15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $5.2B | $1.5B | 40.6% | 30.6% | $1.2B | $499M | $2.8B |
| 2024 | $4.2B | $1.3B | 44.2% | 33.2% | -$308M | $610M | $1.6B |
| 2023 | $3.3B | $831M | 39.2% | 25.8% | -$785M | $560M | $1.9B |
| 2022 | $2.6B | -$44M | 2.7% | -1.0% | -$30M | $184M | $1.5B |
| 2021 | $2.9B | $469M | 25.0% | 20.1% | -$303M | $240M | $1.5B |
| 2020 | $2.7B | $398M | 25.1% | 11.7% | -$380M | $279M | $1.2B |
| 2019 | $3.1B | -$115M | 17.9% | -5.3% | -$495M | $472M | $1.4B |
| 2018 | $2.2B | $144M | 17.5% | 1.8% | -$1.1B | $467M | $1.4B |
| 2017 | $2.9B | -$166M | 18.7% | 6.0% | $826M | $394M | $2.3B |
| 2016 | $2.9B | -$416M | 22.0% | -19.6% | -$23M | $188M | $1.3B |
| 2015 | — | $593M | — | — | -$492M | $289M | $1.1B |
| 2014 | — | $396M | — | — | $478M | $213M | $1.5B |
| 2013 | — | $351M | — | — | $574M | $223M | $1.3B |
| 2012 | — | -$96M | — | — | $383M | $563M | $901M |
| 2011 | — | -$39M | — | — | -$765M | $664M | $606M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $1.0B | $347M | 46.6% | 33.1% | -$333M | $426M | $2.4B |
| Dec '25 | $1.7B | $521M | 39.5% | 32.6% | $1.1B | $499M | $2.8B |
| Sep '25 | $1.6B | $456M | 38.3% | 29.2% | $1.1B | $555M | $2.0B |
| Jun '25 | $1.1B | $342M | 45.6% | 33.0% | -$139M | $578M | $1.1B |
| Mar '25 | $845M | $210M | 40.8% | 26.2% | -$814M | $525M | $838M |
| Dec '24 | $1.5B | $393M | 37.5% | 30.2% | $497M | $610M | $1.6B |
| Sep '24 | $888M | $313M | 50.2% | 36.3% | -$488M | $582M | $1.0B |
| Jun '24 | $1.0B | $349M | 49.4% | 36.9% | -$172M | $559M | $1.7B |
| Mar '24 | $794M | $237M | 43.6% | 30.6% | -$146M | $620M | $1.7B |
| Dec '23 | $1.2B | $349M | 43.3% | 34.3% | $214M | $560M | $1.9B |
| Sep '23 | $801M | $268M | 47.0% | 34.1% | -$121M | $499M | $1.5B |
| Jun '23 | $811M | $171M | 38.3% | 20.8% | -$472M | $438M | $830M |
| Mar '23 | $548M | $43M | 20.4% | 3.3% | -$406M | $321M | $907M |
| Dec '22 | $1.0B | -$8M | 6.0% | -4.6% | $468M | $184M | $1.5B |
| Sep '22 | $629M | -$49M | 3.3% | -10.9% | -$94M | $260M | $1.2B |
| Jun '22 | $621M | $56M | -3.7% | 23.3% | -$111M | $175M | — |
| Mar '22 | $367M | -$43M | 3.1% | -15.7% | -$294M | $252M | — |
| Dec '21 | $907M | $131M | 27.2% | 19.1% | -$160M | $240M | $1.5B |
| Sep '21 | $584M | $45M | 21.4% | 8.7% | $141M | $279M | $1.4B |
| Jun '21 | $629M | $82M | 27.7% | 17.5% | $87M | $279M | $1.3B |
How the market has priced FSLR against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, First Solar's revenue has grown 14.0% per year, and net income grown 30.9% per year. These are computed facts, not advice.
As of FY2025, First Solar reported $499M of total debt against $2.8B of cash; operating income covered interest expense 36×.
In FY2025, gross margin was 40.6%, operating margin 30.6%, and net margin 29.3%.
As of Jun '26, First Solar traded at a price-to-earnings ratio of about 17.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.