First SolarFSLR

First SolarFSLR

Revenue: is the business selling more than it used to?

$5.2B+24% YoYFY 2025

→Revenue reached $5.2B in 2025, compounding +26% a year since 2022 and the pace is picking up. The trailing twelve months are already running at $5.4B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

Net income: how much of that revenue becomes profit?

$1.5B+18% YoYFY 2025

→Net income was $1.5B in 2025, against $1.3B the year before. Earnings per share moved +39% over the last twelve months. Trailing twelve-month profit stands at $1.7B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

How fast is it growing, year by year?

+24.1%revenue growth, FY 2025

→Revenue grew +24% in 2025 against a five-year average of +15%. Earnings grew more slowly (+18%), so costs are absorbing part of the growth.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

Revenue per share: is your slice growing as fast as the company?

$48.54revenue per share, FY 2025

→Revenue per share reached $48.54 in 2025, compounding +25% a year - in line with FSLR's own +26%, so the share count is not distorting your slice. Free cash flow per share stands at $11.04.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

Free cash flow: what is left in real cash after everything?

$1.2BFY 2025

→Free cash flow was $1.2B in 2025. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $1.5B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

Where does each dollar of revenue actually go?

→Of $5.2B in 2025 sales, $1.5B reaches net profit - 29 cents on the dollar. The largest single deduction is producing the product ($3.1B).

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

How much of every sales dollar ends up as free cash?

→23 cents of every sales dollar became free cash in 2025, up 24 points since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 17% of revenue (research and development 4%, stock compensation 0%). That share has fallen since 2022, so the cost of competing is easing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in only 2 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin widened 32 points to 31% since 2022. After everything, 29 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

What does it earn on the money it uses?

→ROE of 17% and ROCE of 14% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

What has the market paid for FSLR over time?

12.6xP/E today

→At 12.6x earnings, the market is paying 24% less than FSLR's own 7-year median of 16.6x. Pessimism is priced in - the question is whether it is deserved.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

What cash return does the business throw off per dollar of market value?

6.8%FCF yield today

→Every dollar of market value currently buys 6.8% of annual free cash flow, less than its 11-year median of -3.1% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

Could it handle its debt if things went wrong?

→The company holds $1.7B in cash against $38M of debt - a net-cash balance sheet, which means a bad year is an inconvenience rather than a threat.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

Is the company's own capital growing?

→The company's own capital grew from $6.7B in 2023 to $10.3B (+54%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

How fast is your ownership being diluted - or concentrated?

→The share count grew 0.0% in 2025, averaging 0.3% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

Does FSLR earn more on its capital than that capital costs?

→FSLR earns 14.4% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. That is the highest in FSLR's filed history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

FSLR has issued or retired shares - did shareholders end up better off?

→FSLR issued +25% more shares from 2011 to 2025, but revenue per share still rose +51%. The dilution bought more growth than it cost existing holders.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

First SolarFSLR

Are the people running it buying or selling?

→Insiders sold $15M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 14 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30