FSLR FIRST SOLAR, INC.

Overview and Growth

FIRST SOLAR, INC. generated $5.22B of revenue in fiscal 2025, with net income of $1.53B and an operating cash inflow of $2.06B. The $5.22B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 24.1% above fiscal 2024 revenue of $4.21B, marking a year-over-year increase. Diluted earnings per share were $14.21, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $12.02 in fiscal 2024, the current result was 18.2% higher. Asset turnover was 0.39x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $2.12B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 40.6% of revenue, showing how much of the top line remained after direct costs. Operating income was $1.60B, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 30.6%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $1.53B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 29.3% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $1.58B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 30.3%, relating income before taxes directly to revenue. The reported income-tax provision was $52.68M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 3.3%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

Total assets were $13.32B, supported by $3.78B of liabilities and $9.54B of shareholder equity. Current assets were $6.03B against $2.25B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 2.67x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $2.80B in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 124.4% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $498.57M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.05x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 3.7%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 28.4%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 21.0%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $12.12B in fiscal 2024, the current asset base moved 9.9% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $2.06B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.35x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $869.88M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 42.3% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $1.19B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 22.7% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 8.9%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.