FIRST SOLAR, INC. FSLR

Technology SIC 3674 - Semiconductors & Related Devices 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 204.45 2026-09-04
Market cap $21.97B 2026-06-30 share count
52-week range 182.99 - 320.95

Valuation FY2025 figures against the last close

P/S4.2x
P/E14.4x
P/FCF18.5x
EV/EBITDA9.2x
Dividend yield
Diluted EPS14.21

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.) $107.5M$107.5M$107.4M$106.6M$106.9M$106.7M$105.3M$106.1M$104.3M$102.9M

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.

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