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FSLRFirst Solar

Technology · Semiconductors · Nasdaq
FSLR quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 24.1%, free cash flow up to $1.2B

XBRL, from each 10-K
RevenueStatements ↓
$5.2B
from $4.2B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.5B
from $1.3B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.2B
from -$308.1M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$14.21
from $12.02 in FY2024
FY2016FY2025
Operating marginStatements ↓
30.6%
from 33.2% in FY2024
FY2016FY2025
Total debtStatements ↓
$498.6M
from $609.8M in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)17.29Sales (ttm)5.0BNet income (ttm)1.9BSales growth+24.1%EPS growth+18.2%Sales Q/Q-22.8%
Free cash flow232.8MGross margin49.3%Oper. margin37.7%Net margin37.1%FCF margin4.6%ROE17.1%
ROA13.3%R&D / sales4.5%Dividend-Debt/Eq0.01Curr. ratio2.57Cash1.6B
Op. cash flow (ttm)839.2MEBITDA2.1BEBITDA margin40.7%Net debt-1.5BQuick ratio2.21Interest cover36.18
ROIC14.0%Tax rate3.3%Stock pay / sales0.4%Shares out.107.5MShares Y/Y0.0%Book / share101.23
Cash / share14.66Sales / share46.65Asset turnover0.36Inventory turns4.21Days sales out.90Sales 3Y CAGR+25.8%
Sales 5Y CAGR+14.0%EPS 5Y CAGR+30.7%Employees7,900Sales / employee635K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow turned positive−$308.1M → $1.2B · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin narrowed to 30.6%33.2% → 30.6% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

FSLR against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
FSLRPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+24.1%19th of 75 · median +14.1%
Net margin
37.1%11th of 75 · median 19.1%
Return on equity
17.1%44th of 69 · median 23.9%
Free cash flow margin
4.6%64th of 71 · median 22.3%
Debt / equity (less is better)
0.013rd of 61 · median 0.46
FSLR and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
FSLR First Solar$5.0B +24.1%49.3%37.1%17.1%4.6%0.01
Q Qnity Electronics$5.5B +9.7%46.9%10.2%7.4%14.2%0.53
CRWD CrowdStrike$5.4B +21.7%75.2%0.8%0.9%29.8%0.15
GEN Gen Digital$5.2B +27.1%77.4%23.1%44.0%33.7%2.96
GDDY GoDaddy$5.2B +8.3%-18.6%-33.7%-
TER Teradyne$5.0B +13.1%59.3%27.5%37.2%20.5%0.00
Where each dollar goes

From $2.9B of sales to $468.7M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $730.0MRevenue to Cost of revenue: $2.2BGross profit to Operating profit: $586.8MGross profit to Operating expenses: $143.2MOperating profit to Net profit: $468.7MOperating profit to Tax & other: $118.1MOperating expenses to R&D: $99.1MOperating expenses to Sales, admin & other: $44.1M Revenue: $2.9B Revenue$2.9B +8% Y/Y Gross profit: $730.0M · 25% margin Gross profit$730.0M25% margin +7% Y/Y Cost of revenue: $2.2B · 75% of revenue Cost of revenue$2.2B75% of revenue Operating profit: $586.8M · 20% margin Operating profit$586.8M20% margin +85% Y/Y Operating expenses: $143.2M · 5% of revenue Operating expenses$143.2M5% of revenue Net profit: $468.7M · 16% margin Net profit$468.7M16% margin +18% Y/Y Tax & other: $118.1M · 4% of revenue Tax & other$118.1M4% of revenue R&D: $99.1M · 3% of revenue R&D$99.1M3% of revenue Sales, admin & other: $44.1M · 2% of revenue Sales, admin & other$44.1M2% of revenue

Swipe sideways for the whole flow →

From $3.3B of sales to $830.8M of profit

FY2023, from the 10-K income statement and revenue by region
United States to Revenue: $3.2BIndia to Revenue: $10.9MAll other foreign countries to Revenue: $51.8MFrance to Revenue: $68.3MChile to Revenue: $9KRevenue to Gross profit: $1.3BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $857.3MGross profit to Operating expenses: $443.4MOperating profit to Net profit: $796.8MOperating profit to Tax: $60.5MOther income to Net profit: $34.0MOperating expenses to R&D: $152.3MOperating expenses to Sales, admin & other: $291.1M United States: $3.2B · 96% United States$3.2B96% India: $10.9M · 0% India$10.9M0% All other foreign countries: $51.8M · 2% All other foreign count…$51.8M2% France: $68.3M · 2% France$68.3M2% Chile: $9K · 0% Chile$9K0% Revenue: $3.3B Revenue$3.3B +27% Y/Y Gross profit: $1.3B · 39% margin Gross profit$1.3B39% margin +1762% Y/Y Cost of revenue: $2.0B · 61% of revenue Cost of revenue$2.0B61% of revenue Operating profit: $857.3M · 26% margin Operating profit$857.3M26% margin Other income: $34.0M · 1% of revenue Other income$34.0M1% of revenue Operating expenses: $443.4M · 13% of revenue Operating expenses$443.4M13% of revenue Net profit: $830.8M · 25% margin Net profit$830.8M25% margin Tax: $60.5M · 2% of revenue Tax$60.5M2% of revenue R&D: $152.3M · 5% of revenue R&D$152.3M5% of revenue Sales, admin & other: $291.1M · 9% of revenue Sales, admin & other$291.1M9% of revenue

Swipe sideways for the whole flow →

From $4.2B of sales to $1.3B of profit

FY2024, from the 10-K income statement and revenue by region
United States to Revenue: $3.9BIndia to Revenue: $201.7MAll other foreign countries to Revenue: $65.4MFrance to Revenue: $34.4MRevenue to Gross profit: $1.9BRevenue to Cost of revenue: $2.3BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $463.4MOperating profit to Net profit: $1.3BOperating profit to Tax & other: $102.4MOperating expenses to R&D: $191.4MOperating expenses to Sales, admin & other: $272.1M United States: $3.9B · 93% United States$3.9B93% India: $201.7M · 5% India$201.7M5% All other foreign countries: $65.4M · 2% All other foreign count…$65.4M2% France: $34.4M · 1% France$34.4M1% Revenue: $4.2B Revenue$4.2B +27% Y/Y Gross profit: $1.9B · 44% margin Gross profit$1.9B44% margin +43% Y/Y Cost of revenue: $2.3B · 56% of revenue Cost of revenue$2.3B56% of revenue Operating profit: $1.4B · 33% margin Operating profit$1.4B33% margin +63% Y/Y Operating expenses: $463.4M · 11% of revenue Operating expenses$463.4M11% of revenue Net profit: $1.3B · 31% margin Net profit$1.3B31% margin +56% Y/Y Tax & other: $102.4M · 2% of revenue Tax & other$102.4M2% of revenue R&D: $191.4M · 5% of revenue R&D$191.4M5% of revenue Sales, admin & other: $272.1M · 6% of revenue Sales, admin & other$272.1M6% of revenue

Swipe sideways for the whole flow →

From $5.2B of sales to $1.5B of profit

FY2025, from the 10-K income statement and revenue by region
United States to Revenue: $5.0BIndia to Revenue: $195.6MAll other foreign countries to Revenue: $22.8MFrance to Revenue: $6.3MRevenue 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 United States: $5.0B · 96% United States$5.0B96% India: $195.6M · 4% India$195.6M4% All other foreign countries: $22.8M · 0% All other foreign count…$22.8M0% France: $6.3M · 0% France$6.3M0% Revenue: $5.2B Revenue$5.2B +24% Y/Y Gross profit: $2.1B · 41% margin Gross profit$2.1B41% margin +14% Y/Y Cost of revenue: $3.1B · 59% of revenue Cost of revenue$3.1B59% of revenue Operating profit: $1.6B · 31% margin Operating profit$1.6B31% margin +15% Y/Y Operating expenses: $523.5M · 10% of revenue Operating expenses$523.5M10% of revenue Net profit: $1.5B · 29% margin Net profit$1.5B29% margin +18% Y/Y Tax & other: $68.6M · 1% of revenue Tax & other$68.6M1% of revenue R&D: $233.4M · 4% of revenue R&D$233.4M4% of revenue Sales, admin & other: $290.1M · 6% of revenue Sales, admin & other$290.1M6% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median37.1% vs 19.1%
  • ✓
    Gross margin up over 5 years25.1% → 40.6%
  • ✓
    Return on equity above 15%17.1%
  • !
    A profit in 6 of 10 years
Net margin, FY2016 to FY2025: -14.3% → 29.3%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 36.2× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.01 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.57
  • ✓
    More cash than debtNet cash $1.5B
Debt / equity at each year end, FY2016 to FY2025: 0.04 → 0.05
What the debt is made of ↓

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 2 of 10 years$1.2B last year
  • !
    Share count up over 5 years+0.8%
  • ✓
    Cash from operations above net income$2.1B vs $1.5B
Free cash flow, FY2016 to FY2025: -22.7M → 1.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$373.7M of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 5.2B Net income 1.5B
FY2016 revenue 2.9B · Revenues, 0001274494-19-000004 FY2016 net income -416.1M · NetIncomeLoss, 0001274494-19-000004 2.9B FY2016 FY2017 revenue 2.9B · Revenues, 0001274494-20-000011 FY2017 net income -165.6M · NetIncomeLoss, 0001274494-20-000011 2.9B FY2017 FY2018 revenue 2.2B · Revenues, 0001628280-21-003343 FY2018 net income 144.3M · NetIncomeLoss, 0001628280-21-003343 2.2B FY2018 FY2019 revenue 3.1B · Revenues, 0001274494-22-000009 FY2019 net income -114.9M · NetIncomeLoss, 0001274494-22-000009 3.1B FY2019 FY2020 revenue 2.7B · Revenues, 0001274494-23-000002 FY2020 net income 398.4M · NetIncomeLoss, 0001274494-23-000002 2.7B FY2020 FY2021 revenue 2.9B · Revenues, 0001274494-24-000004 FY2021 net income 468.7M · NetIncomeLoss, 0001274494-24-000004 2.9B FY2021 FY2022 revenue 2.6B · Revenues, 0001274494-25-000010 FY2022 net income -44.2M · NetIncomeLoss, 0001274494-25-000010 2.6B FY2022 FY2023 revenue 3.3B · Revenues, 0001274494-26-000021 FY2023 net income 830.8M · NetIncomeLoss, 0001274494-26-000021 3.3B FY2023 FY2024 revenue 4.2B · Revenues, 0001274494-26-000021 FY2024 net income 1.3B · NetIncomeLoss, 0001274494-26-000021 4.2B FY2024 FY2025 revenue 5.2B · Revenues, 0001274494-26-000021 FY2025 net income 1.5B · NetIncomeLoss, 0001274494-26-000021 5.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

FSLR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue5.2B
FY2016: 2.9BFY2017: 2.9BFY2018: 2.2BFY2019: 3.1BFY2020: 2.7BFY2021: 2.9BFY2022: 2.6BFY2023: 3.3BFY2024: 4.2BFY2025: 5.2B FY2017FY2019FY2021FY2023FY2025
Net income1.5B
FY2016: -416.1MFY2017: -165.6MFY2018: 144.3MFY2019: -114.9MFY2020: 398.4MFY2021: 468.7MFY2022: -44.2MFY2023: 830.8MFY2024: 1.3BFY2025: 1.5B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.2B
FY2016: -22.7MFY2017: 826.3MFY2018: -1.1BFY2019: -494.5MFY2020: -379.5MFY2021: -302.7MFY2022: -30.2MFY2023: -784.5MFY2024: -308.1MFY2025: 1.2B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)14.21
FY2016: -4.05FY2017: -1.59FY2018: 1.36FY2019: -1.09FY2020: 3.73FY2021: 4.38FY2022: -0.41FY2023: 7.74FY2024: 12.02FY2025: 14.21 FY2017FY2019FY2021FY2023FY2025
Diluted shares107.5M
FY2016: 102.9MFY2017: 104.3MFY2018: 106.1MFY2019: 105.3MFY2020: 106.7MFY2021: 106.9MFY2022: 106.6MFY2023: 107.4MFY2024: 107.5MFY2025: 107.5M FY2017FY2019FY2021FY2023FY2025

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 5.0B95.7% +27.9%
India 195.6M3.7% -3.0%
All other foreign countries 22.8M0.4% -65.1%
France 6.3M0.1% -81.7%

10-K 0001274494-26-000021, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue2.9B2.9B2.2B3.1B2.7B2.9B2.6B3.3B4.2B5.2B
Cost of revenue2.3B2.4B1.9B2.5B2.0B2.2B2.5B2.0B2.3B3.1B
Gross profit638.4M548.9M392.2M549.2M680.7M730.0M69.9M1.3B1.9B2.1B
R&D124.8M88.6M84.5M96.6M93.7M99.1M112.8M152.3M191.4M233.4M
SG&A262.0M202.7M176.9M205.5M222.9M170.3M164.7M197.6M188.3M203.8M
Operating income-568.2M177.9M40.1M-161.8M317.5M586.8M-27.2M857.3M1.4B1.6B
Interest expense20.5M25.8M25.9M27.1M24.0M13.1M12.2M13.0M38.9M44.1M
Pretax income-537.3M202.1M113.1M-120.1M293.2M572.2M8.6M891.3M1.4B1.6B
Income tax23.2M372.0M3.4M-5.5M-107.3M103.5M52.8M60.5M114.3M52.7M
Net income-416.1M-165.6M144.3M-114.9M398.4M468.7M-44.2M830.8M1.3B1.5B
EPS (diluted)-4.05-1.591.36-1.093.734.38-0.417.7412.0214.21
Diluted shares102.9M104.3M106.1M105.3M106.7M106.9M106.6M107.4M107.5M107.5M
Depreciation & amortization204.3M91.9M130.7M205.5M232.9M259.9M269.7M308.0M423.5M529.2M
EBITDA-363.9M269.8M170.8M43.7M550.4M846.7M242.5M1.2B1.8B2.1B
Gross margin22.0%18.7%17.5%17.9%25.1%25.0%2.7%39.2%44.2%40.6%
Operating margin-19.6%6.0%1.8%-5.3%11.7%20.1%-1.0%25.8%33.2%30.6%
Net margin-14.3%-5.6%6.4%-3.8%14.7%16.0%-1.7%25.0%30.7%29.3%
Revenue growth-+1.3%-23.7%+36.5%-11.5%+7.8%-10.4%+26.7%+26.7%+24.1%
EPS growth----180%-+17.4%-109%-+55.3%+18.2%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.3B2.3B1.4B1.4B1.2B1.5B1.5B1.9B1.6B2.8B
Short-term investments-720.4M1.1B811.5M520.1M375.4M1.1B155.5M171.6M51.8M
Receivables266.7M211.8M128.3M475.0M266.1M429.4M324.3M660.8M1.3B1.3B
Inventory363.2M172.4M387.9M443.5M567.6M666.3M621.4M819.9M1.1B736.7M
Current assets3.8B3.8B3.9B3.6B3.0B3.2B3.8B4.6B5.1B6.0B
Property & equipment629.1M1.2B1.8B2.2B2.4B2.6B3.5B4.4B5.4B5.7B
Goodwill14.5M14.5M14.5M14.5M14.5M14.5M14.5M29.7M28.3M31.1M
Total assets6.8B6.9B7.1B7.5B7.1B7.4B8.3B10.4B12.1B13.3B
Accounts payable148.7M120.2M233.3M218.1M183.3M193.4M341.4M207.2M482.2M405.8M
Current liabilities907.9M650.3M845.5M1.3B847.4M726.9M1.0B1.3B2.1B2.3B
Total debt196.7M406.4M479.2M482.9M287.1M246.7M185.0M560.3M609.8M498.6M
Total liabilities1.6B1.8B1.9B2.4B1.6B1.5B2.4B3.7B4.1B3.8B
Shareholders' equity5.2B5.1B5.2B5.1B5.5B6.0B5.8B6.7B8.0B9.5B
Retained earnings2.5B2.3B2.4B2.3B2.7B3.2B3.1B4.0B5.3B6.8B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow206.8M1.3B-326.8M174.2M37.1M237.6M873.4M602.3M1.2B2.1B
Capital spending229.5M514.4M739.8M668.7M416.6M540.3M903.6M1.4B1.5B869.9M
Free cash flow-22.7M826.3M-1.1B-494.5M-379.5M-302.7M-30.2M-784.5M-308.1M1.2B
Stock-based pay (added back)28.7M35.1M34.2M37.4M29.3M20.9M28.7M34.2M28.1M19.2M
Acquisitions10.3M----0035.7M00
Debt raised26.8M215.4M290.9M120.1M156.7M129.2M397.4M368.0M258.5M370.5M
Debt repaid--18.9M30.1M225.3M72.7M75.9M0205.8M473.4M
Investing cash flow144.5M-626.8M-682.7M-362.3M-131.2M-99.0M-1.2B-472.8M-1.6B-765.2M
Financing cash flow-136.4M192.0M255.2M74.9M-82.6M40.5M309.4M336.9M24.8M-119.2M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)28.7M35.1M34.2M37.4M29.3M20.9M28.7M34.2M28.1M19.2M
Stock-based pay / revenue1.0%1.2%1.5%1.2%1.1%0.7%1.1%1.0%0.7%0.4%
Operating lease cost---21.8M18.7M17.7M14.6M12.1M14.4M20.3M
Operating lease cash paid---21.7M19.2M19.4M15.4M11.8M13.8M17.7M
Right-of-use assets--0145.7M226.7M207.5M93.2M84.4M114.3M161.8M
Operating lease liabilities--0123.6M203.0M158.7M49.8M47.0M78.0M118.9M
Finance lease liabilities-------17.1M31.0M37.8M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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