First Solar, Inc. key statistics and ratios

In fiscal 2025, First Solar, Inc. had return on equity of 17.4%, an operating margin of 30.6%, debt equal to 5.2% of equity and a current ratio of 2.67. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

First Solar, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	50.6%	46.2%	35.1%	25.3%	26.1%	24.3%	27.5%	22.0%	18.7%	17.5%	17.9%	25.1%	25.0%	2.7%	39.2%	44.2%	40.6%	49.3%
Operating margin	32.9%	29.2%	−2.5%	−1.1%	11.2%	12.4%	17.8%	−19.6%	6.0%	1.8%	−5.3%	11.7%	20.1%	−1.0%	25.8%	33.2%	30.6%	37.7%
Net margin	31.0%	25.9%	−1.4%	−2.9%	10.6%	11.7%	14.4%	−14.3%	−5.6%	6.4%	−3.8%	14.7%	16.0%	−1.7%	25.0%	30.7%	29.3%	37.1%
Free-cash-flow margin	19.1%	4.5%	−27.7%	11.4%	17.3%	14.1%	−12.0%	−0.8%	28.1%	−47.5%	−16.1%	−14.0%	−10.4%	−1.2%	−23.6%	−7.3%	22.7%	4.6%
Return on equity	24.1%	21.7%	−1.1%	−2.7%	8.7%	8.4%	11.2%	−7.7%	−3.2%	2.8%	−2.2%	7.5%	8.2%	−0.7%	13.3%	17.6%	17.4%	18.2%
Return on assets	19.1%	17.2%	−0.8%	−1.6%	5.3%	5.8%	8.5%	−5.9%	−2.4%	2.1%	−1.6%	5.4%	6.5%	−0.6%	8.9%	11.5%	12.0%	13.6%
Asset turnover	0.62	0.66	0.54	0.56	0.50	0.50	0.59	0.41	0.43	0.32	0.42	0.37	0.40	0.33	0.36	0.37	0.41	0.37
Current ratio	3.42	3.37	2.68	2.57	2.39	3.08	3.48	4.17	5.89	4.57	2.73	3.56	4.39	3.65	3.55	2.45	2.67	2.57
Debt to equity	6.7%	6.9%	18.4%	15.8%	5.0%	4.5%	5.3%	3.8%	8.0%	9.2%	9.5%	5.2%	4.1%	3.2%	8.4%	7.6%	5.2%	1.0%
Interest cover (operating income ÷ interest)	129.3x	—	n/m	n/m	196.6x	—	104.7x	n/m	6.9x	1.5x	n/m	13.2x	44.8x	n/m	66.1x	35.9x	36.2x	70.3x
Effective tax rate	6.7%	12.8%	—	—	7.9%	7.2%	4.4%	—	—	3.0%	—	−36.6%	18.1%	—	6.8%	8.1%	3.3%	3.6%
R&D as % of revenue	3.8%	3.7%	5.1%	3.9%	4.1%	4.2%	3.2%	4.3%	3.0%	3.8%	3.2%	3.5%	3.4%	4.3%	4.6%	4.5%	4.5%	5.5%
SG&A as % of revenue	13.2%	12.5%	14.9%	8.3%	8.2%	7.5%	6.2%	9.0%	6.9%	7.9%	6.7%	8.2%	5.8%	6.3%	6.0%	4.5%	3.9%	4.7%
Capital spending as % of revenue	13.5%	23.0%	26.5%	11.3%	8.5%	7.6%	4.0%	7.9%	17.5%	33.0%	21.8%	15.4%	18.5%	34.5%	41.8%	36.3%	16.7%	12.1%
Free cash flow ÷ net income	61.7%	17.6%	—	—	163.5%	120.7%	−82.9%	—	—	−739.1%	—	−95.3%	−64.6%	—	−94.4%	−23.8%	77.7%	12.5%

US$ thousands unless shown otherwise. Fiscal quarters.

First Solar, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	37.5%	40.8%	45.6%	38.3%	39.5%	46.6%	57.3%	57.9%
Operating margin	30.2%	26.2%	33.0%	29.2%	32.6%	33.1%	42.6%	44.4%
Net margin	26.0%	24.8%	31.2%	28.6%	31.0%	33.2%	40.0%	46.4%
Free-cash-flow margin	32.9%	−96.4%	−12.6%	67.1%	63.6%	−31.9%	−29.0%	−16.1%
Current ratio	2.45	1.93	1.90	1.91	2.67	2.56	2.52	2.57
Debt to equity	7.6%	6.4%	6.8%	6.2%	5.2%	4.3%	0.4%	1.0%
R&D as % of revenue	3.1%	6.2%	5.0%	3.8%	3.9%	6.4%	7.2%	5.5%
SG&A as % of revenue	3.3%	6.3%	4.8%	3.0%	3.0%	6.3%	4.9%	5.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · September 30, 2026

What it owns · $14.0bn

Short-term assets $5.3bnLonger-term assets $8.7bn

What it owes, and who funded it · $14.0bn

Short-term liabilities $2.1bnLonger-term liabilities $1.1bnShareholders' equity $10.9bn

Short-term assets cover short-term liabilities $5.3bn of assets due within a year against $2.1bn of liabilities due within a year.
Short-term assets cover long-term liabilities $5.3bn short-term assets against $1.1bn of longer-dated liabilities.
More cash than debt $1.6bn of cash against $108m of debt.
Debt below 40% of shareholders' equity Debt is 1% of equity.
Debt burden no higher than five years ago Debt to equity moved from 4% to 1% over five years.
A year's operating cash flow covers at least 20% of debt $839m of operating cash flow against $108m of debt.
Operating profit covers interest at least five times over Operating income of $1.9bn against $27m of interest.

From First Solar, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

34 /100

Weak moat

How hard First Solar's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 10 / 20

Cash operating profit has been a median 8.4% of total assets over 10 years.
Pricing power 1 / 20

Gross margin has been a median 24.5%, moving by 13.0 percentage points (standard deviation) across 10 years.
Durability 2 / 20

Operating margin has been a median 10.3%; its worst year was -20.7%.
Cash conversion 4 / 20

Free cash flow was positive in 4 of 10 years, at a median -8.5% of revenue.
Discipline 16 / 20

The diluted share count rose 0.7% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from First Solar, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to First Solar, Inc.