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Discontinued — last reported Q2 '26

Net debt at other companies

Cloudflare, Inc. logo
Cloudflare, Inc.NET
-5×-5.4×
Zscaler logo
ZscalerZS
19.2×+12.3×
Citigroup logo
CitigroupC
0.1×-0.3×
Morgan Stanley logo
Morgan StanleyMS
-0.2×
Wells Fargo & Company logo
Wells Fargo & CompanyWFC
0.6×-1.3×
American Express logo
American ExpressAXP
0.3×+0.3×

Other financials

Income statement

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Revenue$1.1B-3.7%
Gross profit$605.0M+21.0%
Operating income$450.4M+24.6%
Net income$422.6M+23.6%
EPS (diluted)$3.92+23.3%

Balance sheet

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Cash & equivalents$1.7B+43.1%
Total debt$37.6M-94.4%
Total equity$10.3B+20.8%
Total assets$13.4B+4.1%

Cash flow

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Operating cash flow$144.9M-3.1%
CapEx$161.3M-44.0%
Free cash flow-$16.4M+88.2%

Valuation

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Market cap$25.45B+28.3%
Enterprise value$23.8B+23.1%
P/E14.6×-1.2×
P/S4.7×+0.2×

Profitability

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Gross margin44%+1.3pp
Operating margin33.6%+2.3pp
Net margin32.5%+3.5pp
FCF margin33.3%

Returns & leverage

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Return on equity18.5%+2.6pp
Debt / equity-0.1×
Current ratio2.5×+0.6×

Where this comes from

Reported directly by First Solar in its filing.

The source filing: First Solar’s 8-K, filed July 30, 2026. Open the filing →

Filed
Jul 30, 2026, 4:04 PM EDT
Accession
0001274494-26-000169

FAQ

What is First Solar's net debt?
First Solar (FSLR) reported net debt of -$1.65B in Q2 2026.
How has First Solar's net debt changed year-over-year?
First Solar's net debt decreased by 226.4% year-over-year, from -$505.7M to -$1.65B.
What is the long-term trend for First Solar's net debt?
Over 5 years (2020 to 2025), First Solar's net debt has grown at a 23.5% compound annual growth rate (CAGR), from -$749.78M to -$2.16B.
What does net debt mean?
Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

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