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FIRST SOLAR INC (FSLR) Stock Fundamental Analysis

USA - NASDAQ:FSLR - US3364331070 - Common Stock

219.2 USD
+6.71 (+3.16%)
Last: 9/22/2025, 8:25:28 PM
219.16 USD
-0.04 (-0.02%)
Pre-Market: 9/23/2025, 7:16:24 AM
Fundamental Rating

6

FSLR gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 112 industry peers in the Semiconductors & Semiconductor Equipment industry. While FSLR has a great profitability rating, there are quite some concerns on its financial health. FSLR has both an excellent growth and valuation score. This means it is growing and it is still cheap. This is a rare combination!


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

FSLR had positive earnings in the past year.
FSLR had a positive operating cash flow in the past year.
FSLR had positive earnings in 4 of the past 5 years.
Each year in the past 5 years FSLR had a positive operating cash flow.
FSLR Yearly Net Income VS EBIT VS OCF VS FCFFSLR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B

1.2 Ratios

With an excellent Return On Assets value of 9.78%, FSLR belongs to the best of the industry, outperforming 81.25% of the companies in the same industry.
With an excellent Return On Equity value of 14.71%, FSLR belongs to the best of the industry, outperforming 80.36% of the companies in the same industry.
The Return On Invested Capital of FSLR (10.34%) is better than 80.36% of its industry peers.
Industry RankSector Rank
ROA 9.78%
ROE 14.71%
ROIC 10.34%
ROA(3y)6.05%
ROA(5y)6.01%
ROE(3y)9.29%
ROE(5y)8.59%
ROIC(3y)N/A
ROIC(5y)N/A
FSLR Yearly ROA, ROE, ROICFSLR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 10 15

1.3 Margins

Looking at the Profit Margin, with a value of 28.95%, FSLR belongs to the top of the industry, outperforming 88.39% of the companies in the same industry.
In the last couple of years the Profit Margin of FSLR has grown nicely.
With an excellent Operating Margin value of 31.35%, FSLR belongs to the best of the industry, outperforming 91.07% of the companies in the same industry.
In the last couple of years the Operating Margin of FSLR has grown nicely.
The Gross Margin of FSLR (42.76%) is comparable to the rest of the industry.
FSLR's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 31.35%
PM (TTM) 28.95%
GM 42.76%
OM growth 3Y30.14%
OM growth 5Y38.22%
PM growth 3Y24.2%
PM growth 5YN/A
GM growth 3Y20.94%
GM growth 5Y19.76%
FSLR Yearly Profit, Operating, Gross MarginsFSLR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 30 40

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3

2. Health

2.1 Basic Checks

FSLR has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for FSLR remains at a similar level compared to 1 year ago.
Compared to 5 years ago, FSLR has more shares outstanding
The debt/assets ratio for FSLR has been reduced compared to a year ago.
FSLR Yearly Shares OutstandingFSLR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
FSLR Yearly Total Debt VS Total AssetsFSLR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.2 Solvency

FSLR has an Altman-Z score of 4.83. This indicates that FSLR is financially healthy and has little risk of bankruptcy at the moment.
With a Altman-Z score value of 4.83, FSLR perfoms like the industry average, outperforming 59.82% of the companies in the same industry.
A Debt/Equity ratio of 0.09 indicates that FSLR is not too dependend on debt financing.
FSLR has a Debt to Equity ratio (0.09) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.09
Debt/FCF N/A
Altman-Z 4.83
ROIC/WACC0.9
WACC11.44%
FSLR Yearly LT Debt VS Equity VS FCFFSLR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B

2.3 Liquidity

FSLR has a Current Ratio of 1.90. This is a normal value and indicates that FSLR is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 1.90, FSLR is doing worse than 74.11% of the companies in the same industry.
A Quick Ratio of 1.41 indicates that FSLR should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.41, FSLR is doing worse than 76.79% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.9
Quick Ratio 1.41
FSLR Yearly Current Assets VS Current LiabilitesFSLR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

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7

3. Growth

3.1 Past

FSLR shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 8.30%, which is quite good.
FSLR shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 52.90% yearly.
FSLR shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 15.39%.
FSLR shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.55% yearly.
EPS 1Y (TTM)8.3%
EPS 3Y56.95%
EPS 5Y52.9%
EPS Q2Q%-2.15%
Revenue 1Y (TTM)15.39%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%8.58%

3.2 Future

Based on estimates for the next years, FSLR will show a very strong growth in Earnings Per Share. The EPS will grow by 21.64% on average per year.
The Revenue is expected to grow by 12.17% on average over the next years. This is quite good.
EPS Next Y25.57%
EPS Next 2Y37.91%
EPS Next 3Y32.31%
EPS Next 5Y21.64%
Revenue Next Year26.05%
Revenue Next 2Y22.46%
Revenue Next 3Y18.96%
Revenue Next 5Y12.17%

3.3 Evolution

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
FSLR Yearly Revenue VS EstimatesFSLR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2B 4B 6B
FSLR Yearly EPS VS EstimatesFSLR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 10 20 30

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7

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 18.07 indicates a rather expensive valuation of FSLR.
Compared to the rest of the industry, the Price/Earnings ratio of FSLR indicates a rather cheap valuation: FSLR is cheaper than 89.29% of the companies listed in the same industry.
FSLR's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.41.
A Price/Forward Earnings ratio of 9.26 indicates a reasonable valuation of FSLR.
Based on the Price/Forward Earnings ratio, FSLR is valued cheaper than 99.11% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of FSLR to the average of the S&P500 Index (22.87), we can say FSLR is valued rather cheaply.
Industry RankSector Rank
PE 18.07
Fwd PE 9.26
FSLR Price Earnings VS Forward Price EarningsFSLR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FSLR indicates a rather cheap valuation: FSLR is cheaper than 87.50% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 12.41
FSLR Per share dataFSLR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

FSLR's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
FSLR has an outstanding profitability rating, which may justify a higher PE ratio.
FSLR's earnings are expected to grow with 32.31% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.71
PEG (5Y)0.34
EPS Next 2Y37.91%
EPS Next 3Y32.31%

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0

5. Dividend

5.1 Amount

No dividends for FSLR!.
Industry RankSector Rank
Dividend Yield N/A

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FIRST SOLAR INC

NASDAQ:FSLR (9/22/2025, 8:25:28 PM)

Premarket: 219.16 -0.04 (-0.02%)

219.2

+6.71 (+3.16%)

Chartmill FA Rating
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)07-31 2025-07-31/amc
Earnings (Next)10-27 2025-10-27/amc
Inst Owners106.4%
Inst Owner Change3.84%
Ins Owners5.34%
Ins Owner Change-0.47%
Market Cap23.51B
Analysts81.7
Price Target222.49 (1.5%)
Short Float %9.49%
Short Ratio3.31
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.93%
Min EPS beat(2)-23.4%
Max EPS beat(2)17.54%
EPS beat(4)2
Avg EPS beat(4)-6.25%
Min EPS beat(4)-23.86%
Max EPS beat(4)17.54%
EPS beat(8)6
Avg EPS beat(8)2.86%
EPS beat(12)8
Avg EPS beat(12)1.19%
EPS beat(16)10
Avg EPS beat(16)-22.2%
Revenue beat(2)1
Avg Revenue beat(2)1.53%
Min Revenue beat(2)-1.34%
Max Revenue beat(2)4.39%
Revenue beat(4)2
Avg Revenue beat(4)-3.69%
Min Revenue beat(4)-19.01%
Max Revenue beat(4)4.39%
Revenue beat(8)4
Avg Revenue beat(8)-3.08%
Revenue beat(12)5
Avg Revenue beat(12)-4.82%
Revenue beat(16)6
Avg Revenue beat(16)-7.24%
PT rev (1m)4.26%
PT rev (3m)9.98%
EPS NQ rev (1m)0.1%
EPS NQ rev (3m)-1.91%
EPS NY rev (1m)0.21%
EPS NY rev (3m)2.26%
Revenue NQ rev (1m)0.13%
Revenue NQ rev (3m)11.94%
Revenue NY rev (1m)-0.06%
Revenue NY rev (3m)4.56%
Valuation
Industry RankSector Rank
PE 18.07
Fwd PE 9.26
P/S 5.41
P/FCF N/A
P/OCF 78.66
P/B 2.75
P/tB 2.78
EV/EBITDA 12.41
EPS(TTM)12.13
EY5.53%
EPS(NY)23.68
Fwd EY10.8%
FCF(TTM)-8.79
FCFYN/A
OCF(TTM)2.79
OCFY1.27%
SpS40.5
BVpS79.68
TBVpS78.91
PEG (NY)0.71
PEG (5Y)0.34
Profitability
Industry RankSector Rank
ROA 9.78%
ROE 14.71%
ROCE 13.61%
ROIC 10.34%
ROICexc 11.63%
ROICexgc 11.74%
OM 31.35%
PM (TTM) 28.95%
GM 42.76%
FCFM N/A
ROA(3y)6.05%
ROA(5y)6.01%
ROE(3y)9.29%
ROE(5y)8.59%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3Y23.05%
ROICexcg growth 5Y27.37%
ROICexc growth 3Y23.15%
ROICexc growth 5Y27.62%
OM growth 3Y30.14%
OM growth 5Y38.22%
PM growth 3Y24.2%
PM growth 5YN/A
GM growth 3Y20.94%
GM growth 5Y19.76%
F-Score3
Asset Turnover0.34
Health
Industry RankSector Rank
Debt/Equity 0.09
Debt/FCF N/A
Debt/EBITDA 0.41
Cap/Depr 255.41%
Cap/Sales 28.58%
Interest Coverage 250
Cash Conversion 16.17%
Profit Quality N/A
Current Ratio 1.9
Quick Ratio 1.41
Altman-Z 4.83
F-Score3
WACC11.44%
ROIC/WACC0.9
Cap/Depr(3y)381.88%
Cap/Depr(5y)306.48%
Cap/Sales(3y)37.52%
Cap/Sales(5y)29.28%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)8.3%
EPS 3Y56.95%
EPS 5Y52.9%
EPS Q2Q%-2.15%
EPS Next Y25.57%
EPS Next 2Y37.91%
EPS Next 3Y32.31%
EPS Next 5Y21.64%
Revenue 1Y (TTM)15.39%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%8.58%
Revenue Next Year26.05%
Revenue Next 2Y22.46%
Revenue Next 3Y18.96%
Revenue Next 5Y12.17%
EBIT growth 1Y6.46%
EBIT growth 3Y46.92%
EBIT growth 5Y47.27%
EBIT Next Year50.42%
EBIT Next 3Y37.57%
EBIT Next 5Y25.29%
FCF growth 1Y-87.04%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-62.64%
OCF growth 3Y72.43%
OCF growth 5Y47.54%