FIRST SOLAR, INC. FSLR

Technology SIC 3674 - Semiconductors & Related Devices NAICS Manufacturing › Computer and Electronic Product Manufacturing › Semiconductor and Other Electronic Component Manufacturing › Semiconductor and Related Device Manufacturing derived Nasdaq

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 net present value of a system's total life cycle costs divided by the quantity of energy that is expected to be produced over the system's life, when compared to traditional forms of energy generation. With over $2 billion in cumulative R&D investments in the last 20 years, we have a demonstrated history of innovation and continuous improvement. We believe our strategies and points of differentiation provide the foundation for our competitive position and enable us to remain one of the preferred providers of PV solar modules.

Last close 171.99 2026-10-23
Market cap $18.48B 2026-06-30 share count
52-week range 168.60 - 320.95

Valuation FY2025 figures against the last close

P/S3.5x
P/E12.1x
P/FCF15.6x
EV/EBITDA7.6x
Dividend yield—
Diluted EPS14.21

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • India
  • Other
Revenue by geography, 3 categories over 1 years. The same figures are in the table below. FY2025 United States, FY2025: 5B (95.7%) 96% United States India, FY2025: 195.6M (3.7%) 4% India Other, FY2025: 29.1M (0.6%)
Region FY2025
United States $4.99B
India $195.6M
Other $29.1M

As the company reported it, from the “Note 21. Segment and Geographical Information (Details) - Revenues and Long-Lived Assets by Geographic Region” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $5.22B$4.21B$3.32B$2.62B$2.92B$2.71B$3.06B$2.24B$2.94B$2.90B
Cost of revenue $3.10B$2.35B$2.02B$2.55B$2.19B$2.03B$2.51B$1.85B$2.39B$2.27B
Gross profit $2.12B$1.86B$1.30B$69.9M$730.0M$680.7M$549.2M$392.2M$548.9M$638.4M
R&D $233.4M$191.4M$152.3M$112.8M$99.1M$93.7M$96.6M$84.5M$88.6M$124.8M
SG&A $203.8M$188.3M$197.6M$164.7M$170.3M$222.9M$205.5M$176.9M$202.7M$262.0M
Total operating expenses $523.5M$464.6M$450.3M$350.6M$290.5M$363.2M$711.0M$352.1M$371.1M$1.21B
Operating income $1.60B$1.39B$857.3M-$27.2M$586.8M$317.5M-$161.8M$40.1M$177.9M-$568.2M
Interest expense $44.1M$38.9M$13.0M$12.2M$13.1M$24.0M$27.1M$25.9M$25.8M$20.5M
Pre-tax income $1.58B$1.41B$891.3M$8.6M$572.2M$293.2M-$120.1M$113.1M$202.1M-$537.3M
Income tax $52.7M$114.3M$60.5M$52.8M$103.5M$107.3M$5.5M$3.4M$372.0M$23.2M
Net income $1.53B$1.29B$830.8M-$44.2M$468.7M$398.4M-$114.9M$144.3M-$165.6M-$416.1M
EPS, basic 14.2512.077.78-0.414.413.76-1.091.38-1.59-4.05
EPS, diluted 14.2112.027.74-0.414.383.73-1.091.36-1.59-4.05
Shares, diluted (wtd. avg.) 107.5M107.5M107.4M106.6M106.9M106.7M105.3M106.1M104.3M102.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.80B$1.62B$1.97B$1.49B$1.46B$1.27B$1.45B$1.56B$2.33B$1.42B
Short-term investments $51.8M$171.6M$155.5M$1.10B$375.4M$520.1M$811.5M$1.14B$720.4M—
Receivables $1.29B$1.26B$660.8M$324.3M$429.4M$266.1M$475.0M$128.3M$211.8M$266.7M
Inventory $736.7M$1.08B$819.9M$621.4M$666.3M$567.6M$443.5M$387.9M$172.4M$363.2M
Total current assets $6.03B$5.09B$4.63B$3.79B$3.19B$3.01B$3.60B$3.86B$3.83B$3.79B
Property, plant and equipment $5.68B$5.41B$4.40B$3.54B$2.65B$2.40B$2.18B$1.76B$1.15B$629.1M
Goodwill $31.1M$28.3M$29.7M$14.5M$14.5M$14.5M$14.5M$14.5M$14.5M$14.5M
Other intangibles $51.0M$54.7M$64.5M$31.1M$45.5M$56.1M$64.5M$74.2M$80.2M$88.0M
Total assets $13.32B$12.12B$10.37B$8.25B$7.41B$7.11B$7.52B$7.12B$6.86B$6.82B
Accounts payable $405.8M$482.2M$207.2M$341.4M$193.4M$183.3M$218.1M$233.3M$120.2M$148.7M
Short-term debt $216.0M$236.4M$96.2M$0$3.9M$41.5M$17.5M———
Total current liabilities $2.25B$2.08B$1.31B$1.04B$726.9M$847.4M$1.32B$845.5M$650.3M$907.9M
Long-term debt $282.6M$373.4M$464.1M$184.3M$236.0M$237.7M$454.2M$479.2M$406.4M$196.7M
Total liabilities $3.78B$4.15B$3.68B$2.42B$1.45B$1.59B$2.42B$1.91B$1.77B$1.61B
Retained earnings $6.79B$5.26B$3.97B$3.14B$3.18B$2.72B$2.33B$2.44B$2.30B$2.46B
Total equity $9.54B$7.98B$6.69B$5.84B$5.96B$5.52B$5.10B$5.21B$5.10B$5.22B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.06B$1.22B$602.3M$873.4M$237.6M$37.1M$174.2M-$326.8M$1.34B$206.8M
Depreciation and amortisation $529.2M$423.5M$308.0M$269.7M$259.9M$232.9M$205.5M$130.7M$115.3M$230.9M
Stock-based compensation $19.2M$28.1M$34.2M$28.7M$20.9M$29.3M$37.4M$34.2M$35.1M$28.7M
Capital expenditure $869.9M$1.53B$1.39B$903.6M$540.3M$416.6M$668.7M$739.8M$514.4M$229.5M
Investing cash flow -$765.2M-$1.56B-$472.8M-$1.19B-$99.0M-$131.2M-$362.3M-$682.7M-$626.8M$144.5M
Financing cash flow -$119.2M$24.8M$336.9M$309.4M$40.5M-$82.6M$74.9M$255.2M$192.0M-$136.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001274494-26-000021.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 2.9B Gross profit, FY2016: 638.4M Net income, FY2016: -416.1M Revenue, FY2017: 2.9B Gross profit, FY2017: 548.9M Net income, FY2017: -165.6M Revenue, FY2018: 2.2B Gross profit, FY2018: 392.2M Net income, FY2018: 144.3M Revenue, FY2019: 3.1B Gross profit, FY2019: 549.2M Net income, FY2019: -114.9M Revenue, FY2020: 2.7B Gross profit, FY2020: 680.7M Net income, FY2020: 398.4M Revenue, FY2021: 2.9B Gross profit, FY2021: 730M Net income, FY2021: 468.7M Revenue, FY2022: 2.6B Gross profit, FY2022: 69.9M Net income, FY2022: -44.2M Revenue, FY2023: 3.3B Gross profit, FY2023: 1.3B Net income, FY2023: 830.8M Revenue, FY2024: 4.2B Gross profit, FY2024: 1.9B Net income, FY2024: 1.3B Revenue, FY2025: 5.2B Gross profit, FY2025: 2.1B Net income, FY2025: 1.5B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.90B $2.94B $2.24B $3.06B $2.71B $2.92B $2.62B $3.32B $4.21B $5.22B
Gross profit $638.4M $548.9M $392.2M $549.2M $680.7M $730.0M $69.9M $1.30B $1.86B $2.12B
Net income -$416.1M -$165.6M $144.3M -$114.9M $398.4M $468.7M -$44.2M $830.8M $1.29B $1.53B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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