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First Solar, Inc.

First Solar, Inc.
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Recent & upcoming events

Oct 29
Earnings 16:30
Earnings announcement (第3四半期)
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Earnings 16:30
Earnings call (第3四半期)
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Jul 30
Earnings 16:30
Earnings call (第2四半期)
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Earnings 12:04
Q2 earnings
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Filing Time TBD
Quarterly report (10-Q) filing due (est.)
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Apr 30
Earnings Time TBD
Q1 earnings
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Feb 24
Earnings Time TBD
Full-year earnings
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2025
Oct 30
Earnings Time TBD
Q3 earnings
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Jan 28
Est.
Earnings 16:05 approx.
FY earnings (predicted)
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Feb 25
Est.
Filing Time TBD
Annual report (10-K) filing due (est.)
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May 17
Est.
Shareholder meeting Time TBD
Annual meeting (est.)
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Past events
2026
Oct 29
Earnings 16:30
Earnings announcement (第3四半期)
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Earnings 16:30
Earnings call (第3四半期)
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KPI highlights

FY25
Revenue $5.22B YoY +24.1%
Operating income $1.60B margin 30.6%
Net income $1.53B YoY +18.3%
EPS $14.25 YoY +18.1%
P/E 17.3× Fair Rough PER guide (a simplified band — fair value varies by industry and growth stage): <10 Cheap / 10–15 Slightly cheap / 15–22 Fair / 22–35 Slightly rich / ≥35 Rich
ROE 16.0% Equity ratio 72% Typical equity ratios vary a lot by industry. Banks, brokerages, and other financial companies tend to run lower ratios because leverage (using other people's capital) is core to their business model — a low ratio there isn't a sign of financial weakness.

Quarterly fundamentals

Income & cash flow Unit: $1M
Quarter FY24 Q4FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY26 Q1
Revenue 1,5148451,0971,5951,6831,044
Operating income 457221362466548345
Net income 393210342456521347
Operating CF ——88.91,3531,073-3.51

Company news

Ownership over time

Share of total shares outstanding (disclosed major holdings + undisclosed)（2013–2026）

機関投資家 85.7%未開示 14.3%20132015201720192021202320252026
機関投資家 85.7%未開示 14.3%13Q114Q215Q316Q418Q119Q220Q321Q423Q124Q225Q426Q1
機関投資家その他未開示・浮動株

「国内機関」は信託銀行の名義口座（年金・パッシブ・一部海外資本を含む）を集計し、実質保有者へは分解していません。分類は開示名称からの推定です。

Top shareholders — rank & share

BlackRock, Inc. 12.9%BlackRock, Inc.VANGUARD CAPITAL M 6.3%VANGUARD CAPITAL MANAGEMENT LLCVANGUARD PORTFOLIO 5.3%VANGUARD PORTFOLIO MANAGEMENT LLCSTATE STREET CORP 4.9%STATE STREET CORPGEODE CAPITAL MANA 2.9%GEODE CAPITAL MANAGEMENT, LLCInvesco Ltd. 2.5%Invesco Ltd.Hill City Capital, 2%Hill City Capital, LPAmundi 1.9%AmundiFMR LLC 1.7%FMR LLCMORGAN STANLEY 1.6%MORGAN STANLEY20132015201720192021202320252026
BlackRock, Inc. 12.9%BlackRock, Inc.VANGUARD CAPITAL M 6.3%VANGUARD CAPITAL MANAGEMENT LLCVANGUARD PORTFOLIO 5.3%VANGUARD PORTFOLIO MANAGEMENT LLCSTATE STREET CORP 4.9%STATE STREET CORPGEODE CAPITAL MANA 2.9%GEODE CAPITAL MANAGEMENT, LLCInvesco Ltd. 2.5%Invesco Ltd.Hill City Capital, 2%Hill City Capital, LPAmundi 1.9%AmundiFMR LLC 1.7%FMR LLCMORGAN STANLEY 1.6%MORGAN STANLEY13Q114Q215Q316Q418Q119Q220Q321Q423Q124Q225Q426Q1

Top shareholders — actual figures (as of 2026)

Holder Shares held Ratio Source
その他機関投資家（13F 925社） 30,439,104 28.4% 13F
BlackRock, Inc. 13,821,076 12.9% 13F
VANGUARD CAPITAL MANAGEMENT LLC 6,788,934 6.3% 13F
VANGUARD PORTFOLIO MANAGEMENT LLC 5,696,888 5.3% 13F
STATE STREET CORP 5,284,617 4.9% 13F
GEODE CAPITAL MANAGEMENT, LLC 3,106,826 2.9% 13F
Invesco Ltd. 2,656,785 2.5% 13F
Hill City Capital, LP 2,177,540 2.0% 13F
Amundi 2,049,465 1.9% 13F
FMR LLC 1,808,433 1.7% 13F
MORGAN STANLEY 1,682,402 1.6% 13F
BNP PARIBAS ASSET MANAGEMENT Holding S.A. 1,681,845 1.6% 13F
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 1,435,142 1.3% 13F
Clean Energy Transition LLP 1,426,587 1.3% 13F
NORTHERN TRUST CORP 1,390,629 1.3% 13F
DIMENSIONAL FUND ADVISORS LP 1,305,471 1.2% 13F
UBS Group AG 1,205,818 1.1% 13F
Pictet Asset Management Holding SA 1,138,473 1.1% 13F
DEUTSCHE BANK AG\ 1,099,999 1.0% 13F
SCHRODER INVESTMENT MANAGEMENT GROUP 1,018,826 0.9% 13F
MILLENNIUM MANAGEMENT LLC 951,813 0.9% 13F
BANK OF AMERICA CORP /DE/ 880,771 0.8% 13F
AQR CAPITAL MANAGEMENT LLC 801,679 0.7% 13F
Bank of New York Mellon Corp 708,153 0.7% 13F
Mirova US LLC 698,552 0.7% 13F
HSBC HOLDINGS PLC 666,976 0.6% 13F

Source：SEC EDGAR（DEF 14A・13D/G・13F）　Classification inferred from disclosed names

F-Score (Piotroski)

7/9

Checks financial health against 9 criteria and shows how many are met as a fraction (more ✓ marks is healthier). Items with no data are shown as “—” — they're simply excluded from judgment, not counted against the score.

✓ Positive ROA ROA 11.5%
✓ Positive operating cash flow $2.06B
✓ ROA improved YoY 10.7% → 11.5%
✓ Operating CF exceeds net income (accrual quality) OCF $2.06B / net income $1.53B
✓ Equity ratio improved* Substitute for the original “decrease in long-term debt” 65.8% → 71.6%
✓ Current ratio improved 2.45× → 2.67×
✗ No dilution (shares outstanding did not increase) 107,060,281 → 107,309,794
✗ Gross margin improved 44.2% → 40.6%
✓ Asset turnover improved 0.35× → 0.39×

This score is reference information based on our own financial metrics. It is NOT a credit rating issued by a credit rating agency under Article 66-27 of the Financial Instruments and Exchange Act, and is NOT investment advice or a recommendation. Make investment decisions at your own responsibility.

Fact checklist

FY25
Equity ratio 71.6%
Current ratio 2.7×
Years of positive operating CF 10 of last 12 yrs
Payout ratio 0%
Latest fiscal year result Profit (net income $1.53B)

Performance history

Last 10 years
$0.0B$1.3B$2.6B$3.9B$5.2B FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25

Income & assets

Unit: $1M
Item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue 2,9052,9412,2443,0632,7112,9232,6193,3194,2065,219
Operating income -56817840.1-162317587-27.28571,3941,597
Ordinary income ——————————
Net income -416-166144-115398469-44.28311,2921,528
Total assets 6,8246,8657,1217,5167,1097,4148,25110,36512,12413,321
Equity 5,2185,0995,2125,0975,5215,9605,8366,6877,9789,538

A “—” means data wasn't available for that period — it's not a display error or an unusual value.

Indicators & cash flow

Unit: $1M
Item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
EPS $-3.48$-1.59$1.38$-1.09$3.76$4.41$-0.41$7.78$12.07$14.25
ROE -8.0%-3.2%2.8%-2.3%7.2%7.9%-0.8%12.4%16.2%16.0%
Operating CF 2071,341-32717437.12388736021,2182,057
Investing CF 145-627-683-362-131-99.0-1,193-473-1,563-765
Financing CF -13619225574.9-82.640.630933724.8-119
FCF ————-380-303-30.2-785-3081,187

A “—” means data wasn't available for that period — it's not a display error or an unusual value.

Source: SEC EDGAR (10-K, etc.) (fetched 2026-07-03) *Some metrics supplemented from additional sources

Key financial metrics

High ROE ✓ 3-year revenue growth ✓

Sector positioning

Relative standing within the sector
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Data provided by Twelve Data