— Know what they know.
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Not Investment Advice

FSLR

NASDAQ · USD
First Solar, Inc.
Energy · Solar
CEO Mark R. Widmar Employees 7,900 R&D / revenue 4.5%
Last price
$172.64−3.45%last session
Market cap
$18.6B
P/E (TTM)
10.6x
From 52w high
−46.2%
From 52w low
+2.4%
1-year return
−27.4%
RSI 14 · vs SMA200
38.1 · −21.5%
IS score
83.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

FSLR   SPY   XLE (sector ETF) · weekly closes
80100120140160Jan 26Apr 26Jul 26Oct 26XLE 160SPY 116FSLR 73

Score DNA

Each bar is a 0-100 score within the scored universe
85
Profitability
76
Growth
69
Value
99
Momentum
100
Risk (safety)
93
Quality
92
Balance sheet
68
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Net cash✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Wide, Efficient ScalePiotroski 8 / 9Altman Z 6.9Beta 1.733 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
66 open-market sales, $14.5M
Form 144 notices (12m): 62, $43.6M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-08-13
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+46
163 new holders, 109 closed
1,017 filers hold 93.7% · 340 added, 362 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+148
1,135 funds adding shares
987 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
72.7%
20-day avg 61.8%, 50-day avg 58.7%
Latest 10.9 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$5.2B
Revenue growth YoY+24.1%
Gross margin40.6%
Operating income$1.6B
Operating margin30.6%
Net income$1.5B
Net margin29.3%
EPS (diluted)$14.21
Cash flow
Operating cash flow$2.1B
Capital expenditure$869.9M
Free cash flow$1.2B
FCF conversion (FCF / OCF)57.7%
Stock-based compensation$19.2M
FCF less SBC$1.2B
Buybacks$15.5M
Dividends$0
Balance sheet & returns
Cash & short-term investments$2.9B
Total debt$498.6M
Net cash$2.4B
Shareholders' equity$9.5B
Goodwill & intangibles$82.1M
Debt / equity0.02
ROE (TTM)18.0%
ROIC (TTM)15.3%
Operating margin by fiscal year
20.1%FY2021-1.0%FY202225.8%FY202333.2%FY202430.6%FY2025
Revenue $2.9B (FY2021) to $5.2B (FY2025), a 15.6% CAGR.

Valuation

P/E (TTM)10.6x
EV / EBITDA7.0x
Price / sales3.45x
Price / FCF12.4x
FCF yield8.09%
Buyback yield0.08%
SBC / revenue0.4%
Price / book1.80x
Forward P/E FY20269.9x
Forward P/E FY20277.4x
Forward P/E FY20285.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $261.86 across 22 analysts last quarter is theirs, not ours.

FSLR vs industry median

55 companies in Solar
Gross margin 44.0% 29.1% Operating margin 33.6% -19.6% Net margin 32.5% -23.9% ROIC 15.3% -2.3%
FSLR (TTM)Industry median Asset turnover 0.40 vs industry 0.57 · financial leverage 1.30

Earnings delivery

Next report 2026-10-29 · consensus EPS $4.67
58%
beat rate, 7 of 12 quarters
+5.1%
median EPS surprise
4
longest beat streak
+21+4+11+21-7-24-22+20+0-6+6+35
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-31 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
FSLR First Solar, Inc. $18.6B10.6x18.0%32.5%+24.1% −27.4%
NXT Nextpower Inc. $12.1B20.1x27.2%17.7%+17.0% −8.6%
ENPH Enphase Energy, Inc. $4.0B30.0x13.0%12.4%−10.4% −18.5%
SEDG SolarEdge Technologies, Inc. $1.9Bn/m-58.4%-8.9%+41.6% −21.8%
WES Western Midstream Partners, $18.4B13.9x34.0%33.0%+18.0% +21.4%
OVV Ovintiv Inc. $19.2B19.7x8.4%15.1%+4.7% —
PAA Plains All American Pipeline $17.8B7.0x26.6%10.3%+9.2% —
APA APA Corporation $17.2B10.4x25.9%31.1%−12.2% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-07-30Earnings Release; Exhibits
2026-05-15Shareholder Vote
2026-04-30Earnings Release; Exhibits
2026-02-24Results of Operations and Financial Condition; Financial Statements and Exhibits
2026-02-19Entry into Material Definitive Agreement; Termination of Material Definitive Agreement; Creation of Direct Financial Obligation; Financial Statements and Exhibits
2025-10-30Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding107,469,788
Free float94.6%
Institutional ownership93.7%
Beta1.73
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$201.04 / $220.29
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where FSLR sits among 8 scored companies in Solar (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureFSLRIndustry medianIndustry percentileSector median
P/E (TTM) 10.6x 21.9x
0th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) 0.09 — 0.72
Price / sales 3.4x 1.8x
100th		 1.8x
Price / book 1.8x 2.0x
33rd		 1.9x
Price / tangible book 2.5x 4.3x
17th		 1.9x
Price / free cash flow 12.4x 21.4x
25th		 11.9x
Price / operating cash flow 8.6x 16.9x
25th		 6.9x
Enterprise value $17.0B $5.1B
100th		 $5.3B
EV / sales 3.2x 2.6x
86th		 2.4x
EV / EBITDA 7.0x 18.0x
0th		 9.0x
EV / EBIT 9.1x 25.3x
0th		 14.1x
EV / free cash flow 11.3x 19.7x
25th		 14.6x
Earnings yield 9.4% 3.0%
100th		 4.6%
FCF yield 8.1% 4.2%
86th		 5.8%
Operating cash flow yield 11.6% 5.0%
86th		 13.6%
Graham number (per share) $186.90 $14.22
100th		 $32.92

Profitability (TTM)

MeasureFSLRIndustry medianIndustry percentileSector median
Gross margin 44.0% 32.6%
86th		 31.9%
EBITDA margin 45.3% 14.2%
100th		 26.7%
Operating margin 33.7% 5.8%
100th		 15.2%
EBIT margin 34.7% 6.8%
100th		 13.3%
Net margin 32.5% 3.9%
100th		 8.0%
NOPAT margin 32.2% 4.7%
100th		 12.4%
FCF margin 27.9% 9.1%
100th		 7.8%
Operating cash flow margin 40.1% 11.2%
100th		 21.8%
R&D / revenue 5.0% 2.8%
71st		 0.0%
SG&A / revenue 4.0% 17.5%
0th		 6.7%
Stock comp / revenue 0.4% 1.8%
14th		 0.7%
Effective tax rate 4.3% 21.0%
0th		 21.0%

Returns on capital

MeasureFSLRIndustry medianIndustry percentileSector median
ROE (on average equity) 18.5% 3.9%
86th		 12.2%
ROA 13.3% 1.9%
86th		 4.8%
ROIC 19.7% 8.1%
86th		 9.9%
ROCE 16.5% 3.3%
86th		 9.8%
Return on tangible assets 14.2% 2.6%
86th		 8.3%
Cash ROIC (OCF / invested capital) 24.5% 24.6%
43rd		 18.4%
Gross profitability (GP / assets) 17.7% 18.0%
43rd		 14.8%
ROIC, 3-yr average 18.1% 0.1%
100th		 7.0%
ROIC, 5-yr average 12.6% 3.0%
83rd		 10.1%
ROE, 5-yr average 10.8% 7.3%
60th		 14.8%
Incremental ROIC 58.7% 17.4%
86th		 14.8%

Growth

MeasureFSLRIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 23.8% 20.4%
57th		 10.2%
Revenue growth (QoQ) 1.1% 11.8%
0th		 13.0%
Revenue CAGR, 3 yr 21.6% -0.1%
86th		 2.0%
Revenue CAGR, 5 yr 12.6% 12.6%
50th		 13.7%
Gross profit CAGR, 3 yr 67.5% -4.4%
71st		 1.7%
Operating income CAGR, 3 yr 192.6% -14.8%
100th		 -2.0%
Net income growth (TTM YoY) 38.9% — 23.5%
Net income CAGR, 3 yr 123.5% -3.5%
75th		 -7.8%
EPS growth (TTM YoY) 38.4% — 19.9%
EPS CAGR, 3 yr 123.2% -10.1%
75th		 -9.8%
EPS CAGR, 5 yr 25.2% — 20.5%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 39.2% 32.0%
75th		 3.2%
Book value CAGR, 3 yr 19.4% 5.6%
100th		 5.6%
Dividend CAGR, 3 yr —
Sustainable growth rate 18.5% 13.0%
75th		 9.4%

Margin history & stability

MeasureFSLRIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 44.2% 29.5%
86th		 31.0%
Operating margin, 3-yr average 33.1% 4.3%
100th		 15.4%
Net margin, 3-yr average 31.1% 2.2%
100th		 8.7%
FCF margin, 3-yr average 0.1% 2.5%
43rd		 7.2%
Revenue stability (0-1) 0.83 0.42
71st		 0.64
Earnings stability (0-1) 0.71 0.22
86th		 0.22
Margin stability (0-1) 0.64 0.79
29th		 0.73

Liquidity (latest quarter)

MeasureFSLRIndustry medianIndustry percentileSector median
Cash & short-term investments $1.7B $839.7M
100th		 $248.6M
Net cash (− = net debt) $1.5B −$32.5M
100th		 −$1.1B
Working capital $3.2B $795.4M
100th		 $205.0M
Current ratio 2.52 2.22
71st		 1.41
Quick ratio 2.00 1.60
71st		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.82 0.68
71st		 0.36
Defensive interval (days) 2,369 days 918 days
100th		 768 days

Leverage & solvency (latest quarter)

MeasureFSLRIndustry medianIndustry percentileSector median
Total debt $194.0M $503.6M
14th		 $1.3B
Debt / equity 0.02 0.52
17th		 0.61
Net debt / equity −0.15 −0.15
50th		 0.45
Debt / assets 1.4% 22.0%
14th		 28.7%
Debt / capital 1.8% 34.2%
17th		 37.9%
Debt / EBITDA 0.08 3.31
17th		 1.98
Net debt / EBITDA −0.63 3.09
33rd		 1.43
Interest coverage (EBIT / interest) 48.3x 2.5x
71st		 4.1x
Cash interest coverage 55.8x 4.3x
71st		 6.7x
Debt payback (years of OCF) 0.1 yrs 3.0 yrs
25th		 2.3 yrs
Liabilities / assets 22.9% 66.6%
0th		 54.6%
IS credit model rating AAA — —
Implied credit spread (bps) 50 312
0th		 275

Efficiency

MeasureFSLRIndustry medianIndustry percentileSector median
Asset turnover 0.41 0.50
29th		 0.49
Fixed asset turnover 0.95 4.94
29th		 0.94
Inventory turnover 2.1 3.2
14th		 11.7
Receivables turnover 3.3 4.9
0th		 7.8
Days sales outstanding 110 days 75 days
100th		 46 days
Days inventory outstanding 171 days 114 days
86th		 31 days
Days payables outstanding 43 days 70 days
0th		 41 days
Cash conversion cycle (days) 237 days 114 days
100th		 18 days
Capex / revenue 12.2% 4.7%
71st		 11.9%
Capex / depreciation 1.14 1.35
29th		 1.04
Operating expense ratio 14.6% 19.4%
0th		 16.5%

Cash flow & earnings quality

MeasureFSLRIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.23 1.01
75th		 2.02
FCF / net income 0.86 0.86
50th		 0.96
FCF / operating cash flow 69.6% 78.9%
0th		 48.4%
Capex / operating cash flow 30.4% 21.1%
100th		 51.6%
Accruals ratio -3.1% -1.2%
29th		 -7.7%
Sloan accruals ratio 0.5% -0.3%
57th		 -4.7%
Earnings quality score (0-1) 1.00 1.00
50th		 0.75

Dividends & buybacks

MeasureFSLRIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 1.7%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.66
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 29.4%
Dividends / FCF 0.0% 0.0%
0th		 28.1%
Dividend growth (YoY) —
Buyback yield 0.0% 0.0%
43rd		 0.2%
Shareholder yield (dividends + buybacks) 0.0% 0.0%
43rd		 3.2%
Share count change (YoY) 0.3% 1.6%
14th		 0.2%
Buybacks, last 5 years $47.7M $990,000
86th		 $38.8M

Scores & forensic checks

MeasureFSLRIndustry medianIndustry percentileSector median
IS score 84 37
100th		 51
IS profitability 85 25
100th		 50
IS growth 76 72
86th		 61
IS value 69 40
100th		 57
IS momentum 99 58
100th		 77
IS risk (safety) 100 55
86th		 50
IS quality 93 41
100th		 68
IS balance sheet 92 54
86th		 55
IS earnings quality 68 55
86th		 65
IS cash flow 78 45
100th		 50
Piotroski F-score (0-9) 8 6
100th		 6
Altman Z-score 6.9 2.3
86th		 2.0
Beneish M-score −2.71 −2.51
29th		 −2.62
Ohlson O-score −11.42 −7.18
0th		 −7.87
IS credit score 98 57
100th		 58

Per share

MeasureFSLRIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $16.21 $0.24
100th		 $1.88
Book value per share $95.80 $10.82
100th		 $14.22
Tangible book per share $95.17 $9.00
100th		 $12.86
Revenue per share $49.92 $17.17
86th		 $19.06
FCF per share $13.92 $1.01
100th		 $2.05
Operating cash flow per share $20.01 $1.29
100th		 $4.95
Cash per share $16.03 $7.55
86th		 $1.70

Size (TTM)

MeasureFSLRIndustry medianIndustry percentileSector median
Market cap $18.6B $1.8B
100th		 $4.1B
Revenue $5.4B $2.4B
100th		 $2.0B
EBITDA $2.4B $208.9M
100th		 $606.3M
Net income $1.7B $55.7M
100th		 $134.0M
Free cash flow $1.5B $112.4M
100th		 $199.4M
Total assets $13.4B $3.6B
71st		 $4.4B
Shareholders' equity $10.3B $1.9B
100th		 $1.8B
Employees 7,900 3,224
71st		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Gloeckler Markus
Chief Technology Officer
 Open-market sale 800$174.00$139,2005,042
2026-09-30Morgan Curtis A
Director
 Award / grant 300——523
2026-09-30George Anita M.
Director
 Award / grant 300——5,471
2026-09-30Kro Lisa A
Director
 Award / grant 300——4,899
2026-09-30Wright Norman L.
Director
 Award / grant 300——5,309
2026-09-30Renduchintala Venkata S M
Director
 Award / grant 300——2,433
2026-09-30Stebbins Paul H
Director
 Award / grant 300——16,250
2026-09-30Sweeney Michael T
Director
 Award / grant 300——14,625
2026-09-30Ahearn Michael J
Director
 Award / grant 422——66,479
2026-09-30Post William J
Director
 Award / grant 300——27,685
2026-09-01Sloan Samantha L.
EVP, Corporate Affairs
 Option exercise 469——2,487
2026-09-01Sloan Samantha L.
EVP, Corporate Affairs
 Tax withholding 134$199.65$26,7532,353

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired184,919—
GiftDisposed144,584—
Open-market saleDisposed6659,946$14.5M
Option exerciseDisposed1312,099—
Option exerciseAcquired1312,099—
Tax withholdingDisposed2201$42,562
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 62 notices · 190,395 shares · $43.6M
FiledFilerShares proposedEst. proceeds
2026-10-01Gloeckler Markus800$139,200
2026-09-01Gloeckler Markus800$160,000
2026-08-17Sloan Samantha L.127$28,314
2026-08-11Dymbort Jason E.3,700$922,706
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 8 trades (4 purchases) · Senate 3 (3 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-08-13John BoozmanSenatePurchase$1,001 - $15,0002026-09-11
2026-08-13John BoozmanSenatePurchase$1,001 - $15,0002026-09-11
2026-08-13John BoozmanSenatePurchase$1,001 - $15,0002026-09-10
2026-08-10Ro KhannaHousePurchase$1,001 - $15,0002026-09-07
2026-02-10Gilbert CisnerosHouseSale$1,001 - $15,0002026-03-10
2026-02-10Gilbert Ray CisnerosHouseSale$1,001 - $15,0002026-03-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.14,029,065$3.3B13.05%
VANGUARD CAPITAL MANAGEMENT LLC6,836,941$1.6B6.36%
VANGUARD PORTFOLIO MANAGEMENT LLC5,638,446$1.3B5.25%
STATE STREET CORP5,576,026$1.3B5.19%
Capital World Investors4,114,639$970.9M3.83%
GEODE CAPITAL MANAGEMENT, LLC3,109,602$733.1M2.89%
Hill City Capital, LP2,628,130$620.1M2.45%
Invesco Ltd.2,599,470$613.4M2.42%
FMR LLC2,179,215$514.2M2.03%
Amundi1,730,693$408.3M1.61%
NORGES BANK1,598,543$377.2M1.49%
DIMENSIONAL FUND ADVISORS LP1,358,967$320.6M1.26%
D. E. Shaw & Co., Inc.1,319,431$311.3M1.23%
BNP Paribas Asset Management Holding S.A.1,301,884$307.2M1.21%
Pictet Asset Management Holding SA1,144,045$269.9M1.06%

Institutional ownership by quarter

2023-092026-0693.7%
% of shares held by 13F filers
2023-092026-061,017
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,01793.7%163340362109
2026-03-3197188.4%130338352200
2025-12-311,06294.5%22334534580
2025-09-3093697.9%15631832485
2025-06-30876102.8%14235027382
2025-03-3182693.4%103312301155
2024-12-3189288.9%129324309144
2024-09-3092485.2%126363278102
2024-06-3090991.5%20027232374
2024-03-3179687.4%10929726682
2023-12-3178587.0%14825727091
2023-09-3073987.1%9127124692

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-10-15SCHEDULE 13GKenneth Griffin5.0%5,409,576
2026-10-15SCHEDULE 13G/AKenneth Griffin6.0%6,459,463
2026-08-14SCHEDULE 13G/ASusquehanna Securities, LLC7.0%7,518,532
2026-08-13SCHEDULE 13GJane Street Singapore Pte. Ltd0.0%82
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$569.4M
VSMPX0.02%$569.4M
VTSAX0.02%$569.4M
VTI0.02%$569.4M
VFIAX0.03%$494.2M
VFFSX0.03%$494.2M

Share structure

Shares outstanding107,469,788
Float101,653,523
Free float94.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.9B$2.6B$3.3B$4.2B$5.2B
Cost of revenue$2.2B$2.5B$2.0B$2.3B$3.1B
Gross profit$730.0M$69.9M$1.3B$1.9B$2.1B
R&D$99.1M$112.8M$152.3M$191.4M$233.4M
SG&A$170.3M$164.7M$197.6M$188.3M$203.8M
Operating income$586.8M−$27.2M$857.3M$1.4B$1.6B
EBITDA$845.2M$290.5M$1.2B$1.9B$2.2B
Pretax income$572.2M$8.6M$891.3M$1.4B$1.6B
Income tax$103.5M$52.8M$60.5M$114.3M$52.7M
Net income$468.7M−$44.2M$830.8M$1.3B$1.5B
EPS, diluted$4.38$-0.41$7.74$12.02$14.21
Diluted shares106.9M106.6M107.4M107.5M107.5M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.8B$2.6B$2.1B$1.8B$2.9B
Receivables$454.7M$329.6M$1.4B$1.8B$1.3B
Inventory$819.4M$783.3M$1.0B$1.3B$736.7M
Total current assets$3.2B$3.8B$4.6B$5.1B$6.0B
PP&E, net$3.1B$3.6B$4.5B$5.6B$5.7B
Goodwill & intangibles$60.0M$45.6M$94.2M$83.0M$82.1M
Total assets$7.4B$8.3B$10.4B$12.1B$13.3B
Accounts payable$193.4M$341.4M$207.2M$482.2M$405.8M
Total current liabilities$726.9M$1.0B$1.3B$2.1B$2.3B
Long-term debt$236.0M$184.3M$464.1M$373.4M$282.6M
Total liabilities$1.5B$2.4B$3.7B$4.1B$3.8B
Shareholders' equity$6.0B$5.8B$6.7B$8.0B$9.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$468.7M−$44.2M$830.8M$1.3B$1.5B
Depreciation & amortization$259.9M$269.7M$308.0M$423.5M$529.2M
Stock-based compensation$20.9M$28.7M$34.2M$28.1M$19.2M
Change in working capital−$336.7M$998.6M−$526.7M−$483.1M$127.6M
Operating cash flow$237.6M$873.4M$602.3M$1.2B$2.1B
Capital expenditure−$540.3M−$903.6M−$1.4B−$1.5B−$869.9M
Free cash flow−$302.7M−$30.2M−$784.5M−$308.1M$1.2B
Investing cash flow−$99.0M−$1.2B−$472.8M−$1.6B−$765.2M
Net debt issued / repaid$56.5M$321.5M$368.0M$52.6M−$102.9M
Buybacks−$16.0M−$12.1M−$31.1M−$20.2M−$15.5M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin25.0%2.7%39.2%44.2%40.6%
Operating margin20.1%-1.0%25.8%33.2%30.6%
Net margin16.0%-1.7%25.0%30.7%29.3%
FCF margin-10.4%-1.2%-23.6%-7.3%22.7%
ROE8.2%-0.7%13.3%17.6%17.4%
ROIC10.6%4.0%15.3%18.6%21.5%
ROA6.5%-0.6%8.9%11.5%12.0%
Debt / equity0.070.040.090.090.05
Interest coverage44.7x1.7x69.7x37.2x36.8x
Current ratio4.393.653.552.452.67
Revenue growth+7.8%−10.4%+26.7%+26.7%+24.1%
EPS growth+17.6%−109.5%+1,964.4%+55.5%+18.2%
P/E at year end19.9xn/m22.3x14.7x18.4x
EV / EBITDA at year end9.3x46.9x14.1x9.6x12.0x
FCF yield at year end-3.25%-0.19%-4.23%-1.62%4.22%
Dividend payout0.0%—0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Solar Module$2.3B$2.4B$3.3B—$5.2B
Modules Segment———$4.2B—
Modules segment—$2.4B$3.3B$4.2B—
Other$592.0M$191.0M$21.8M$3.6M—
Other segment—$191.0M$21.8M$3.6M—

Revenue by region · FY2025

UNITED STATES$5.0B · 48%
United States$5.0B · 48%
INDIA$195.6M · 2%
India$195.6M · 2%
All other foreign countries$22.8M · 0%
FRANCE$6.3M · 0%
France$6.3M · 0%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $4.67 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.0B$4.9B – $5.4B$17.51$16.21 – $19.12259.9x
2027$5.9B$5.4B – $6.5B$23.35$17.11 – $29.03257.4x
2028$6.6B$5.9B – $7.5B$29.26$23.30 – $39.31265.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$2.90$3.92+35.2%$1.1B$1.1B−0.6%
2026-04-30$3.03$3.22+6.3%$1.0B$1.0B+0.9%
2026-02-24$5.14$4.84−5.8%$1.6B$1.7B+7.3%
2025-10-30$4.24$4.240.0%$1.6B$1.6B+1.2%
2025-07-31$2.66$3.18+19.5%$1.0B$1.1B+5.4%
2025-04-29$2.49$1.95−21.7%$842.5M$844.6M+0.2%
2025-02-25$4.81$3.65−24.1%$1.5B$1.5B+2.1%
2024-10-29$3.14$2.91−7.3%$1.1B$887.7M−16.4%
2024-07-30$2.69$3.25+20.8%$939.7M$1.0B+7.5%
2024-05-01$1.99$2.20+10.6%$720.3M$794.1M+10.2%
2024-02-27$3.13$3.25+3.8%$1.3B$1.2B−12.1%
2023-10-31$2.06$2.50+21.4%$1.3B$801.1M−39.3%
2023-07-27$0.96$1.59+65.6%$720.5M$810.7M+12.5%
2023-04-27$1.02$0.40−60.8%$654.4M$548.3M−16.2%
2023-02-28$-0.18$-0.07+61.1%$1.0B$1.0B−0.2%
2022-10-27$-0.23$-0.46−100.0%$727.2M$628.9M−13.5%
2022-07-28$0.30$0.52+73.3%$614.1M$621.0M+1.1%
2022-04-28$-0.41$-0.410.0%$588.7M$367.0M−37.7%
2022-03-01$1.06$1.23+16.0%$917.7M$907.3M−1.1%
2021-11-04$0.59$0.42−28.8%$689.9M$583.5M−15.4%
2021-07-29$0.54$0.77+42.6%$629.2M$629.2M0.0%
2021-04-29$1.00$1.96+96.0%$738.1M$803.4M+8.8%
2021-02-25$1.24$1.08−12.9%$726.4M$609.2M−16.1%
2020-10-27$0.61$1.45+137.7%$390.2M$927.6M+137.7%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.406-220.506-290.507-060.607-130.407-200.707-271.708-030.808-100.508-170.408-240.508-31
Week ofNotionalSharesTrades
2026-08-31$465.1M2,290,19460,645
2026-08-24$380.3M1,832,96358,439
2026-08-17$522.6M2,391,06171,011
2026-08-10$765.6M3,306,76183,207
2026-08-03$1.7B6,786,437123,911
2026-07-27$675.4M3,292,95088,168

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1572.7%
DateShort shareShort volumeTotal volume
2026-10-1572.7%714,854983,084
2026-10-1457.8%502,370868,801
2026-10-1365.6%642,099978,846
2026-10-1256.0%648,1661,157,022
2026-10-0953.9%393,199729,858
2026-10-0868.3%550,603805,841
2026-10-0757.2%433,009757,157
2026-10-0666.5%485,369729,606
2026-10-0555.8%293,050524,933
2026-10-0257.8%505,070873,640
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-3.7Jan-0.6Feb+4.1Mar+6.5Apr+4.0May+2.8Jun+5.5Jul+1.1Aug-0.0Sep+3.4Oct+2.0Nov+1.7Dec
MonthAvg returnUp yearsYears
Jan−3.7%30%20
Feb−0.6%40%20
Mar+4.1%60%20
Apr+6.5%53%19
May+4.0%58%19
Jun+2.8%58%19
Jul+5.5%53%19
Aug+1.1%47%19
Sep−0.0%53%19
Oct+3.4%53%19
Nov+2.0%60%20
Dec+1.7%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1438.1
MFI44.8
ADX24.1
Stochastic %K / %D42.8 / 54.7
Williams %R-79.0
CCI-55
TSI / signal-19.1 / -20.9
Chaikin money flow-0.12
ATR$7.85
Bollinger width18.1%
Volume vs 20-day avg0.98x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$180.19 (−4.2%)
SMA 50$199.61 (−13.5%)
SMA 200$219.83 (−21.5%)
EMA 21$183.00 (−5.7%)
EMA 50$195.46 (−11.7%)
EMA 200$214.02 (−19.3%)
Bollinger upper$196.50 (−12.1%)
Bollinger lower$163.89 (+5.3%)
Parabolic SAR$169.73 (+1.7%)
Open the live chart, 110+ indicators

About First Solar, Inc.

First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the engineering, manufacturing, and sale of cadmium telluride solar modules, which are designed to convert solar radiation directly into electricity. Its clientele is broad, serving system developers and operators, utility companies, independent power producers, commercial and industrial businesses, and various other system owners. Founded in 1999, the firm is based in Tempe, Arizona, and underwent a name change in 2006 from its former designation, First Solar Holdings, Inc.

https://www.firstsolar.com

Key executives

NameTitlePayBorn
Mark R. WidmarChief Executive Officer & Director$2.6M1966
Georges J. AntounChief Commercial Officer$1.2M1963
Alexander R. BradleyChief Financial Officer$1.2M1981
Jason E. DymbortGeneral Counsel & Secretary$967,8471978
Kuntal Kumar VermaChief Manufacturing Officer$951,0621973
Caroline StockdaleChief People & Communications Officer$923,8011963
Markus GloecklerChief Technology Officer$560,0741974
Byron Michael JeffersVice President, Treasurer & Head of Investor Relations—1984

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Mark R. Widmar Chief Executive Officer2025$1.0M$5.5M$1.6M$8.1M
Alexander R. Bradley Chief Financial Officer2025$549,402$1.8M$601,973$2.9M
Kuntal Kumar Verma Chief Manufacturing Officer2025$478,837$1.6M$458,225$2.6M
George J. Antoun Chief Commercial Officer2025$608,750$1.2M$609,894$2.5M
Jason Dymbort General Counsel & Secretary2025$475,812$1.4M$478,035$2.4M

Employees

6k20187k20195k20205k20216k20227k20238k20248k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Wide · Efficient Scale · 2026-06-30
Cost advantage75
Intangibles67
Switching costs55
Network effect80
Efficient scale90
Our component scores (0-100) and overall 71.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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