First Solar, Inc.FSLR
NasdaqGS•Technology•Solar
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.
First Solar, Inc. (FSLR) reported trailing twelve months revenue of $5.42B as of March 2026, a 27.3% increase year-over-year. Quarterly revenue reached $1.04B, reflecting continued top-line momentum.
First Solar, Inc. generated $1.67B in TTM net income, with quarterly EBITDA of $345.30M. The operating margin expanded from 26.2% to 33.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (33.1%) and net margin (33.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 24.8% a year ago, signaling stronger bottom-line efficiency.
FSLR trades at a P/E of 16.9x (in line with broad market averages) and a P/S of 5.2x. The price-to-book ratio of 2.9x reflects a moderate premium to book value.
The company reported negative free cash flow of $-333.39M, indicating cash consumption over the period. The balance sheet shows $13.35B in total assets with $237.18M in long-term debt against $9.88B in stockholders equity for a debt-to-equity ratio of 0.0, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~32.2%, suggesting durable pricing power and cost discipline.
ROE averages 16.0% but has fluctuated — the competitive advantage may be cyclical or emerging.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~44.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~32.0% — no sign of cost or pricing stress.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Share count is stable — no significant dilution or buyback activity.