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%-1.9pp	40.6%-3.5pp	40%-6.5pp	42.8%-3.0pp	43.6%+0.6pp
Operating margin	31.8%-0.5pp	30.6%-2.6pp	29.8%-4.9pp	31.3%-2.8pp	32.2%+1.9pp
Net margin	30.7%+1.0pp	29.3%-1.4pp	27.7%-4.7pp	29%-3.0pp	29.7%+1.0pp
EBITDA margin	41.9%-1.1pp	40.7%-2.5pp	40%-4.8pp	42.5%-1.1pp	43%+3.4pp
Returns
Return on equity	18.4%+1.7pp	17.4%-0.2pp	16.9%-1.1pp	15.9%-2.2pp	16.8%+0.7pp
Return on assets	13.1%+2.0pp	12%+0.5pp	11.3%-0.6pp	10.5%-1.5pp	11.1%+0.5pp
Return on invested capital	20.8%+2.4pp	21%+0.9pp	19.1%-0.7pp	18%-2.1pp	18.3%+0.5pp
Efficiency
Asset turnover	0.4×+0.1×	0.4×0.0×	0.4×0.0×	0.4×0.0×	0.4×0.0×
Inventory turnover	12.8×+3.9×	12.1×+3.4×	11.6×+3.8×	9.1×+1.5×	8.9×+1.0×
Liquidity
Current ratio	2.6×+0.6×	2.7×+0.2×	1.9×-0.2×	1.9×-0.3×	1.9×-0.5×
Quick ratio	2.5×+0.6×	2.6×+0.3×	1.8×-0.2×	1.8×-0.3×	1.8×-0.4×
Cash ratio	1.1×+0.7×	1.2×+0.5×	0.6×+0.1×	0.4×-0.6×	0.4×-0.6×
Leverage
Debt-to-equity	0.1×0.0×	0.1×-0.1×	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×-0.7×	-1×-0.6×	-0.6×-0.5×	-0.3×+0.4×	-0.1×+0.6×
Interest coverage	40.8×+5.7×	36.2×+0.3×	34.4×-3.7×	35.3×-7.9×	35×-15.5×
Per Share
Book value per share	$91.79+20.4%	$88.70+19.5%	$83.83+18.7%	$79.49+17.8%	$76.22+18.6%
Valuation
Market capitalization	$21.17B+56.4%	$28.03B+48.6%	$23.65B-11.4%	$16.21B-32.8%	$13.54B-25.0%
Enterprise value	$19.38B+45.5%	$25.88B+42.3%	$22.35B-15.3%	$15.71B-31.8%	$13.32B-21.7%
Price / earnings	12.7×+2.0×	18.3×+3.7×	16.9×-4.5×	12.9×-7.2×	10.7×-6.9×
Price / sales	3.9×+0.7×	5.4×+0.9×	4.7×-2.3×	3.7×-2.7×	3.2×-1.9×
Price / book	2.1×+0.5×	2.9×+0.6×	2.6×-0.9×	1.9×-1.4×	1.7×-1.0×
EV / EBITDA	8.5×+1.2×	12.2×+2.2×	11.1×-4.2×	8.5×-5.5×	7.3×-4.8×
EV / sales	3.6×+0.4×	5×+0.6×	4.4×-2.4×	3.6×-2.5×	3.1×-1.6×
Earnings yield	7.9%-1.5pp	5.5%-1.4pp	5.9%+1.2pp	7.8%+2.8pp	9.3%+3.7pp
PEG ratio	0.4×-0.1×	1×+0.7×	1.4×—	2.9×—	0.5×—

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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.