First Solar, Inc. (FSLR) Key Metrics
FSLR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $18.55B
- Enterprise value
- $19.10B
- P/E (TTM)
- 10.6 10-yr median 21.1
- Forward P/E
- 8.3
- PEG ratio
- 0.36
- Price / sales
- 3.4 10-yr median 3.5
- Price / book
- 2.0 10-yr median 1.7
- EV / EBITDA
- 7.8 10-yr median 13.1
- Dividend yield
- —
- Beta
- 1.79
FSLR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFSLR valuation Price multiples at each fiscal year-end price.
FSLR returns How much profit the business earns on the capital it uses.
FSLR per-share figures Results divided by the shares outstanding at year-end.
FSLR financial health Debt, liquidity and how easily interest is covered.
FSLR efficiency & capital use Working capital cycle and where the cash goes.
FSLR valuation history
FSLR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FSLR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FSLR cash returned to shareholders
FSLR price vs earnings per share
FSLR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $28.09B | $18.95B | $18.50B | $15.96B | $9.32B | $10.55B | $5.89B | $4.51B | $7.04B | $3.30B |
| Enterprise value | $25.74B | $17.88B | $17.02B | $13.62B | $7.89B | $9.29B | $4.32B | $2.42B | $4.49B | $1.56B |
| P/E ratio | 18.4 | 14.7 | 22.3 | — | 19.9 | 26.5 | — | 31.2 | — | — |
| Price / sales | 5.4 | 4.5 | 5.6 | 6.1 | 3.2 | 3.9 | 1.9 | 2.0 | 2.4 | 1.1 |
| Price / book | 2.9 | 2.4 | 2.8 | 2.7 | 1.6 | 1.9 | 1.2 | 0.9 | 1.4 | 0.6 |
| Price / free cash flow | 23.7 | — | — | — | — | — | — | — | 8.5 | — |
| Price / operating cash flow | 13.7 | 15.6 | 30.7 | 18.3 | 39.2 | 284.3 | 33.8 | — | 5.3 | 16.0 |
| EV / sales | 4.9 | 4.2 | 5.1 | 5.2 | 2.7 | 3.4 | 1.4 | 1.1 | 1.5 | 0.5 |
| EV / EBITDA | 11.9 | 9.6 | 14.0 | 46.9 | 9.3 | 16.9 | 38.5 | 9.0 | 13.1 | — |
| EV / free cash flow | 21.7 | — | — | — | — | — | — | — | 5.4 | — |
| Earnings yield | 5.4% | 6.8% | 4.5% | −0.3% | 5.0% | 3.8% | −2.0% | 3.2% | −2.4% | −12.6% |
| Free cash flow yield | 4.2% | −1.6% | −4.2% | −0.2% | −3.2% | −3.6% | −8.4% | −23.7% | 11.7% | −0.7% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% | 0.3% | 0.2% | 0.1% | 0.6% |
| Share price at fiscal year-end | $261.23 | $176.24 | $172.28 | $149.79 | $87.16 | $98.92 | $55.96 | $42.45 | $67.52 | $32.09 |
| Per share | ||||||||||
| Revenue per share | $48.54 | $39.12 | $30.91 | $24.58 | $27.34 | $25.41 | $29.09 | $21.15 | $28.19 | $28.24 |
| Earnings per share | $14.21 | $12.02 | $7.74 | −$0.41 | $4.38 | $3.73 | −$1.09 | $1.36 | −$1.59 | −$4.05 |
| Operating cash flow per share | $19.13 | $11.33 | $5.61 | $8.20 | $2.22 | $0.35 | $1.65 | −$3.08 | $12.85 | $2.01 |
| Free cash flow per share | $11.04 | −$2.87 | −$7.31 | −$0.28 | −$2.83 | −$3.56 | −$4.70 | −$10.05 | $7.92 | −$0.22 |
| Cash per share | $26.55 | $16.67 | $19.58 | $24.19 | $17.08 | $16.38 | $20.55 | $24.01 | $28.65 | $19.01 |
| Book value per share | $88.69 | $74.19 | $62.28 | $54.77 | $55.74 | $51.75 | $48.40 | $49.12 | $48.87 | $50.67 |
| Tangible book value per share | $87.93 | $73.42 | $61.41 | $54.34 | $55.18 | $51.09 | $47.65 | $48.29 | $47.96 | $49.68 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $8.09 | $14.19 | $12.92 | $8.48 | $5.05 | $3.91 | $6.35 | $6.97 | $4.93 | $2.23 |
| Debt per share | $4.64 | $6.68 | $5.82 | $2.20 | $3.73 | $4.52 | $5.65 | $4.40 | $4.19 | $2.09 |
| Shares outstanding | 107.5M | 107.5M | 107.4M | 106.6M | 106.9M | 106.7M | 105.3M | 106.1M | 104.3M | 102.9M |
| Change in shares outstanding | +0.0% | +0.1% | +0.8% | −0.3% | +0.2% | +1.3% | −0.8% | +1.7% | +1.4% | +1.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.4% | 17.6% | 13.3% | −0.7% | 8.2% | 7.5% | −2.2% | 2.8% | −3.2% | −7.7% |
| Return on invested capital (ROIC) | 21.9% | 21.2% | 18.4% | −0.3% | 10.9% | 8.2% | −3.8% | 1.4% | 3.0% | −12.0% |
| Return on assets (ROA) | 12.0% | 11.5% | 8.9% | −0.6% | 6.5% | 5.4% | −1.6% | 2.1% | −2.4% | −5.9% |
| Return on tangible assets | 11.5% | 10.7% | 8.1% | −0.5% | 6.4% | 5.7% | −1.5% | 2.1% | −2.4% | −6.2% |
| Free cash flow margin | 22.7% | −7.3% | −23.6% | −1.2% | −10.4% | −14.0% | −16.1% | −47.5% | 28.1% | −0.8% |
| Income quality (OCF / net income) | 1.35 | 0.94 | 0.72 | — | 0.51 | 0.09 | — | −2.26 | — | — |
| Financial health | ||||||||||
| Total debt | $498.6M | $718.8M | $624.4M | $234.1M | $398.6M | $482.3M | $595.3M | $466.8M | $436.9M | $215.0M |
| Cash & short-term investments | $2.86B | $1.79B | $2.10B | $2.58B | $1.83B | $1.75B | $2.16B | $2.55B | $2.99B | $1.96B |
| Net debt | −$2.36B | −$1.07B | −$1.48B | −$2.34B | −$1.43B | −$1.26B | −$1.57B | −$2.08B | −$2.55B | −$1.74B |
| Debt / equity | 0.05 | 0.09 | 0.09 | 0.04 | 0.07 | 0.09 | 0.12 | 0.09 | 0.09 | 0.04 |
| Debt / assets | 0.04 | 0.06 | 0.06 | 0.03 | 0.05 | 0.07 | 0.08 | 0.07 | 0.06 | 0.03 |
| Net debt / EBITDA | −1.09 | −0.57 | −1.22 | −8.07 | −1.69 | −2.30 | −13.96 | −7.71 | −7.44 | — |
| Current ratio | 2.67 | 2.45 | 3.55 | 3.65 | 4.39 | 3.56 | 2.73 | 4.57 | 5.89 | 4.21 |
| Quick ratio | 2.20 | 1.80 | 2.77 | 2.90 | 3.26 | 2.73 | 2.35 | 4.04 | 5.58 | 3.74 |
| Interest coverage | 36.2 | 35.9 | 66.1 | -2.2 | 44.8 | 13.2 | -6.0 | 1.5 | 6.9 | -27.7 |
| Working capital | $3.77B | $3.01B | $3.33B | $2.75B | $2.46B | $2.17B | $2.28B | $3.01B | $3.18B | $2.89B |
| Invested capital | $7.18B | $6.90B | $5.21B | $3.49B | $4.53B | $4.26B | $3.53B | $3.13B | $2.55B | $3.47B |
| Tangible asset value | $9.46B | $7.89B | $6.59B | $5.79B | $5.90B | $5.45B | $5.02B | $5.12B | $5.00B | $5.11B |
| Net current asset value | $2.25B | $942.2M | $957.1M | $1.38B | $1.74B | $1.43B | $1.18B | $1.95B | $2.07B | $2.13B |
| Graham number | $168.41 | $141.63 | $104.13 | — | $74.14 | $65.94 | — | $38.77 | — | — |
| Graham net-net per share | $9.89 | −$3.00 | −$0.12 | $7.52 | $10.50 | $6.85 | $5.01 | $12.44 | $15.70 | $8.72 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $15.5M | $20.2M | $31.1M | $12.1M | $16.0M | $13.1M | $16.1M | $11.2M | $5.1M | $20.4M |
| Dividends + buybacks / free cash flow | 1.3% | — | — | — | — | — | — | — | 0.6% | — |
| Capex / revenue | 16.7% | 36.3% | 41.8% | 34.5% | 18.5% | 15.4% | 21.8% | 33.0% | 17.5% | 7.9% |
| Capex / operating cash flow | 42.3% | 125.3% | 230.3% | 103.5% | 227.4% | 1,122.4% | 383.9% | — | 38.4% | 111.0% |
| Capex / depreciation | 1.64 | 3.60 | 4.50 | 3.35 | 2.08 | 1.79 | 3.25 | 5.66 | 4.46 | 0.99 |
| Stock-based compensation / revenue | 0.4% | 0.7% | 1.0% | 1.1% | 0.7% | 1.1% | 1.2% | 1.5% | 1.2% | 1.0% |
| R&D / revenue | 4.5% | 4.5% | 4.6% | 4.3% | 3.4% | 3.5% | 3.2% | 3.8% | 3.0% | 4.3% |
| SG&A / revenue | 3.9% | 4.5% | 5.5% | 6.3% | 5.8% | 8.2% | 6.7% | 7.9% | 6.9% | 9.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 131.1 | 139.5 | 95.5 | 54.6 | 46.8 | 67.8 | 78.9 | 83.9 | 57.7 | 67.3 |
| Days of inventory on hand | 142.6 | 183.4 | 162.4 | 114.7 | 126.6 | 107.8 | 68.4 | 63.7 | 47.8 | 76.0 |
| Days payables outstanding | 52.3 | 53.6 | 49.6 | 38.3 | 31.3 | 36.1 | 32.8 | 34.8 | 20.5 | 39.2 |
| Cash conversion cycle (days) | 221.4 | 269.4 | 208.3 | 131.1 | 142.0 | 139.5 | 114.6 | 112.7 | 85.0 | 104.1 |
| Receivables turnover | 2.78 | 2.62 | 3.82 | 6.68 | 7.81 | 5.39 | 4.62 | 4.35 | 6.33 | 5.42 |
| Payables turnover | 6.98 | 6.81 | 7.36 | 9.53 | 11.64 | 10.12 | 11.14 | 10.48 | 17.79 | 9.32 |
| Inventory turnover | 2.56 | 1.99 | 2.25 | 3.18 | 2.88 | 3.39 | 5.34 | 5.73 | 7.63 | 4.80 |
| Asset turnover | 0.41 | 0.37 | 0.36 | 0.33 | 0.40 | 0.37 | 0.42 | 0.32 | 0.43 | 0.41 |
| Average receivables | $1.87B | $1.61B | $868.6M | $392.2M | $374.5M | $503.3M | $662.5M | $515.9M | $464.9M | $535.9M |
| Average payables | $444.0M | $344.7M | $274.3M | $267.4M | $188.4M | $200.7M | $225.7M | $176.8M | $134.5M | $243.2M |
| Average inventory | $1.21B | $1.18B | $897.7M | $801.3M | $760.8M | $599.6M | $471.0M | $323.0M | $313.6M | $471.7M |
| Intangibles / total assets | 0.6% | 0.7% | 0.9% | 0.6% | 0.8% | 1.0% | 1.1% | 1.2% | 1.4% | 1.5% |
Computed from FSLR's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FSLR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), First Solar traded at 18.4 times earnings, against a 10-year median of 21.1. Based on the latest twelve months, the trailing P/E is 10.6 and the forward P/E is 8.3. First Solar earned a return on equity of 17.4% and a return on invested capital of 21.9% in fiscal 2025. It ended the year with $498.6 million of debt and $2.9 billion in cash and short-term investments, a net cash position of $2.4 billion. It returned $15.5 million to shareholders: $0 in dividends and $15.5 million in share buybacks, 1% of free cash flow. The share count rose 4.5% from 102.9M to 107.5M over 9 years.
See the FSLR income statement, the FSLR chart for price history, or the FSLR stock overview for the latest quote and news.
FSLR key metrics FAQ
What is First Solar's P/E ratio?
First Solar's trailing P/E ratio is 10.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.3. At the end of fiscal 2025 it was 18.4, compared with a 10-year median of 21.1.
What is First Solar's EV/EBITDA?
First Solar's enterprise value was 11.9 times EBITDA at the end of fiscal 2025 (enterprise value $25.7 billion, EBITDA $2.2 billion); the current EV/EBITDA is 7.8.
What is First Solar's return on equity?
First Solar's return on equity (ROE) was 17.4% in fiscal 2025: net income of $1.5 billion on average shareholders' equity of $8.8 billion.
What is First Solar's ROIC?
First Solar's return on invested capital was 21.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does First Solar have?
First Solar had total debt of $498.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.05 and more cash than debt.
Does First Solar buy back its shares?
Yes. First Solar spent $15.5 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.0% over the year, to 107.5M..
What is First Solar's free cash flow yield?
First Solar generated $1.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.2% on its market value at year-end ($28.1 billion).
What is First Solar's current ratio?
First Solar's current ratio was 2.67 at the end of fiscal 2025: current assets were 2.67 times current liabilities.