First Solar, Inc.FSLRNASDAQ

Overview Intelligence Charts News Fundamentals Key Metrics Earnings Growth Financials Insiders

Revenue (LTM)

$5.2B

+24.1% YoY

Net Income (LTM)

$1.5B

+18.3% YoY

Free Cash Flow

$1.2B

Revenue CAGR (5Y)

+14.0%

Marginsimproving

FCFTurned positive

Profitable

Watch on earnings:Module production volume (GW shipped) and factory utilization ratesBookings-to-bill ratio and contracted backlog duration (currently through 2030)Module ASP realized and forward pricing for uncontracted capacitySystems segment gross margin (EPC projects have 8-12% margins versus 40%+ modules)Manufacturing cost per watt and Series 7 yield ratesGuidance on IRA manufacturing credit realization ($0.07/watt = $70M per GW)

Key metrics:SEIA quarterly utility-scale solar installation forecasts (GW pipeline) · Chinese polysilicon spot prices ($/kg) as proxy for crystalline silicon module cost competitiveness · FERC interconnection queue additions and withdrawal rates for solar projects >100MW · U.S. Commerce Department AD/CVD case progression on Southeast Asian solar imports

Income Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	2,923	2,619↓10.4%	3,319↑26.7%	4,206↑26.7%	5,219↑24.1%
Gross Profit	730	70↓90.4%	1,301↑1761.9%	1,858↑42.8%	2,120↑14.1%
Operating Income	587	-27↓104.6%	857↑3247.5%	1,394↑62.7%	1,597↑14.5%
Net Income	469	-44↓109.4%	831↑1981.0%	1,292↑55.5%	1,528↑18.3%
EBITDA	845	291↓65.6%	1,212↑317.2%	1,869↑54.2%	2,154↑15.3%
EPS Diluted	4.38	-0.41↓109.4%	7.74↑1987.8%	12.02↑55.3%	14.21↑18.2%

Balance Sheet

⚠ $2.5B capex program through 2026 consumes all free cash flow, requiring $1.5B annual capex versus $1.2B operating cash flow

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	1,451	1,481↑2.1%	1,947↑31.4%	1,621↓16.7%	2,804↑72.9%
Total Current Assets	3,191	3,791↑18.8%	4,635↑22.2%	5,089↑9.8%	6,029↑18.5%
Total Assets	7,414	8,251↑11.3%	10,365↑25.6%	12,124↑17.0%	13,321↑9.9%
Total Current Liabilities	727	1,038↑42.8%	1,306↑25.8%	2,077↑59.0%	2,254↑8.5%
Total Liabilities	1,454	2,415↑66.1%	3,678↑52.3%	4,147↑12.8%	3,783↓8.8%
Total Equity	5,960	5,836↓2.1%	6,687↑14.6%	7,978↑19.3%	9,538↑19.6%
Total Debt	399	234↓41.3%	624↑166.7%	719↑15.1%	499↓30.6%
Net Debt	-1,052	-1,247↓18.5%	-1,323↓6.1%	-903↑31.8%	-2,305↓155.4%

Cash Flow Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	238	873↑267.6%	602↓31.0%	1,218↑102.2%	2,057↑68.9%
Capital Expenditure	-540	-904↓67.2%	-1,387↓53.5%	-1,526↓10.0%	-870↑43.0%
Free Cash Flow	-303	-30↑90.0%	-785↓2494.6%	-308↑60.7%	1,187↑485.4%
Stock-Based Comp	21	29↑37.1%	34↑19.4%	28↓17.9%	19↓31.6%
Net Change in Cash	182	38↓79.4%	472↑1153.4%	-327↓169.3%	1,176↑459.7%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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