What is Firstsun Capital's earnings per share (EPS)?

Firstsun Capital (FSUN) reported diluted earnings per share of $3.47 for fiscal year 2025. This represents a 29.0% 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.

Firstsun Capital Financials

FSUN

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Firstsun Capital (FSUN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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 FSUN FY2025 2026-05-08

Profitability is being rebuilt through lower leverage and cash-like earnings, not by stretching the balance sheet harder.

By FY2025, debt-to-equity had eased to 6.4x from 8.0x in FY2023, showing that recent asset growth is being carried by a thicker equity layer. With return on assets recovering to 1.2% in FY2025 from 0.9% in FY2024, the balance sheet is becoming both less stretched and more productive.

In FY2025, operating cash flow of $111M stayed close to net income of $98M, so reported profit translated into cash rather than being trapped in accounting adjustments. Because capital spending was only $7.5M, most of that cash remained available after maintenance needs, which is a very light reinvestment burden for a business with $8.5B in assets.

FY2025 earnings improved even though revenue only edged up to $468M from $460M, which points away from simple balance-sheet expansion as the main driver. The more important mechanical shift was interest expense easing to $150M from $163M, allowing more of each revenue dollar to reach the bottom line even as overhead rose.

Financial Health Signals

Financial Profile 26/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Firstsun Capital'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.

Growth

Firstsun Capital's revenue grew a modest 1.8% year-over-year to $467.8M. This slow but positive growth earns a score of 44/100.

Leverage

Firstsun Capital has elevated debt relative to equity (D/E of 6.36), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

Firstsun Capital converts 22.2% of revenue into free cash flow ($104.0M). This strong cash generation earns a score of 83/100.

Returns

Firstsun Capital's ROE of 8.5% shows moderate profitability relative to equity, earning a score of 31/100. This is up from 7.3% the prior year.

Piotroski F-Score Neutral

4/9

Firstsun Capital passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.14x

For every $1 of reported earnings, Firstsun Capital generates $1.14 in operating cash flow ($111.5M OCF vs $97.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$467.8M

YoY+1.8%

5Y CAGR+24.4%

Firstsun Capital generated $467.8M in revenue in fiscal year 2025. This represents an increase of 1.8% from the prior year.

EBITDA

N/A

Net Income

$97.9M

YoY+29.5%

5Y CAGR+15.5%

Firstsun Capital reported $97.9M in net income in fiscal year 2025. This represents an increase of 29.5% from the prior year.

EPS (Diluted)

$3.47

YoY+29.0%

5Y CAGR+6.1%

Firstsun Capital earned $3.47 per diluted share (EPS) in fiscal year 2025. This represents an increase of 29.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$104.0M

YoY+8.6%

Firstsun Capital generated $104.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 8.6% from the prior year.

Cash & Debt

$652.6M

YoY+6.0%

5Y CAGR+26.4%

Firstsun Capital held $652.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

28M

YoY+0.6%

5Y CAGR+8.8%

Firstsun Capital had 28M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

20.9%

YoY+4.5pp

5Y CAGR-9.4pp

Firstsun Capital's net profit margin was 20.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.5 percentage points from the prior year.

Return on Equity

8.5%

YoY+1.2pp

5Y CAGR-1.3pp

Firstsun Capital's ROE was 8.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$7.5M

YoY+38.7%

5Y CAGR+4.1%

Firstsun Capital invested $7.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 38.7% from the prior year.

FSUN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$467.8M+1.8%	$459.5M+11.1%	$413.7M+55.0%	$266.8M+57.5%	$169.4M+8.0%	$156.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$171.8M+10.9%	$155.0M+16.3%	$133.2M-0.8%	$134.4M-11.6%	$151.9M+8.5%	$140.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$150.4M-7.5%	$162.6M+35.2%	$120.3M+377.5%	$25.2M+78.4%	$14.1M-32.4%	$20.9M
Income Tax	$25.0M+28.1%	$19.5M-30.3%	$27.9M+88.3%	$14.8M+71.0%	$8.7M-9.4%	$9.6M
Net Income	$97.9M+29.5%	$75.6M-27.0%	$103.5M+74.9%	$59.2M+37.1%	$43.2M-9.3%	$47.6M
EPS (Diluted)	$3.47+29.0%	$2.69-34.1%	$4.08+64.5%	$2.48+7.8%	$2.30-10.9%	$2.58

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$116.1M-2.6%	$119.3M-1.5%	$121.1M+3.6%	$116.9M+5.9%	$110.4M-4.8%	$116.0M-2.4%	$118.9M+3.8%	$114.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$47.4M+8.8%	$43.5M-2.9%	$44.8M+2.1%	$43.9M+11.0%	$39.6M+2.8%	$38.5M-2.1%	$39.3M-1.3%	$39.8M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$33.3M-6.9%	$35.8M-10.9%	$40.2M+4.6%	$38.4M+6.8%	$36.0M-7.8%	$39.0M-8.8%	$42.8M+2.7%	$41.6M
Income Tax	$4.8M-33.2%	$7.2M+40.0%	$5.1M-22.3%	$6.6M+7.5%	$6.1M+60.6%	$3.8M-38.0%	$6.1M-6.0%	$6.5M
Net Income	$21.6M-13.0%	$24.8M+7.0%	$23.2M-12.2%	$26.4M+12.0%	$23.6M+44.2%	$16.4M-27.1%	$22.4M-8.7%	$24.6M
EPS (Diluted)	$0.76	N/A	$0.82-11.8%	$0.93+12.0%	$0.83	N/A	$0.79-10.2%	$0.88

FSUN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$8.5B+4.8%	$8.1B+2.8%	$7.9B+6.0%	$7.4B+31.1%	$5.7B+13.4%	$5.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$652.6M+6.0%	$615.9M+28.5%	$479.4M+39.5%	$343.5M-48.6%	$668.5M+231.0%	$202.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M+182.9%	$33.0M0.0%	$33.0M
Total Liabilities	$7.3B+3.9%	$7.1B+0.8%	$7.0B+5.2%	$6.7B+29.4%	$5.1B+14.0%	$4.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+10.8%	$1.0B+18.7%	$877.2M+13.3%	$774.5M+47.8%	$524.0M+7.9%	$485.8M
Retained Earnings	$631.1M+18.4%	$533.1M+16.5%	$457.5M+27.9%	$357.8M+19.8%	$298.6M+16.9%	$255.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$8.6B+0.9%	$8.5B-0.1%	$8.5B+0.7%	$8.4B+2.7%	$8.2B+1.5%	$8.1B-0.5%	$8.1B+1.7%	$8.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$413.7M-36.6%	$652.6M-1.1%	$659.9M-15.9%	$785.1M+26.4%	$621.4M+0.9%	$615.9M+7.4%	$573.7M+7.1%	$535.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M0.0%	$93.5M
Total Liabilities	$7.4B+0.8%	$7.3B-0.5%	$7.4B+0.4%	$7.3B+2.7%	$7.1B+1.3%	$7.1B-0.7%	$7.1B+1.5%	$7.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+1.9%	$1.2B+2.3%	$1.1B+2.9%	$1.1B+2.5%	$1.1B+2.6%	$1.0B+0.7%	$1.0B+3.8%	$996.6M
Retained Earnings	$652.7M+3.4%	$631.1M+4.1%	$606.3M+4.0%	$583.1M+4.7%	$556.7M+4.4%	$533.1M+3.2%	$516.8M+4.5%	$494.4M

FSUN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$111.5M+10.2%	$101.1M-19.2%	$125.2M+29.2%	$96.9M-14.3%	$113.1M+20778.1%	-$547K
Capital Expenditures	$7.5M+38.7%	$5.4M+26.8%	$4.3M+94.4%	$2.2M-36.4%	$3.5M-43.9%	$6.2M
Free Cash Flow	$104.0M+8.6%	$95.7M-20.8%	$120.9M+27.6%	$94.7M-13.6%	$109.7M+1736.1%	-$6.7M
Investing Cash Flow	-$330.2M-308.3%	-$80.9M+75.3%	-$327.3M+39.2%	-$538.1M-83.1%	-$293.9M+55.7%	-$662.9M
Financing Cash Flow	$255.4M+119.6%	$116.3M-65.6%	$337.9M+190.7%	$116.3M-82.0%	$647.3M-10.2%	$720.9M
Dividends Paid	$7.6M	$0-100.0%	$26.0M+225.0%	$8.0M	$0	$0
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$1.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$12.4M-159.6%	$20.8M-58.0%	$49.4M+229.0%	$15.0M-43.1%	$26.4M+431.1%	$5.0M-89.7%	$48.1M+130.0%	$20.9M
Capital Expenditures	$1.8M-0.2%	$1.8M+0.2%	$1.8M-12.0%	$2.0M-0.9%	$2.0M-11.1%	$2.3M+111.9%	$1.1M-0.5%	$1.1M
Free Cash Flow	-$14.1M-174.3%	$19.0M-60.1%	$47.6M+265.8%	$13.0M-46.5%	$24.3M+801.3%	$2.7M-94.3%	$47.1M+137.0%	$19.9M
Investing Cash Flow	-$278.0M-3340.8%	$8.6M+104.8%	-$178.3M-302.6%	-$44.3M+61.9%	-$116.2M-226.9%	$91.6M+187.6%	-$104.5M-142.2%	-$43.2M
Financing Cash Flow	$51.5M+240.6%	-$36.6M-1098.2%	$3.7M-98.1%	$193.0M+102.4%	$95.3M+275.6%	-$54.3M-157.6%	$94.3M-45.9%	$174.4M
Dividends Paid	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FSUN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	20.9%+4.5pp	16.5%-8.6pp	25.0%+2.9pp	22.2%-3.3pp	25.5%-4.8pp	30.3%
Return on Equity	8.5%+1.2pp	7.3%-4.5pp	11.8%+4.2pp	7.6%-0.6pp	8.2%-1.6pp	9.8%
Return on Assets	1.1%+0.2pp	0.9%-0.4pp	1.3%+0.5pp	0.8%+0.0pp	0.8%-0.2pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.36-0.4	6.78-1.2	7.98-0.6	8.59-1.2	9.81+0.5	9.28
FCF Margin	22.2%+1.4pp	20.8%-8.4pp	29.2%-6.3pp	35.5%-29.3pp	64.8%+69.0pp	-4.3%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	18.6%-2.2pp	20.8%+1.7pp	19.1%-3.4pp	22.6%+1.2pp	21.3%+7.3pp	14.1%-4.8pp	18.9%-2.6pp	21.4%
Return on Equity	1.8%-0.3pp	2.1%+0.1pp	2.1%-0.3pp	2.4%+0.2pp	2.2%+0.6pp	1.6%-0.6pp	2.2%-0.3pp	2.5%
Return on Assets	0.3%-0.0pp	0.3%+0.0pp	0.3%-0.0pp	0.3%+0.0pp	0.3%+0.1pp	0.2%-0.1pp	0.3%-0.0pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	6.29-0.1	6.36-0.2	6.53-0.2	6.700.0	6.69-0.1	6.78-0.1	6.87-0.2	7.03
FCF Margin	-12.2%-28.1pp	15.9%-23.4pp	39.3%+28.2pp	11.1%-10.9pp	22.0%+19.7pp	2.3%-37.3pp	39.6%+22.2pp	17.3%

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Frequently Asked Questions

What is Firstsun Capital's annual revenue?

Firstsun Capital (FSUN) reported $467.8M in total revenue for fiscal year 2025. This represents a 1.8% 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 Firstsun Capital's revenue growing?

Firstsun Capital (FSUN) revenue grew by 1.8% year-over-year, from $459.5M to $467.8M in fiscal year 2025.

Is Firstsun Capital profitable?

Yes, Firstsun Capital (FSUN) reported a net income of $97.9M in fiscal year 2025, with a net profit margin of 20.9%.

What is Firstsun Capital's net profit margin?

Firstsun Capital (FSUN) had a net profit margin of 20.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Firstsun Capital's return on equity (ROE)?

Firstsun Capital (FSUN) has a return on equity of 8.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Firstsun Capital's free cash flow?

Firstsun Capital (FSUN) generated $104.0M in free cash flow during fiscal year 2025. This represents a 8.6% 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 Firstsun Capital's operating cash flow?

Firstsun Capital (FSUN) generated $111.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Firstsun Capital's total assets?

Firstsun Capital (FSUN) had $8.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Firstsun Capital's capital expenditures?

Firstsun Capital (FSUN) invested $7.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Firstsun Capital have outstanding?

Firstsun Capital (FSUN) had 28M shares outstanding as of fiscal year 2025.

What is Firstsun Capital's debt-to-equity ratio?

Firstsun Capital (FSUN) had a debt-to-equity ratio of 6.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Firstsun Capital's return on assets (ROA)?

Firstsun Capital (FSUN) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Firstsun Capital's Piotroski F-Score?

Firstsun Capital (FSUN) has a Piotroski F-Score of 4 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Firstsun Capital's earnings high quality?

Firstsun Capital (FSUN) has an earnings quality ratio of 1.14x, 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.

How financially healthy is Firstsun Capital?

Firstsun Capital (FSUN) scores 26 out of 100 on our Financial Profile, indicating weak 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.