Tearsheet
Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. FSLR Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

First Solar (FSLR)

Market Price (9/18/2025): $211.87 | Market Cap: $22.7 Bil
Sector: Information Technology | Industry: Semiconductors

First Solar (FSLR)

Market Price (9/18/2025): $211.87
Market Cap: $22.7 Bil
Sector: Information Technology
Industry: Semiconductors

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%		 Weak multi-year price returns
2Y Excs Rtn is -24%, 3Y Excs Rtn is -6.5%		 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 66x
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32%		  Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23%
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32%
2 Weak multi-year price returns
2Y Excs Rtn is -24%, 3Y Excs Rtn is -6.5%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 66x
4 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -23%

Market Valuation

 9/18/252024202320222021
Share Price CYE$211.87$176.24$172.28$149.79$87.16
Market Cap CYE ($ Bil)22.718.918.416.09.3
Total Debt ($ Bil)0.60.70.60.20.4
Total Cash ($ Bil)0.91.82.12.61.8
Enterprise Value ($ Bil)22.419.619.016.29.7
Valuation Ratios     
P/S TTM5.34.55.56.13.2
P/EBIT TTM16.113.120.4766.515.8
P/E TTM17.914.622.1-361.419.8
Sector Ratios     
P/S TTM (Sector)3.23.12.82.55.0
P/EBIT TTM (Sector)3.9-0.0-0.1-0.51.7
P/E TTM (Sector)-0.4-0.3-0.4-0.50.0
 9/18/2520242023
Share Price CYE$211.87$176.24$172.28
Market Cap CYE ($ Bil)22.718.918.4
Total Debt ($ Bil)0.60.70.6
Total Cash ($ Bil)0.91.82.1
Enterprise Value ($ Bil)22.419.619.0
Valuation Ratios   
P/S TTM5.34.55.5
P/EBIT TTM16.113.120.4
P/E TTM17.914.622.1
Sector Ratios   
P/S TTM (Sector)3.23.12.8
P/EBIT TTM (Sector)3.9-0.0-0.1
P/E TTM (Sector)-0.4-0.3-0.4

Market Cap Chart

Business Description

First Solar, Inc. provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
FSLR Return77%-12%72%15%2%20%260%
Peers Return275%25%-10%42%19%51%979%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ENPH, RUN, SEDG, NVDA, AVGO. See FSLR Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Interactive Breakdown

First Solar Interactive Breakdown Analysis

Better Bets than First Solar (FSLR)

 FSLRBetter Performance than FSLR
MetricValueIndustry (Semiconductors)
Rev Chg LTM19.4%NVDA (71.6%), AVGO (28.0%), AMD (27.2%), MU (58.2%), MRVL (37.1%)
Rev Chg 3Y Avg19.8%NVDA (92.0%), AVGO (24.0%), MPWR (20.0%), CRDO (74.4%), NVTS (44.9%)
Op Mgn LTM32.3%NVDA (58.1%), AVGO (39.0%), TXN (34.9%), RMBS (36.3%), OLED (38.9%)
CFO/Rev LTM8.0%NVDA (46.6%), AVGO (42.4%), AMD (16.5%), QCOM (29.3%), MU (45.0%)
FCF/Rev LTM-22.9%NVDA (43.6%), AVGO (41.6%), AMD (13.7%), QCOM (26.9%), MU (5.6%)
Total Yield5.6%QCOM (8.5%), TXN (6.1%), NXPI (5.7%), SWKS (7.5%), CRUS (5.7%)
 FSLRBetter Performance than FSLR
MetricValueAll Other Sectors
Rev Chg LTM19.4%LLY (36.8%), APP (48.2%), ISRG (20.8%), BSX (21.4%), BX (34.9%)
Rev Chg 3Y Avg19.8%LLY (23.4%), APP (23.7%), UBER (23.2%), BKNG (19.9%), PGR (20.0%)
Op Mgn LTM32.3%GOOGL (32.7%), META (42.9%), LLY (43.0%), V (66.5%), MA (58.0%)
CFO/Rev LTM8.0%GOOGL (36.0%), AMZN (18.1%), META (56.4%), TSLA (17.0%), LLY (20.5%)
FCF/Rev LTM-22.9%GOOGL (18.0%), AMZN (2.0%), META (30.7%), TSLA (6.0%), BRK-B (2.1%)
Total Yield5.6%BRK-B (5.9%), JPM (6.5%), XOM (9.7%), JNJ (8.1%), HD (5.7%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1First Solar Earnings Notes  
2FSLR Testing Price Floor: Time to Load Up?Actionable 
3FSLR Jumped 15% In A Month. What To Do Now?Return 
4FSLR's One-Day Rally Offers a Chance to Reevaluate APOCounter-Intuitive Comparisons 
5Big Move for FSLR, but Do IDCC's Margins and Growth Give It the Edge?Counter-Intuitive Comparisons 
6How Does FSLR Stack Up Against Its Peers?  
7Better Bet Than FSLR Stock: Pay Less Than First Solar To Get More From CALM   
8FSLR Dip Buy Analysis  
9Time To Buy First Solar Stock?Buy or Fear 
10First Solar Total Shareholder Return (TSR): 2.3% in 2024 and 26.5% 3-yr compounded annual returns (above peer average)  
11ARTICLES  
12Better Bet Than Texas Instruments Stock: Pay Less To Get More From FSLR September 9th, 2025
13Better Bet Than Qorvo Stock: Pay Less To Get More From FSLR September 4th, 2025
14Better Bet Than Skyworks Solutions Stock: Pay Less To Get More From FSLR September 4th, 2025
15FSLR Near Crucial Support Level – Buy Signal Ahead August 29th, 2025
16Better Bet Than Texas Instruments Stock: Pay Less To Get More From FSLR August 27th, 2025
Title
0DASHBOARDS
1Better Bet Than Texas Instruments Stock: Pay Less To Get More From FSLR
2Better Bet Than Qorvo Stock: Pay Less To Get More From FSLR
3Better Bet Than Skyworks Solutions Stock: Pay Less To Get More From FSLR
4FSLR Near Crucial Support Level – Buy Signal Ahead
5Better Bet Than Texas Instruments Stock: Pay Less To Get More From FSLR
6ARTICLES
7First Solar Earnings Notes
8FSLR Testing Price Floor: Time to Load Up?
9FSLR Jumped 15% In A Month. What To Do Now?
10FSLR's One-Day Rally Offers a Chance to Reevaluate APO
11Big Move for FSLR, but Do IDCC's Margins and Growth Give It the Edge?
12How Does FSLR Stack Up Against Its Peers?
13Better Bet Than FSLR Stock: Pay Less Than First Solar To Get More From CALM 
14FSLR Dip Buy Analysis
15Time To Buy First Solar Stock?
16First Solar Total Shareholder Return (TSR): 2.3% in 2024 and 26.5% 3-yr compounded annual returns (above peer average)

Recent Active Movers

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#TickerCompany1W RtnYTD Rtn
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8CHEKCheck-Cap222.2%134.4%
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10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
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3NAKAKindly MD-70.2% 
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10RBNERobin Energy-42.6% 

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1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
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5EPIXESSA Pharma-89.4%-8.9%
6NAKAKindly MD-88.1% 
7BINIBollinger Innovations-87.6%-100.0%
8JEM707 Cayman-87.4%-98.2%
9YAASYouxin Technology-83.3%-98.4%
10NEONNeonode-82.5%-51.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for First Solar

Financials

FSLRENPHRUNSEDGNVDAAVGOMedian
NameFirst So.Enphase .Sunrun SolarEdg.NVIDIA Broadcom  
Mkt Price210.7138.7215.9134.11170.29346.17104.50
Mkt Cap22.65.13.62.04,149.31,631.813.8
Rev LTM4,2571,4832,129941165,21859,9263,193
Op Inc LTM1,373190-489-1,31995,98123,366782
FCF LTM-976373-3,716-9672,02324,930138
FCF 3Y Avg-548512-3,367-24643,04420,319133
CFO LTM342412-811-2677,03525,438377
CFO 3Y Avg741576-793-11745,86620,821659

Growth & Margins

FSLRENPHRUNSEDGNVDAAVGOMedian
NameFirst So.Enphase .Sunrun SolarEdg.NVIDIA Broadcom  
Rev Chg LTM19.4%4.4%3.3%-37.8%71.6%28.0%11.9%
Rev Chg 3Y Avg19.8%5.4%4.1%-15.9%92.0%24.0%12.6%
Rev Chg Q6.4%19.7%8.7%9.1%55.6%22.0%14.4%
QoQ Delta Rev Chg LTM1.2%4.2%2.2%2.6%11.2%5.0%3.4%
Op Mgn LTM32.3%12.8%-23.0%-140.2%58.1%39.0%22.5%
Op Mgn 3Y Avg18.7%14.1%-29.4%-54.5%51.0%38.4%16.4%
QoQ Delta Op Mgn LTM-0.9%2.1%1.3%13.4%0.1%1.5%1.4%
CFO/Rev LTM8.0%27.8%-38.1%-2.7%46.6%42.4%17.9%
CFO/Rev 3Y Avg22.8%29.1%-35.5%-8.5%44.5%44.6%25.9%
FCF/Rev LTM-22.9%25.2%-174.5%-10.3%43.6%41.6%7.4%
FCF/Rev 3Y Avg-14.2%25.7%-153.5%-15.8%41.3%43.5%5.7%

Valuation

FSLRENPHRUNSEDGNVDAAVGOMedian
NameFirst So.Enphase .Sunrun SolarEdg.NVIDIA Broadcom  
Mkt Cap22.65.13.62.04,149.31,631.813.8
P/S5.33.41.72.125.127.24.4
P/EBIT16.023.4-1.0-1.341.171.019.7
P/E17.829.0-1.4-1.147.986.223.4
P/CFO65.912.3-4.5-78.353.964.133.1
Total Yield5.6%3.4%-70.4%-87.2%2.1%1.2%1.6%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-2.8%4.4%-133.5%-14.8%1.5%3.1%-0.7%
D/E0.00.23.90.40.00.00.1
Net D/E-0.0-0.13.70.0-0.00.0-0.0

Returns

FSLRENPHRUNSEDGNVDAAVGOMedian
NameFirst So.Enphase .Sunrun SolarEdg.NVIDIA Broadcom  
1M Rtn-3.9%8.2%2.6%9.5%-6.4%13.2%5.4%
3M Rtn46.7%6.4%159.5%100.9%17.1%38.1%42.4%
6M Rtn62.9%-37.9%138.9%100.9%44.9%78.0%70.4%
12M Rtn-12.2%-67.3%-21.7%51.5%47.4%115.5%17.6%
3Y Rtn55.2%-87.8%-57.1%-89.0%1,191.8%630.0%-1.0%
1M Excs Rtn-6.3%5.9%0.3%7.1%-8.8%10.9%3.1%
3M Excs Rtn36.1%0.6%164.9%103.4%7.8%28.8%32.5%
6M Excs Rtn47.9%-54.5%126.8%84.5%30.0%66.9%57.4%
12M Excs Rtn-25.2%-82.1%-34.6%55.8%25.7%91.5%0.2%
3Y Excs Rtn-6.5%-148.0%-119.4%-149.8%1,014.8%532.7%-63.0%

Financials

$ Mil | FY: 12/312025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q32022Q2
Period End3/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/20226/30/2022
Filing Date4/29/20252/25/202510/29/20247/30/20245/1/20242/27/202410/31/20237/27/20234/27/20232/28/202310/28/20227/29/2022
Key Financials Quarterly            
Total Revenue8451,5148881,0107941,1598018115481,002629621
Ebitda352582448484355473372262105679209
Operating Income22145732237324239127320418-46-74-101
Net Income21039331334923734926817143-8-4956
EPS1.963.672.923.262.213.272.511.600.40-0.07-0.460.52
Key Financials TTM            
Total Revenue TTM4,2574,2063,8513,7643,5643,3193,1622,9902,8012,6192,5242,479
Ebitda TTM1,8661,8691,7601,6851,4621,212806443391291458564
Operating Income TTM1,3731,3941,3281,2791,110886449102-203-281-6166
Net Income TTM1,2651,2921,2481,2041,02583147415642-4495189
Growth Rates Quarterly            
Total Revenue Growth6.4%30.7%10.8%24.6%44.8%15.6%27.4%30.6%49.4%10.5%7.8%-1.3%
EBITDA Growth-0.8%22.9%20.3%85.1%237.5%605.6%4158.6%24.9%1879.6%-71.4%-92.4%20.9%
Operating Income Growth-8.6%16.8%18.1%82.8%1243.2%947.8%466.9%302.8%130.2%-126.6%-241.0%-189.7%
Net Income Growth-11.4%12.6%16.6%104.8%455.9%4726.9%645.9%205.7%198.4%-105.7%-208.8%-32.3%
Margins Quarterly            
EBITDA Margin41.7%38.4%50.4%47.9%44.7%40.9%46.4%32.3%19.2%6.7%1.4%33.7%
Operating Income Margin26.2%30.2%36.3%36.9%30.5%33.8%34.0%25.2%3.3%-4.6%-11.8%-16.2%
Net Income Margin24.8%26.0%35.3%34.6%29.8%30.1%33.5%21.0%7.8%-0.8%-7.8%9.0%
Cash & Debt            
Total Cash8911,7931,2701,7401,9902,1021,8221,8842,2712,5781,9271,845
Total Debt630719694622682624543483368234313232
Net Debt / (Cash)-260-1,074-576-1,118-1,309-1,478-1,279-1,401-1,903-2,344-1,614-1,613
Cash Flows Quarterly            
FCF from Operations-608811-54193268561165-90-3579512988
Cash Flows TTM            
FCF from Operations TTM3421,2189681,187905602836800978873113289
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC34.8%98.1%57.3%87.5%64.7%117.2%71.9%57.4%9.2%-52.5%-22.2%-14.8%
Return on Invested Capital (ROIC) TTM            
ROIC TTM51.7%78.1%57.7%75.0%73.9%66.7%29.9%7.9%-10.1%-79.8%-3.0%3.9%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Modules3,2972,4282,3311,7361,460
Other22191592  
Systems   9751,603
Total3,3192,6192,9232,7113,063


Price Behavior

FSLR Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.100.321.090.950.900.99
Up Beta2.781.321.661.040.841.01
Down Beta-0.19-1.810.140.740.900.86
Up Capture15%132%160%140%72%110%
Bmk +ve Days10223571142415
Stock +ve Days9193265115365
Down Capture-218%-59%78%83%107%102%
Bmk -ve Days11192754106334
Stock -ve Days12223060133385

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity9,608,763
Short Interest: % Change Since 8152025-3.3%
Average Daily Volume3,606,083
Days-to-Cover Short Interest2.66
Basic Shares Quantity107,122,000
Short % of Basic Shares9.0%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/31/20255.3%6.2%11.7%
2/20/2025-5.3%-14.0%-20.0%
10/29/2024-1.1%8.1%-3.6%
7/30/20242.4%-0.2%8.4%
2/27/20242.9%9.7%15.5%
10/31/20230.3%1.3%10.8%
7/27/20234.8%-1.3%-10.7%
2/28/202315.7%26.7%27.3%
...
SUMMARY STATS   
# Positive111113
# Negative886
Median Positive4.8%9.4%12.2%
Median Negative-3.2%-7.4%-12.9%
Max Positive15.7%26.7%37.6%
Max Negative-14.7%-25.4%-43.2%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025731202510-Q 6/30/2025
3312025429202510-Q 3/31/2025
12312024225202510-K 12/31/2024
93020241029202410-Q 9/30/2024
6302024730202410-Q 6/30/2024
3312024501202410-Q 3/31/2024
12312023227202410-K 12/31/2023
93020231031202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023427202310-Q 3/31/2023
12312022228202310-K 12/31/2022
93020221028202210-Q 9/30/2022
6302022729202210-Q 6/30/2022
3312022429202210-Q 3/31/2022
12312021301202210-K 12/31/2021
93020211105202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Dymbort Jason E.General Counsel and Secretary8202025Sell215.331,824392,7624,403,283Form
1Widmar Mark RChief Executive Officer8182025Sell185.15478,70215,577,595Form
2Widmar Mark RChief Executive Officer8142025Sell181.7820036,35620,303,008Form
3Buehler Patrick JamesChief Product Officer7072025Sell180.001,600288,000791,640Form
4Buehler Patrick JamesChief Product Officer6042025Sell149.081,868278,481894,182Form

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