# First Solar, Inc. (FSLR) — Stock CV

First Solar, Inc. is a $19.1B technology company. Revenue grew 23.8% over the last year, it keeps 32¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 10.9× earnings — near the lowest of its own history.

> First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity.

## Identity

- **Ticker**: FSLR
- **Sector**: Technology
- **Industry**: Semiconductors & Related Devices
- **Headquarters**: PHOENIX, AZ
- **Employees**: 7 900
- **Website**: https://www.firstsolar.com
- **Market cap**: $19.1B
- **Last price**: $177.45
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $5.38B
- **Net income**: $1.75B
- **Free cash flow**: $1.50B
- **Net cash**: $2.36B
- **P/E**: 10.9
- **Revenue growth (YoY)**: 23.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 90 |
| Growth | 90 |
| Profitability | 90 |
| Health | 100 |
| Quality | 70 |
| Moat | 12 |

## Qualifications (beginner checklist) — 10 of 10 passed

- [x] Revenue growing — +23.8% YoY
- [x] Profitable — $1.75B TTM
- [x] Profit growing — +30.6% YoY
- [x] Generates cash — $1.50B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $19.1B market cap
- [x] Not printing shares — +0.8% shares over ~5y
- [x] Proven track record — 6/10 profitable years
- [x] Financially stable — Altman Z 5.2 — safe
- [x] Valuation not extreme — P/E 10.9

## Experience (career milestones)

- **FY2025** — Best year on record: $1.53B net income
- **FY2018** — Turned profitable: $144M net income after a loss year
- **FY2016** — Revenue already above $1B: $2.95B in first reported year

## Strengths

- High gross margin (44.0%)
- Strongly profitable — 32.5% net margin
- Revenue growing 23.8% year over year
- Strong cash conversion — FCF is 27.9% of revenue
- Net cash position after subtracting debt from cash

## Watch-outs

- Loss-making in 4 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.92B | $469M | -$303M |
| FY2022 | $2.62B | -$44.2M | -$30.2M |
| FY2023 | $3.32B | $831M | -$785M |
| FY2024 | $4.21B | $1.29B | -$308M |
| FY2025 | $5.22B | $1.53B | $1.19B |

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Source: https://stockcv.com/FSLR — derived from company filings; may be delayed or incomplete. Information, not investment advice.