What is First Solar's cash ratio?

First Solar (FSLR) reported cash ratio of 1.1× in Q1 2026.

How has First Solar's cash ratio changed year-over-year?

First Solar's cash ratio increased by 202.4% year-over-year, from 0.4× to 1.1×.

What is the long-term trend for First Solar's cash ratio?

Over 5 years (2020 to 2025), First Solar's cash ratio has grown at a -3.6% compound annual growth rate (CAGR), from 1.5× to 1.2×.

What does cash ratio mean?

Cash and equivalents divided by current liabilities at the quarter end. The most conservative liquidity measure — what the company could pay immediately with cash on hand.

First Solar FSLR Cash ratio

Cash ratio at other companies

Enphase EnergyENPH

1×+0.7×

Tesla, Inc.TSLA

0.5×-0.1×

Other financials

Income statement

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Revenue$1.0B+23.6%

Gross profit$486.1M+41.2%

Operating income$345.3M+56.1%

Net income$346.6M+65.4%

EPS (diluted)$3.22+65.1%

Balance sheet

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Cash & equivalents$2.4B+182%

Total debt$590.9M-6.5%

Total equity$9.9B+20.7%

Total assets$13.4B+10.2%

Cash flow

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Operating cash flow-$214.9M+64.7%

CapEx$118.5M-42.5%

Free cash flow-$333.4M+59.0%

Valuation

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Market cap$27.69B+56.4%

Enterprise value$25.91B+45.5%

P/E16.6×+2.6×

P/S5.1×+1.0×

Profitability

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Gross margin41.7%-1.9pp

Operating margin31.8%-0.5pp

Net margin30.7%+1.0pp

FCF margin30.8%—

Returns & leverage

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Return on equity18.4%+1.7pp

Debt / equity0.1×0.0×

Current ratio2.6×+0.6×

Where this comes from

Calculated from First Solar’s reported figures.

cash and equivalents/total current liabilities=1.1×

Based on the most recent quarter.

The official record: First Solar’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is First Solar's cash ratio?: First Solar (FSLR) reported cash ratio of 1.1× in Q1 2026.
How has First Solar's cash ratio changed year-over-year?: First Solar's cash ratio increased by 202.4% year-over-year, from 0.4× to 1.1×.
What is the long-term trend for First Solar's cash ratio?: Over 5 years (2020 to 2025), First Solar's cash ratio has grown at a -3.6% compound annual growth rate (CAGR), from 1.5× to 1.2×.
What does cash ratio mean?: Cash and equivalents divided by current liabilities at the quarter end. The most conservative liquidity measure — what the company could pay immediately with cash on hand.