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Screener / SEC EDGAR /CIK 0001274494 /10-K filed Feb 24, 2026, compared with Feb 25, 2025 /Numbers from the XBRL of the 10-Ks
Technology peers:
MCHPGENGDDYTERFSLRCRWD
Nasdaq Technology · Semiconductors

First Solar FSLR

FSLR quote by TradingView

We are America’s leading PV solar technology and manufacturing company. 10-K, Item 1

Employees
7,900
Headquarters
Phoenix, AZ
CEO
Mark R. Widmar
Next results
around Feb 23, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $5.2B through the costs to a net profit of $1.5B · income statement of the 10-K

31% operating margin
Revenue to Gross profit: $2.1BRevenue to Cost of revenue: $3.1BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $523.5MOperating profit to Net profit: $1.5BOperating profit to Tax & other: $68.6MOperating expenses to R&D: $233.4MOperating expenses to Sales, admin & other: $290.1M Revenue: $5.2B REVENUE $5.2B +24% Y/Y Gross profit: $2.1B · 41% margin GROSS PROFIT $2.1B 41% margin · +14% Y/Y Cost of revenue: $3.1B · 59% of revenue COST OF REVENUE $3.1B 59% of revenue Operating profit: $1.6B · 31% margin OPERATING PROFIT $1.6B 31% margin · +15% Y/Y Operating expenses: $523.5M · 10% of revenue OPERATING EXPENSES $523.5M 10% of revenue Net profit: $1.5B · 29% margin NET PROFIT $1.5B 29% margin · +18% Y/Y Tax & other: $68.6M · 1% of revenue TAX & OTHER $68.6M 1% of revenue R&D: $233.4M · 4% of revenue R&D $233.4M 4% of revenue Sales, admin & other: $290.1M · 6% of revenue SALES, ADMIN & OTHER $290.1M 6% of revenue
Gross profit $2.1B 41% margin · +14% Y/Y
Operating profit $1.6B 31% margin · +15% Y/Y
Net profit $1.5B 29% margin · +18% Y/Y
The full income statement, year by year

FSLR among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 24.1%, above 76% of 74 peers (their median 14.0%) REVENUE GROWTH 24.1% · above 76% Gross margin: 49.3%, above 33% of 67 peers (their median 58.0%) GROSS MARGIN 49.3% · above 33% Operating margin: 37.7%, above 80% of 70 peers (their median 22.2%) OPERATING MARGIN 37.7% · above 80% Net margin: 37.1%, above 86% of 74 peers (their median 18.9%) NET MARGIN 37.1% · above 86% FCF margin: 4.6%, above 10% of 70 peers (their median 23.7%) FCF MARGIN 4.6% · above 10% Return on capital: 14.0%, above 56% of 61 peers (their median 12.6%) RETURN ON CAPITAL 14.0% · above 56%
FSLR Peer median Below the median

What changed

11 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 24, 2026 against Feb 25, 2025.

Risk factors
11 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: Revenue Recognition (“As disclosed in the consolidated statements of operations, the Company's net sales were $5.2 billion for the year ended December 31, 2025. As described in Note 15 to the consolidated financial statements, the Company recognizes revenue for module sales at a point in time following the transfer of co”). No longer listed: Revenue Recognition - Modules Segment
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Critical audit matters changed
    New this year: Revenue Recognition (“As disclosed in the consolidated statements of operations, the Company's net sales were $5.2 billion for the year ended December 31, 2025. As described in Note 15 to the consolidated financial statements, the Company recognizes revenue for module sales at a point in time following the transfer of co”). No longer listed: Revenue Recognition - Modules Segment
  • Receivables +2.6% vs revenue +24.1% (-21.5 pts)
9 more checks with nothing to note
  • Cash from operations $2.1B vs net income $1.5B (FY ending Dec 31, 2025)
  • Inventory -32.1% vs revenue +24.1% (-56.1 pts)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

11 paragraphs in Risk Factors that were not in the 10-K filed Feb 25, 2025. Quoted as filed.

All 11 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    Application of trade laws may also adversely impact, either directly or indirectly, our operating results; for example, by impacting our customers’ project costs, profitability, and their demand for our modules; or by impacting our own costs or disrupting our manufacturing or supply chains, and consequently negatively impacting demand…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    Our operations involve the use, handling, generation, processing, storage, transportation, and disposal of hazardous materials and are subject to extensive environmental laws and regulations at the national, state, local, and international levels. These environmental laws and regulations include those governing the discharge of pollutants

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$2.6B$3.3B$4.2B$5.2B
Net income−$44.2M$830.8M$1.3B$1.5B
Operating cash flow$873.4M$602.3M$1.2B$2.1B
Free cash flow−$30.2M−$784.5M−$308.1M$1.2B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$5.2B ▲ 24.1% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

First Solar, Phoenix, AZ · from the 10-K filed Feb 24, 2026

We are America’s leading PV solar technology and manufacturing company. The only U.S.-headquartered company among the world’s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with our advanced, uniquely American thin film PV technology. Developed at R&D labs in California and Ohio, our technology provides a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains.

Headquarters
Phoenix, AZ
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 29, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had approximately 7,900 associates (our term for full and part-time employees), the majority of which work in the United States, Malaysia, India, and Vietnam" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 24, 2026 (open at SEC), compared with the 10-K filed Feb 25, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/FSLR/export.csv") into a cell.