FSLR (First Solar, Inc.) Stock Financials & Earnings | Market Cap Arena

FSLR (First Solar, Inc.) Stock Financials & Earnings | Market Cap Arena

FSLRFirst Solar, Inc.

Mkt Cap$21B

Energy·Solar·🇺🇸 United States·NASDAQ

Revenue (TTM)$5.2B

Net Income (TTM)$1.5B

EPS (TTM)$14.21

Free Cash Flow (TTM)$1.2B

Gross Margin40.6%

Op. Margin30.6%

Net Margin29.3%

FCF Margin22.7%

P/S Ratio (TTM)4.0x

P/E Ratio (TTM)13.8x

YoY Rev Growth+24.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$548M	$112M	$18M
Q2 23	$811M	$310M	$169M
Q3 23	$801M	$376M	$273M
Q4 23	$1.2B	$502M	$398M
Q1 24	$794M	$346M	$243M
Q2 24	$1.0B	$499M	$373M
Q3 24	$888M	$445M	$322M
Q4 24	$1.5B	$568M	$457M
Q1 25	$845M	$344M	$221M
Q2 25	$1.1B	$500M	$362M
Q3 25	$1.6B	$611M	$466M
Q4 25	$1.7B	$665M	$548M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	7.5x	505.9x
Q2 23	7.0x	134.7x
Q3 23	6.7x	44.5x
Q4 23	6.3x	25.4x
Q1 24	5.9x	20.6x
Q2 24	5.6x	17.5x
Q3 24	5.5x	16.9x
Q4 24	5.0x	16.3x
Q1 25	4.9x	16.7x
Q2 25	4.9x	16.8x
Q3 25	4.2x	15.0x
Q4 25	4.0x	13.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$35M	-$406M
Q2 23	-$90M	-$472M
Q3 23	$165M	-$121M
Q4 23	$561M	$214M
Q1 24	$268M	-$146M
Q2 24	$193M	-$172M
Q3 24	-$54M	-$488M
Q4 24	$811M	$497M
Q1 25	-$608M	-$814M
Q2 25	$150M	-$139M
Q3 25	$1.3B	$1.1B
Q4 25	$1.2B	$1.1B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$371M
Q2 23	$383M
Q3 23	$286M
Q4 23	$347M
Q1 24	$413M
Q2 24	$365M
Q3 24	$434M
Q4 24	$314M
Q1 25	$206M
Q2 25	$288M
Q3 25	$204M
Q4 25	$172M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+49.4%	+24.8%
Q2 23	+30.6%	+34.9%
Q3 23	+27.4%	-24.3%
Q4 23	+15.6%	-27.4%
Q1 24	+44.8%	+3.9%
Q2 24	+24.6%	-0.7%
Q3 24	+10.8%	+7.1%
Q4 24	+30.7%	+39.0%
Q1 25	+6.4%	+13.1%
Q2 25	+8.6%	+15.3%
Q3 25	+79.7%	+99.5%
Q4 25	+11.1%	+7.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$7M	1.2%
Q2 23	$8M	1.0%
Q3 23	$8M	1.0%
Q4 23	$11M	1.0%
Q1 24	$7M	0.9%
Q2 24	$8M	0.8%
Q3 24	$7M	0.8%
Q4 24	$6M	0.4%
Q1 25	$3M	0.3%
Q2 25	$7M	0.6%
Q3 25	$7M	0.5%
Q4 25	$3M	0.1%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 23	$31M	$44M
Q2 23	$37M	$46M
Q3 23	$41M	$50M
Q4 23	$44M	$57M
Q1 24	$43M	$46M
Q2 24	$52M	$47M
Q3 24	$50M	$46M
Q4 24	$46M	$50M
Q1 25	$52M	$53M
Q2 25	$54M	$53M
Q3 25	$61M	$47M
Q4 25	$66M	$51M

Revenue Segments

Quarter	Other	Solar Module	Modules Segment
Q1 23	$12M	$537M	—
Q2 23	$8M	$802M	—
Q3 23	$697K	$800M	—
Q4 23	$964K	$1.2B	—
Q1 24	$674K	—	$793M
Q2 24	$2M	—	$1.0B
Q3 24	$1M	—	$887M
Q4 24	$152K	—	$1.5B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$907M	$1.4B	$2.3B
Q2 23	$830M	$1.1B	$1.9B
Q3 23	$1.5B	$330M	$1.8B
Q4 23	$1.9B	$155M	$2.1B
Q1 24	$1.7B	$308M	$2.0B
Q2 24	$1.7B	$37M	$1.7B
Q3 24	$1.0B	$265M	$1.3B
Q4 24	$1.6B	$172M	$1.8B
Q1 25	$838M	$53M	$891M
Q2 25	$1.1B	$29M	$1.2B
Q3 25	$2.0B	$48M	$2.0B
Q4 25	$2.8B	$52M	$2.9B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	107M	+0.5%
Q2 23	107M	+0.1%
Q3 23	107M	+0.2%
Q4 23	108M	+0.1%
Q1 24	107M	-0.1%
Q2 24	108M	+0.1%
Q3 24	108M	+0.0%
Q4 24	108M	+0.0%
Q1 25	107M	-0.2%
Q2 25	108M	+0.1%
Q3 25	108M	+0.0%
Q4 25	108M	+0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$560K	6K
FY 15	$648K	6K
FY 16	$538K	5K
FY 17	$717K	4K
FY 18	$351K	6K
FY 19	$464K	7K
FY 20	$532K	5K
FY 21	$609K	5K
FY 22	$476K	6K
FY 23	$495K	7K
FY 24	$519K	8K
FY 25	$661K	8K