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Nasdaq · Technology

First Solar, Inc. (FSLR)

As-reported financials and SEC filings for First Solar, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About First Solar, Inc.

First Solar, Inc. manufactures photovoltaic solar modules using advanced thin film cadmium telluride technology. The company produces solar panels through a fully integrated, automated process at facilities in the United States, Malaysia, Vietnam, and India. It serves customers seeking solar energy solutions with products designed for high performance, durability, and responsible sourcing.

Snapshot

Revenue
$5.22B
Revenue growth (YoY)
24.1%
Net income
$1.53B
Diluted EPS
$14.21
Gross margin
40.6%
Operating margin
30.6%
Net margin
29.3%
FCF margin
22.7%
ROE
16.0%
net income / fiscal-year-end equity
P/E
10.6×
trailing when available, otherwise FY EPS
Market cap
$18.48B
Long-term debt / equity
0.03×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at First Solar

  • Revenue grew 24.1% to $5.2B in FY2025, slower than the 26.7% the year before.
  • Operating margin is 30.6% in FY2025, +10.5 pp against 20.1% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $1.1B, down 3.7% from Q2 FY2025.
  • Free cash flow was $1.2B in FY2025, 22.7% of revenue.
  • Net income rose 18.3% to $1.5B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where First Solar’s fundamentals sit among the 89 semiconductor companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin40.6%
46th percentile of 79
Operating margin30.6%
91st percentile of 80
Net margin29.3%
91st percentile of 81
FCF margin22.7%
83rd percentile of 79
Revenue growth (YoY)+24.1%
66th percentile of 88
ROE16.0%
76th percentile of 76
P/E10.6×
7th percentile of 44
Long-term debt / equity0.03×
18th percentile of 46
Short interest4.06d
60th percentile of 89

First Solar’s P/E of 10.6 ranks in the 7th percentile of the 44 peers with a meaningful P/E. First Solar’s operating margin of 30.6% ranks in the 91st percentile of the 80 semiconductor companies reporting it. First Solar’s net margin of 29.3% ranks in the 91st percentile of the 81 semiconductor companies reporting it.

No reported insider purchases (code P) in the last 90 days; 9 insider sales totaling $3.8M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+7 quant / multi-strat
Initiated / added
3
2 new, 1 added
Reduced / exited
8
6 trimmed, 2 exited
Combined position
$530.9M
reported long value
InvestorAs ofPosition valueSharesChange
D. E. ShawquantQ2 2026$311.3M1.3MAdded
AQR Capital ManagementquantQ2 2026$97.9M414.9KReduced
Millennium ManagementquantQ2 2026$60.6M256.8KReduced
Citadel AdvisorsquantQ2 2026$21.1M89.3KReduced
Gotham Asset ManagementQ2 2026$16.6M70.2KReduced
Renaissance TechnologiesquantQ2 2026$10.3M43.6KReduced
Point72 Asset ManagementquantQ2 2026$9.4M39.9KNew
Two Sigma InvestmentsquantQ2 2026$2.8M11.7KReduced
Soros Fund ManagementQ2 2026$926,1433.9KNew

No longer held by: Bridgewater Associates (as of Q2 2026), Polen Capital Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
9
$3.8M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-01
filed 2026-10-02
Markus GloecklerChief Technology OfficerSell800$174.00$139K
2026-09-01
filed 2026-09-02
Markus GloecklerChief Technology OfficerSell800$200.00$160K
2026-08-17
filed 2026-08-18
Samantha L. SloanEVP, Corporate AffairsSell127$222.95$28K
2026-08-11
filed 2026-08-12
Jason E. DymbortGeneral Counsel and SecretarySell3.7K$249.38$923K
2026-08-04
filed 2026-08-05
Markus GloecklerChief Technology OfficerSell829$248.00$206K
2026-08-03
filed 2026-08-05
Michael KoralewskiChief Supply Chain OfficerSell3.5K$225.00$788K
2026-08-03
filed 2026-08-05
Michael KoralewskiChief Supply Chain OfficerSell3.5K$218.02$763K
2026-08-03
filed 2026-08-05
Markus GloecklerChief Technology OfficerSell2.6K$218.02$572K
2026-08-03
filed 2026-08-05
Markus GloecklerChief Technology OfficerSell800$222.00$178K
2026-06-02
filed 2026-06-03
Patrick James BuehlerChief Product OfficerSell3.0K$302.00$906K
2026-05-28
filed 2026-06-01
Caroline StockdaleChief People and Comm. OfficerSell10.6K$275.60$2.9M
2026-05-26
filed 2026-05-27
Mark R. WidmarChief Executive OfficerSell1.2K$266.60$330K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
11.1M
settled 2026-09-30
Change vs prior
+5.7%
vs previous settlement
Days to cover
4.06
at avg daily volume
Avg daily volume
2.7M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3011.1M+5.7%4.06
2026-09-1510.5M+11.6%5.27
2026-08-319.4M-3.3%5.57
2026-08-149.7M-4.8%2.99
2026-07-3110.2M+3.5%5.27
2026-07-159.9M+20.3%5.70
2026-06-308.2M-3.7%4.21
2026-06-158.5M-0.0%3.20

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$5.22B$4.21B$3.32B$2.62B$2.92B
Gross profit
Operating income$1.60B$1.39B$857.3M$-27.2M$586.8M
Pre-tax income$1.58B$1.41B$891.3M$8.6M$572.2M
Net income$1.53B$1.29B$830.8M$-44.2M$468.7M
Diluted EPS$14.21$12.02$7.74$-0.41$4.38

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$2.06B$1.22B$602.3M$873.4M$237.6M
Capital expenditure$869.9M$1.53B$1.39B$903.6M$540.3M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$1.06B-3.7%$422.6M$3.92
Q1 FY2026$1.04B23.6%$346.6M$3.22
Q4 FY202511.1%
Q3 FY2025$1.59B79.7%$455.9M$4.24
Q2 FY2025$1.10B8.6%$341.9M$3.18
Q1 FY2025$844.6M6.4%$209.5M$1.95
Q4 FY202430.7%
Q3 FY2024$887.7M10.8%$313.0M$2.91

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industrySemiconductors & Related Devices
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2020
SEC CIK1274494

Selected SEC filings

10-K2026-02-24
View on EDGAR →
10-K2025-02-25
View on EDGAR →
10-Q2026-07-30
View on EDGAR →
10-Q2026-04-30
View on EDGAR →
10-Q2025-10-30
View on EDGAR →
10-Q2025-07-31
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-05-15
View on EDGAR →

Largest semiconductor peers

All semiconductor stocks →All Technology companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.