FSLR · First Solar, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $5.22B | $4.21B | $3.32B | $2.62B | $2.92B | $2.71B |
| Cost of Revenue | $3.10B | $2.35B | $2.02B | $2.55B | $2.19B | $2.03B |
| Gross Profit | $2.12B | $1.86B | $1.30B | $69.86M | $729.95M | $680.67M |
| R&D | $233.42M | $191.38M | $152.31M | $112.80M | $99.11M | $93.74M |
| SG&A | $203.76M | $188.26M | $197.62M | $164.72M | $170.32M | $222.92M |
| Total Operating Expenses | $523.48M | $464.56M | $450.30M | $350.61M | $290.49M | $363.18M |
| D&A | - | - | - | - | - | - |
| Operating Income | $1.60B | $1.39B | $857.27M | ($27.24M) | $586.75M | $317.49M |
| Interest Expense | $44.13M | $38.87M | $12.96M | $12.22M | $13.11M | $24.04M |
| Income Tax | $52.68M | $114.29M | $60.51M | $52.76M | $103.47M | ($107.29M) |
| Net Income | $1.53B | $1.29B | $830.78M | ($44.17M) | $468.69M | $398.36M |
| EPS - Basic | $14.25 | $12.07 | $7.78 | ($0.41) | $4.41 | $3.76 |
| EPS - Diluted | $14.21 | $12.02 | $7.74 | ($0.41) | $4.38 | $3.73 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.80B | $1.62B | $1.95B | $1.48B | $1.45B | $1.23B |
| Accounts Receivable | $1.29B | $1.26B | $660.78M | $324.34M | $429.44M | $266.09M |
| Inventory | $736.73M | $1.08B | $819.90M | $621.38M | $666.30M | $567.59M |
| Accounts Payable | $405.77M | $482.19M | $207.18M | $341.41M | $193.37M | $183.35M |
| Current Assets | $6.03B | $5.09B | $4.63B | $3.79B | $3.19B | $3.01B |
| Total Assets | $13.32B | $12.12B | $10.37B | $8.25B | $7.41B | $7.11B |
| Current Liabilities | $2.25B | $2.08B | $1.31B | $1.04B | $726.88M | $847.40M |
| Long-term Debt | $282.59M | $373.35M | $464.07M | $184.35M | $236.00M | $454.19M |
| Total Liabilities | $3.78B | $4.15B | $3.68B | $2.42B | $1.45B | $1.59B |
| Stockholders' Equity | $9.54B | $7.98B | $6.69B | $5.84B | $5.96B | $5.52B |
| Retained Earnings | $6.79B | $5.26B | $3.97B | $3.14B | $3.18B | $2.72B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.06B | $1.22B | $602.26M | $873.37M | $237.56M | $37.12M |
| Investing Cash Flow | ($765.17M) | ($1.56B) | ($472.79M) | ($1.19B) | ($99.04M) | ($131.23M) |
| Financing Cash Flow | ($119.23M) | $24.85M | $336.85M | $309.39M | $40.55M | ($82.59M) |
| CapEx | $869.88M | $1.53B | $1.39B | $903.61M | $540.29M | $416.63M |
| Free Cash Flow | $1.19B | ($308.08M) | ($784.51M) | ($30.24M) | ($302.73M) | ($379.51M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 40.6% | 44.2% | 39.2% | 2.7% | 25.0% | 25.1% |
| Operating margin | 30.6% | 33.2% | 25.8% | -1.0% | 20.1% | 11.7% |
| EBITDA margin | - | - | - | - | - | - |
| Net margin | 29.3% | 30.7% | 25.0% | -1.7% | 16.0% | 14.7% |
| Free cash flow margin | 22.7% | -7.3% | -23.6% | -1.2% | -10.4% | -14.0% |
| FCF / Net income | 0.78 | -0.24 | -0.94 | 0.68 | -0.65 | -0.95 |
| R&D / Revenue | 4.5% | 4.5% | 4.6% | 4.3% | 3.4% | 3.5% |
| SG&A / Revenue | 3.9% | 4.5% | 6.0% | 6.3% | 5.8% | 8.2% |
| Effective tax rate | 3.3% | 8.1% | 6.8% | 613.7% | 18.1% | -36.9% |
| Return on assets | 11.5% | 10.7% | 8.0% | -0.5% | 6.3% | 5.6% |
| Return on equity | 16.0% | 16.2% | 12.4% | -0.8% | 7.9% | 7.2% |
| Return on invested capital | 15.7% | 15.3% | 11.2% | -0.2% | 7.8% | 5.3% |
| Liquidity | ||||||
| Current ratio | 2.67 | 2.45 | 3.55 | 3.65 | 4.39 | 3.56 |
| Quick ratio | 2.35 | 1.93 | 2.92 | 3.05 | 3.47 | 2.89 |
| Cash ratio | 1.24 | 0.78 | 1.49 | 1.43 | 2.00 | 1.45 |
| Leverage | ||||||
| Debt / Equity | 0.03 | 0.05 | 0.07 | 0.03 | 0.04 | 0.08 |
| Debt / Assets | 0.02 | 0.03 | 0.04 | 0.02 | 0.03 | 0.06 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 36.2x | 35.9x | 66.1x | -2.2x | 44.8x | 13.2x |
| Equity multiplier | 1.40 | 1.52 | 1.55 | 1.41 | 1.24 | 1.29 |
| Liabilities / Assets | 0.28 | 0.34 | 0.35 | 0.29 | 0.20 | 0.22 |
| Efficiency | ||||||
| Asset turnover | 0.39 | 0.35 | 0.32 | 0.32 | 0.39 | 0.38 |
| Inventory turnover | 4.21 | 2.17 | 2.46 | 4.10 | 3.29 | 3.58 |
| Days sales outstanding | 90d | 109d | 73d | 45d | 54d | 36d |
| Days inventory outstanding | 87d | 169d | 148d | 89d | 111d | 102d |
| Days payable outstanding | 48d | 75d | 37d | 49d | 32d | 33d |
| Cash conversion cycle | 129d | 203d | 184d | 85d | 132d | 105d |
| Valuation | ||||||
| P / E | 18.4x | 14.7x | 22.3x | - | 19.9x | 26.5x |
| P / B | 2.9x | 2.4x | 2.8x | 2.7x | 1.6x | 1.9x |
| P / S | 5.4x | 4.5x | 5.6x | 6.1x | 3.2x | 3.9x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 24.1% | 26.7% | 26.7% | -10.4% | 7.8% | -11.5% |
| Revenue CAGR (3y) | 25.8% | 12.9% | 7.0% | -5.1% | 0.2% | -2.7% |
| Revenue CAGR (5y) | 14.0% | 6.5% | 2.7% | -2.3% | -0.2% | -5.4% |
| Gross profit growth (YoY) | 14.1% | 42.8% | 1761.9% | -90.4% | 7.2% | 23.9% |
| Operating income growth (YoY) | 14.5% | 62.7% | - | - | 84.8% | - |
| Net income growth (YoY) | 18.3% | 55.5% | - | - | 17.7% | - |
| EPS growth (YoY) | 18.2% | 55.3% | - | - | 17.4% | - |
| EPS CAGR (3y) | - | 40.0% | 27.5% | - | 47.7% | - |
| EPS CAGR (5y) | 30.7% | - | 41.6% | - | - | -7.0% |
| FCF growth (YoY) | - | 60.7% | -2494.6% | 90.0% | 20.2% | 23.3% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 19.6% | 19.3% | 14.6% | -2.1% | 7.9% | 8.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Geographic
$5.22B totalUS$4.99B · 95.7%
IN$195.58M · 3.7%
Allotherforeigncountries$22.81M · 0.4%
FR$6.30M · 0.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.46
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
8/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing FIRST SOLAR against the 5 most active filers in the same SIC group.