A Business at a Glance
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Item 1. Business 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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.2B | 5.2B | 4.2B | 3.3B | 2.6B | 2.9B |
| Net Income | 1.5B | 1.5B | 1.3B | 831M | -44M | 469M |
| EPS | $14.21 | $14.21 | $12.02 | $7.74 | $-0.41 | $4.38 |
| Free Cash Flow | 1.2B | 1.2B | -308M | -785M | -30M | -303M |
| ROIC | 20.7% | 21.4% | 18.2% | 15.2% | -0.7% | 11.0% |
| Gross Margin | 40.6% | 40.6% | 44.2% | 39.2% | 2.7% | 25.0% |
| Debt/Equity | 0.07 | 0.07 | 0.11 | 0.10 | 0.03 | 0.04 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.6B | 1.6B | 1.4B | 857M | -27M | 587M |
| Operating Margin | 30.6% | 30.6% | 33.2% | 25.8% | -1.0% | 20.1% |
| ROE | 16.0% | 17.4% | 16.2% | 12.4% | -0.8% | 7.9% |
| Shares Outstanding | 108M | 108M | 107M | 107M | 108M | 107M |
FIRST SOLAR, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
FIRST SOLAR, INC. trades at 14.1x trailing earnings, compared to its 15-year median P/E of 21.2x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 18.1x vs a median of 16.5x. The company's 5-year average ROIC is 13.0% with a gross margin of 30.3%. At current prices, the estimated annualized return to fair value is -2.3%.
FIRST SOLAR, INC. (FSLR) has a current P/E ratio of 14.1, compared to its historical median P/E of 21.2. The stock is currently considered Cheap based on its historical valuation range.
FIRST SOLAR, INC. (FSLR) has a 5-year average return on invested capital (ROIC) of 13.0%. This indicates solid capital allocation.
FIRST SOLAR, INC. (FSLR) has a market capitalization of $21.5B. It is classified as a large-cap stock.
FIRST SOLAR, INC. (FSLR) does not currently pay a regular dividend.
Based on historical P/E analysis, FIRST SOLAR, INC. (FSLR) appears cheap. The current P/E of 14.1 is 33% below its historical median of 21.2. The estimated fair value CAGR (P/E method) is 53.0%.
FIRST SOLAR, INC. (FSLR) operates in the Semiconductors & Related Devices industry, within the Technology sector.
FIRST SOLAR, INC. (FSLR) reported annual revenue of $5.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
FIRST SOLAR, INC. (FSLR) has a net profit margin of 29.3%. This is a strong margin indicating high profitability.
FIRST SOLAR, INC. (FSLR) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST SOLAR, INC. (FSLR) has a debt-to-equity ratio of 0.07. This indicates a conservatively financed balance sheet.
FIRST SOLAR, INC. (FSLR) reported earnings per share (EPS) of $14.21 in its most recent fiscal year.
FIRST SOLAR, INC. (FSLR) has a return on equity (ROE) of 17.4%. This indicates the company generates strong returns for shareholders.
FIRST SOLAR, INC. (FSLR) has a 5-year average gross margin of 30.3%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for FIRST SOLAR, INC. (FSLR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST SOLAR, INC. (FSLR) has a book value per share of $88.69, based on its most recent annual SEC filing.