Stocktoria

FIRST SOLAR, INC. FSLR

Nasdaq · stock · Semiconductors & Related Devices · website · IPO 2006-11-17 · LEI

FIRST SOLAR, INC. statistics & valuation

Market cap$25.7B
P / E16.8×
P / S4.9×
P / B2.7×
P / FCF21.6×
Net margin29.3%
Return on equity16.0%
FCF margin22.7%
Net cash$2.5B
Net debt / EBITDA-1.2×
Enterprise value USD$23.2B
EV / EBITDA10.9×
Earnings yield EBIT/EV6.9%
Return on capital14.4%
Graham number -25.7%$168.40

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($168.40); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
-14.30% -5.60% 6.40% -3.80% 14.70% 16.00% -1.70% 25.00% 30.70% 29.30% 2016201720182019202020212022202320242025
Gross margin (%)
22.00% 18.70% 17.50% 17.90% 25.10% 25.00% 2.70% 39.20% 44.20% 40.60% 2016201720182019202020212022202320242025
Operating margin (%)
-19.60% 6.00% 1.80% -5.30% 11.70% 20.10% -1.00% 25.80% 33.20% 30.60% 2016201720182019202020212022202320242025
Return on equity (%)
-8.00% -3.20% 2.80% -2.30% 7.20% 7.90% -0.80% 12.40% 16.20% 16.00% 2016201720182019202020212022202320242025
Shares outstanding
104.0M 104.5M 106.1M 105.4M 106.7M 106.9M 106.6M 107.4M 107.5M 107.5M 2016201720182019202020212022202320242025
Net debt ($)
-$1.15B -$1.86B -$924.4M -$869.8M -$939.9M -$1.20B -$1.30B -$1.48B -$1.25B -$2.52B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
-6.10% -2.40% 2.00% -1.50% 5.60% 6.30% -0.50% 8.00% 10.70% 11.50% 2016201720182019202020212022202320242025
Free cash flow margin (%)
-0.80% 28.10% -47.50% -16.10% -14.00% -10.40% -1.20% -23.60% -7.30% 22.70% 2016201720182019202020212022202320242025
Debt / equity (×)
0.04× 0.08× 0.09× 0.09× 0.05× 0.04× 0.03× 0.07× 0.05× 0.03× 2016201720182019202020212022202320242025
EPS ($)
-$4.05 -$1.59 $1.36 -$1.09 $3.73 $4.38 -$0.41 $7.74 $12.02 $14.21 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

FIRST SOLAR, INC. trades at about 16× earnings — near its 10-year norm (10-year range 10.9×–37.2×, median 15.9×).

10.9× 37.2×

Shaded band = 10-year range (10.9×–37.2×); dot = today's 16×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin40.6%44.2%39.2%2.7%25.0%25.1%17.9%17.5%18.7%22.0%
Operating margin30.6%33.2%25.8%-1.0%20.1%11.7%-5.3%1.8%6.0%-19.6%
Net margin29.3%30.7%25.0%-1.7%16.0%14.7%-3.8%6.4%-5.6%-14.3%
FCF margin22.7%-7.3%-23.6%-1.2%-10.4%-14.0%-16.1%-47.5%28.1%-0.8%
Return on assets11.5%10.7%8.0%-0.5%6.3%5.6%-1.5%2.0%-2.4%-6.1%
Return on equity16.0%16.2%12.4%-0.8%7.9%7.2%-2.3%2.8%-3.2%-8.0%
Debt / equity0.03×0.05×0.07×0.03×0.04×0.05×0.09×0.09×0.08×0.04×
Current ratio2.672.453.553.654.393.562.734.575.894.17

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.