FIRST SOLAR, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST SOLAR, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,905	2,941	2,244	3,063	2,711	2,923	2,619	3,319	4,206	5,219
Cost of revenue	2,266	2,392	1,852	2,514	2,031	2,193	2,549	2,018	2,348	3,099
Gross profit	638	549	392	549	681	730	69.9	1,301	1,858	2,120
Research and development	125	88.6	84.5	96.6	93.7	99.1	113	152	191	233
Selling, general and administrative	262	203	177	205	223	170	165	198	188	204
Operating expenses	1,207	371	352	711	363	290	351	450	465	523
Operating income	-568	178	40.1	-162	317	587	-27.2	857	1,394	1,597
Interest expense	20.5	25.8	25.9	27.1	24	13.1	12.2	13	38.9	44.1
Interest income	25.2	35.7	59.8	48.9	16.6	6.18	33.3
Other non-operating income	40.3	24	39.7	17.5	-11.9	0.31	31.2	-29.1	-13.3	-15
Pre-tax income	-537	202	113	-120	293	572	8.6	891	1,406	1,581
Income tax	23.2	372	3.44	-5.48	-107	103	52.8	60.5	114	52.7
Net income	-416	-166	144	-115	398	469	-44.2	831	1,292	1,528
EBITDA	-364	270	171	43.7	550	847	242	1,165	1,818	2,126
EPS, basic	-4.05	-1.59	1.38	-1.09	3.76	4.41	-0.41	7.78	12.07	14.25
EPS, diluted	-4.05	-1.59	1.36	-1.09	3.73	4.38	-0.41	7.74	12.02	14.21
Shares, basic (weighted)	103	104	105	105	106	106	107	107	107	107
Shares, diluted (weighted)	103	104	106	105	107	107	107	107	108	108

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,347	2,269	1,404	1,353	1,227	1,451	1,481	1,947	1,621	2,804
Short-term investments		720	1,144	812	520	375	1,097	155	172	51.8
Receivables	267	212	128	475	266	429	324	661	1,261	1,294
Inventory	363	172	388	444	568	666	621	820	1,084	737
Other current assets	74.6	42.5	39.2	22	252	244	268	392	547	643
Total current assets	3,788	3,833	3,860	3,600	3,015	3,191	3,791	4,635	5,089	6,029
Property, plant and equipment	629	1,155	1,756	2,181	2,402	2,650	3,537	4,397	5,414	5,676
Lease right-of-use assets			0	146	227	208	93.2	84.4	114	162
Goodwill	14.5	14.5	14.5	14.5	14.5	14.5	14.5	29.7	28.3	31.1
Intangible assets	88	80.2	74.2	64.5	56.1	45.5	31.1	64.5	54.7	51
Other non-current assets	77.9	85.5	98.9	330	434	439	356	479	698	760
Total assets	6,824	6,865	7,121	7,516	7,109	7,414	8,251	10,365	12,124	13,321
Accounts payable	149	120	233	218	183	193	341	207	482	406
Accrued liabilities	263	367	442	351	310	288	383	525	509	519
Deferred revenue	309	81.8	130	323	189	202	263	414	712	1,014
Short-term debt	28	13.1	5.57	17.5	41.5	3.9	0	96.2	236	216
Total current liabilities	908	650	845	1,318	847	727	1,038	1,306	2,077	2,254
Long-term debt	160	380	461	454	238	236	184	464	373	283
Lease liabilities			0	113	189	146	40.6	36.7	66.2	104
Other non-current liabilities	371	568	468	509	372	256	120	181	234	296
Total liabilities	1,606	1,766	1,909	2,419	1,588	1,454	2,415	3,678	4,147	3,783
Total debt	197	406	479	483	287	247	185	464	373	283
Paid-in capital	2,765	2,799	2,825	2,849	2,867	2,871	2,887	2,890	2,898	2,902
Retained earnings	2,463	2,297	2,442	2,327	2,716	3,184	3,140	3,971	5,263	6,791
Other comprehensive income	-9.91	2.26	-54.5	-79.3	-61.7	-96.4	-192	-174	-184	-155
Shareholders' equity	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978	9,538
Total equity	5,218	5,099	5,212	5,097	5,521	5,960	5,836	6,687	7,978	9,538
Total liabilities and equity	6,824	6,865	7,121	7,516	7,109	7,414	8,251	10,365	12,124	13,321
Shares outstanding	104	104	105	105	106	106	107	107	107	107

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-416	-166	144	-115	398	469	-44.2	831	1,292	1,528
Depreciation and amortization	204	91.9	131	205	233	260	270	308	423	529
Stock-based compensation	28.7	35.1	34.2	37.4	29.3	20.9	28.7	34.2	28.1	19.2
Deferred income tax	65.3	241	52.5	-60.4	11.5	80.4	-6.05	-13.2	-19.9	38
Change in receivables	179	85.8	-202	-73.6	345	-97	119	-304	-505	30.6
Change in inventory				-83.5	-145	-136	16.7	-205	-277	378
Change in payables	-192	-47.2	96.4	-0.34	-43.3	34.9	5.57	79.3	269	4.68
Cash from operations	207	1,341	-327	174	37.1	238	873	602	1,218	2,057
Capital expenditures	-229	-514	-740	-669	-417	-540	-904	-1,387	-1,526	-870
Acquisitions	-10.3					0	0	-35.7	0	0
Purchases of investments	-423	-581	-1,369	-1,177	-902	-2,147	-3,375	-3,613	-2,516	-1,540
Sales and maturities of investments	526	466	1,136	1,487	1,193	2,295	2,647	4,564	2,492	1,654
Cash from investing	145	-627	-683	-362	-131	-99	-1,193	-473	-1,563	-765
Debt issued	26.8	215	291	120	157	129	397	368	258	370
Debt repaid			-18.9	-30.1	-225	-72.7	-75.9	0	-206	-473
Cash from financing	-136	192	255	74.9	-82.6	40.6	309	337	24.8	-119
Exchange rate effect	-6.31	8.87	-13.6	-2.96	3.78	3.17	47.4	5.29	-6.39	3.1
Net change in cash	209	915	-768	-116	-173	182	37.6	472	-327
Free cash flow	-22.7	826	-1,067	-495	-380	-303	-30.2	-785	-308	1,187
Interest paid	4.3	10.2	16.6	18.8	14.9	12.7	11.6	15	36.2	34.6
Income taxes paid	1.9	1.2	58.8	34.7	22.2	38.2		90.9	94.2	43.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $177.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.0%	Gross profit / revenue.
Operating margin	33.6%	Operating income / revenue.
EBITDA margin	44.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.9%	Pre-tax income / revenue.
Net margin	32.5%	Net income / revenue.
FCF margin	27.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	40.1%	Cash from operations / revenue.
Effective tax rate	4.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.0%	Net income / average total assets.
Return on invested capital (ROIC)	20.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.0%	Research and development expense / revenue.
SG&A / revenue	4.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.2%	Capital expenditures / revenue.
D&A / revenue	10.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	24.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	25.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	211.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	14.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	38.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	17.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	106.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	31.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	18.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	30.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	18.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	30.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	68.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	33.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	123.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	19.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.52x	Current assets / current liabilities.
Quick ratio	1.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.82x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	22.9%	Total liabilities / total assets.
Net debt	-$1.73B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.72x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	46.9x	Operating income / interest expense.
Working capital	$3.21B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$10.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	0.95x	Revenue / average property, plant and equipment.
Inventory turnover	2.77x	Cost of revenue / average inventory.
Days inventory	132 days	365 x average inventory / cost of revenue.
Receivables turnover	3.64x	Revenue / average receivables.
Days sales outstanding	100 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	190 days	Days inventory + days sales outstanding - days payables.
FCF conversion	85.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$49.92	Revenue / diluted weighted shares.
FCF per share	$13.92	Free cash flow / diluted weighted shares.
Operating cash flow per share	$20.01	Cash from operations / diluted weighted shares.
Book value per share	$96.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$95.16	Tangible book value / shares outstanding.
Cash per share	$16.07	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$19.10B	Share price x shares outstanding.
Enterprise value	$17.37B	Market cap + total debt - cash - short-term investments.
P/E	10.9x	Market cap / net income. Only when net income is positive.
P/S	3.55x	Market cap / revenue.
P/B	1.85x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.87x	Market cap / tangible book value, when positive.
P/FCF	12.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.86x	Market cap / cash from operations, when positive.
EV/Sales	3.23x	Enterprise value / revenue.
EV/EBIT	9.60x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.28x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.9%	Free cash flow / market cap.
Earnings yield	9.1%	Net income / market cap (the inverse of P/E).

What was FIRST SOLAR, INC.'s revenue in fiscal 2025?

FIRST SOLAR, INC. reported revenue of $5.22B for fiscal 2025, 24.1% higher than the year before.

Was FIRST SOLAR, INC. profitable in fiscal 2025?

Yes. Net income was $1.53B, a net margin of 29.3%.

How much free cash flow did FIRST SOLAR, INC. generate in fiscal 2025?

Cash from operations of $2.06B minus capital expenditures of $869.9M left free cash flow of $1.19B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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