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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | - | $1.59B | $1.10B | $844.57M | - | $887.67M | $1.01B | $794.11M | - |
| Cost of Revenue | $558.11M | - | $984.11M | $597.32M | $500.17M | - | $442.36M | $511.59M | $448.11M | - |
| Gross Profit | $486.13M | - | $610.75M | $499.85M | $344.40M | - | $445.31M | $498.89M | $346.00M | - |
| R&D | $66.94M | - | $60.59M | $54.49M | $52.39M | - | $50.20M | $51.94M | $42.74M | - |
| SG&A | $65.33M | - | $47.32M | $52.59M | $53.16M | - | $46.29M | $46.56M | $45.83M | - |
| Total Operating Expenses | $140.83M | - | $144.65M | $138.24M | $123.16M | - | $123.31M | $126.38M | $103.98M | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | $345.30M | - | $466.10M | $361.61M | $221.24M | - | $322.00M | $372.51M | $243.14M | - |
| Interest Expense | $7.62M | - | $14.12M | $9.18M | $9.21M | - | $9.01M | $1.42M | $9.21M | - |
| Income Tax | $7.71M | - | $4.40M | $10.30M | $7.52M | - | $14.39M | $27.77M | $18.90M | - |
| Net Income | $346.62M | - | $455.94M | $341.87M | $209.53M | - | $312.96M | $349.36M | $236.62M | - |
| EPS - Basic | $3.23 | - | $4.25 | $3.19 | $1.96 | - | $2.92 | $3.26 | $2.21 | - |
| EPS - Diluted | $3.22 | - | $4.24 | $3.18 | $1.95 | - | $2.91 | $3.25 | $2.20 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.36B | $2.80B | $1.99B | $1.12B | $837.64M | $1.62B | $1.01B | $1.70B | $1.68B | $1.95B |
| Accounts Receivable | $1.37B | $1.29B | $1.44B | $1.73B | $1.61B | $1.26B | $762.14M | $647.57M | $669.75M | $660.78M |
| Inventory | $893.88M | $736.73M | $1.10B | $1.41B | $1.29B | $1.08B | $1.25B | $1.03B | $970.87M | $819.90M |
| Accounts Payable | $306.83M | $405.77M | $284.54M | $367.65M | $427.80M | $482.19M | $265.32M | $230.89M | $239.24M | $207.18M |
| Current Assets | $5.65B | $6.03B | $5.90B | $5.42B | $4.57B | $5.09B | $3.82B | $3.95B | $4.24B | $4.63B |
| Total Assets | $13.35B | $13.32B | $13.46B | $12.86B | $12.12B | $12.12B | $11.44B | $11.01B | $10.76B | $10.37B |
| Current Liabilities | $2.21B | $2.25B | $3.09B | $2.85B | $2.37B | $2.08B | $1.78B | $1.77B | $1.76B | $1.31B |
| Long-term Debt | $237.18M | $282.59M | $282.56M | $327.97M | $327.94M | $373.35M | $373.32M | $418.73M | $418.69M | $464.07M |
| Total Liabilities | $3.47B | $3.78B | $4.44B | $4.31B | $3.93B | $4.15B | $3.84B | $3.76B | $3.86B | $3.68B |
| Stockholders' Equity | $9.88B | $9.54B | $9.02B | $8.55B | $8.19B | $7.98B | $7.59B | $7.26B | $6.90B | $6.69B |
| Retained Earnings | $7.14B | $6.79B | $6.27B | $5.81B | $5.47B | $5.26B | $4.87B | $4.56B | $4.21B | $3.97B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($214.87M) | - | - | - | ($607.98M) | - | - | - | $267.72M | - |
| Investing Cash Flow | ($148.53M) | - | - | - | ($88.21M) | - | - | - | ($568.63M) | - |
| Financing Cash Flow | ($72.22M) | - | - | - | ($99.62M) | - | - | - | $40.70M | - |
| CapEx | $118.53M | - | - | - | $205.97M | - | - | - | $413.46M | - |
| Free Cash Flow | ($333.39M) | - | - | - | ($813.95M) | - | - | - | ($145.73M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 46.6% | - | 38.3% | 45.6% | 40.8% | - | 50.2% | 49.4% | 43.6% | - |
| Operating margin | 33.1% | - | 29.2% | 33.0% | 26.2% | - | 36.3% | 36.9% | 30.6% | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | 33.2% | - | 28.6% | 31.2% | 24.8% | - | 35.3% | 34.6% | 29.8% | - |
| Free cash flow margin | -31.9% | - | - | - | -96.4% | - | - | - | -18.4% | - |
| FCF / Net income | -0.96 | - | - | - | -3.88 | - | - | - | -0.62 | - |
| R&D / Revenue | 6.4% | - | 3.8% | 5.0% | 6.2% | - | 5.7% | 5.1% | 5.4% | - |
| SG&A / Revenue | 6.3% | - | 3.0% | 4.8% | 6.3% | - | 5.2% | 4.6% | 5.8% | - |
| Effective tax rate | 2.2% | - | 1.0% | 2.9% | 3.5% | - | 4.4% | 7.4% | 7.4% | - |
| Return on assets | 2.6% | - | 3.4% | 2.7% | 1.7% | - | 2.7% | 3.2% | 2.2% | - |
| Return on equity | 3.5% | - | 5.1% | 4.0% | 2.6% | - | 4.1% | 4.8% | 3.4% | - |
| Return on invested capital | 3.3% | - | 5.0% | 4.0% | 2.5% | - | 3.9% | 4.5% | 3.1% | - |
| Liquidity | ||||||||||
| Current ratio | 2.56 | 2.67 | 1.91 | 1.90 | 1.93 | 2.45 | 2.14 | 2.23 | 2.41 | 3.55 |
| Quick ratio | 2.15 | 2.35 | 1.55 | 1.41 | 1.39 | 1.93 | 1.44 | 1.65 | 1.86 | 2.92 |
| Cash ratio | 1.07 | 1.24 | 0.64 | 0.39 | 0.35 | 0.78 | 0.56 | 0.96 | 0.96 | 1.49 |
| Leverage | ||||||||||
| Debt / Equity | 0.02 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.06 | 0.06 | 0.07 |
| Debt / Assets | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 45.3x | - | 33.0x | 39.4x | 24.0x | - | 35.7x | 263.3x | 26.4x | - |
| Equity multiplier | 1.35 | 1.40 | 1.49 | 1.50 | 1.48 | 1.52 | 1.51 | 1.52 | 1.56 | 1.55 |
| Liabilities / Assets | 0.26 | 0.28 | 0.33 | 0.34 | 0.32 | 0.34 | 0.34 | 0.34 | 0.36 | 0.35 |
| Efficiency | ||||||||||
| Asset turnover | 0.08 | - | 0.12 | 0.09 | 0.07 | - | 0.08 | 0.09 | 0.07 | - |
| Inventory turnover | 0.62 | - | 0.89 | 0.42 | 0.39 | - | 0.35 | 0.50 | 0.46 | - |
| Days sales outstanding | 480d | - | 330d | 576d | 694d | - | 313d | 234d | 308d | - |
| Days inventory outstanding | 585d | - | 408d | 864d | 939d | - | 1032d | 733d | 791d | - |
| Days payable outstanding | 201d | - | 106d | 225d | 312d | - | 219d | 165d | 195d | - |
| Cash conversion cycle | 864d | - | 633d | 1215d | 1320d | - | 1126d | 803d | 904d | - |
| Valuation | ||||||||||
| P / E | 61.3x | - | 52.0x | 52.1x | 64.8x | - | 85.7x | 69.4x | 76.7x | - |
| P / B | 2.1x | - | 2.6x | 2.1x | 1.7x | - | 3.5x | 3.3x | 2.6x | - |
| P / S | 20.3x | - | 14.9x | 16.2x | 16.1x | - | 30.2x | 24.0x | 22.8x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 23.6% | - | 79.7% | 8.6% | 6.4% | - | 10.8% | 24.6% | 44.8% | - |
| Revenue CAGR (3y) | 24.0% | - | 36.4% | 20.9% | 32.0% | - | 15.0% | 17.1% | -0.4% | - |
| Revenue CAGR (5y) | 5.4% | - | 11.4% | 11.3% | 9.7% | - | 10.2% | 11.6% | 8.3% | - |
| Gross profit growth (YoY) | 41.2% | - | 37.2% | 0.2% | -0.5% | - | 18.4% | 60.7% | 208.8% | - |
| Operating income growth (YoY) | 56.1% | - | 44.8% | -2.9% | -9.0% | - | 18.0% | 121.1% | 1250.6% | - |
| Net income growth (YoY) | 65.4% | - | 45.7% | -2.1% | -11.4% | - | 16.6% | 104.8% | 455.9% | - |
| EPS growth (YoY) | 65.1% | - | 45.7% | -2.2% | -11.4% | - | 16.4% | 104.4% | 450.0% | - |
| EPS CAGR (3y) | 100.4% | - | - | 82.9% | - | - | 90.6% | 61.6% | 3.9% | - |
| EPS CAGR (5y) | 10.4% | - | 23.9% | 55.5% | 18.1% | - | 58.6% | - | - | - |
| FCF growth (YoY) | 59.0% | - | - | - | -458.5% | - | - | - | 64.1% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 20.7% | 19.6% | 18.7% | 17.8% | 18.6% | 19.3% | 20.5% | 20.1% | 17.6% | 14.6% |
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%
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing FIRST SOLAR against the 5 most active filers in the same SIC group.