First Solar

Information Technology Semiconductors Tempe, Arizona Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.2B
                    3y CAGR +25.8%
                    
                    P91
                    
                    n/a
                    
                    Net income
                    FY2025
                
$1.5B
                    Net margin +29.3%
                    
                    P86
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$13.3B
                    ROA +11.5%
                    
                    P71
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    FCF margin +22.7%
                    
                    P50
                    
                    n/a

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 1 year

Total assets $13.3B

Total liabilities $3.8B

Shareholders equity $9.5B

Account	2025	Trend
Assets
Cash and Cash Equivalents	53.7%
Short Term Investments	1.0%
Accounts Receivable	24.8%
Inventory	14.1%
Other Current Assets	21.9%
Total Current Assets	115.5%
Property,Plant and Equipment	108.7%
Goodwill	0.6%
Intangible Assets	1.0%
Long Term Investments	4.2%
Deferred Tax Assets	3.7%
Other Noncurrent Assets	21.5%
Total Assets	255.2%
Liabilities
Accounts Payable	7.8%
Accrued Liabilities	10.1%
Deferred Revenue	19.4%
Current Portion of Long Term Debt	4.1%
Other Current Liabilities	1.7%
Total Current Liabilities	43.2%
Long Term Debt	5.4%
Deferred Revenue Noncurrent	15.4%
Other Noncurrent Liabilities	8.5%
Total Liabilities	72.5%
Equity
Common Stock	0.0%
Additional Paid In Capital	55.6%
Retained Earnings	130.1%
Accumulated Other Comprehensive Income	-3.0%
Total Stockholders Equity	182.7%
Total Liabilitiesand Equity	255.2%

Income Statement

Revenue, expense, and profitability

18 accounts · 1 year

Revenue $5.2B

Operating income $1.6B

Net income $1.5B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	100.0%
Expenses Cost of Revenue	59.4%
Other Income Expense Gross Profit	40.6%
Expenses Research and Development	4.5%
Expenses Selling,General and Administrative	3.9%
Expenses Other Operating Expenses	1.7%
Expenses Operating Expenses	10.0%
Other Income Expense Operating Income	30.6%
Other Income Expense Interest Income	1.6%
Other Income Expense Interest Expense	0.8%
Other Income Expense Other Income/expense	-1.0%
Other Income Expense Income Before Tax	30.3%
Income Tax Income Tax Expense	1.0%
net Income net Income	29.3%
net Income Comprehensive Income	29.8%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Diluted	2.1%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 1 year

Operating cash flow $2.1B

Investing cash flow $-765.2M

Financing cash flow $-119.2M

Account	2025	Trend
CashFlow
Operating Activities net Income	29.3%
Operating Activities Depreciation and Amortization	10.1%
Operating Activities Stock Based Compensation	0.4%
Operating Activities Deferred Income Taxes	0.5%
Operating Activities Changes In Operating Assets and Liabilities	-1.7%
Operating Activities Other Non Cash Items	0.8%
Operating Activities net Cash From Operating Activities	39.4%
Investing Activities Capital Expenditures	-16.7%
Investing Activities Business Acquisitions	0.0%
Investing Activities Purchases of Investments	-29.5%
Investing Activities Proceeds From Sale of Investments	31.7%
Investing Activities Other Investing Activities	-0.2%
Investing Activities net Cash From Investing Activities	-14.7%
Financing Activities Proceeds From Debt	16.4%
Financing Activities Repayment of Debt	-18.4%
Financing Activities Tax Withholding On Stock Based Compensation	-0.3%
Financing Activities Other Financing Activities	-0.0%
Financing Activities net Cash From Financing Activities	-2.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+40.6%
Operating margin	+30.6%
Net margin	+29.3%
FCF margin	+22.7%
Growth
Revenue CAGR (3y)	+25.8%
Returns
ROE	+16.0%
ROA	+11.5%
ROIC	+21.3%
Liquidity
Current ratio	2.67x
Quick ratio	1.82x
Leverage
D/E	0.40x
Interest coverage	36.18x
Efficiency
Asset turnover	0.39x
Cash conversion cycle	+129d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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First Solar

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

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