First Solar (FSLR)
Information Technology · $21.4B market cap · SEC CIK 0001274494
fundamentals score out of 100
Next reports on Oct 28, 2026, after the close, with analysts expecting $4.76 in earnings per share.
The case for FSLR
- Revenue up 23.8% on the year.
- Cheap on earnings at 12.3×, well under the market's usual 20×.
- Generated $1.2B of free cash flow in FY2025, 23% of revenue.
- 32% of revenue drops through to net profit.
- Holds more cash ($2.8B) than long-term debt ($283M).
- Earnings per share up 38.7%.
The case against
- Near the bottom of its 52-week range, 37% below the high. Falling prices usually have a reason; find it first.
- Swings harder than the market (beta 1.75).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 80 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 75 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 60 |
| Momentumhow the price has behaved lately | 22 |
| Stabilityhow violently it moves, what it owes and what it pays you | 61 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 12.3× |
|---|---|
| Price / book | 2.46× |
| Price / sales | 4.0× |
| Revenue growth (YoY) | +23.8% |
| EPS growth (YoY) | +38.7% |
| Gross margin | 44% |
| Operating margin | 34% |
| Net margin | 32% |
| Return on equity | 18% |
| Debt / equity | 0.01× |
| Current ratio | 2.52 |
| Dividend yield | none |
| Beta | 1.75 |
| 52-week range | $182.99 – $320.95 |
| Position in that range | 13% of the way up |
| 3-month return | -22.5% |
| 1-year return | -6.0% |
Five years of financials, as filed
Pulled from First Solar's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $5.2B | $4.2B | $3.3B | $2.6B | $2.9B |
| Gross profit | $2.1B | $1.9B | $1.3B | $69.9M | $730M |
| Operating income | $1.6B | $1.4B | $857M | -$27.2M | $587M |
| Net income | $1.5B | $1.3B | $831M | -$44.2M | $469M |
| Operating cash flow | $2.1B | $1.2B | $602M | $873M | $238M |
| Capital expenditure | $870M | $1.5B | $1.4B | $904M | $540M |
| Total assets | $13.3B | $12.1B | $10.4B | $8.3B | $7.4B |
| Total liabilities | $3.8B | $4.1B | $3.7B | $2.4B | $1.5B |
| Shareholder equity | $9.5B | $8.0B | $6.7B | $5.8B | $6.0B |
| Cash | $2.8B | $1.6B | $1.9B | $1.5B | $1.5B |
| Long-term debt | $283M | $373M | $464M | $184M | $236M |
| Free cash flow | $1.2B | -$308M | -$785M | -$30.2M | -$303M |
| Gross margin | 40.6% | 44.2% | 39.2% | 2.7% | 25.0% |
| Operating margin | 30.6% | 33.2% | 25.8% | -1.0% | 20.1% |
| Net margin | 29.3% | 30.7% | 25.0% | -1.7% | 16.0% |
| Diluted shares | 108M | 108M | 107M | 107M | 107M |
Share count is essentially flat over 4 years.
What First Solar says it does
Company Overview 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. We are the world’s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. In addressing the overall global demand for electricity, PV solar modules provide energy at a lower levelized cost of electricity ("LCOE"), meaning the…
Risk factors FSLR lists in its 10-K
- Information about Our Executive Officers
- Risks Related to Our Markets and Customers
- Risks Related to Our Operations, Manufacturing, and Technology
- United States — Additional Tariffs on Certain Chinese Imports
- United States — Port Fees on Certain Chinese Vessel Operators and Chinese Vessel Owners
- United States — Tariffs on Certain Foreign-imported Aluminum, Steel, Copper, Timber and Lumber
- United States — Potential Tariffs on Processed Critical Minerals and Derivative Products, Polysilicon, Robotics and Industrial Machinery
- United States — Antidumping and Countervailing Duties on Certain Imported Crystalline Silicon PV Cells and Modules
- India — Domestic and Foreign Imports
- We may be unable to execute our long-term strategic plans, which could have a material adverse effect on our business, financial condition, or results of operations
- We face intense competition from manufacturers of crystalline silicon solar modules; if global supply exceeds global demand, it could lead to a further reduction in the average selling price for PV solar modules
- which could reduce our net sales and adversely affect our results of operations
- We may be unable to generate sufficient cash flows or have access to the sources of external financing necessary to fund planned capital investments in manufacturing capacity and product development
- Our substantial international operations subject us to a number of risks, including unfavorable political, regulatory, labor, and tax conditions in the United States and/or foreign countries