First Solar, Inc. (FSLR) Balance Sheet
FSLR balance sheet, 2025
December 31, 2025 · U.S. dollars$13.32B assets = $3.78B liabilities + $9.54B equity
Both columns are drawn to the same scale: what FSLR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FSLR financial health
Descriptive bands, not a rating. Fiscal 2025.
FSLR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.87B2016 | $13.32B2025 | +7.6%/yr | |
| Total liabilities | $1.65B2016 | $3.78B2025 | +9.6%/yr | |
| Shareholders’ equity | $5.21B2016 | $9.54B2025 | +6.9%/yr | |
| Cash & short-term investments | $1.96B2016 | $2.86B2025 | +4.3%/yr | |
| Total debt | $215.0M2016 | $498.6M2025 | +9.8%/yr | |
| Net cash (debt) | $1.74B2016 | $2.36B2025 | +$616.6M | |
| Working capital | $2.89B2016 | $3.77B2025 | +$887.8M | |
| Book value per share | $50.672016 | $88.692025 | +6.4%/yr | |
| Current ratio | 4.212016 | 2.672025 | −1.53 | |
| Debt / equity | 0.042016 | 0.052025 | +0.01 | |
| Shares outstanding | 102.9M2016 | 107.5M2025 | +0.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FSLR assets
FSLR liabilities and equity
FSLR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FSLR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.86B | $1.79B | $2.10B | $2.58B | $1.83B | $1.75B | $2.16B | $2.55B | $2.99B | $1.96B |
| Cash & equivalents | $2.80B | $1.62B | $1.95B | $1.48B | $1.45B | $1.23B | $1.35B | $1.40B | $2.27B | $1.35B |
| Short-term investments | $51.8M | $171.6M | $155.5M | $1.10B | $375.4M | $520.1M | $811.5M | $1.14B | $720.4M | $608.0M |
| Receivables | $1.94B | $1.81B | $1.41B | $329.6M | $454.7M | $294.3M | $712.3M | $612.8M | $419.0M | $510.7M |
| Inventory | $1.07B | $1.35B | $1.01B | $783.3M | $819.4M | $702.1M | $497.1M | $444.8M | $201.2M | $426.0M |
| Other current assets | $161.1M | $138.9M | $112.6M | $100.5M | $91.1M | $271.1M | $226.2M | $254.7M | $223.6M | $894.7M |
| Total current assets | $6.03B | $5.09B | $4.63B | $3.79B | $3.19B | $3.01B | $3.60B | $3.86B | $3.83B | $3.79B |
| Property, plant & equipment (net) | $5.68B | $5.56B | $4.50B | $3.63B | $3.07B | $2.87B | $2.80B | $2.06B | $1.57B | $1.08B |
| Goodwill & intangible assets | $82.1M | $83.0M | $94.2M | $45.6M | $60.0M | $70.6M | $79.0M | $88.6M | $94.7M | $102.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $2.8M | $26.0M | $267.9M | $297.1M |
| Other non-current assets | $1.53B | $1.40B | $1.14B | $784.2M | $1.09B | $1.15B | $1.03B | $1.08B | $1.10B | $1.60B |
| Total assets | $13.32B | $12.12B | $10.37B | $8.25B | $7.41B | $7.11B | $7.52B | $7.12B | $6.86B | $6.87B |
| Liabilities | ||||||||||
| Accounts payable | $405.8M | $482.2M | $207.2M | $341.4M | $193.4M | $183.3M | $218.1M | $233.3M | $120.2M | $148.7M |
| Short-term debt | $216.0M | $249.7M | $106.6M | $9.2M | $16.7M | $55.5M | $28.6M | $5.6M | $13.1M | $28.0M |
| Deferred revenue | $1.01B | $712.0M | $413.6M | $263.2M | $201.9M | $188.8M | $323.2M | $129.8M | $81.8M | $115.6M |
| Total current liabilities | $2.25B | $2.08B | $1.31B | $1.04B | $726.9M | $847.4M | $1.32B | $845.5M | $650.3M | $899.7M |
| Long-term debt | $282.6M | $373.4M | $464.1M | $184.3M | $236.0M | $237.7M | $454.2M | $461.2M | $380.5M | $160.4M |
| Lease obligations | $156.8M | $109.0M | $64.1M | $49.8M | $158.7M | $203.0M | $123.6M | — | — | — |
| Other long-term liabilities | $1.25B | $1.70B | $1.91B | $1.19B | $491.3M | $502.9M | $646.5M | $602.3M | $735.1M | $594.4M |
| Total liabilities | $3.78B | $4.15B | $3.68B | $2.42B | $1.45B | $1.59B | $2.42B | $1.91B | $1.77B | $1.65B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $107,000 | $107,000 | $107,000 | $107,000 | $106,000 | $106,000 | $105,000 | $105,000 | $104,000 | $104,000 |
| Retained earnings (deficit) | $6.79B | $5.26B | $3.97B | $3.14B | $3.18B | $2.72B | $2.33B | $2.44B | $2.30B | $2.46B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$155.5M | −$184.1M | −$174.1M | −$191.8M | −$96.4M | −$61.7M | −$79.3M | −$54.5M | $2.3M | −$9.9M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $9.54B | $7.98B | $6.69B | $5.84B | $5.96B | $5.52B | $5.10B | $5.21B | $5.10B | $5.21B |
| Key figures | ||||||||||
| Total debt | $498.6M | $718.8M | $624.4M | $234.1M | $398.6M | $482.3M | $595.3M | $466.8M | $436.9M | $215.0M |
| Net cash (debt) | $2.36B | $1.07B | $1.48B | $2.34B | $1.43B | $1.26B | $1.57B | $2.08B | $2.55B | $1.74B |
| Working capital | $3.77B | $3.01B | $3.33B | $2.75B | $2.46B | $2.17B | $2.28B | $3.01B | $3.18B | $2.89B |
| Tangible book value | $9.46B | $7.89B | $6.59B | $5.79B | $5.90B | $5.45B | $5.02B | $5.12B | $5.00B | $5.11B |
| Book value per share | $88.69 | $74.19 | $62.28 | $54.77 | $55.74 | $51.75 | $48.40 | $49.12 | $48.87 | $50.67 |
| Shares outstanding | 107.5M | 107.5M | 107.4M | 106.6M | 106.9M | 106.7M | 105.3M | 106.1M | 104.3M | 102.9M |
| Current ratio | 2.67 | 2.45 | 3.55 | 3.65 | 4.39 | 3.56 | 2.73 | 4.57 | 5.89 | 4.21 |
| Quick ratio | 2.13 | 1.73 | 2.69 | 2.80 | 3.14 | 2.41 | 2.18 | 3.74 | 5.24 | 2.74 |
| Debt / equity | 0.05 | 0.09 | 0.09 | 0.04 | 0.07 | 0.09 | 0.12 | 0.09 | 0.09 | 0.04 |
| Equity / assets | 71.6% | 65.8% | 64.5% | 70.7% | 80.4% | 77.7% | 67.8% | 73.2% | 74.3% | 75.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.73B | $2.43B | $2.86B | $2.04B | $1.15B | $890.8M | $1.79B | $1.27B | $1.74B | $1.99B | $2.10B | $1.82B |
| Cash & equivalents | $1.69B | $2.36B | $2.80B | $1.99B | $1.12B | $837.6M | $1.62B | $1.01B | $1.70B | $1.68B | $1.95B | $1.49B |
| Short-term investments | $38.7M | $63.6M | $51.8M | $47.7M | $29.1M | $53.1M | $171.6M | $264.7M | $37.4M | $308.0M | $155.5M | $329.5M |
| Receivables | $1.89B | $1.82B | $1.94B | $2.25B | $2.33B | $1.96B | $1.81B | $904.1M | $789.9M | $961.7M | $1.41B | $808.9M |
| Inventory | $1.09B | $1.23B | $1.07B | $1.43B | $1.72B | $1.57B | $1.35B | $1.50B | $1.26B | $1.18B | $1.01B | $1.07B |
| Other current assets | $615.3M | $175.1M | $161.1M | $182.0M | $219.0M | $148.8M | $138.9M | $141.3M | $154.2M | $114.4M | $112.6M | $123.0M |
| Total current assets | $5.32B | $5.65B | $6.03B | $5.90B | $5.42B | $4.57B | $5.09B | $3.82B | $3.95B | $4.24B | $4.63B | $3.82B |
| Property, plant & equipment (net) | $5.64B | $5.67B | $5.68B | $5.76B | $5.86B | $5.78B | $5.56B | $5.47B | $5.24B | $5.01B | $4.50B | $4.15B |
| Goodwill & intangible assets | $93.5M | $95.5M | $82.1M | $81.9M | $82.5M | $82.3M | $83.0M | $86.2M | $88.1M | $90.6M | $94.2M | $94.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.33B | $1.94B | $1.53B | $1.72B | $1.49B | $1.68B | $1.40B | $2.06B | $1.74B | $1.41B | $1.14B | $1.51B |
| Total assets | $13.39B | $13.35B | $13.32B | $13.46B | $12.86B | $12.12B | $12.12B | $11.44B | $11.01B | $10.76B | $10.37B | $9.58B |
| Liabilities | ||||||||||||
| Accounts payable | $346.3M | $306.8M | $405.8M | $284.5M | $367.7M | $427.8M | $482.2M | $265.3M | $230.9M | $239.2M | $207.2M | $110.8M |
| Short-term debt | $52.0M | $188.6M | $216.0M | $484.8M | $660.8M | $210.9M | $249.7M | $221.6M | $151.0M | $211.4M | $106.6M | $45.1M |
| Deferred revenue | $1.18B | $1.20B | $1.01B | $1.55B | $1.06B | $1.04B | $712.0M | $645.0M | $689.5M | $692.7M | $413.6M | $372.2M |
| Total current liabilities | $2.11B | $2.21B | $2.25B | $3.09B | $2.85B | $2.37B | $2.08B | $1.78B | $1.77B | $1.76B | $1.31B | $1.20B |
| Long-term debt | $0 | $237.2M | $282.6M | $282.6M | $328.0M | $327.9M | $373.4M | $373.3M | $418.7M | $418.7M | $464.1M | $464.0M |
| Lease obligations | $156.4M | $161.3M | $156.8M | $143.1M | $94.6M | $105.2M | $109.0M | $112.6M | $63.0M | $61.9M | $64.1M | $43.9M |
| Other long-term liabilities | $956.4M | $1.03B | $1.25B | $1.07B | $1.13B | $1.23B | $1.70B | $1.69B | $1.57B | $1.68B | $1.91B | $1.62B |
| Total liabilities | $3.07B | $3.47B | $3.78B | $4.44B | $4.31B | $3.93B | $4.15B | $3.84B | $3.76B | $3.86B | $3.68B | $3.28B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $107,000 | $107,000 | $107,000 | $107,000 | $107,000 | $107,000 | $107,000 | $107,000 | $107,000 | $107,000 | $107,000 | $107,000 |
| Retained earnings (deficit) | $7.56B | $7.14B | $6.79B | $6.27B | $5.81B | $5.47B | $5.26B | $4.87B | $4.56B | $4.21B | $3.97B | $3.62B |
| Accumulated other comprehensive income | −$156.1M | −$168.2M | −$155.5M | −$154.9M | −$160.9M | −$171.1M | −$184.1M | −$168.9M | −$188.3M | −$183.6M | −$174.1M | −$199.0M |
| Total shareholders' equity | $10.32B | $9.88B | $9.54B | $9.02B | $8.55B | $8.19B | $7.98B | $7.59B | $7.26B | $6.90B | $6.69B | $6.30B |
| Key figures | ||||||||||||
| Total debt | $194.0M | $425.8M | $498.6M | $891.9M | $1.07B | $630.4M | $718.8M | $694.1M | $621.9M | $681.5M | $624.4M | $543.3M |
| Net cash (debt) | $1.53B | $2.00B | $2.36B | $1.15B | $86.8M | $260.4M | $1.07B | $575.7M | $1.12B | $1.31B | $1.48B | $1.28B |
| Working capital | $3.21B | $3.44B | $3.77B | $2.81B | $2.57B | $2.20B | $3.01B | $2.04B | $2.18B | $2.48B | $3.33B | $2.62B |
| Tangible book value | $10.23B | $9.78B | $9.46B | $8.93B | $8.46B | $8.10B | $7.89B | $7.51B | $7.17B | $6.81B | $6.59B | $6.21B |
| Book value per share | $95.80 | $91.79 | $88.60 | $83.83 | $79.49 | $76.22 | $74.14 | $70.60 | $67.48 | $64.27 | $62.18 | $58.63 |
| Shares outstanding | 107.7M | 107.6M | 107.7M | 107.5M | 107.5M | 107.4M | 107.6M | 107.6M | 107.5M | 107.4M | 107.6M | 107.5M |
| Current ratio | 2.52 | 2.56 | 2.67 | 1.91 | 1.90 | 1.93 | 2.45 | 2.14 | 2.23 | 2.41 | 3.55 | 3.19 |
| Quick ratio | 1.71 | 1.92 | 2.13 | 1.39 | 1.22 | 1.20 | 1.73 | 1.22 | 1.43 | 1.68 | 2.69 | 2.19 |
| Debt / equity | 0.02 | 0.04 | 0.05 | 0.10 | 0.12 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.09 | 0.09 |
| Equity / assets | 77.1% | 74.0% | 71.6% | 67.0% | 66.5% | 67.6% | 65.8% | 66.4% | 65.9% | 64.1% | 64.5% | 65.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
FSLR financial position
At the end of fiscal 2025 (December 31, 2025), First Solar had total assets of $13.3 billion (up 9.9% from a year earlier), total liabilities of $3.8 billion and shareholders' equity of $9.5 billion. It held $2.9 billion in cash and short-term investments against $498.6 million of debt, a net cash position of $2.4 billion. Its current ratio was 2.67. In the latest quarter (ended June 30, 2026) total assets were $13.4 billion and equity $10.3 billion.
Related: FSLR income statement, FSLR cash flow statement, FSLR key metrics. See the FSLR stock overview for the latest quote and news.
FSLR balance sheet FAQ
What are First Solar's total assets?
First Solar reported total assets of $13.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $12.1 billion a year earlier.
How much debt does First Solar have?
First Solar had $498.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.05.
How much cash does First Solar have?
First Solar held $2.9 billion in cash and short-term investments at the end of fiscal 2025; with $498.6 million of debt that is net cash of $2.4 billion.
What is First Solar's book value?
First Solar's shareholders' equity (book value) was $9.5 billion at the end of fiscal 2025, or $88.69 per share.
What is First Solar's current ratio?
First Solar had current assets of $6.0 billion and current liabilities of $2.3 billion, a current ratio of 2.67 (it can cover its short-term obligations).
How much goodwill does First Solar have?
First Solar carried $82.1 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.