NASDAQ: FSLR
First Solar
Technology · Semiconductors & Related Devices
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$18.8B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.34B |
| FY2017, ended Dec 31, 2017 | $7.05B |
| FY2018, ended Dec 31, 2018 | $4.45B |
| FY2019, ended Dec 31, 2019 | $5.90B |
| FY2020, ended Dec 31, 2020 | $10.5B |
| FY2021, ended Dec 31, 2021 | $9.27B |
| FY2022, ended Dec 31, 2022 | $16.0B |
| FY2023, ended Dec 31, 2023 | $18.4B |
| FY2024, ended Dec 31, 2024 | $18.9B |
| FY2025, ended Dec 31, 2025 | $28.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $18.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.01B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.90B |
| FY2017, ended Dec 31, 2017 | $2.94B |
| FY2018, ended Dec 31, 2018 | $2.24B |
| FY2019, ended Dec 31, 2019 | $3.06B |
| FY2020, ended Dec 31, 2020 | $2.71B |
| FY2021, ended Dec 31, 2021 | $2.92B |
| FY2022, ended Dec 31, 2022 | $2.62B |
| FY2023, ended Dec 31, 2023 | $3.32B |
| FY2024, ended Dec 31, 2024 | $4.21B |
| FY2025, ended Dec 31, 2025 | $5.22B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.01B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$416M | −$22.7M |
| FY2017, ended Dec 31, 2017 | −$166M | $826M |
| FY2018, ended Dec 31, 2018 | $144M | −$1.07B |
| FY2019, ended Dec 31, 2019 | −$115M | −$495M |
| FY2020, ended Dec 31, 2020 | $398M | −$380M |
| FY2021, ended Dec 31, 2021 | $469M | −$303M |
| FY2022, ended Dec 31, 2022 | −$44.2M | −$30.2M |
| FY2023, ended Dec 31, 2023 | $831M | −$785M |
| FY2024, ended Dec 31, 2024 | $1.29B | −$308M |
| FY2025, ended Dec 31, 2025 | $1.53B | $1.19B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.86B | $233M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.58B
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.35B |
| FY2017, ended Dec 31, 2017 | $2.27B |
| FY2018, ended Dec 31, 2018 | $1.40B |
| FY2019, ended Dec 31, 2019 | $1.35B |
| FY2020, ended Dec 31, 2020 | $1.23B |
| FY2021, ended Dec 31, 2021 | $1.45B |
| FY2022, ended Dec 31, 2022 | $1.48B |
| FY2023, ended Dec 31, 2023 | $1.95B |
| FY2024, ended Dec 31, 2024 | $1.62B |
| FY2025, ended Dec 31, 2025 | $2.80B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.58B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$108M
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $197M |
| FY2017, ended Dec 31, 2017 | $406M |
| FY2018, ended Dec 31, 2018 | $479M |
| FY2019, ended Dec 31, 2019 | $483M |
| FY2020, ended Dec 31, 2020 | $287M |
| FY2021, ended Dec 31, 2021 | $247M |
| FY2022, ended Dec 31, 2022 | $185M |
| FY2023, ended Dec 31, 2023 | $560M |
| FY2024, ended Dec 31, 2024 | $610M |
| FY2025, ended Dec 31, 2025 | $499M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $108M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 3.3% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.107M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 104M |
| FY2017, ended Dec 31, 2017 | 104M |
| FY2018, ended Dec 31, 2018 | 105M |
| FY2019, ended Dec 31, 2019 | 105M |
| FY2020, ended Dec 31, 2020 | 106M |
| FY2021, ended Dec 31, 2021 | 106M |
| FY2022, ended Dec 31, 2022 | 107M |
| FY2023, ended Dec 31, 2023 | 107M |
| FY2024, ended Dec 31, 2024 | 107M |
| FY2025, ended Dec 31, 2025 | 107M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 107M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$25.4M
Net: $25.4M more issued than bought back
Show tableHide table
| Period | Paid to employees |
|---|---|
| FY2016, ended Dec 31, 2016 | $28.7M |
| FY2017, ended Dec 31, 2017 | $35.1M |
| FY2018, ended Dec 31, 2018 | $34.2M |
| FY2019, ended Dec 31, 2019 | $37.4M |
| FY2020, ended Dec 31, 2020 | $29.3M |
| FY2021, ended Dec 31, 2021 | $20.9M |
| FY2022, ended Dec 31, 2022 | $28.7M |
| FY2023, ended Dec 31, 2023 | $34.2M |
| FY2024, ended Dec 31, 2024 | $28.1M |
| FY2025, ended Dec 31, 2025 | $19.2M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $25.4M |
Revenue (TTM)
$5.01B
−0.7% YoY
Net income (TTM)
$1.86B
+32.9% YoY
Cash
$1.58B
−20.9% YoY
Total debt
$108M
−80.6% YoY
Valuation
At current price- Market Cap
- $18.7B
- P/E
- 10.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.7×
- Price / Book
- 1.7×
- EV / EBITDA
- 7.0×
Growth
Trailing 12 months- Revenue (TTM)
- $5.01B
- Revenue Growth YoY
- −0.7%
- Revenue CAGR 3Y
- 25.8%
- Revenue CAGR 5Y
- 14.0%
- EPS Growth YoY
- 32.7%
- Net Income Growth YoY
- 32.9%
Profitability
Trailing 12 months- Gross Margin
- 49.3%
- Operating Margin
- 37.7%
- Net Margin
- 37.1%
- FCF Margin
- 4.6%
- Return on Equity
- 18.7%
Earnings
Trailing 12 months- Net Income
- $1.86B
- EPS (diluted)
- $17.29
- EBITDA
- $2.48B
- Operating Income
- $1.89B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.58B
- Total Debt
- $108M
- Net Cash
- $1.47B
- Total Assets
- $14.0B
- Total Liabilities
- $3.14B
- Shareholders' Equity
- $10.9B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $839M
- Capital Expenditure
- $606M
- Free Cash Flow
- $233M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.80
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $5.01B.
Strength
Operating margin widened 7.9 pts in a year, to 37.7%.
Strength
Holds more cash than debt, with $1.47B in net cash.
Note
Free cash flow of $233M, 4.6% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K71Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 24, 2026 · Read the filing on EDGAR
- Net sales rose 24% to $5.2 billion on higher module volumes, but gross margin slipped to 40.6% from 44.2% on tariffs, logistics and warehousing costs.
- Contracted future sales fell to 50.1 GW worth $15.0 billion, from 68.5 GW worth $20.5 billion a year earlier.
- First Solar terminated BP/Lightsource supply contracts and is suing for $323.6 million; the customers counterclaimed for $175 million.
- A new US law curtails solar tax credits but limits foreign-linked rivals, and the Supreme Court struck down the IEEPA tariffs days before filing.
Business momentum
Strong improvement
“Net sales for 2025 increased by 24% to $5.2 billion compared to $4.2 billion in 2024.”
Outlook
Positive
“utility and corporate demand for energy and overall electric load growth, especially as a result of AI-driven data center demand, continue to increase.”
Financial stress
Low
“As of December 31, 2025, we had $2.9 billion in cash, cash equivalents, and marketable securities compared to $1.8 billion as of December 31, 2024.”
Tone against the previous report
About the same
Red flags
- Medium
Major lawsuit
“First Solar seeks monetary damages, demanding payment from the Defendants for the remaining termination payments of $323.6 million along with certain other receivables for solar modules previously delivered to the Defendants.”
Positives
Strong sales growth from selling more modules
“Net sales increased by $1.0 billion in 2025 primarily due to a 24% increase in the volume of modules sold to third parties.”
Tax credits remain a large source of cash
“Accordingly, we expect the advanced manufacturing production credit will provide us with a significant source of funding throughout its remaining period.”
US module prices held steady while prices fell elsewhere
“However, recent module pricing in the United States, our primary market, has remained stable”
Concerns
Profit margin fell as costs rose
“Gross profit as a percentage of net sales decreased 3.6 percentage points to 40.6% in 2025 from 44.2% in 2024.”
Contracted future sales keep shrinking
“we had entered into contracts with customers for the future sale of 50.1 GW of solar modules for an aggregate transaction price of $15.0 billion”
Overseas factories cut back and customers are paying more slowly
“higher expected credit losses from an increase in the aging of certain accounts receivable”
New risks since the previous report
Large customer refusing to pay and counterclaiming over module performance
“Defendants’ have demanded damages in the amount of $175 million plus the return of $15 million credit support taken by First Solar.”
New US law ends solar project tax credits early, which could reduce customer demand
“H.R.1 includes accelerating the termination of the clean electricity ITC and PTC in relation to solar and restricting tax credits if a taxpayer employs certain products and components produced by a supplier with ties to a FEOC.”
Supreme Court ruling removes tariffs that helped shield First Solar from Chinese imports
“Our operating results could be adversely impacted by revocation of the IEEPA tariffs on China.”
Proposed Indian efficiency rule could limit sales in India
“If enacted, the proposal would negatively impact our ability to sell modules within the Indian market.”
Rivals are challenging the patents behind First Solar's TOPCon lawsuits
“An adverse determination in any such litigation or the related ex parte reexaminations may impair our intellectual property rights and may harm our business, prospects, and reputation.”
Biggest risks named
- Changes to US tax credits and solar support under the 2025 tax law
- Tariff and trade-rule changes affecting prices, costs and overseas factories
- Chinese oversupply and below-cost pricing
- Customer contract breaches, terminations and shrinking contracted sales
- Tellurium and other key material supply disruptions
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −2.4 | |
| New risks | −2 | |
| Score | 71 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 24, 2026 | 71 | Strong improvement | 1 medium | |
| 10-K | Feb 25, 2025 | 70 | Strong improvement | 1 minor | |
| 10-K | Feb 27, 2024 | 73 | Strong improvement | 2 minor | |
| 10-K | Feb 28, 2023 | 43 | Sharp deterioration | 2 minor | |
| 10-K | Mar 1, 2022 | 75 | Strong improvement | 1 medium | |
| 10-K | Feb 26, 2021 | 57 | Mixed | None | |
| 10-K | Feb 21, 2020 | 38 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 22, 2019 | 32 | Sharp deterioration | 1 minor | |
| 10-K | Feb 23, 2018 | 51 | Mixed | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR