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

First Solar, Inc. (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, Inc. (FSLR) 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

Market Cap $19.2B as of Oct 14, 2026

Price / Sales 3.6x on $5.4B revenue, trailing 12 months to June 30, 2026

Price / Earnings 11.0x on $1.7B net income, trailing 12 months to June 30, 2026

Price / Book 1.9x on $10.3B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

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

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FSLR SEC filings page.

First Solar, Inc. (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 2026-10-03

First Solar has turned heavy factory investment into cash generation, while margins remain elevated and leverage stays modest.

After negative FCF in FY2023 and FY2024, FY2025 generated positive FCF of $1.2B, marking a cash-conversion change rather than merely stronger reported earnings. Operating cash flow reached $2.1B while capital spending fell sharply, tying the improvement to lower reinvestment intensity rather than an accounting-only gain.

The recovery from FY2022’s near-zero gross margin to FY2025’s 40.6% gross margin was accompanied by a 30.6% operating margin, showing that improved production economics flowed through beyond the factory level. The slight margin easing from FY2024 suggests the peak was not simply a one-way expansion, even though profitability stayed structurally above the FY2022 trough.

Liabilities fell to $3.8B even as assets grew to $13.3B, indicating expansion was funded more by retained equity than by balance-sheet leverage. That posture is consistent with debt-to-equity of 0.0x and a current ratio of 2.7x, so the business’s growing asset base is not being matched by comparable borrowing pressure.

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, Inc.'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, Inc. 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, Inc.'s revenue surged 24.1% year-over-year to $5.2B, reflecting rapid business expansion. This strong growth earns a score of 87/100.

Leverage

First Solar, Inc. 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, Inc. holds $2.67 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 73/100.

Cash Flow

First Solar, Inc. has a free cash flow margin of 22.8%, earning a moderate score of 43/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

First Solar, Inc. 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 69/100. This is down from 16.2% the prior year.

Altman Z-Score Safe

4.89

First Solar, Inc. scores 4.89, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($19.2B) 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, Inc. 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, Inc. 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, Inc. 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

Export CSV

Earnings & Revenue

Revenue

$1.1B

YoY-3.7%

QoQ+1.1%

5Y CAGR+10.9%

10Y CAGR+0.4%

First Solar, Inc. generated $1.1B in revenue in Q2 2026. This represents a decrease of 3.7% from the same quarter a year earlier. Against the prior quarter it is up 1.1%.

EBITDA

$598.2M

YoY+23.3%

QoQ+21.4%

5Y CAGR+27.7%

10Y CAGR+26.6%

First Solar, Inc.'s EBITDA was $598.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 23.3% from the same quarter a year earlier. Against the prior quarter it is up 21.4%.

Net Income

$422.6M

YoY+23.6%

QoQ+21.9%

5Y CAGR+38.7%

First Solar, Inc. reported $422.6M in net income in Q2 2026. This represents an increase of 23.6% from the same quarter a year earlier. Against the prior quarter it is up 21.9%.

EPS (Diluted)

$3.92

YoY+23.3%

QoQ+21.7%

5Y CAGR+38.5%

First Solar, Inc. earned $3.92 per diluted share (EPS) in Q2 2026. This represents an increase of 23.3% from the same quarter a year earlier. Against the prior quarter it is up 21.7%.

Cash & Balance Sheet

Free Cash Flow

-$306.2M

YoY-121.0%

QoQ+8.2%

First Solar, Inc. recorded an outflow of $306.2M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 121.0% from the same quarter a year earlier. Against the prior quarter it is up 8.2%.

Cash & Debt

$1.7B

YoY+50.1%

QoQ-28.6%

5Y CAGR+4.6%

10Y CAGR+6.3%

First Solar, Inc. held $1.7B in cash against $0 in long-term debt as of Q2 2026, with $2.1B of liabilities due within a year.

Shares Outstanding

107M

YoY+0.2%

QoQ0.0%

5Y CAGR+0.2%

10Y CAGR+0.5%

First Solar, Inc. had 107M shares outstanding in Q2 2026. This represents an increase of 0.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

57.3%

YoY+11.7pp

QoQ+10.7pp

5Y change+29.6pp

10Y change+39.4pp

First Solar, Inc.'s gross margin was 57.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 11.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.7 percentage points.

Operating Margin

42.6%

YoY+9.7pp

QoQ+9.6pp

5Y change+25.1pp

10Y change+42.7pp

First Solar, Inc.'s operating margin was 42.6% in Q2 2026, reflecting core business profitability. This is up 9.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.6 percentage points.

Net Margin

40.0%

YoY+8.9pp

QoQ+6.8pp

5Y change+26.9pp

10Y change+41.1pp

First Solar, Inc.'s net profit margin was 40.0% in Q2 2026, showing the share of revenue converted to profit. This is up 8.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.8 percentage points.

Return on Equity

4.1%

YoY+0.1pp

QoQ+0.6pp

5Y change+2.7pp

10Y change+4.3pp

First Solar, Inc.'s ROE was 4.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.6 percentage points.

Capital Allocation

R&D Spending

$76.2M

YoY+39.9%

QoQ+13.9%

5Y CAGR+26.1%

10Y CAGR+8.8%

First Solar, Inc. invested $76.2M in research and development in Q2 2026. This represents an increase of 39.9% from the same quarter a year earlier. Against the prior quarter it is up 13.9%.

Capital Expenditures

$161.3M

YoY-44.0%

QoQ+36.1%

5Y CAGR+12.2%

10Y CAGR+7.5%

First Solar, Inc. invested $161.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 44.0% from the same quarter a year earlier. Against the prior quarter it is up 36.1%.

Share Buybacks

Not reported for Q2 2026.

FSLR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FSLR quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
EBITDA	N/A	$2.1B+17.0%	$1.8B+56.0%	$1.2B+380.5%	$242.5M-71.4%	$846.7M+53.8%	$550.4M+1159.8%	$43.7M-74.4%	$170.8M-36.7%	$269.8M+174.1%	-$363.9M-138.1%	$955.4M+49.6%	$638.6M+4.8%	$609.2M+167.4%	$227.8M+36.8%	$166.6M
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 (Basic)	N/A	$14.25+18.1%	$12.07+55.1%	$7.78+1997.6%	-$0.41-109.3%	$4.41+17.3%	$3.76+445.0%	-$1.09-179.0%	$1.38+186.8%	-$1.59+60.7%	-$4.05-168.9%	$5.88+48.5%	$3.96+5.9%	$3.74+436.9%	-$1.11-141.3%	-$0.46
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
Diluted Shares (Avg)	N/A	108M0.0%	108M+0.1%	107M+0.8%	107M-0.3%	107M+0.2%	107M+1.3%	105M-0.8%	106M+1.7%	104M+1.4%	103M+1.0%	102M+0.2%	102M+6.5%	95M+9.9%	87M+0.9%	86M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.1B-3.7%	$1.0B+23.6%	$1.7B+11.1%	$1.6B+79.7%	$1.1B+8.6%	$844.6M+6.4%	$1.5B+30.7%	$887.7M+10.8%
Cost of Revenue	$451.2M-24.5%	$558.1M+11.6%	$1.0B+7.5%	$984.1M+122.5%	$597.3M+16.8%	$500.2M+11.6%	$946.4M+44.1%	$442.4M+4.1%
Gross Profit	$605.0M+21.0%	$486.1M+41.2%	$665.3M+17.2%	$610.7M+37.2%	$499.9M+0.2%	$344.4M-0.5%	$567.7M+13.1%	$445.3M+18.4%
R&D Expenses	$76.2M+39.9%	$66.9M+27.8%	$66.0M+41.8%	$60.6M+20.7%	$54.5M+4.9%	$52.4M+22.6%	$46.5M+6.0%	$50.2M+21.9%
SG&A Expenses	$51.9M-1.2%	$65.3M+22.9%	$50.7M+2.2%	$47.3M+2.2%	$52.6M+13.0%	$53.2M+16.0%	$49.6M-13.2%	$46.3M-7.7%
Operating Income	$450.4M+24.6%	$345.3M+56.1%	$547.9M+20.0%	$466.1M+44.8%	$361.6M-2.9%	$221.2M-9.0%	$456.8M+14.8%	$322.0M+18.0%
EBITDA	$598.2M+23.3%	$492.7M+42.4%	$688.5M+18.5%	$606.4M+40.0%	$485.0M+3.2%	$346.1M+3.7%	$581.2M+19.2%	$433.2M+23.5%
Interest Expense	$5.6M-39.4%	$7.6M-20.1%	$11.3M+3.8%	$14.1M+56.8%	$9.2M-5.9%	$9.5M+3.4%	$10.9M+54.0%	$9.0M+141.2%
Income Tax	$36.8M+257.4%	$7.7M+2.5%	$30.5M-42.8%	$4.4M-69.4%	$10.3M-62.9%	$7.5M-60.2%	$53.2M+94.0%	$14.4M-34.8%
Net Income	$422.6M+23.6%	$346.6M+65.4%	$520.9M+32.5%	$455.9M+45.7%	$341.9M-2.1%	$209.5M-11.4%	$393.1M+12.6%	$313.0M+16.6%
EPS (Basic)	$3.93+23.2%	$3.23+64.8%	$4.85+32.2%	$4.25+45.5%	$3.19-2.1%	$1.96-11.3%	$3.67+12.2%	$2.92+16.3%
EPS (Diluted)	$3.92+23.3%	$3.22+65.1%	$4.84+32.2%	$4.24+45.7%	$3.18-2.2%	$1.95-11.4%	$3.66+12.6%	$2.91+16.4%
Diluted Shares (Avg)	108M+0.2%	108M+0.2%	N/A	108M0.0%	108M0.0%	107M0.0%	N/A	108M+0.1%

FSLR Balance Sheet

FSLR quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$51.8M-69.8%	$171.6M+10.3%	$155.5M-85.8%	$1.1B+192.2%	$375.4M-27.8%	$520.1M-35.9%	$811.5M-29.0%	$1.1B+58.8%	$720.4M+18.5%	$608.0M-13.6%	$703.5M+38.2%	$509.0M+15.9%	$439.1M+328.1%	$102.6M+55.1%	$66.1M
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$116.2M
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
Non-Current Liabilities	$1.5B-26.1%	$2.1B-12.7%	$2.4B+72.2%	$1.4B+89.3%	$727.3M-1.8%	$740.6M-32.7%	$1.1B+3.5%	$1.1B-4.7%	$1.1B+59.8%	$698.1M-13.5%	$807.0M+10.7%	$729.0M-8.0%	$792.3M-51.7%	$1.6B+41.5%	$1.2B
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$13.4B+4.1%	$13.4B+10.2%	$13.3B+9.9%	$13.5B+17.7%	$12.9B+16.7%	$12.1B+12.6%	$12.1B+17.0%	$11.4B+19.3%
Current Assets	$5.3B-2.0%	$5.6B+23.4%	$6.0B+18.5%	$5.9B+54.6%	$5.4B+37.3%	$4.6B+7.8%	$5.1B+9.8%	$3.8B-0.2%
Cash & Equivalents	$1.7B+50.1%	$2.4B+182.1%	$2.8B+72.9%	$2.0B+98.2%	$1.1B-34.0%	$837.6M-50.2%	$1.6B-16.7%	$1.0B-32.7%
Short-Term Investments	$38.7M+32.9%	$63.6M+19.7%	$51.8M-69.8%	$47.7M-82.0%	$29.1M-22.3%	$53.1M-82.8%	$171.6M+10.3%	$264.7M-19.7%
Inventory	$1.1B-23.0%	$893.9M-30.5%	$736.7M-32.1%	$1.1B-12.0%	$1.4B+37.6%	$1.3B+32.5%	$1.1B+32.3%	$1.3B+41.7%
Accounts Receivable	$1.5B-14.7%	$1.4B-14.4%	$1.3B+2.6%	$1.4B+89.2%	$1.7B+167.3%	$1.6B+139.7%	$1.3B+90.8%	$762.1M+1.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$30.1M-1.4%	$30.6M+2.9%	$31.1M+9.7%	$30.7M+3.7%	$30.6M+6.0%	$29.7M+3.4%	$28.3M-4.6%	$29.6M+3.9%
Total Liabilities	$3.1B-28.8%	$3.5B-11.6%	$3.8B-8.8%	$4.4B+15.6%	$4.3B+14.7%	$3.9B+1.8%	$4.1B+12.8%	$3.8B+17.2%
Current Liabilities	$2.1B-26.0%	$2.2B-6.9%	$2.3B+8.5%	$3.1B+73.4%	$2.9B+60.9%	$2.4B+34.9%	$2.1B+59.0%	$1.8B+48.6%
Non-Current Liabilities	$956.4M-34.5%	$1.3B-18.8%	$1.5B-26.1%	$1.4B-34.3%	$1.5B-26.5%	$1.6B-25.8%	$2.1B-12.7%	$2.1B-1.0%
Long-Term Debt	$0-100.0%	$237.2M-27.7%	$282.6M-24.3%	$282.6M-24.3%	$328.0M-21.7%	$327.9M-21.7%	$373.4M-19.5%	$373.3M-19.5%
Total Equity	$10.3B+20.8%	$9.9B+20.7%	$9.5B+19.6%	$9.0B+18.7%	$8.5B+17.8%	$8.2B+18.6%	$8.0B+19.3%	$7.6B+20.5%
Retained Earnings	$7.6B+30.0%	$7.1B+30.4%	$6.8B+29.0%	$6.3B+28.8%	$5.8B+27.6%	$5.5B+30.1%	$5.3B+32.5%	$4.9B+34.5%

FSLR Cash Flow Statement

FSLR quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$529.2M+25.0%	$423.5M+37.5%	$308.0M+14.2%	$269.7M+3.8%	$259.9M+11.6%	$232.9M+13.4%	$205.5M+57.2%	$130.7M+42.3%	$91.9M-55.0%	$204.3M-9.3%	$225.2M+4.0%	$216.6M-9.3%	$238.8M-10.0%	$265.4M+12.8%	$235.2M
Stock-Based Compensation	N/A	$19.2M-31.6%	$28.1M-17.9%	$34.2M+19.4%	$28.7M+37.1%	$20.9M-28.6%	$29.3M-21.8%	$37.4M+9.6%	$34.2M-2.8%	$35.1M+22.3%	$28.7M-36.1%	$44.9M+2.5%	$43.8M-19.7%	$54.6M+47.6%	$37.0M-67.7%	$114.4M
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$144.9M-196.9%	-$214.9M+64.7%	$1.2B+53.1%	$1.3B+2470.2%	$149.6M-22.5%	-$608.0M-327.1%	$811.0M+44.5%	-$53.7M-132.5%
Depreciation & Amortization	$147.8M+19.8%	$147.4M+18.1%	$140.6M+13.0%	$140.3M+26.2%	$123.4M+26.8%	$124.8M+37.8%	$124.4M+38.7%	$111.2M+43.0%
Stock-Based Compensation	$7.0M+3.5%	$6.8M+162.4%	N/A	$7.3M+7.7%	$6.8M-18.9%	$2.6M-61.9%	N/A	$6.8M-17.1%
Capital Expenditures	$161.3M-44.0%	$118.5M-42.5%	$171.7M-45.2%	$204.0M-53.0%	$288.1M-21.1%	$206.0M-50.2%	$313.5M-9.6%	$433.9M+51.6%
Free Cash Flow	-$306.2M-121.0%	-$333.4M+59.0%	$1.1B+115.1%	$1.1B+319.3%	-$138.6M+19.5%	-$813.9M-458.5%	$497.5M+132.2%	-$487.7M-303.8%
Investing Cash Flow	-$143.1M+45.4%	-$148.5M-68.4%	-$187.2M+15.4%	-$227.7M+65.8%	-$262.0M-144.1%	-$88.2M+84.5%	-$221.4M-27.8%	-$665.9M-250.0%
Financing Cash Flow	-$391.7M-187.7%	-$72.2M+27.5%	-$243.7M-893.0%	-$222.6M-1122.0%	$446.6M+753.4%	-$99.6M-344.8%	$30.7M-49.4%	$21.8M-63.4%

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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FSLR quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	0.390.0x	0.350.0x	0.320.0x	0.32-0.1x	0.390.0x	0.380.0x	0.41+0.1x	0.32-0.1x	0.430.0x	0.43-0.1x	0.56+0.1x	0.500.0x	0.480.0x	0.53+0.1x	0.48
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	57.3%+11.7pp	46.6%+5.8pp	39.5%+2.0pp	38.3%-11.9pp	45.6%-3.8pp	40.8%-2.8pp	37.5%-5.8pp	50.2%+3.2pp
Operating Margin	42.6%+9.7pp	33.1%+6.9pp	32.6%+2.4pp	29.2%-7.1pp	33.0%-3.9pp	26.2%-4.4pp	30.2%-4.2pp	36.3%+2.2pp
Net Margin	40.0%+8.9pp	33.2%+8.4pp	30.9%+5.0pp	28.6%-6.7pp	31.2%-3.4pp	24.8%-5.0pp	26.0%-4.2pp	35.3%+1.8pp
Return on Equity	4.1%+0.1pp	3.5%+0.9pp	5.5%+0.5pp	5.1%+0.9pp	4.0%-0.8pp	2.6%-0.9pp	4.9%-0.3pp	4.1%-0.1pp
Return on Assets	3.2%+0.5pp	2.6%+0.9pp	3.9%+0.7pp	3.4%+0.6pp	2.7%-0.5pp	1.7%-0.5pp	3.2%-0.1pp	2.7%-0.1pp
Current Ratio	2.52+0.6x	2.56+0.6x	2.67+0.2x	1.91-0.2x	1.90-0.3x	1.93-0.5x	2.45-1.1x	2.14-1.0x
Debt-to-Equity	0.000.0x	0.020.0x	0.030.0x	0.030.0x	0.040.0x	0.040.0x	0.050.0x	0.050.0x
Asset Turnover	0.080.0x	0.080.0x	0.130.0x	0.120.0x	0.090.0x	0.070.0x	0.120.0x	0.080.0x
FCF Margin	-29.0%-16.4pp	-31.9%+64.4pp	63.6%+30.7pp	67.1%+122.0pp	-12.6%+4.4pp	-96.4%-78.0pp	32.9%+14.4pp	-54.9%-39.9pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
First Solar, Inc. FSLR	FY2025	$5.2B	$1.5B	29.3%	$19.2B	75/100
Nextpower Inc. NXT	FY2026	$3.6B	$585.9M	16.5%	$13.5B	75/100
Sunrun Inc RUN	FY2025	$3.0B	$450K	0.0%	$1.9B	30/100
Canadian Solar Inc. CSIQ	FY2025	$5.6B	-$104.1M	-1.9%	$761.1M	19/100
Flex Ltd. FLEX	FY2026	$27.9B	$880.0M	3.1%	$41.0B	51/100
STMicroelectronics N.V. STM	FY2025	$11.8B	$166.0M	1.4%	$44.4B	49/100

Where First Solar, Inc. Ranks

Frequently Asked Questions

What is First Solar, Inc.'s annual revenue?

First Solar, Inc. (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, Inc.'s revenue growing?

First Solar, Inc. (FSLR) revenue grew by 24.1% year-over-year, from $4.2B to $5.2B in fiscal year 2025.

Is First Solar, Inc. profitable?

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

What is First Solar, Inc.'s EBITDA?

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

How much debt does First Solar, Inc. have?

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

What is First Solar, Inc.'s gross margin?

First Solar, Inc. (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, Inc.'s operating margin?

First Solar, Inc. (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, Inc.'s net profit margin?

First Solar, Inc. (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, Inc.'s return on equity (ROE)?

First Solar, Inc. (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, Inc.'s free cash flow?

First Solar, Inc. (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, Inc.'s operating cash flow?

First Solar, Inc. (FSLR) generated $2.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are First Solar, Inc.'s total assets?

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

What are First Solar, Inc.'s capital expenditures?

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

How much does First Solar, Inc. spend on research and development?

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

How many shares does First Solar, Inc. have outstanding?

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

What is First Solar, Inc.'s current ratio?

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

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

First Solar, Inc. (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, Inc.'s return on assets (ROA)?

First Solar, Inc. (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, Inc.'s P/E ratio?

First Solar, Inc. (FSLR) trades at 11.0x earnings, its market capitalization divided by net income of $1.7B net income, trailing 12 months to June 30, 2026. The market capitalization is $19.2B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is First Solar, Inc.'s price-to-sales ratio?

First Solar, Inc. (FSLR) trades at 3.6x sales, its market capitalization divided by revenue of $5.4B revenue, trailing 12 months to June 30, 2026. The market capitalization is $19.2B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is First Solar, Inc.'s Altman Z-Score?

First Solar, Inc. (FSLR) has an Altman Z-Score of 4.89, 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, Inc.'s Piotroski F-Score?

First Solar, Inc. (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, Inc.'s earnings high quality?

First Solar, Inc. (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, Inc. cover its interest payments?

First Solar, Inc. (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, Inc.?

First Solar, Inc. (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.