First Solar

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

                    Revenue
                    FY2025
                
$5.2B
                    3y CAGR +25.8%
                    
                    P92
                    
                    +24.1%
                    
                    Net income
                    FY2025
                
$1.5B
                    Net margin +29.3%
                    
                    P85
                    
                    +18.3%
                    
                    Total assets
                    FY2025
                
$13.3B
                    ROA +11.5%
                    
                    P68
                    
                    +9.9%
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    FCF margin +22.7%
                    
                    P53
                    
                    +68.9%

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

34 accounts · 10 years

Total assets $13.3B

Total liabilities $3.8B

Shareholders equity $9.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	53.7%	38.5%	58.7%	56.6%	49.6%	45.3%	44.2%	62.5%	77.1%	46.4%
Short Term Investments	1.0%	4.1%	4.7%	41.9%	12.8%	19.2%	26.5%	51.0%	24.5%	20.9%
Accounts Receivable	24.8%	30.0%	19.9%	12.4%	14.7%	9.8%	15.5%	5.7%	7.2%	9.2%
Inventory	14.1%	25.8%	24.7%	23.7%	22.8%	20.9%	14.5%	17.3%	5.9%	12.5%
Prepaid Expenses	12.3%	13.0%	11.8%	9.1%	8.4%	9.3%	9.0%	10.8%	5.4%	7.5%
Other Current Assets	12.3%	13.0%	11.8%	9.1%	8.4%	0.5%	0.7%	2.0%	1.9%	2.6%
Total Current Assets	115.5%	121.0%	139.7%	144.7%	109.2%	111.2%	117.5%	172.0%	130.3%	130.4%
Property,Plant and Equipment	108.7%	128.7%	132.5%	135.0%	90.6%	88.6%	71.2%	78.3%	39.3%	21.7%
Operating Lease Assets	3.1%	2.7%	2.5%	3.6%	7.1%	8.4%	4.8%	—	—	—
Goodwill	0.6%	0.7%	0.9%	0.6%	0.5%	0.5%	0.5%	0.6%	0.5%	0.5%
Intangible Assets	1.0%	1.3%	1.9%	1.2%	1.6%	2.1%	2.1%	3.3%	2.7%	3.0%
Deferred Tax Assets	3.7%	5.0%	4.3%	3.0%	2.0%	3.8%	7.5%	3.8%	4.3%	10.4%
Other Noncurrent Assets	14.6%	16.6%	14.4%	12.2%	15.0%	16.0%	8.2%	4.3%	2.8%	2.7%
Total Assets	255.2%	288.2%	312.3%	315.0%	253.6%	262.2%	245.4%	317.3%	233.4%	236.4%
Liabilities
Accounts Payable	7.8%	11.5%	6.2%	13.0%	6.6%	6.8%	7.1%	10.4%	4.1%	5.1%
Accrued Liabilities	10.0%	12.1%	15.8%	14.6%	9.9%	11.5%	11.5%	19.7%	12.5%	9.1%
Deferred Revenue	19.4%	16.9%	12.5%	10.0%	6.9%	7.0%	10.6%	5.8%	2.8%	—
Current Portion of Long Term Debt	4.1%	5.6%	2.9%	0.0%	0.1%	1.5%	—	—	—	—
Operating Lease Liabilities	0.3%	0.3%	0.3%	0.4%	0.4%	0.5%	0.4%	—	—	—
Other Current Liabilities	1.7%	1.4%	1.3%	0.8%	1.2%	3.1%	0.9%	0.6%	1.7%	1.9%
Total Current Liabilities	43.2%	49.4%	39.4%	39.6%	24.9%	31.3%	43.0%	37.7%	22.1%	31.0%
Long Term Debt	5.4%	8.9%	14.0%	7.0%	8.1%	8.8%	15.4%	20.8%	13.4%	6.5%
Deferred Revenue Noncurrent	15.4%	31.6%	48.0%	36.1%	3.3%	1.7%	2.3%	2.1%	2.2%	—
Operating Lease Liabilities Noncurrent	2.0%	1.6%	1.1%	1.5%	5.0%	7.0%	3.7%	—	—	—
Deferred Tax Liabilities	1.3%	11.0%	7.9%	1.1%	0.9%	0.9%	—	—	—	—
Other Noncurrent Liabilities	5.7%	5.6%	5.4%	4.6%	12.0%	13.7%	16.6%	20.8%	19.3%	14.7%
Total Liabilities	72.5%	98.6%	110.8%	92.2%	49.7%	58.6%	79.0%	85.1%	60.0%	57.0%
Equity
Preferred Stock	0.0%	0.7%	0.9%	1.1%	1.0%	1.1%	1.0%	1.3%	0.0%	1.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	55.6%	68.9%	87.1%	110.2%	98.2%	105.7%	93.0%	125.9%	95.2%	95.0%
Retained Earnings	130.1%	125.1%	119.7%	119.9%	108.9%	100.2%	76.0%	108.8%	78.1%	84.8%
Accumulated Other Comprehensive Income	-3.0%	-4.4%	-5.2%	-7.3%	-3.3%	-2.3%	-2.6%	-2.4%	0.1%	-0.3%
Total Stockholders Equity	182.7%	189.7%	201.5%	222.8%	203.9%	203.6%	166.4%	232.3%	173.3%	179.7%
Total Liabilitiesand Equity	255.2%	288.2%	312.3%	315.0%	253.6%	262.2%	245.4%	317.3%	233.4%	236.4%

Income Statement

Revenue, expense, and profitability

20 accounts · 10 years

Revenue $5.2B

Operating income $1.6B

Net income $1.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	59.4%	55.8%	60.8%	97.3%	75.0%	74.9%	82.1%	82.5%	81.3%	78.0%
Expenses Research and Development	4.5%	4.5%	4.6%	4.3%	3.4%	3.5%	3.2%	3.8%	3.0%	4.3%
Expenses Selling,General and Administrative	3.9%	4.5%	6.0%	6.3%	5.8%	8.2%	6.7%	7.9%	6.9%	9.0%
Expenses Depreciation and Amortization	0.1%	0.2%	0.3%	0.4%	0.4%	0.4%	0.3%	0.4%	3.1%	7.0%
Expenses Share Based Compensation	0.4%	0.7%	1.0%	1.1%	0.7%	1.1%	1.2%	1.5%	1.2%	1.0%
Expenses Operating Expenses	10.0%	11.0%	13.6%	13.4%	9.9%	13.4%	23.2%	15.7%	12.6%	41.5%
Other Income Expense Gross Profit	40.6%	44.2%	39.2%	2.7%	25.0%	25.1%	17.9%	17.5%	18.7%	22.0%
Other Income Expense Operating Income	30.6%	33.2%	25.8%	-1.0%	20.1%	11.7%	-5.3%	1.8%	6.0%	-19.6%
Other Income Expense Interest Income	1.6%	2.1%	2.9%	1.3%	0.2%	0.6%	1.6%	2.7%	1.2%	0.9%
Other Income Expense Interest Expense	0.8%	0.9%	0.4%	0.5%	0.4%	0.9%	0.9%	1.2%	0.9%	0.7%
Other Income Expense Other Income/expense	-0.3%	-0.3%	-0.9%	1.2%	0.0%	-0.4%	0.6%	1.8%	0.8%	1.4%
Other Income Expense Income Before Tax	30.3%	33.4%	26.9%	0.3%	19.6%	10.8%	-3.9%	5.0%	6.9%	-18.5%
Income Tax Income Tax Expense	1.0%	2.7%	1.8%	2.0%	3.5%	-4.0%	-0.2%	0.2%	12.6%	0.8%
net Income net Income	29.3%	30.7%	25.0%	-1.7%	16.0%	14.7%	-3.8%	6.4%	-5.6%	-14.3%
net Income Comprehensive Income	29.8%	30.5%	25.6%	-5.3%	14.8%	15.3%	-4.6%	3.9%	-5.2%	-15.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%	-0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%	-0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	2.1%	2.5%	3.2%	4.1%	3.6%	3.9%	3.4%	4.7%	3.5%	3.5%
Earnings Per Share Weighted Average Shares Diluted	2.1%	2.6%	3.2%	4.1%	3.7%	3.9%	3.4%	4.7%	3.5%	3.5%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $2.1B

Investing cash flow $-765.2M

Financing cash flow $-119.2M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	29.3%	30.7%	25.0%	-1.7%	16.0%	14.7%	-3.8%	6.4%	-5.6%	-14.3%
Operating Activities Depreciation and Amortization	0.1%	0.2%	0.3%	0.4%	0.4%	0.4%	0.3%	0.4%	0.3%	0.3%
Operating Activities Stock Based Compensation	0.4%	0.7%	1.0%	1.1%	0.7%	1.1%	1.2%	1.5%	1.2%	1.0%
Operating Activities Deferred Income Taxes	0.7%	-0.5%	-0.4%	-0.2%	2.7%	0.4%	-2.0%	2.3%	8.2%	2.2%
Operating Activities Changes In Operating Assets and Liabilities	-11.5%	18.6%	38.9%	29.7%	7.7%	-37.1%	19.2%	21.6%	-14.2%	-7.6%
Operating Activities Other Non Cash Items	0.8%	0.3%	0.7%	-0.0%	-0.1%	0.7%	0.1%	0.1%	0.1%	0.5%
Operating Activities net Cash From Operating Activities	39.4%	29.0%	18.1%	33.3%	8.1%	1.4%	5.7%	-14.6%	45.6%	7.1%
Investing Activities Capital Expenditures	16.7%	36.3%	41.8%	34.5%	18.5%	15.4%	21.8%	33.0%	17.5%	7.9%
Investing Activities Business Acquisitions	0.0%	0.0%	1.1%	0.0%	0.0%	—	—	—	—	0.4%
Investing Activities Purchases of Investments	29.5%	59.8%	108.9%	128.9%	73.4%	33.3%	38.4%	61.0%	19.8%	14.5%
Investing Activities Proceeds From Sale of Investments	31.7%	59.2%	137.5%	101.0%	78.5%	44.0%	48.5%	50.6%	15.9%	18.1%
Investing Activities Other Investing Activities	0.2%	0.3%	0.3%	0.1%	0.2%	0.2%	0.1%	0.3%	-0.0%	0.8%
Investing Activities net Cash From Investing Activities	-14.7%	-37.2%	-14.2%	-45.5%	-3.4%	-4.8%	-11.8%	-30.4%	-21.3%	5.0%
Financing Activities Repayment of Debt	9.1%	4.9%	0.0%	2.9%	2.5%	8.3%	1.0%	0.8%	0.0%	18.9%
Financing Activities Tax Withholding On Stock Based Compensation	0.3%	0.5%	0.9%	0.5%	0.5%	0.5%	0.5%	0.5%	0.2%	0.7%
Financing Activities Other Financing Activities	-0.0%	-0.2%	0.0%	0.0%	0.0%	-0.0%	0.0%	-0.2%	-1.3%	-0.2%
Financing Activities net Cash From Financing Activities	-2.3%	0.6%	10.2%	11.8%	1.4%	-3.0%	2.4%	11.4%	6.5%	-4.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.2%	0.2%	1.8%	0.1%	0.1%	-0.1%	-0.6%	0.3%	-0.2%
Cash Reconciliation Cash At Beginning of Period	53.9%	38.9%	59.2%	57.0%	49.8%	47.0%	47.2%	69.6%	79.2%	48.7%
Cash Reconciliation Cash At End of Period	53.9%	38.9%	59.2%	57.0%	49.8%	47.0%	47.2%	69.6%	79.2%	48.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+40.6%	+44.2%	+39.2%	+2.7%	+25.0%	+25.1%	+17.9%	+17.5%	+18.7%	+22.0%
Operating margin	+30.6%	+33.2%	+25.8%	-1.0%	+20.1%	+11.7%	-5.3%	+1.8%	+6.0%	-19.6%
Net margin	+29.3%	+30.7%	+25.0%	-1.7%	+16.0%	+14.7%	-3.8%	+6.4%	-5.6%	-14.3%
FCF margin	+22.7%	-7.3%	-23.6%	-1.2%	-10.4%	-14.0%	-16.1%	-47.5%	+28.1%	-0.8%
Growth
Revenue CAGR (3y)	+25.8%	+12.9%	+7.0%	-5.1%	+9.2%	-2.7%	+1.8%	-18.3%	-4.6%	-4.3%
Returns
ROE	+16.0%	+16.2%	+12.4%	-0.8%	+7.9%	+7.2%	-2.3%	+2.8%	-3.2%	-8.0%
ROA	+11.5%	+10.7%	+8.0%	-0.5%	+6.3%	+5.6%	-1.5%	+2.0%	-2.4%	-6.1%
ROIC	+21.3%	+18.4%	+15.1%	+0.0%	+10.1%	+6.9%	-3.8%	+0.9%	+0.0%	-14.0%
Liquidity
Current ratio	2.67x	2.45x	3.55x	3.65x	4.39x	3.56x	2.73x	4.57x	5.89x	4.21x
Quick ratio	1.82x	1.39x	2.00x	1.74x	2.59x	1.76x	1.39x	1.81x	3.81x	1.79x
Leverage
D/E	0.40x	0.52x	0.55x	0.41x	0.24x	0.29x	0.47x	0.37x	0.35x	0.32x
Interest coverage	36.18x	35.87x	66.12x	-2.23x	44.77x	13.21x	-5.98x	1.55x	6.90x	-27.66x
Efficiency
Asset turnover	0.39x	0.35x	0.32x	0.32x	0.39x	0.38x	0.41x	0.32x	0.43x	0.42x
Cash conversion cycle	+129d	+203d	+184d	+85d	+132d	+105d	+89d	+51d	+34d	+68d

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