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FSLR

First Solar, Inc.

FSLR

First Solar, Inc. • NASDAQ
$272.92 ▲ 0.26% (+0.71)
Market Cap $29.29 B
52w High $281.55
52w Low $116.56
Dividend Yield 0%
P/E 20.96
Volume 775.60K
Outstanding Shares 107.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.595B ▲ $144.65M ▲ $455.943M ▲ 28.588% ▼ $4.25 ▲ $612.528M ▲
Q2-2025 $1.097B ▲ $138.243M ▲ $341.868M ▲ 31.159% ▲ $3.19 ▲ $485.998M ▲
Q1-2025 $844.568M ▼ $123.159M ▲ $209.535M ▼ 24.81% ▼ $1.96 ▼ $352.46M ▼
Q4-2024 $1.514B ▲ $110.892M ▼ $393.116M ▲ 25.965% ▼ $3.67 ▲ $581.652M ▲
Q3-2024 $887.668M $123.312M $312.956M 35.256% $2.92 $447.508M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.04B ▲ $13.459B ▲ $4.444B ▲ $9.015B ▲
Q2-2025 $1.154B ▲ $12.858B ▲ $4.312B ▲ $8.546B ▲
Q1-2025 $890.76M ▼ $12.117B ▼ $3.929B ▼ $8.187B ▲
Q4-2024 $1.793B ▲ $12.124B ▲ $4.147B ▲ $7.978B ▲
Q3-2024 $1.27B $11.437B $3.843B $7.594B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $455.943M ▲ $1.274B ▲ $-227.731M ▲ $-222.557M ▼ $821.881M ▲ $1.07B ▲
Q2-2025 $341.868M ▲ $149.577M ▲ $-261.994M ▼ $446.618M ▲ $336.063M ▲ $-138.557M ▲
Q1-2025 $209.535M ▼ $-607.982M ▼ $-88.209M ▲ $-99.619M ▼ $-794.203M ▼ $-813.948M ▼
Q4-2024 $393.116M ▲ $810.996M ▲ $-221.386M ▲ $30.728M ▲ $616.756M ▲ $497.457M ▲
Q3-2024 $312.956M $-53.734M $-665.947M $21.776M $-697.783M $-487.653M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q4-2024
Modules Segment
Modules Segment
 $790.00M ▲$1.01Bn ▲$890.00M ▼$1.51Bn ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, with a particularly strong step-up in the last two. At the same time, profitability has improved dramatically: the business moved from roughly breakeven a few years ago to very healthy operating and net income more recently. That shift reflects better pricing, favorable policy tailwinds, and scale benefits from higher volumes. The margin profile today looks much stronger than in the past, but the history shows that earnings can be volatile when market conditions or input costs move against the company. Overall, the income statement now tells a story of a mature, profitable manufacturer, but still one exposed to industry cycles and policy-driven demand.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets and shareholders’ equity both rising over time. This suggests the company has been building out its manufacturing base while still retaining a solid capital cushion. Cash levels are consistently healthy, and debt remains modest relative to the size of the business, indicating a conservative use of borrowing. Taken together, the balance sheet looks robust, providing flexibility to navigate downturns and to support ongoing expansion, though the growing asset base will also need to earn a good return to justify these investments.

Cash Flow

Cash Flow Cash generation from the core business has strengthened, with operating cash flow improving notably in recent years. However, free cash flow has been negative for several years in a row, mainly because the company is spending heavily on new factories and equipment. This pattern—strong cash inflow from operations but large outflows for capital projects—fits a company in an aggressive growth and capacity expansion phase. It is a deliberate choice: reinvest now to support higher future output. The main financial risk is that these large investments must be matched by sustained demand and pricing power to pay off over time.

Competitive Edge

Competitive Edge First Solar holds a distinct position in the solar industry by focusing on utility-scale projects and using cadmium telluride thin‑film technology rather than the more common silicon panels. Its modules tend to perform better in hot, humid, or low‑light environments and degrade more slowly over their lifetime, which is valuable for large power plant owners. The company benefits from scale, vertical integration, and a strong reputation with project financiers, which makes its products easier to finance for long-term projects. Its U.S. headquarters and lack of China-based manufacturing also make it a preferred supplier for customers prioritizing domestic content or supply-chain diversification. On the other hand, it still competes against very low-cost Asian manufacturers and remains exposed to shifts in energy policy and trade rules.

Innovation and R&D

Innovation and R&D Innovation is at the core of First Solar’s strategy. It continues to push the efficiency and durability of its cadmium telluride technology, including its CuRe platform that aims to further slow long-term performance degradation. Recent efficiency records suggest meaningful technical progress, not just incremental tweaks. Beyond the current product line, the company is investing in next‑generation tandem technologies using perovskites that could significantly lift energy output per panel over time. The acquisition of a perovskite specialist and government-supported research programs fit this roadmap. Large-scale capacity expansions in the U.S. and abroad show confidence in demand, but they also raise execution risk: ramping new plants, integrating new technologies, and keeping costs under control will be critical.

Summary

Overall, First Solar has transitioned from a lower-margin, more volatile earnings profile to a strongly profitable manufacturer with a sizeable and growing asset base. Its balance sheet is solid, with good liquidity and relatively low leverage, giving it room to keep investing through industry cycles. The company’s main strengths lie in its differentiated thin‑film technology, strong standing in utility‑scale projects, and alignment with policy support for domestic, lower‑carbon manufacturing. At the same time, it is committing heavily to new capacity and R&D, which increases both its potential upside and its execution risk. Future performance will depend on sustaining technological leadership, managing expansion effectively, and navigating policy and competitive pressures in the global solar market.

NEWS

November 21, 2025 · 2:15 PM UTC

First Solar Inaugurates New $1.1 Billion AI-Enabled Louisiana Manufacturing Facility

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November 14, 2025 · 8:30 AM UTC

First Solar Selects South Carolina for New US Production Facility

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October 30, 2025 · 4:02 PM UTC

First Solar, Inc. Announces Third Quarter 2025 Financial Results and Updates Guidance

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October 9, 2025 · 9:05 AM UTC

First Solar, Inc. to Announce Third Quarter 2025 Financial Results on October 30, 2025

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