What is First Solar's invested capital?

First Solar (FSLR) reported invested capital of $8.09B in Q1 2026.

How has First Solar's invested capital changed year-over-year?

First Solar's invested capital increased by 1.5% year-over-year, from $7.98B to $8.09B.

What is the long-term trend for First Solar's invested capital?

Over 5 years (2020 to 2025), First Solar's invested capital has grown at a 9.1% compound annual growth rate (CAGR), from $4.77B to $7.38B.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

First Solar FSLR Invested capital

Discontinued — last reported Q1 '26

Invested capital at other companies

Cleveland-CliffsCLF

-9.1%-0.9pp

Construction PartnersROAD

8.4%+2.0pp

Molson Coors Beverage CompanyTAP

-13.1%-19.2pp

National Fuel GasNFG

13.8%—

Tetra TechTTEK

16.9%+8.8pp

Landstar SystemLSTR

21.3%-6.0pp

Other financials

Income statement

See full

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

See full

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

See full

Operating cash flow-$214.9M+64.7%

CapEx$118.5M-42.5%

Free cash flow-$333.4M+59.0%

Valuation

See full

Market cap$27.69B+56.4%

Enterprise value$25.91B+45.5%

P/E16.6×+2.6×

P/S5.1×+1.0×

Profitability

See full

Gross margin41.7%-1.9pp

Operating margin31.8%-0.5pp

Net margin30.7%+1.0pp

FCF margin30.8%—

Returns & leverage

See full

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.

$590.9Mtotal debt+$9.9Btotal stockholders equity−$2.4Bcash and equivalents=$8.09B

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

Ask your AI about First Solar's invested capital.

Connect your AI assistant and compare it to peers, right in your chat.

Connect your AI

Claude

Questions, answered.

What is First Solar's invested capital?: First Solar (FSLR) reported invested capital of $8.09B in Q1 2026.
How has First Solar's invested capital changed year-over-year?: First Solar's invested capital increased by 1.5% year-over-year, from $7.98B to $8.09B.
What is the long-term trend for First Solar's invested capital?: Over 5 years (2020 to 2025), First Solar's invested capital has grown at a 9.1% compound annual growth rate (CAGR), from $4.77B to $7.38B.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).