First Solar (FSLR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

First Solar

NasdaqGS•Technology•Solar

$201.16+10.09(0.05%)After hours

Market Cap

$21.62B

P/E

12.4x

P/S

4.0x

P/B

2.1x

First Solar, Inc., a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally. The company manufactures and sells PV solar modules with thin film semiconductor technology that provides conventional crystalline silicon PV solar modules. It also designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. The company serves system developers, independent power producers, utilities, commercial and industrial companies, large corporate energy buyers, and other system owners and operators. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Phoenix, Arizona.

How this company scores

GoodMetricSide Score: 74/100

Strongest: Profitability (25/25); weakest: Cash & Earnings Quality (10/25).

Profitability25/25

Growth24/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality10/25

Strengths

Growing revenueStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 12.4x5y range 10.7x – 546.4x

Currently below its 19-quarter median.

P/S · 4.0x5y range 2.9x – 8.1x

Currently near its 20-quarter median.

P/B · 2.1x5y range 1.2x – 3.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Watch

5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.

Price & Volume

Market Cap $21.62B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $5.38B
Q. Revenue: $1.06B
TTM EBITDA: $1.81B
TTM Op. Income: $1.81B
Q. Op. Income: $450.39M
TTM Net Income: $1.75B
Q. Net Income: $422.57M
EPS: $3.93
Shares Out.: $107.46M

$5.38B in TTM revenue grew 23.8% YoY, reaching $1.06B last quarter. TTM EBITDA of $1.81B and TTM operating income of $1.81B show growth is flowing through to the bottom line. TTM net income of $1.75B means revenue is converting into profit. Over the past year, TTM revenue is up 24% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 57.3%
EBITDA Margin: 42.6%
Op. Margin: 42.6%
Net Margin: 40.0%

Op. margin of 42.6% is up 9.7% YoY — cost efficiency is improving. Net margin at 40.0% and gross margin of 57.3% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 12.4x
P/S Ratio: 4.0x
P/B Ratio: 2.1x

At 12.4x P/E, the stock trades below typical market levels. P/S of 4.0x and P/B of 2.1x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 12% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $13.39B
Cash: $1.69B
Long-Term Debt: N/A
Book Value: $10.32B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-144.90M
TTM Free Cash Flow: $1.50B
FCF Margin: 27.9%
FCF / Net Income: 0.9

TTM FCF of $1.50B on $-144.90M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 259% — a weakening trend.