First Solar, Inc. fundamental checkup using revenue growth, EPS growth, free cash flow, margins, ROIC, debt-to-equity, and TGMCharts chart exhibits as of September 10, 2026.
First Solar, Inc. gets a balanced fundamental read when revenue growth of 12.62%, EPS growth of 30.54%, free-cash-flow growth of 49.80%, net margin of 32.47%, and ROIC of 15.30% support the same story.
The checkup weighs operating growth, shareholder conversion, cash conversion, reinvestment quality, and balance-sheet flexibility. Current ratio is 2.52x and debt-to-equity is 0.02x, so the balance-sheet read is part of the final view rather than a footnote.
First Solar, Inc. has market cap of $22.26B and closed at $207 on September 10, 2026.
Five-year revenue CAGR is 12.62% and five-year EPS CAGR is 30.54%.
Five-year free-cash-flow CAGR is 49.80%.
Net margin is 32.47% and ROIC is 15.30%.
Current ratio is 2.52x and debt-to-equity is 0.02x.
Fundamental snapshot
The valuation, growth, profitability, and balance-sheet facts behind the checkup.
Cohesive Performance Check Across Growth Cash And Capital Allocation
Evaluating First Solar, Inc. requires looking beyond isolated metrics to see if top-line momentum, cash generation, balance sheet health, and market multiples tell a single, unified story. With the stock trading at $207 as of September 10, 2026, we analyze the underlying operational metrics to verify whether the business fundamentals back up this market pricing.
Our analysis begins by comparing a five-year revenue CAGR of 12.62% against a five-year EPS CAGR of 30.54%, while testing these trends against a five-year free cash flow CAGR of 49.80%. A rigorous review demands that these distinct operational dimensions align rather than relying on a single positive trend.
Current compounder snapshot · FSLR
Live supporting context; not part of the article's frozen 2026-09-10 evidence snapshot.
Operational Profile Within The Global Energy Sector
As an industrial participant in the Energy sector, the company must be assessed on its hard operational achievements. This profile consolidates key metrics—spanning valuation, growth, efficiency, and leverage—to establish a comprehensive baseline before examining individual financial statements.
Fundamental evidence table
A compact cross-check of valuation, growth, quality, and financial flexibility.
Revenue history shows whether the business has been expanding before margins and per-share metrics are considered. Q2 FY2026 (2026-06-30): $1.06B.
+55.03% over 10Y
tgmcharts.com
Five-year revenue CAGR: 12.62%. This is endpoint-to-endpoint across the five-year window — a depressed start year can inflate it, so read it against the recent bars.
Five-year revenue CAGR of 12.62% is the top-line test. A fundamental checkup becomes more durable when revenue growth is paired with earnings growth instead of depending only on margin expansion.
Translating Top Line Revenue Expansion Into Bottom Line Net Income
The relationship between top-line expansion and bottom-line delivery reveals the efficiency of a business model. While five-year revenue has expanded at a CAGR of 12.62%, diluted earnings per share have risen at a five-year CAGR of 30.54%. This positive gap indicates that net income is rising faster than sales, a trend that we must cross-examine against underlying cash generation and margin structures in the subsequent sections.
EPS
FSLR EPS
$3.93
EPS history shows how much of the business growth has reached shareholders. Q2 FY2026 (2026-06-30): $3.93.
+163.76% over 10Y
tgmcharts.com
Five-year EPS CAGR: 30.54%. This is endpoint-to-endpoint across the five-year window — a depressed or negative start year can inflate it, so read it against the recent bars.
Five-year EPS CAGR of 30.54% is the shareholder conversion check. If EPS grows faster than revenue, the note should ask whether that came from margin quality, buybacks, or a temporary base effect.
Verifying Net Income Quality Against Free Cash Flow Generation
Earnings figures can sometimes diverge from actual cash inflows, making cash flow tracking essential. With a five-year free cash flow CAGR of 49.80%, the cash-generation trajectory is positive and outpaces the five-year EPS growth rate. This strong cash conversion provides solid support for the reported accounting profits, indicating high-quality earnings.
free cash flow
FSLR free cash flow
$-306.22M
Free cash flow checks whether earnings are converting into owner cash. Q2 FY2026 (2026-06-30): $-306.22M.
-151.99% over 10Y
tgmcharts.com
Five-year free-cash-flow CAGR: 49.80%. This is endpoint-to-endpoint across the five-year window — a depressed or negative start year can inflate it, so read it against the recent bars.
Free-cash-flow CAGR of 49.80% is the counterweight to the EPS story. If cash flow lags earnings, the quality of the fundamental setup deserves a more cautious reading.
Analyzing Operating Margins And Return On Invested Capital
Operational durability is defined by efficiency and capital allocation. The company demonstrates a net margin of 32.47%, showing how much revenue is retained as net income. Concurrently, the return on invested capital stands at 15.30%, indicating that the capital deployed back into operations is generating positive returns.
net margin
FSLR net margin
40.01%
Net margin is the operating-quality check behind the growth record. Q2 FY2026 (2026-06-30): 40.01%.
+17.9pp over 10Y
tgmcharts.com
Net margin (TTM): 32.47%. The bars below are reported fiscal periods (quarterly where available).
Net margin of 32.47% shows how much revenue becomes profit. The checkup is stronger when margin quality supports EPS growth rather than simply flattering one recent period.
ROIC
FSLR ROIC
15.30%
ROIC tests whether the business earns enough on reinvested capital to deserve attention. Q2 FY2026 (2026-06-30): 15.30%.
+7.1pp over 10Y
tgmcharts.com
Latest ROIC: 15.30%.
ROIC of 15.30% is the reinvestment-quality check. A business with stronger returns can support a better long-term read even when the valuation is not obviously cheap.
Liquidity Reserves And Capital Structure Safeguards
A company's balance sheet acts as the ultimate safeguard for its operational growth. The current ratio stands at 2.52x, pointing to a liquid short-term position, while the debt-to-equity ratio is low at 0.02x. These metrics show that the business maintains high financial flexibility with minimal leverage risks.
debt-to-equity
FSLR debt-to-equity Chart
0.05x
Debt-to-equity keeps the checkup honest about balance-sheet flexibility. Historical series through 2025-12-31.
-44.44% over 5Y
tgmcharts.com
Latest debt-to-equity ratio: 0.02x.
Debt-to-equity of 0.02x and current ratio of 2.52x are the balance-sheet checks. They matter because growth and margins are less valuable if financial flexibility is narrowing.
Current Earnings Multiple And Market Valuation Benchmarks
Market pricing determines the expectations built into the stock. The equity currently trades at a trailing price-to-earnings multiple of 12.77x, which corresponds to an earnings yield of 7.83%. This multiple defines the operational hurdle the business must clear to satisfy its current market valuation.
The close at $207 is not the conclusion, but it is the market reference point. The fundamental read has to explain whether growth, margins, and balance-sheet support justify the price investors are paying.
Weighing Structural Strengths Against Potential Operational Risks
The positive case rests on a rising trend across revenue, net income, and free cash flow, supported by a debt-to-equity ratio of 0.02x and a net margin of 32.47%. Conversely, the primary risk is that free cash flow growth, currently at a five-year CAGR of 49.80%, could slow down or decouple from EPS growth if capital expenditure requirements rise.
Bull and bear case
Fundamental support
Five-year revenue CAGR of 12.62% and five-year EPS CAGR of 30.54% support the business case.
Net margin of 32.47% and ROIC of 15.30% are the quality checks behind the thesis.
Fundamental pressure
Free-cash-flow CAGR of 49.80% can weaken the read if it falls away from EPS growth.
Debt-to-equity of 0.02x and current ratio of 2.52x are the balance-sheet checks that can change the view.
Framework For Ongoing Monitoring And Data Refresh
This fundamental assessment is based on historical data up to September 10, 2026. A future shift in the five-year revenue CAGR of 12.62%, the return on invested capital of 15.30%, or the low debt-to-equity ratio of 0.02x would require a revision of this thesis. This analysis is for informational purposes and does not constitute financial advice.
FAQ
What is the fundamental read on FSLR?
First Solar, Inc. is judged through revenue growth of 12.62%, EPS growth of 30.54%, free-cash-flow growth of 49.80%, net margin of 32.47%, and ROIC of 15.30%.
Which FSLR fundamental metric matters most?
No single metric carries the article. The checkup requires growth, cash conversion, profitability quality, balance-sheet flexibility, and valuation to be read together.
When should this FSLR checkup refresh?
Its figures are as of September 10, 2026, the note's dated snapshot; a note whose figures stop verifying against reported data is corrected or unpublished.
What would change our mind
Revenue growth moving away from the current five-year CAGR of 12.62%.
Free-cash-flow growth drifting away from five-year EPS CAGR of 30.54%.
ROIC or balance-sheet flexibility weakening from ROIC of 15.30% and debt-to-equity of 0.02x.
The bottom line
First Solar, Inc. fundamental research note from TGMCharts Research, grounded in a dated fundamentals snapshot, chart exhibits, and linked source facts.
Every number in this note comes from data we compute and store ourselves from the company's reported figures, plus verbatim excerpts from its SEC filings. When a value isn't available we say so — we never fill gaps with estimates.
“The decrease was primarily due to lower revenue associated with customer contract terminations, partially offset by a 5.3% increase in the volume of modules sold to third parties.”
“President increased tariffs on imported aluminum and steel articles under Section 232 from 25% to 50%.”
“Any declines in the competitiveness of our products could result in declines in the average selling prices of our modules and additional margin compression.”
“Accordingly, our net sales and profits are affected by the availability and size of these government subsidies and economic incentives.”
Every numeric or dated claim in this note was checked against our stored company data before publishing — each figure below links to the page it comes from.
