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Stocks · Technology · Semiconductors & Related Devices

First Solar

FSLR Clue Score79
United States Fiscal year ends December CIK 0001274494
$177.82 -0.58% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $177.82 +73.84% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2.90Operating income−0.57Net income−0.42EPS, diluted−4.05Fiscal year 2017Revenue2.94 +1.3%Operating income0.18Net income−0.17EPS, diluted−1.59Fiscal year 2018Revenue2.24 −23.7%Operating income0.04Net income0.14EPS, diluted1.36Fiscal year 2019Revenue3.06 +36.5%Operating income−0.16Net income−0.11 −179.6%EPS, diluted−1.09 −180.1%Fiscal year 2020Revenue2.71 −11.5%Operating income0.32Net income0.40EPS, diluted3.73Fiscal year 2021Revenue2.92 +7.8%Operating income0.59Net income0.47 +17.7%EPS, diluted4.38 +17.4%Fiscal year 2022Revenue2.62 −10.4%Operating income−0.03Net income−0.04 −109.4%EPS, diluted−0.41 −109.4%Fiscal year 2023Revenue3.32 +26.7%Operating income0.86Net income0.83EPS, diluted7.74Fiscal year 2024Revenue4.21 +26.7%Operating income1.39Net income1.29 +55.5%EPS, diluted12.02 +55.3%Fiscal year 2025Revenue5.22 +24.1%Operating income1.60Net income1.53 +18.3%EPS, diluted14.21 +18.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2.90 2.94 2.24 3.06 2.71 2.92 2.62 3.32 4.21 5.22
Growth +1.3% −23.7% +36.5% −11.5% +7.8% −10.4% +26.7% +26.7% +24.1%
Operating income −0.57 0.18 0.04 −0.16 0.32 0.59 −0.03 0.86 1.39 1.60
Net income −0.42 −0.17 0.14 −0.11 0.40 0.47 −0.04 0.83 1.29 1.53
Growth −179.6% +17.7% −109.4% +55.5% +18.3%
EPS, diluted −4.05 −1.59 1.36 −1.09 3.73 4.38 −0.41 7.74 12.02 14.21
Growth −180.1% +17.4% −109.4% +55.3% +18.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin22.0%Operating margin−19.6%Net margin−14.3%Free cash flow margin−0.8%Fiscal year 2017Gross margin18.7%Operating margin6.0%Net margin−5.6%Free cash flow margin28.1%Fiscal year 2018Gross margin17.5%Operating margin1.8%Net margin6.4%Free cash flow margin−47.5%Fiscal year 2019Gross margin17.9%Operating margin−5.3%Net margin−3.8%Free cash flow margin−16.1%Fiscal year 2020Gross margin25.1%Operating margin11.7%Net margin14.7%Free cash flow margin−14.0%Fiscal year 2021Gross margin25.0%Operating margin20.1%Net margin16.0%Free cash flow margin−10.4%Fiscal year 2022Gross margin2.7%Operating margin−1.0%Net margin−1.7%Free cash flow margin−1.2%Fiscal year 2023Gross margin39.2%Operating margin25.8%Net margin25.0%Free cash flow margin−23.6%Fiscal year 2024Gross margin44.2%Operating margin33.2%Net margin30.7%Free cash flow margin−7.3%Fiscal year 2025Gross margin40.6%Operating margin30.6%Net margin29.3%Free cash flow margin22.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 22.0% 18.7% 17.5% 17.9% 25.1% 25.0% 2.7% 39.2% 44.2% 40.6%
Operating margin −19.6% 6.0% 1.8% −5.3% 11.7% 20.1% −1.0% 25.8% 33.2% 30.6%
Net margin −14.3% −5.6% 6.4% −3.8% 14.7% 16.0% −1.7% 25.0% 30.7% 29.3%
Free cash flow margin −0.8% 28.1% −47.5% −16.1% −14.0% −10.4% −1.2% −23.6% −7.3% 22.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.21Capital expenditure−0.23Free cash flow−0.02Fiscal year 2017Operating cash flow1.34Capital expenditure−0.51Free cash flow0.83Fiscal year 2018Operating cash flow−0.33Capital expenditure−0.74Free cash flow−1.07 −229.1%Fiscal year 2019Operating cash flow0.17Capital expenditure−0.67Free cash flow−0.49Fiscal year 2020Operating cash flow0.04Capital expenditure−0.42Free cash flow−0.38Fiscal year 2021Operating cash flow0.24Capital expenditure−0.54Free cash flow−0.30Fiscal year 2022Operating cash flow0.87Capital expenditure−0.90Free cash flow−0.03Fiscal year 2023Operating cash flow0.60Capital expenditure−1.39Free cash flow−0.78Fiscal year 2024Operating cash flow1.22Capital expenditure−1.53Free cash flow−0.31Fiscal year 2025Operating cash flow2.06Capital expenditure−0.87Free cash flow1.19
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.21 1.34 −0.33 0.17 0.04 0.24 0.87 0.60 1.22 2.06
Capital expenditure −0.23 −0.51 −0.74 −0.67 −0.42 −0.54 −0.90 −1.39 −1.53 −0.87
Free cash flow −0.02 0.83 −1.07 −0.49 −0.38 −0.30 −0.03 −0.78 −0.31 1.19
Growth −229.1%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.35Total debt0.20Net cash (debt)1.15Shareholders’ equity5.22Debt to equity0.04Fiscal year 2017Cash2.27Total debt0.41Net cash (debt)1.86Shareholders’ equity5.10Debt to equity0.08Fiscal year 2018Cash1.40Total debt0.48Net cash (debt)0.92Shareholders’ equity5.21Debt to equity0.09Fiscal year 2019Cash1.35Total debt0.47Net cash (debt)0.88Shareholders’ equity5.10Debt to equity0.09Fiscal year 2020Cash1.23Total debt0.28Net cash (debt)0.95Shareholders’ equity5.52Debt to equity0.05Fiscal year 2021Cash1.45Total debt0.24Net cash (debt)1.21Shareholders’ equity5.96Debt to equity0.04Fiscal year 2022Cash1.48Total debt0.18Net cash (debt)1.30Shareholders’ equity5.84Debt to equity0.03Fiscal year 2023Cash1.95Total debt0.46Net cash (debt)1.48Shareholders’ equity6.69Debt to equity0.07Fiscal year 2024Cash1.62Total debt0.37Net cash (debt)1.25Shareholders’ equity7.98Debt to equity0.05Fiscal year 2025Cash2.80Total debt0.28Net cash (debt)2.52Shareholders’ equity9.54Debt to equity0.03
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.35 2.27 1.40 1.35 1.23 1.45 1.48 1.95 1.62 2.80
Total debt 0.20 0.41 0.48 0.47 0.28 0.24 0.18 0.46 0.37 0.28
Net cash (debt) 1.15 1.86 0.92 0.88 0.95 1.21 1.30 1.48 1.25 2.52
Shareholders’ equity 5.22 5.10 5.21 5.10 5.52 5.96 5.84 6.69 7.98 9.54
Debt to equity 0.04 0.08 0.09 0.09 0.05 0.04 0.03 0.07 0.05 0.03

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
2.90 2.94 2.24 3.06 2.71 2.92 2.62 3.32 4.21 5.22
Growth +1.3% −23.7% +36.5% −11.5% +7.8% −10.4% +26.7% +26.7% +24.1%
2.27 2.39 1.85 2.51 2.03 2.19 2.55 2.02 2.35 3.10
0.64 0.55 0.39 0.55 0.68 0.73 0.07 1.30 1.86 2.12
Growth −14.0% −28.6% +40.0% +23.9% +7.2% −90.4% +1,761.9% +42.8% +14.1%
0.12 0.09 0.08 0.10 0.09 0.10 0.11 0.15 0.19 0.23
0.26 0.20 0.18 0.21 0.22 0.17 0.16 0.20 0.19 0.20
−0.57 0.18 0.04 −0.16 0.32 0.59 −0.03 0.86 1.39 1.60
Growth −77.4% −503.3% +84.8% −104.6% +62.7% +14.5%
−0.54 0.20 0.11 −0.12 0.29 0.57 0.01 0.89 1.41 1.58
0.02 0.37 0.00 −0.01 −0.11 0.10 0.05 0.06 0.11 0.05
−0.42 −0.17 0.14 −0.11 0.40 0.47 −0.04 0.83 1.29 1.53
Growth −179.6% +17.7% −109.4% +55.5% +18.3%
Per share
−4.05 −1.59 1.38 −1.09 3.76 4.41 −0.41 7.78 12.07 14.25
−4.05 −1.59 1.36 −1.09 3.73 4.38 −0.41 7.74 12.02 14.21
Growth −180.1% +17.4% −109.4% +55.3% +18.2%
102.9 104.3 104.7 105.3 105.9 106.3 106.6 106.8 107.0 107.2
102.9 104.3 106.1 105.3 106.7 106.9 106.6 107.4 107.5 107.5
Growth +1.4% +1.7% −0.8% +1.3% +0.2% −0.3% +0.8% +0.1% +0.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 14.0% a year over five years, and earnings per share grew 30.7% a year.
  • The share count barely moved in five years.
  • Operating margin is up 18.9 points on five years ago, at 30.6%.
  • A net loss in 4 of 10 years on file.