First Solar, Inc.: stock overview

FSLRNASDAQTechnology · Semiconductors & Related Devices

Price

$171.39

November 13, 2026Market cap $18.4B

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  • The full history: 17 fiscal years, from FY2009
  • The estimated fair value, with its range and its certainty
  • The full analysis, 18 a month
  • More questions to the chat on its filings
  • Excel with every year
  • An email when it reports, changes its dividend or an officer buys

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In short

First Solar had revenue of $5.0B over the last 12 months and net income of $1.9B, a net margin of 37.1%. Revenue grew by 14.0% a year on average over the last 5 years. At $171.39 the shares trade at a P/E of 9.9, against a median of 19.1 over the last 4 fiscal years. It holds more cash than debt, by $1.5B. It pays no dividend.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$18.4B
107M shares
P/E
9.9
Today9.9
Median19.1
Revenue, 12 months
$5.0B
+14.0% a year over 5 years
Net margin
37.1%
2025: 29.3%, above 96% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

+25.4% a year over 2 years

  • 202510-K
    Revenue$5.2B
  • 202410-K
    Revenue$4.2B
  • 202310-K
    Revenue$3.3B

Fiscal years in figures

FSLR's revenue, profit, cash flow and dividend with each year-end price, from FY2009 to 2022, 14 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $18.9B
$18.4B
Enterprise value 
$16.9B
P/E 3-year median: 18.4
9.9
EV / EBIT 
9.0
EV / Revenue 
3.4
P/B 3-year median: 2.8
1.7
FCF yield 3-year median: -1.6%
1.3%
Earnings yield 3-year median: 5.4%
10.1%

Profitability

Gross margin 
49.3%
Operating margin 
37.7%
Net margin 3-year median: 29.3%
37.1%
ROIC 
14.6%
ROIC, 5-year average 
8.4%
ROE 
18.8%

Growth

Revenue, yearly change 
+24.1%
EPS, yearly change 
+18.2%
FCF, yearly change 
–
Revenue, average a year 
+14.0%
EPS, average a year 
+30.7%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$1.6B
Total debt 
$325M
Of which operating leases 
$181M
Net cash 
$1.5B
Net debt / EBITDA 
-0.6x
Interest cover 
70.3x
Current ratio 
2.57

Balance sheet of September 30, 2026.

Returns to shareholders

Dividend yield 
0.00%
Buybacks 
–
Total returned 
0.00%
Shares, yearly change 
+0.2%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 36).

Gross margin

40.6%

Above 61% of the 179 companies in its industry, and 57% of all.

Operating margin

30.6%

Above 96% of the 189 companies in its industry, and 92% of all.

Net margin

29.3%

Above 96% of the 193 companies in its industry, and 90% of all.

ROE

16.0%

Above 78% of the 176 companies in its industry, and 78% of all.

ROA

11.5%

Above 85% of the 194 companies in its industry, and 90% of all.

Revenue growth

24.1%

Above 76% of the 183 companies in its industry, and 85% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
FIRST SOLAR, INC.
CIK
1274494
Exchange
NASDAQ
Industry (SIC)
3674 · Semiconductors & Related Devices
Fiscal year ends
December 31
Latest annual report
December 31, 2025
Reporting currency
USD
Shares
107M

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The full analysis

What do First Solar's filings show?

These are First Solar's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about FSLR

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What is FSLR's market cap?

First Solar, Inc.'s market cap is $18.4B, at a price of $171.39 on November 13, 2026 and 107M shares.

What is FSLR's P/E?

FSLR's P/E is 9.9, on earnings per share of $17.28 over the last 12 months. The median over the last 4 fiscal years was 19.1.

How much revenue does FSLR have?

First Solar had revenue of $5.0B over the last 12 months. Over the last 5 years it changed by +14.0% a year on average.

Does FSLR pay a dividend?

No. First Solar paid no regular dividend over the last 12 months.

Where do the figures come from?

From First Solar, Inc.'s SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.