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

Year-over-year change per cell; first column has no prior.

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	+72.9%	-16.7%	+31.4%	+2.1%	+18.2%	-9.3%	-3.6%	-38.1%	+68.4%	—
Short Term Investments	-69.8%	+10.3%	-85.8%	+192.2%	-27.8%	-35.9%	-29.0%	+58.8%	+18.5%	—
Accounts Receivable	+2.6%	+90.8%	+103.7%	-24.5%	+61.4%	-44.0%	+270.3%	-39.4%	-20.6%	—
Inventory	-32.1%	+32.3%	+31.9%	-6.7%	+17.4%	+28.0%	+14.3%	+125.0%	-52.5%	—
Prepaid Expenses	+17.6%	+39.5%	+65.3%	-2.9%	-3.0%	-9.0%	+13.7%	+53.9%	-27.3%	—
Other Current Assets	+17.6%	+39.5%	+65.3%	-2.9%	+1744.8%	-39.9%	-50.4%	-21.9%	-23.5%	—
Total Current Assets	+18.5%	+9.8%	+22.2%	+18.8%	+5.9%	-16.3%	-6.7%	+0.7%	+1.2%	—
Property,Plant and Equipment	+4.8%	+23.1%	+24.3%	+33.5%	+10.3%	+10.1%	+24.2%	+52.1%	+83.5%	—
Operating Lease Assets	+41.5%	+35.4%	-9.4%	-55.1%	-8.4%	+55.6%	—	—	—	—
Goodwill	+9.7%	-4.6%	+105.3%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Intangible Assets	-6.7%	-15.3%	+107.4%	-31.6%	-18.9%	-13.0%	-13.0%	-7.6%	-8.8%	—
Deferred Tax Assets	-6.8%	+46.2%	+81.5%	+33.0%	-43.2%	-54.8%	+170.4%	-32.6%	-58.1%	—
Other Noncurrent Assets	+8.9%	+45.8%	+49.6%	-27.1%	+1.1%	+73.8%	+161.1%	+14.9%	+6.6%	—
Total Assets	+9.9%	+17.0%	+25.6%	+11.3%	+4.3%	-5.4%	+5.5%	+3.7%	-0.0%	—
Liabilities
Accounts Payable	-15.8%	+132.7%	-39.3%	+76.6%	+5.5%	-15.9%	-6.5%	+94.1%	-19.2%	—
Accrued Liabilities	+2.1%	-3.1%	+37.1%	+32.7%	-7.1%	-11.6%	-20.5%	+20.4%	+39.5%	—
Deferred Revenue	+42.5%	+72.2%	+57.1%	+30.4%	+6.9%	-41.6%	+149.1%	+58.6%	—	—
Current Portion of Long Term Debt	-8.6%	+145.7%	—	-100.0%	-90.6%	—	—	—	—	—
Operating Lease Liabilities	+28.7%	+14.5%	+12.1%	-28.1%	-8.7%	+26.2%	—	—	—	—
Other Current Liabilities	+49.6%	+44.3%	+98.6%	-38.9%	-58.2%	+195.2%	+95.6%	-70.5%	-10.8%	—
Total Current Liabilities	+8.5%	+59.0%	+25.8%	+42.8%	-14.2%	-35.7%	+55.9%	+30.0%	-27.7%	—
Long Term Debt	-24.3%	-19.5%	+151.7%	-21.9%	-0.7%	-49.6%	+1.1%	+18.6%	+108.9%	—
Deferred Revenue Noncurrent	-39.4%	-16.6%	+68.5%	+884.7%	+113.6%	-37.1%	+48.8%	-24.1%	—	—
Operating Lease Liabilities Noncurrent	+56.7%	+80.6%	-9.7%	-72.2%	-22.8%	+68.0%	—	—	—	—
Deferred Tax Liabilities	-85.0%	+76.9%	+805.6%	+4.4%	+17.0%	—	—	—	—	—
Other Noncurrent Liabilities	+26.4%	+29.4%	+50.7%	-65.9%	-5.4%	-26.8%	+8.7%	-17.7%	+32.8%	—
Total Liabilities	-8.8%	+12.8%	+52.3%	+66.1%	-8.4%	-34.4%	+26.7%	+8.1%	+6.7%	—
Equity
Preferred Stock	-100.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—	-100.0%	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.9%	+0.0%	+1.0%	+0.0%	+1.0%	+0.0%	—
Additional Paid In Capital	+0.1%	+0.3%	+0.1%	+0.6%	+0.2%	+0.6%	+0.9%	+0.9%	+1.4%	—
Retained Earnings	+29.0%	+32.5%	+26.5%	-1.4%	+17.3%	+16.7%	-4.7%	+6.3%	-6.7%	—
Accumulated Other Comprehensive Income	+15.5%	-5.7%	+9.2%	-99.1%	-56.1%	+22.2%	-45.7%	-2511.1%	+122.8%	—
Total Stockholders Equity	+19.6%	+19.3%	+14.6%	-2.1%	+7.9%	+8.3%	-2.2%	+2.2%	-2.3%	—
Total Liabilitiesand Equity	+9.9%	+17.0%	+25.6%	+11.3%	+4.3%	-5.4%	+5.5%	+3.7%	-0.0%	—

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	+24.1%	+26.7%	+26.7%	-10.4%	+7.8%	-11.5%	+36.5%	-23.7%	+1.3%	—
Expenses Cost of Revenue	+32.0%	+16.4%	-20.8%	+16.2%	+8.0%	-19.2%	+35.7%	-22.6%	+5.6%	—
Expenses Research and Development	+22.0%	+25.7%	+35.0%	+13.8%	+5.7%	-3.0%	+14.4%	-4.6%	-29.0%	—
Expenses Selling,General and Administrative	+8.2%	-4.7%	+20.0%	-3.3%	-23.6%	+8.5%	+16.2%	-12.7%	-22.6%	—
Expenses Depreciation and Amortization	-61.0%	+0.0%	-3.7%	+0.0%	+0.9%	+5.9%	+3.0%	-89.2%	-55.0%	—
Expenses Share Based Compensation	-31.6%	-17.9%	+19.4%	+37.1%	-28.6%	-21.8%	+9.6%	-2.8%	+22.3%	—
Expenses Operating Expenses	+12.7%	+3.2%	+28.4%	+20.7%	-20.0%	-48.9%	+102.0%	-5.1%	-69.2%	—
Other Income Expense Gross Profit	+14.1%	+42.8%	+1761.9%	-90.4%	+7.2%	+23.9%	+40.0%	-28.6%	-14.0%	—
Other Income Expense Operating Income	+14.5%	+62.7%	+3247.5%	-104.6%	+84.8%	+296.2%	-503.3%	-77.4%	+131.3%	—
Other Income Expense Interest Income	-8.2%	-8.8%	+193.4%	+438.7%	-62.7%	-66.1%	-18.2%	+67.5%	+41.7%	—
Other Income Expense Interest Expense	+13.5%	+199.8%	+6.1%	-6.7%	-45.5%	-11.2%	+4.4%	+0.6%	+25.5%	—
Other Income Expense Other Income/expense	-12.7%	+54.3%	-193.4%	+9832.8%	+102.6%	-168.0%	-55.8%	+65.8%	-40.5%	—
Other Income Expense Income Before Tax	+12.4%	+57.8%	+10266.2%	-98.5%	+95.2%	+344.1%	-206.2%	-44.0%	+137.6%	—
Income Tax Income Tax Expense	-53.9%	+88.9%	+14.7%	-49.0%	+196.4%	-1857.9%	-259.3%	-99.1%	+1505.7%	—
net Income net Income	+18.3%	+55.5%	+1981.0%	-109.4%	+17.7%	+446.6%	-179.6%	+187.1%	+60.2%	—
net Income Comprehensive Income	+21.4%	+51.1%	+707.7%	-132.2%	+4.3%	+397.5%	-259.6%	+157.1%	+65.2%	—
Earnings Per Share Basic Eps	+18.1%	+55.1%	+1997.6%	-109.3%	+17.3%	+445.0%	-179.0%	+186.8%	+60.7%	—
Earnings Per Share Diluted Eps	+18.2%	+55.3%	+1987.8%	-109.4%	+17.4%	+442.2%	-180.1%	+185.5%	+60.7%	—
Earnings Per Share Weighted Average Shares Basic	+0.2%	+0.2%	+0.2%	+0.3%	+0.4%	+0.5%	+0.5%	+0.4%	+1.4%	—
Earnings Per Share Weighted Average Shares Diluted	+0.0%	+0.1%	+0.8%	-0.3%	+0.2%	+1.3%	-0.8%	+1.7%	+1.4%	—

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	+18.3%	+55.5%	+1981.0%	-109.4%	+17.7%	+446.6%	-179.6%	+187.1%	+60.2%	—
Operating Activities Depreciation and Amortization	-61.0%	+0.0%	-3.7%	+0.0%	+0.9%	+5.9%	+3.0%	+19.3%	-17.8%	—
Operating Activities Stock Based Compensation	-31.6%	-17.9%	+19.4%	+37.1%	-28.6%	-21.8%	+9.6%	-2.8%	+22.3%	—
Operating Activities Deferred Income Taxes	+291.0%	-50.4%	-118.6%	-107.5%	+596.5%	+119.1%	-215.1%	-78.2%	+269.2%	—
Operating Activities Changes In Operating Assets and Liabilities	-176.4%	-39.4%	+66.2%	+243.9%	+122.5%	-270.7%	+21.5%	+216.0%	-88.9%	—
Operating Activities Other Non Cash Items	+231.5%	-43.5%	+2396.4%	+70.5%	-118.1%	+883.5%	-7.5%	-9.3%	-83.1%	—
Operating Activities net Cash From Operating Activities	+68.9%	+102.2%	-31.0%	+267.6%	+540.0%	-78.7%	+153.3%	-124.4%	+548.4%	—
Investing Activities Capital Expenditures	-43.0%	+10.0%	+53.5%	+67.2%	+29.7%	-37.7%	-9.6%	+43.8%	+124.2%	—
Investing Activities Business Acquisitions	—	-100.0%	—	—	—	—	—	—	—	—
Investing Activities Purchases of Investments	-38.8%	-30.4%	+7.0%	+57.2%	+138.1%	-23.4%	-14.0%	+135.6%	+37.5%	—
Investing Activities Proceeds From Sale of Investments	-33.6%	-45.4%	+72.4%	+15.3%	+92.4%	-19.8%	+30.9%	+143.6%	-11.3%	—
Investing Activities Other Investing Activities	-35.4%	+43.6%	+196.6%	-54.5%	+21.9%	+91.2%	-53.2%	+1388.9%	-102.0%	—
Investing Activities net Cash From Investing Activities	+51.1%	-230.7%	+60.4%	-1104.1%	+24.5%	+63.8%	+46.9%	-8.9%	-533.7%	—
Financing Activities Repayment of Debt	+130.0%	—	-100.0%	+4.4%	-67.7%	+648.7%	+58.9%	—	-100.0%	—
Financing Activities Tax Withholding On Stock Based Compensation	-23.1%	-35.2%	+157.4%	-24.4%	+21.9%	-18.5%	+44.0%	+117.5%	-74.8%	—
Financing Activities Other Financing Activities	+89.4%	—	—	—	+100.0%	-180.5%	+117.9%	+85.0%	-584.1%	—
Financing Activities net Cash From Financing Activities	-579.8%	-92.6%	+8.9%	+663.0%	+149.1%	-210.2%	-70.6%	+32.9%	+240.8%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+148.5%	-220.9%	-88.9%	+1394.6%	-16.0%	+227.7%	+78.2%	-252.9%	+240.6%	—
Cash Reconciliation Cash At Beginning of Period	+71.8%	-16.6%	+31.6%	+2.6%	+14.3%	-12.0%	-7.4%	-32.9%	+64.6%	—
Cash Reconciliation Cash At End of Period	+71.8%	-16.6%	+31.6%	+2.6%	+14.3%	-12.0%	-7.4%	-32.9%	+64.6%	—

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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