Reading the annual reports…

First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.

FIRST SOLAR, INC. (FSLR) financial health, profit and balance sheet · Scorvest

FSLR · Nasdaq · United States · Semiconductors & Related Devices

FIRST SOLAR, INC.

Phoenix, AZ · Fiscal year ends in December · Figures in USD

+ Add to watchlist Compare

In shortFIRST SOLAR, INC. is profitable, generates cash and holds more cash than debt, with revenue growing (+24.1% last year).

Financial health

Strong

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability97

Operating marginShare of each sale left after running the business, before interest and tax.	30.6%	100/100
Net marginShare of each sale left as profit after every cost, interest and tax.	29.3%	100/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	17.4%	87/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	15.4%	100/100

Weight in the score: 25%

Balance sheet100

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	2.67×	100/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.05×	100/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	Net cash	100/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	36.18×	100/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	6.97	100/100

Weight in the score: 25%

Cash generation53

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	22.7%	100/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	0.78×	60/100
Years with positive free cash flow (last 5)	1 of 5	0/100

Weight in the score: 20%

Stability50
Profitable years (last 5) 4 of 5 80/100
Years of revenue decline (last 5) 1 of 5 67/100
Revenue growth volatility 16.2% 51/100
Operating margin volatility 13.7% 0/100
Weight in the score: 20%
Growth100
Revenue growth, 3-year average 25.8% 100/100
EPS growth, 3-year average – n/a
Weight in the score: 10%

Profitable years (last 5)	4 of 5	80/100
Years of revenue decline (last 5)	1 of 5	67/100
Revenue growth volatility	16.2%	51/100
Operating margin volatility	13.7%	0/100

Revenue growth, 3-year average	25.8%	100/100
EPS growth, 3-year average	–	n/a

Fiscal year 2025 · change vs prior year

Revenue: $5.2B; ▲ 24.1%
Net income: $1.5B; ▲ 18.3%
Free cash flow: $1.2B; ▲ 485.4%
Operating margin: 30.6%; −2.6 pts
Cash & investments: $2.9B; –
Total debt: $498.6M; ▼ 18.2%
Diluted EPS: $14.21; ▲ 18.2%
Return on equity: 17.4%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	2,923	2,619	3,319	4,206	5,219
Cost of revenue	2,193	2,549	2,018	2,348	3,099
Gross profit	730	70	1,301	1,858	2,120
Research & development	99	113	152	191	233
Selling, general & admin	170	165	198	188	204
Operating income	587	(27)	857	1,394	1,597
Interest expense	13	12	13	39	44
Pre-tax income	572	8.6	891	1,406	1,581
Income tax	103	53	61	114	53
Net income	469	(44)	831	1,292	1,528
Diluted EPS	$4.38	−$0.41	$7.74	$12.02	$14.21
Diluted shares (millions)	107	107	107	108	108

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Risk checks

Altman Z'' score

6.97 Safe zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

8/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: passed
Cash flow exceeds net income: passed
Long-term debt ratio fell: passed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: failed
Asset turnover improved: passed

Sources

10-QPeriod ending Jun 30, 2026Filed Jul 30, 2026Open the report ↗
10-QPeriod ending Mar 31, 2026Filed Apr 30, 2026Open the report ↗
10-KPeriod ending Dec 31, 2025Filed Feb 24, 2026Open the report ↗
10-QPeriod ending Sep 30, 2025Filed Oct 30, 2025Open the report ↗
10-QPeriod ending Jun 30, 2025Filed Jul 31, 2025Open the report ↗
10-QPeriod ending Mar 31, 2025Filed Apr 29, 2025Open the report ↗
10-KPeriod ending Dec 31, 2024Filed Feb 25, 2025Open the report ↗
10-QPeriod ending Sep 30, 2024Filed Oct 29, 2024Open the report ↗