FIRST SOLAR, INC. FSLR
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 14.25 | 12.07 | 7.78 | -0.41 | 4.41 | 3.76 | -1.09 | 1.38 | -1.59 | -4.05 |
| EPS, diluted | 14.21 | 12.02 | 7.74 | -0.41 | 4.38 | 3.73 | -1.09 | 1.36 | -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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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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