FSLR - FIRST SOLAR, INC.

📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 26, 2009 10-K ↗	FY 2008 Dec 27, 2008 10-K ↗	FY 2007 Dec 29, 2007 10-K ↗	FY 2006 Dec 30, 2006 10-K ↗
Revenue Growth YoY (%)	24.1% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+101%)	26.7% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+123%)	26.7% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+122%)	-10.4% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-187%)	7.8% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-35%)	-11.5% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-196%)	36.5% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+204%)	-23.7% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-298%)	-0.3% Weak ↑ Weak Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-103%)	-17.5% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-246%)	5.5% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-54%)	2.5% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-79%)	-1.8% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-115%)	21.8% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+81%)	7.9% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-34%)	24.1% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+101%)	65.8% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+448%)	147.3% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1127%)	—	—
EPS Growth YoY (%)	18.1% Good Good Year-over-year change in earnings per share Optimal: > 10%	55.1% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	N/M	17.3% Good Good Year-over-year change in earnings per share Optimal: > 10%	N/M	N/M	N/M	54.3% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	36.5% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	5.3% Fair Fair Year-over-year change in earnings per share Optimal: > 10%	N/M	-141.3% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	N/M	2.0% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	76.7% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	104.7% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	18.3% Good Good Year-over-year change in net income	55.5% Excellent Excellent Year-over-year change in net income	N/M	N/M	17.7% Good Good Year-over-year change in net income	N/M	N/M	N/M	53.7% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	37.7% Excellent ↑ Excellent Improving Year-over-year change in net income	12.4% Fair Fair Year-over-year change in net income	N/M	-143.9% Weak ↓ Weak Declining Year-over-year change in net income	N/M	3.8% Caution ↓ Caution Declining Year-over-year change in net income	83.8% Excellent Excellent Year-over-year change in net income	120.0% Excellent Excellent Year-over-year change in net income	—	—
FCF Growth YoY (%)	N/M	60.8% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-2488.7% Weak ↓ Weak Declining Year-over-year change in free cash flow	90.0% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	20.5% Good ↓ Good Declining Year-over-year change in free cash flow	23.7% Good Good Year-over-year change in free cash flow	53.9% Excellent Excellent Year-over-year change in free cash flow	N/M	N/M	95.8% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	N/M	-30.9% Weak Weak Year-over-year change in free cash flow	38.8% Excellent Excellent Year-over-year change in free cash flow	N/M	N/M	-71.0% Weak Weak Year-over-year change in free cash flow	9898.1% Excellent Excellent Year-over-year change in free cash flow	N/M	—	—
Revenue CAGR 3Y (%)	25.8% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	12.9% Good ↑ Good Improving Compound annual revenue growth over 3 years	7.0% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	-5.1% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	9.2% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	-2.7% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	1.2% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-14.4% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-4.6% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-3.7% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	2.0% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	7.0% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	8.9% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	17.7% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	30.4% Excellent Excellent Compound annual revenue growth over 3 years	72.0% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	14.0% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	6.5% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	8.1% Good ↑ Good Improving Compound annual revenue growth over 5 years	-2.3% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-0.2% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-5.4% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-2.0% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-7.5% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-2.7% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	1.3% Caution ↓ Caution Declining Compound annual revenue growth over 5 years	6.9% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	10.4% Good ↓ Good Declining Compound annual revenue growth over 5 years	21.6% Excellent Excellent Compound annual revenue growth over 5 years	46.2% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	—	39.9% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	27.4% Excellent Excellent Compound annual EPS growth over 3 years	—	47.3% Excellent Excellent Compound annual EPS growth over 3 years	—	—	-36.6% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—	-21.6% Weak Weak Compound annual EPS growth over 3 years	—	—	54.5% Excellent Excellent Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 26, 2009 10-K ↗	FY 2008 Dec 27, 2008 10-K ↗	FY 2007 Dec 29, 2007 10-K ↗	FY 2006 Dec 30, 2006 10-K ↗
Operating Margin (%) (%)	30.6% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+53%)	33.2% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+66%)	25.8% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+29%)	-1.0% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-105%)	20.1% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	11.7% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-41%)	-5.3% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-126%)	1.8% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-91%)	6.0% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-70%)	-17.0% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-185%)	14.4% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-28%)	12.5% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-37%)	11.1% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-44%)	-1.1% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-106%)	-2.5% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-112%)	29.2% Excellent ↓ Excellent Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+46%)	32.9% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+64%)	35.2% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+76%)	27.2% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+36%)	—
Effective Tax Rate (%) (%)	3.3% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	8.1% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	6.8% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	613.7% Weak Weak Actual taxes paid relative to pre-tax income Optimal: 15-25%	18.1% Good Good Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	29.3% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+95%)	30.7% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+105%)	25.0% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+67%)	-1.7% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-111%)	16.0% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+7%)	14.7% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	-3.8% Weak → Weak Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-125%)	6.4% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-57%)	-5.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-138%)	-12.1% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-181%)	15.3% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	11.7% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-22%)	10.7% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-29%)	-2.9% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-119%)	-1.4% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-110%)	25.9% Excellent ↓ Excellent Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+73%)	31.0% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+107%)	27.9% Excellent Excellent Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+86%)	31.4% Excellent Excellent Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+109%)	—
FCF Margin (%) (%)	22.7% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	-7.3% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-23.6% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-1.2% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-10.4% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-14.0% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-16.1% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-47.5% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	28.1% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	-0.8% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-14.7% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	12.5% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	17.3% Good ↑ Good Improving Free cash flow as a percentage of revenue Optimal: > 10%	11.4% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	-27.7% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	4.5% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	19.1% Good ↑ Good Improving Free cash flow as a percentage of revenue Optimal: > 10%	0.3% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-7.2% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	0.78x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	-0.24x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-0.94x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.68x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-0.65x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-0.95x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	4.30x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	-7.39x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-4.99x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.06x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-0.97x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.07x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	1.62x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	-3.98x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	19.38x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	0.18x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	0.62x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	0.01x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	-0.23x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 26, 2009 10-K ↗	FY 2008 Dec 27, 2008 10-K ↗	FY 2007 Dec 29, 2007 10-K ↗	FY 2006 Dec 30, 2006 10-K ↗
Return on Invested Capital (%)	15.7% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	15.3% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	11.2% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	2.3% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	7.8% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	4.3% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	-2.3% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	0.6% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	2.6% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-7.3% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	7.0% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	6.4% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	6.2% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	-0.7% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-1.3% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	16.0% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	19.0% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	22.9% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	9.9% Fair Fair Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	12.0% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	11.5% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	8.3% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	-0.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	7.9% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	4.5% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	-2.2% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	0.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	2.6% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-7.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	7.1% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	6.3% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	5.4% Caution → Caution Stable Operating profit relative to total assets Optimal: > 10%	-0.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-1.2% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	17.1% Excellent ↓ Excellent Declining Operating profit relative to total assets Optimal: > 10%	20.3% Excellent Excellent Operating profit relative to total assets Optimal: > 10%	20.7% Excellent Excellent Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	16.0% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-13%)	16.2% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-12%)	12.4% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-33%)	-0.8% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-104%)	7.9% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-57%)	7.2% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-61%)	-2.3% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-112%)	2.8% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-85%)	-3.2% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-118%)	-6.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-137%)	9.8% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-47%)	7.9% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-57%)	7.8% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-58%)	-2.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-114%)	-1.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-106%)	19.2% Good ↓ Good Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	24.1% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+30%)	23.0% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+24%)	14.4% Fair Fair Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-22%)	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 26, 2009 10-K ↗	FY 2008 Dec 27, 2008 10-K ↗	FY 2007 Dec 29, 2007 10-K ↗	FY 2006 Dec 30, 2006 10-K ↗
Debt to Equity (x)	0.03x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-93%)	0.05x Excellent → Excellent Stable Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-90%)	0.07x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-85%)	0.03x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-93%)	0.04x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-91%)	0.05x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-88%)	0.09x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-80%)	0.09x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-80%)	0.08x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-82%)	0.04x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-92%)	0.05x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-88%)	0.04x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-90%)	0.05x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-89%)	0.16x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-65%)	0.18x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-60%)	0.07x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-85%)	0.07x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-85%)	—	—	—
Interest Coverage (x)	—	—	66.12x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	-2.23x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	44.77x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	13.21x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	-5.98x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	1.55x Caution ↓ Caution Declining Operating income divided by interest expense Optimal: > 5x	6.90x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	-24.47x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	74.07x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	214.01x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	195.61x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	-2.70x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-686.64x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	124817.17x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	129.25x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	861.18x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	59.80x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$-2.52B	$-1.25B	$-1.48B	$-1.30B	$-1.21B	$-939.85M	$-898.55M	$-924.40M	$-1.86B	$-1.15B	$-827.50M	$-1.26B	$-1.10B	$-338.72M	$58.03M	$-528.30M	$-489.54M	$-716.22M	$-404.26M	$-308.09M
Debt / EBITDA (x)	0.18x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.27x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.54x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-6.79x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.40x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.90x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-2.81x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	11.95x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.51x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.66x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.39x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.33x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.37x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.50x Fair ↑ Fair Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.98x Caution ↑ Caution Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.26x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.22x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—

📊 What does each share earn? 8 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 26, 2009 10-K ↗	FY 2008 Dec 27, 2008 10-K ↗	FY 2007 Dec 29, 2007 10-K ↗	FY 2006 Dec 30, 2006 10-K ↗
Revenue per Share (USD)	$48.67	$39.31	$31.07	$24.58	$27.51	$25.61	$29.09	$21.42	$28.19	$28.69	$35.48	$33.90	$35.32	$38.78	$32.14	$30.20	$24.74	$15.54	$6.75	—
Basic EPS, GAAP (USD)	$14.25	$12.07	$7.78	$-0.41	$4.41	$3.76	$-1.09	$1.38	$-1.59	$-3.48	$5.42	$3.97	$3.77	$-1.11	$-0.46	$7.82	$7.67	$4.34	$2.12	—
Free Cash Flow per Share (USD)	$11.07	$-2.88	$-7.35	$-0.28	$-2.85	$-3.58	$-4.70	$-10.18	$7.92	$-0.22	$-5.23	$4.23	$6.12	$4.41	$-8.89	$1.37	$4.73	$0.05	$-0.49	—
Dividend per Share (USD)	—	—	—	—	—	—	—	—	—	—	—	—	$0.00	$0.00	$0.00	$0.00	—	—	—	—
Book Value per Share (USD)	$88.88	$74.51	$62.59	$54.74	$56.05	$52.09	$48.33	$49.70	$48.81	$50.11	$54.52	$50.13	$45.25	$41.37	$42.14	$40.25	$31.13	$18.54	$14.69	—
Tangible Book Value per Share (USD)	$88.12	$73.74	$61.71	$54.32	$55.48	$51.43	$47.58	$48.85	$47.90	$49.12	$52.61	$48.09	$44.40	$40.62	$41.38	$35.20	$27.77	$18.13	$14.69	—
Basic Weighted Avg Shares (shares)	107.23M	107.02M	106.80M	106.55M	106.26M	105.87M	105.31M	104.75M	104.33M	102.87M	100.89M	100.05M	93.70M	86.86M	86.07M	84.89M	83.50M	80.18M	74.70M	—
Dividend Payout Ratio (%)	—	—	—	—	—	—	—	—	—	—	—	—	0.0% Excellent → Excellent Stable Dividends paid as a percentage of earnings Optimal: 30-60%	0.0% Excellent → Excellent Stable Dividends paid as a percentage of earnings Optimal: 30-60%	0.0% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	0.0% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	—	—	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 26, 2009 10-K ↗	FY 2008 Dec 27, 2008 10-K ↗	FY 2007 Dec 29, 2007 10-K ↗	FY 2006 Dec 30, 2006 10-K ↗
Working Capital (USD)	$3.77B	$3.01B	$3.33B	$2.75B	$2.46B	$2.17B	$2.28B	$3.01B	$3.18B	$2.89B	$2.38B	$2.19B	$2.20B	$1.73B	$1.64B	$1.11B	$956.34M	$695.62M	—	—
LT Debt (USD)	$282.59M	$373.35M	$464.07M	$185.00M	$236.00M	$287.15M	$454.19M	$479.16M	$406.39M	$196.69M	$299.33M	$223.95M	$223.32M	$562.57M	$663.65M	$237.39M	$174.96M	—	—	—
Total Equity (USD)	$9.54B	$7.98B	$6.69B	$5.84B	$5.96B	$5.52B	$5.10B	$5.21B	$5.10B	$5.21B	$5.55B	$5.03B	$4.50B	$3.61B	$3.64B	$3.45B	$2.65B	$1.51B	$1.10B	$411.44M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 26, 2009 10-K ↗	FY 2008 Dec 27, 2008 10-K ↗	FY 2007 Dec 29, 2007 10-K ↗	FY 2006 Dec 30, 2006 10-K ↗
Sales/Revenue/Turnover (USD)	$5.22B	$4.21B	$3.32B	$2.62B	$2.92B	$2.71B	$3.06B	$2.24B	$2.94B	$2.95B	$3.58B	$3.39B	$3.31B	$3.37B	$2.77B	$2.56B	$2.07B	$1.25B	$503.98M	—
Depreciation Expense (USD)	—	—	—	—	—	—	—	—	$91.90M	$204.25M	$258.02M	$246.65M	$234.37M	$262.72M	$235.23M	$156.09M	$129.63M	—	—	—
Net Income, GAAP (USD)	$1.53B	$1.29B	$830.78M	$-44.17M	$468.69M	$398.36M	$-114.93M	$144.33M	$-165.62M	$-357.96M	$546.42M	$396.92M	$353.04M	$-96.34M	$-39.49M	$664.20M	$640.14M	$348.33M	$158.35M	—
Operating Cash Flow (USD)	$2.06B	$1.22B	$602.26M	$873.37M	$237.56M	$37.12M	$174.20M	$-326.81M	$1.34B	$206.75M	$-360.92M	$680.99M	$856.13M	$762.21M	$-33.46M	$705.49M	$675.19M	$463.07M	$205.95M	—

FIRST SOLAR, INC.

Analytical Summary

20-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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