What is First Solar's net debt?

First Solar (FSLR) reported net debt of -$1.79B in Q1 2026.

How has First Solar's net debt changed year-over-year?

First Solar's net debt decreased by 742.5% year-over-year, from -$211.92M to -$1.79B.

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.

First Solar FSLR Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

RepligenRGEN

-8.1×-18.6×

Axalta Coating SystemsAXTA

2.5×-0.2×

Zillow Group, Inc.ZG

-2.1×-4.3×

Federal SignalFSS

1.1×+0.4×

Clearwater AnalyticsCWAN

7.3×+5.0×

Protagonist TherapeuticsPTGX

-5.1×—

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

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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

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−$2.4Bcash and equivalents=-$1.79B

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 net debt?: First Solar (FSLR) reported net debt of -$1.79B in Q1 2026.
How has First Solar's net debt changed year-over-year?: First Solar's net debt decreased by 742.5% year-over-year, from -$211.92M to -$1.79B.
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.