Dashboard|FSLR – Overview

FSLR

FIRST SOLAR, INC.

Technology • CIK: 0001274494

Market Cap

$28.01B

P/E (TTM)

18.3x

Rev Growth (TTM)

+24.1%

Net Margin (TTM)

29.3%

FCF Yield (TTM)

4.2%

FCF Margin (TTM)

22.7%

LATEST EARNINGS

•

Q4 FY2025

•

10 days ago

•View source

Revenue

$1.68B

+11.1%

Net Income

$520.88M

+32.5%

EPS

$4.84

+32.6%

Gross

39.5%↑ +1.7%

Operating

32.6%↑ +2.4%

Net

31.0%↑ +5.0%

•Full year 2025 net sales were $5.2 billion, a 23.6% increase from $4.2 billion in the prior year, driven by a 24% increase in third-party module volume.
•Fourth quarter net income per diluted share was $4.84, and full year net income per diluted share was $14.21.
•Gross cash balance increased to $2.9 billion and net cash balance to $2.4 billion at year-end 2025.
•The company announced the commissioning of its new Louisiana factory and plans for a new facility in South Carolina.

View Full Earnings →

Cash Flow Health

Free Cash Flow3/8 positive

TTM$1.2B

Q4 '25

$1.1B+0%

Q3 '25

$1.1B+872%

FCF Margin

TTM22.7%

Q4 '2563.6%-5%

Sector: 10.0%Top 25%

OCF Margin39.4%

OCF/NI1.35x

CapEx Coverage2.4x

FCF Yield4.2%

FCF Growth (2Y)–

Cash Conversion Cycle

200 days

DSO: 106+DIO: 139−DPO: 45

View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Total Shareholder Yield

TTM0.0%

Div Yield0.0%

Insufficient data

Dividend & Payout Metrics

Dividend Yield (TTM)0.0%

Free Cash Flow (TTM)$1.2B

Capital Return / FCF0.0%

Est. Dividends Paid (TTM)$0

Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM

16.8%

Stable

+0.0% YoY+5.6%

P25MedianP75

75th pctl (med: 0.1%)

DuPont BreakdownROIC = Margin × Turn × (1+D/E)

NOPAT Margin

29.6%

8Q: 29.9%

Asset Turnover

0.41x

8Q: 0.36x

Leverage (1+D/E)

1.05x

D/E: 0.05x

DuPont: 12.7% ≈ 16.8% ROIC

Asset & CapEx Efficiency

Fixed Asset Turn

0.92x

8Q:0.79x

+39.7%

Invested Cap Turn

0.61x

8Q:0.53x

+25.5%

CapEx Intensity

10.1%

8Q:14.7%

CapEx/Depreciation

1.64x

Asset-based ROIC formula

Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

Metric	TTM	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Revenue	$5.2B	$1.7B↑5.5%	$1.6B↑45.4%	$1.1B↑29.9%	$844.6M↓44.2%	$1.5B↑70.6%	$887.7M↓12.2%	$1.0B↑27.2%	$794.1M
Operating Income	$1.6B	$547.9M↑17.6%	$466.1M↑28.9%	$361.6M↑63.4%	$221.2M↓51.6%	$456.8M↑41.9%	$322.0M↓13.6%	$372.5M↑53.2%	$243.1M
Net Income	$1.5B	$520.9M↑14.2%	$455.9M↑33.4%	$341.9M↑63.2%	$209.5M↓46.7%	$393.1M↑25.6%	$313.0M↓10.4%	$349.4M↑47.6%	$236.6M
Operating Cash Flow	$2.1B	$1.2B↓2.5%	$1.3B↑751.5%	$149.6M↑124.6%	$-608.0M↓175.0%	$811.0M↑1609.3%	$-53.7M↓127.8%	$193.0M↓27.9%	$267.7M
Free Cash Flow	$1.2B	$1.1B↑0.1%	$1.1B↑871.9%	$-138.6M↑83.0%	$-813.9M↓263.6%	$497.5M↑202.0%	$-487.7M↓183.3%	$-172.1M↓18.1%	$-145.7M
Total Equity	N/A

Income Statement Cash Flow Statement Balance Sheet

Valuation Analysis

Fair Value

Price-to-EarningsTTM

18.3x

Volatile

8Q: 59.2x-2734%

Valuation Lenses

Earnings

18.3x

vs – sector

Cash Flow

22.7x

EV/FCF vs –

Growth-Adj

1.0xPEG

Fair for growth

Quality-Adj

1.1P/E per %ROIC

ROIC: 16.8%

Shareholder Returns

Dividend

–

Buyback

–

Total Yield

–

Market Cap$28.01B

EV$26.94B

Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score

89/100

Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg

17.7%

8Q:–

Return on Invested Capital (ROIC)Top 25%

16.8%

8Q:–

+5.6%

vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 29.6%

Asset Turnover: 0.41x

Earnings Quality

Cash Conversion

1.35x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin40.6%

Capital Efficiency

Invested Capital Turnover0.61x

Working Capital

Cash Conversion Cycle200 days

Growth Quality & Momentum

Moderate Growth

Growth Quality Score

70/100

Growth 40%

Margins 30%

FCF 20%

Consistency 10%

Growth Rates

Revenue Growth YoY

24.1%

OpInc Growth YoY

20.0%

EPS Growth YoY

18.2%

FCF 3Y CAGR

N/A

Margin Quality & Sustainability

Moderate

Profitability Cascade

Gross

40.6%

Operating

30.6%

Top 25% in sector

Net

29.3%

Margins Unknown

Earnings Quality Signals

SBC / Revenue

—

FCF vs Net Gap

-6.5 pts

FCF: 22.7% | Net: 29.3%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress

Net Debt / EBITDA

Net Cash

(0.0x)Net Cash: $2.37B

Interest Coverage

–

+Net cash position: $2.37B

Leverage Metrics

Debt-to-Equity

0.05x

Balance sheet risk & solvency analysis