%	$6.8B+8.3%	$6.3B+7.8%	$5.8B+6.2%	$5.5B+4.0%	$5.3B+8.1%	$4.9B

FSLR Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FSLR quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$2.2B	$2.1B+68.9%	$1.2B+102.2%	$602.3M-31.0%	$873.4M+267.6%	$237.6M+540.0%	$37.1M-78.7%	$174.2M+153.3%	-$326.8M-124.4%	$1.3B+548.4%	$206.8M+163.6%	-$325.2M-144.2%	$735.5M-14.1%	$856.1M+12.3%	$762.2M+2377.8%	-$33.5M
Capital Expenditures	$655.6M	$869.9M-43.0%	$1.5B+10.0%	$1.4B+53.5%	$903.6M+67.2%	$540.3M+29.7%	$416.6M-37.7%	$668.7M-9.6%	$739.8M+43.8%	$514.4M+124.2%	$229.5M+37.9%	$166.4M-35.4%	$257.5M-8.9%	$282.6M-25.5%	$379.2M-48.2%	$731.8M
Free Cash Flow	$1.5B	$1.2B+485.4%	-$308.1M+60.7%	-$784.5M-2494.6%	-$30.2M+90.0%	-$302.7M+20.2%	-$379.5M+23.3%	-$494.5M+53.6%	-$1.1B-229.1%	$826.3M+3740.3%	-$22.7M+95.4%	-$491.6M-202.9%	$478.0M-16.7%	$573.5M+49.8%	$383.0M+150.0%	-$765.3M
Investing Cash Flow	-$706.6M	-$765.2M+51.1%	-$1.6B-230.7%	-$472.8M+60.4%	-$1.2B-1104.1%	-$99.0M+24.5%	-$131.2M+63.8%	-$362.3M+46.9%	-$682.7M-8.9%	-$626.8M-533.7%	$144.5M+192.5%	-$156.2M+59.7%	-$387.8M+27.8%	-$537.1M-40.0%	-$383.7M+43.3%	-$676.5M
Financing Cash Flow	-$930.2M	-$119.2M-579.8%	$24.8M-92.6%	$336.9M+8.9%	$309.4M+663.0%	$40.5M+149.1%	-$82.6M-210.2%	$74.9M-70.6%	$255.2M+32.9%	$192.0M+240.8%	-$136.4M-234.8%	$101.2M+315.8%	-$46.9M-146.4%	$101.2M+213.5%	-$89.1M-115.6%	$571.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$144.9M+32.6%	-$214.9M-117.3%	$1.2B-2.5%	$1.3B+751.5%	$149.6M+124.6%	-$608.0M-175.0%	$811.0M+1609.3%	-$53.7M
Capital Expenditures	$161.3M+36.1%	$118.5M-31.0%	$171.7M-15.8%	$204.0M-29.2%	$288.1M+39.9%	$206.0M-34.3%	$313.5M-27.7%	$433.9M
Free Cash Flow	-$306.2M+8.2%	-$333.4M-131.2%	$1.1B+0.1%	$1.1B+871.9%	-$138.6M+83.0%	-$813.9M-263.6%	$497.5M+202.0%	-$487.7M
Investing Cash Flow	-$143.1M+3.7%	-$148.5M+20.7%	-$187.2M+17.8%	-$227.7M+13.1%	-$262.0M-197.0%	-$88.2M+60.2%	-$221.4M+66.8%	-$665.9M
Financing Cash Flow	-$391.7M-442.4%	-$72.2M+70.4%	-$243.7M-9.5%	-$222.6M-149.8%	$446.6M+548.3%	-$99.6M-424.2%	$30.7M+41.1%	$21.8M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

FSLR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FSLR quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	40.6%-3.5pp	44.2%+5.0pp	39.2%+36.5pp	2.7%-22.3pp	25.0%-0.1pp	25.1%+7.2pp	17.9%+0.4pp	17.5%-1.2pp	18.7%-3.3pp	22.0%-5.6pp	27.5%+3.2pp	24.3%-1.8pp	26.1%+0.8pp	25.3%-9.8pp	35.1%
Operating Margin	30.6%-2.6pp	33.1%+7.3pp	25.8%+26.9pp	-1.0%-21.1pp	20.1%+8.4pp	11.7%+17.0pp	-5.3%-7.1pp	1.8%-4.3pp	6.0%+25.6pp	-19.6%-37.3pp	17.8%+5.3pp	12.4%+1.2pp	11.2%+12.3pp	-1.1%+1.4pp	-2.5%
Net Margin	29.3%-1.4pp	30.7%+5.7pp	25.0%+26.7pp	-1.7%-17.7pp	16.0%+1.3pp	14.7%+18.4pp	-3.8%-10.2pp	6.4%+12.1pp	-5.6%+8.7pp	-14.3%-28.8pp	14.4%+2.8pp	11.7%+1.1pp	10.6%+13.5pp	-2.9%-1.4pp	-1.4%
Return on Equity	16.0%-0.2pp	16.2%+3.8pp	12.4%+13.2pp	-0.8%-8.6pp	7.9%+0.6pp	7.2%+9.5pp	-2.3%-5.0pp	2.8%+6.0pp	-3.3%+4.7pp	-8.0%-18.5pp	10.6%+2.6pp	7.9%+0.1pp	7.8%+10.5pp	-2.7%-1.6pp	-1.1%
Return on Assets	11.5%+0.8pp	10.7%+2.6pp	8.0%+8.6pp	-0.5%-6.9pp	6.3%+0.7pp	5.6%+7.1pp	-1.5%-3.6pp	2.0%+4.4pp	-2.4%+3.7pp	-6.1%-14.2pp	8.1%+2.2pp	5.9%+0.8pp	5.1%+6.6pp	-1.5%-0.8pp	-0.7%
Current Ratio	2.67+0.2x	2.45-1.1x	3.55-0.1x	3.65-0.7x	4.39+0.8x	3.56+0.8x	2.73-1.8x	4.57-1.3x	5.89+1.7x	4.17+0.7x	3.48+0.4x	3.08+0.7x	2.39-0.2x	2.57-0.1x	2.68
Debt-to-Equity	0.030.0x	0.050.0x	0.070.0x	0.030.0x	0.040.0x	0.040.0x	0.090.0x	0.090.0x	0.070.0x	0.030.0x	0.040.0x	0.030.0x	0.04-0.1x	0.140.0x	0.17
FCF Margin	22.8%+30.1pp	-7.3%+16.3pp	-23.6%-22.5pp	-1.1%+9.2pp	-10.4%+3.6pp	-14.0%+2.1pp	-16.1%+31.4pp	-47.5%-75.6pp	28.1%+28.9pp	-0.8%+11.2pp	-11.9%-26.0pp	14.1%-3.2pp	17.3%+6.0pp	11.4%+39.0pp	-27.7%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	57.3%+10.7pp	46.6%+7.0pp	39.5%+1.2pp	38.3%-7.3pp	45.6%+4.8pp	40.8%+3.3pp	37.5%-12.7pp	50.2%
Operating Margin	42.6%+9.6pp	33.1%+0.5pp	32.6%+3.3pp	29.2%-3.7pp	33.0%+6.8pp	26.2%-4.0pp	30.2%-6.1pp	36.3%
Net Margin	40.0%+6.8pp	33.2%+2.2pp	30.9%+2.4pp	28.6%-2.6pp	31.2%+6.3pp	24.8%-1.2pp	26.0%-9.3pp	35.3%
Return on Equity	4.1%+0.6pp	3.5%-2.0pp	5.5%+0.4pp	5.1%+1.1pp	4.0%+1.4pp	2.6%-2.4pp	4.9%+0.8pp	4.1%
Return on Assets	3.2%+0.6pp	2.6%-1.3pp	3.9%+0.5pp	3.4%+0.7pp	2.7%+0.9pp	1.7%-1.5pp	3.2%+0.5pp	2.7%
Current Ratio	2.520.0x	2.56-0.1x	2.67+0.8x	1.910.0x	1.900.0x	1.93-0.5x	2.45+0.3x	2.14
Debt-to-Equity	0.000.0x	0.020.0x	0.030.0x	0.030.0x	0.040.0x	0.040.0x	0.050.0x	0.05
FCF Margin	-29.0%+2.9pp	-31.9%-95.5pp	63.6%-3.5pp	67.1%+79.7pp	-12.6%+83.7pp	-96.4%-129.2pp	32.9%+87.8pp	-54.9%

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Where First Solar Ranks

Frequently Asked Questions

What is First Solar's annual revenue?

First Solar (FSLR) reported $5.2B in total revenue for fiscal year 2025. This represents a 24.1% 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 24.1% year-over-year, from $4.2B to $5.2B in fiscal year 2025.

Is First Solar profitable?

Yes, First Solar (FSLR) reported a net income of $1.5B in fiscal year 2025, with a net profit margin of 29.3%.

What is First Solar's EBITDA?

First Solar (FSLR) had EBITDA of $2.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does First Solar have?

As of fiscal year 2025, First Solar (FSLR) had $2.8B in cash and equivalents against $282.6M in long-term debt.

What is First Solar's gross margin?

First Solar (FSLR) had a gross margin of 40.6% in fiscal year 2025, 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 30.6% in fiscal year 2025, 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 29.3% in fiscal year 2025, 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 16.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is First Solar's free cash flow?

First Solar (FSLR) generated $1.2B in free cash flow during fiscal year 2025. This represents a 485.4% 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 $2.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are First Solar's total assets?

First Solar (FSLR) had $13.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are First Solar's capital expenditures?

First Solar (FSLR) invested $869.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does First Solar spend on research and development?

First Solar (FSLR) invested $233.4M in research and development during fiscal year 2025.

How many shares does First Solar have outstanding?

First Solar (FSLR) had 107M shares outstanding as of fiscal year 2025.

What is First Solar's current ratio?

First Solar (FSLR) had a current ratio of 2.67 as of fiscal year 2025, which is generally considered healthy.

What is First Solar's debt-to-equity ratio?

First Solar (FSLR) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, 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 11.5% for fiscal year 2025, 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 5.33, 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 7 out of 9, indicating strong 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 to 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 1.35x, considered cash-backed (high 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 36.18x, 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 75 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.