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 · 5 years

Total assets $13.3B

Total liabilities $3.8B

Shareholders equity $9.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	+72.9%	-16.7%	+31.4%	+2.1%	—
Short Term Investments	-69.8%	+10.3%	-85.8%	+192.2%	—
Accounts Receivable	+2.6%	+90.8%	+103.7%	-24.5%	—
Inventory	-32.1%	+32.3%	+31.9%	-6.7%	—
Prepaid Expenses	+17.6%	+39.5%	+65.3%	-2.9%	—
Other Current Assets	+17.6%	+39.5%	+65.3%	-2.9%	—
Total Current Assets	+18.5%	+9.8%	+22.2%	+18.8%	—
Property,Plant and Equipment	+4.8%	+23.1%	+24.3%	+33.5%	—
Operating Lease Assets	+41.5%	+35.4%	-9.4%	-55.1%	—
Goodwill	+9.7%	-4.6%	+105.3%	+0.0%	—
Intangible Assets	-6.7%	-15.3%	+107.4%	-31.6%	—
Deferred Tax Assets	-6.8%	+46.2%	+81.5%	+33.0%	—
Other Noncurrent Assets	+8.9%	+45.8%	+49.6%	-27.1%	—
Total Assets	+9.9%	+17.0%	+25.6%	+11.3%	—
Liabilities
Accounts Payable	-15.8%	+132.7%	-39.3%	+76.6%	—
Accrued Liabilities	+2.1%	-3.1%	+37.1%	+32.7%	—
Deferred Revenue	+42.5%	+72.2%	+57.1%	+30.4%	—
Current Portion of Long Term Debt	-8.6%	+145.7%	—	-100.0%	—
Operating Lease Liabilities	+28.7%	+14.5%	+12.1%	-28.1%	—
Other Current Liabilities	+49.6%	+44.3%	+98.6%	-38.9%	—
Total Current Liabilities	+8.5%	+59.0%	+25.8%	+42.8%	—
Long Term Debt	-24.3%	-19.5%	+151.7%	-21.9%	—
Deferred Revenue Noncurrent	-39.4%	-16.6%	+68.5%	+884.7%	—
Operating Lease Liabilities Noncurrent	+56.7%	+80.6%	-9.7%	-72.2%	—
Deferred Tax Liabilities	-85.0%	+76.9%	+805.6%	+4.4%	—
Other Noncurrent Liabilities	+26.4%	+29.4%	+50.7%	-65.9%	—
Total Liabilities	-8.8%	+12.8%	+52.3%	+66.1%	—
Equity
Preferred Stock	-100.0%	+0.0%	+0.0%	+0.0%	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.9%	—
Additional Paid In Capital	+0.1%	+0.3%	+0.1%	+0.6%	—
Retained Earnings	+29.0%	+32.5%	+26.5%	-1.4%	—
Accumulated Other Comprehensive Income	+15.5%	-5.7%	+9.2%	-99.1%	—
Total Stockholders Equity	+19.6%	+19.3%	+14.6%	-2.1%	—
Total Liabilitiesand Equity	+9.9%	+17.0%	+25.6%	+11.3%	—

Income Statement

Revenue, expense, and profitability

20 accounts · 5 years

Revenue $5.2B

Operating income $1.6B

Net income $1.5B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+24.1%	+26.7%	+26.7%	-10.4%	—
Expenses Cost of Revenue	+32.0%	+16.4%	-20.8%	+16.2%	—
Expenses Research and Development	+22.0%	+25.7%	+35.0%	+13.8%	—
Expenses Selling,General and Administrative	+8.2%	-4.7%	+20.0%	-3.3%	—
Expenses Depreciation and Amortization	-61.0%	+0.0%	-3.7%	+0.0%	—
Expenses Share Based Compensation	-31.6%	-17.9%	+19.4%	+37.1%	—
Expenses Operating Expenses	+12.7%	+3.2%	+28.4%	+20.7%	—
Other Income Expense Gross Profit	+14.1%	+42.8%	+1761.9%	-90.4%	—
Other Income Expense Operating Income	+14.5%	+62.7%	+3247.5%	-104.6%	—
Other Income Expense Interest Income	-8.2%	-8.8%	+193.4%	+438.7%	—
Other Income Expense Interest Expense	+13.5%	+199.8%	+6.1%	-6.7%	—
Other Income Expense Other Income/expense	-12.7%	+54.3%	-193.4%	+9832.8%	—
Other Income Expense Income Before Tax	+12.4%	+57.8%	+10266.2%	-98.5%	—
Income Tax Income Tax Expense	-53.9%	+88.9%	+14.7%	-49.0%	—
net Income net Income	+18.3%	+55.5%	+1981.0%	-109.4%	—
net Income Comprehensive Income	+21.4%	+51.1%	+707.7%	-132.2%	—
Earnings Per Share Basic Eps	+18.1%	+55.1%	+1997.6%	-109.3%	—
Earnings Per Share Diluted Eps	+18.2%	+55.3%	+1987.8%	-109.4%	—
Earnings Per Share Weighted Average Shares Basic	+0.2%	+0.2%	+0.2%	+0.3%	—
Earnings Per Share Weighted Average Shares Diluted	+0.0%	+0.1%	+0.8%	-0.3%	—

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $2.1B

Investing cash flow $-765.2M

Financing cash flow $-119.2M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	+18.3%	+55.5%	+1981.0%	-109.4%	—
Operating Activities Depreciation and Amortization	-61.0%	+0.0%	-3.7%	+0.0%	—
Operating Activities Stock Based Compensation	-31.6%	-17.9%	+19.4%	+37.1%	—
Operating Activities Deferred Income Taxes	+291.0%	-50.4%	-118.6%	-107.5%	—
Operating Activities Changes In Operating Assets and Liabilities	-176.4%	-39.4%	+66.2%	+243.9%	—
Operating Activities Other Non Cash Items	+231.5%	-43.5%	+2396.4%	+70.5%	—
Operating Activities net Cash From Operating Activities	+68.9%	+102.2%	-31.0%	+267.6%	—
Investing Activities Capital Expenditures	-43.0%	+10.0%	+53.5%	+67.2%	—
Investing Activities Business Acquisitions	—	-100.0%	—	—	—
Investing Activities Purchases of Investments	-38.8%	-30.4%	+7.0%	+57.2%	—
Investing Activities Proceeds From Sale of Investments	-33.6%	-45.4%	+72.4%	+15.3%	—
Investing Activities Other Investing Activities	-35.4%	+43.6%	+196.6%	-54.5%	—
Investing Activities net Cash From Investing Activities	+51.1%	-230.7%	+60.4%	-1104.1%	—
Financing Activities Repayment of Debt	+130.0%	—	-100.0%	+4.4%	—
Financing Activities Tax Withholding On Stock Based Compensation	-23.1%	-35.2%	+157.4%	-24.4%	—
Financing Activities Other Financing Activities	+89.4%	—	—	—	—
Financing Activities net Cash From Financing Activities	-579.8%	-92.6%	+8.9%	+663.0%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+148.5%	-220.9%	-88.9%	+1394.6%	—
Cash Reconciliation Cash At Beginning of Period	+71.8%	-16.6%	+31.6%	+2.6%	—
Cash Reconciliation Cash At End of Period	+71.8%	-16.6%	+31.6%	+2.6%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+40.6%	+44.2%	+39.2%	+2.7%	+25.0%
Operating margin	+30.6%	+33.2%	+25.8%	-1.0%	+20.1%
Net margin	+29.3%	+30.7%	+25.0%	-1.7%	+16.0%
FCF margin	+22.7%	-7.3%	-23.6%	-1.2%	-10.4%
Growth
Revenue CAGR (3y)	+25.8%	+12.9%	+7.0%	-5.1%	+9.2%
Returns
ROE	+16.0%	+16.2%	+12.4%	-0.8%	+7.9%
ROA	+11.5%	+10.7%	+8.0%	-0.5%	+6.3%
ROIC	+21.3%	+18.4%	+15.1%	+0.0%	+10.1%
Liquidity
Current ratio	2.67x	2.45x	3.55x	3.65x	4.39x
Quick ratio	1.82x	1.39x	2.00x	1.74x	2.59x
Leverage
D/E	0.40x	0.52x	0.55x	0.41x	0.24x
Interest coverage	36.18x	35.87x	66.12x	-2.23x	44.77x
Efficiency
Asset turnover	0.39x	0.35x	0.32x	0.32x	0.39x
Cash conversion cycle	+129d	+203d	+184d	+85d	+132d

Valuation

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FY2025 fundamentals · no price

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First Solar

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