What are First Solar's profit margins?

First Solar (FSLR) runs a 41.7% gross margin and a 31.8% operating margin, with a 30.7% net margin.

Where do First Solar's ratios come from?

Every ratio is computed from First Solar's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

First Solar FSLR Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Profitability
Gross margin	41.7%+1.1pp	40.6%+0.6pp	40%-2.7pp	42.8%-0.8pp	43.6%-0.6pp
Operating margin	31.8%+1.2pp	30.6%+0.8pp	29.8%-1.5pp	31.3%-0.9pp	32.2%-0.9pp
Net margin	30.7%+1.5pp	29.3%+1.6pp	27.7%-1.2pp	29%-0.8pp	29.7%-1.0pp
EBITDA margin	41.9%+1.2pp	40.7%+0.8pp	40%-2.6pp	42.5%-0.5pp	43%-0.2pp
Returns
Return on equity	18.4%+1.0pp	17.4%+0.6pp	16.9%+0.9pp	15.9%-0.8pp	16.8%-0.9pp
Return on assets	13.1%+1.1pp	12%+0.8pp	11.3%+0.7pp	10.5%-0.5pp	11.1%-0.4pp
Return on invested capital	20.8%-0.3pp	21%+2.0pp	19.1%+1.1pp	18%-0.4pp	18.3%-1.8pp
Efficiency
Asset turnover	0.4×0.0×	0.4×0.0×	0.4×0.0×	0.4×0.0×	0.4×0.0×
Inventory turnover	12.8×+0.7×	12.1×+0.5×	11.6×+2.4×	9.1×+0.3×	8.9×+0.2×
Liquidity
Current ratio	2.6×-0.1×	2.7×+0.8×	1.9×0.0×	1.9×0.0×	1.9×-0.5×
Quick ratio	2.5×-0.1×	2.6×+0.7×	1.8×0.0×	1.8×0.0×	1.8×-0.5×
Cash ratio	1.1×-0.2×	1.2×+0.6×	0.6×+0.2×	0.4×+0.1×	0.4×-0.4×
Leverage
Debt-to-equity	0.1×0.0×	0.1×0.0×	0.1×0.0×	0.1×0.0×	0.1×0.0×
Debt-to-assets	0×0.0×	0×0.0×	0.1×0.0×	0.1×0.0×	0.1×0.0×
Net debt / EBITDA	-0.8×+0.2×	-1×-0.4×	-0.6×-0.4×	-0.3×-0.2×	-0.1×+0.3×
Interest coverage	40.8×+4.6×	36.2×+1.7×	34.4×-0.8×	35.3×+0.2×	35×-0.8×
Per Share
Book value per share	$91.79+3.5%	$88.70+5.8%	$83.83+5.5%	$79.49+4.3%	$76.22+2.7%
Valuation
Market capitalization	$21.17B-24.5%	$28.03B+18.5%	$23.65B+45.9%	$16.21B+19.8%	$13.54B-28.3%
Enterprise value	$19.38B-25.1%	$25.88B+15.8%	$22.35B+42.3%	$15.71B+17.9%	$13.32B-26.7%
Price / earnings	12.7×-5.6×	18.3×+1.5×	16.9×+4.0×	12.9×+2.2×	10.7×-3.9×
Price / sales	3.9×-1.5×	5.4×+0.7×	4.7×+1.0×	3.7×+0.6×	3.2×-1.3×
Price / book	2.1×-0.8×	2.9×+0.3×	2.6×+0.7×	1.9×+0.2×	1.7×-0.7×
EV / EBITDA	8.5×-3.6×	12.2×+1.1×	11.1×+2.6×	8.5×+1.2×	7.3×-2.7×
EV / sales	3.6×-1.4×	5×+0.5×	4.4×+0.8×	3.6×+0.5×	3.1×-1.2×
Earnings yield	7.9%+2.4pp	5.5%-0.5pp	5.9%-1.8pp	7.8%-1.6pp	9.3%+2.5pp
PEG ratio	0.4×-0.6×	1×-0.4×	1.4×-1.5×	2.9×+2.4×	0.5×+0.2×

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Questions, answered.

What are First Solar's profit margins?: First Solar (FSLR) runs a 41.7% gross margin and a 31.8% operating margin, with a 30.7% net margin.
Where do First Solar's ratios come from?: Every ratio is computed from First Solar's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.