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

Simplified Detailed

	FY'25	FY'24	FY'23	FY'22
Profitability
Gross margin	40.6%-3.5pp	44.2%+5.0pp	39.2%+36.5pp	2.7%-22.3pp
Operating margin	30.6%-2.6pp	33.2%+7.3pp	25.8%+26.9pp	-1%-21.1pp
Net margin	29.3%-1.4pp	30.7%+5.7pp	25%+26.7pp	-1.7%-17.7pp
EBITDA margin	40.7%-2.5pp	43.2%+8.1pp	35.1%+25.9pp	9.3%-19.7pp
Free cash flow margin	22.7%—	——	——	——
Returns
Return on equity	17.4%-0.2pp	17.6%+4.4pp	13.3%+14.0pp	-0.7%-8.9pp
Return on assets	12%+0.5pp	11.5%+2.6pp	8.9%+9.5pp	-0.6%-7.0pp
Return on invested capital	21%+0.9pp	20.1%+4.2pp	15.9%+16.5pp	-0.6%-10.5pp
Efficiency
Asset turnover	0.4×0.0×	0.4×0.0×	0.4×0.0×	0.3×-0.1×
Inventory turnover	12.1×+3.4×	8.7×+1.0×	7.7×-2.6×	10.2×+0.2×
Liquidity
Current ratio	2.7×+0.2×	2.4×-1.1×	3.5×-0.1×	3.7×-0.7×
Quick ratio	2.6×+0.3×	2.3×-1.0×	3.3×-0.1×	3.4×-0.7×
Cash ratio	1.2×+0.5×	0.8×-0.7×	1.5×+0.1×	1.4×-0.6×
Leverage
Debt-to-equity	0.1×-0.1×	0.1×0.0×	0.1×+0.1×	0×0.0×
Debt-to-assets	0×0.0×	0.1×0.0×	0.1×0.0×	0×0.0×
Net debt / EBITDA	-1×-0.6×	-0.4×+0.7×	-1.1×+4.1×	-5.2×-4.0×
Interest coverage	36.2×+0.3×	35.9×-30.2×	66.1×+68.3×	-2.2×-47.0×
Per Share
Book value per share	$88.70+19.5%	$74.19+19.1%	$62.28+13.7%	$54.77-1.7%
Valuation
Market capitalization	$28.03B+48.6%	$18.87B+2.5%	$18.41B+15.3%	$15.97B+72.3%
Enterprise value	$25.88B+42.3%	$18.18B+6.0%	$17.16B+16.7%	$14.71B+79.0%
Price / earnings	18.3×+3.7×	14.6×-7.6×	22.2×—	——
Price / sales	5.4×+0.9×	4.5×-1.1×	5.5×-0.5×	6.1×+2.9×
Price / book	2.9×+0.6×	2.4×-0.4×	2.8×0.0×	2.7×+1.2×
EV / EBITDA	12.2×+2.2×	10×-4.7×	14.7×-45.9×	60.7×+51.0×
EV / sales	5×+0.6×	4.3×-0.8×	5.2×-0.4×	5.6×+2.8×
Free cash flow yield	4.2%—	——	——	——
Earnings yield	5.5%-1.4pp	6.8%+2.3pp	4.5%+4.8pp	-0.3%-5.3pp
PEG ratio	1×+0.7×	0.3×—	——	——

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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.