First Solar (FSLR) Invested Capital (2009 - 2026)
First Solar (FSLR) recorded Invested Capital of $10.36 billion in Q2 2026, up 13.5% from $9.12 billion a year earlier and up 0.5% from the prior quarter.
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Analysis
First Solar (FSLR) Invested Capital (2009 - 2026) Analysis & Trends
For FY2025, First Solar reported Invested Capital of $10.04 billion, up 16.9% from FY2024.
- Annual Invested Capital has increased for three straight years, with a five-year compound annual growth rate of 11.6% (FY2020 to FY2025).
- Across earlier years, Invested Capital came in at $8.59 billion in FY2024 (+18.5%), $7.25 billion in FY2023 (+20.4%), $6.02 billion in FY2022 (-2.9%) and $6.2 billion in FY2021 (+6.9%).
- The Q2 2026 figure is the highest quarterly Invested Capital in data going back to Q2 2009.
- On a year-over-year basis, Invested Capital has increased for 14 consecutive quarters, with growth averaging 17.1% over the last eight quarters.
- Peak year-over-year performance for Invested Capital in the last five years was growth of 21.5% in Q1 2024, against a decline of 2.9% in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $10.3 billion (Q1 2026), $10.04 billion (Q4 2025) and $9.57 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 262.99 Bn | 224.06 Bn | 2.36 Bn | 15.91 Bn |
| 2 | Bloom Energy | 81.45 Bn | 73.27 Bn | 355.57 Mn | 1.64 Bn |
| 3 | First Solar | 18.50 Bn | 9.45 Bn | 605.00 Mn | 10.36 Bn |
| 4 | BWX Technologies | 12.53 Bn | 10.83 Bn | 202.31 Mn | 3.35 Bn |
| 5 | Generac Holdings | 12.26 Bn | 11.09 Bn | 521.81 Mn | 4.21 Bn |
| 6 | Nextpower | 12.05 Bn | 7.95 Bn | 335.85 Mn | - |
| 7 | EnerSys | 6.88 Bn | 5.08 Bn | 313.36 Mn | 3.01 Bn |
| 8 | Enphase Energy | 4.34 Bn | -522.59 Mn | 175.01 Mn | 1.75 Bn |
| 9 | Mirion Technologies | 3.51 Bn | 1.40 Bn | 133.10 Mn | 2.32 Bn |
| 10 | Nuscale Power | 3.19 Bn | 3.15 Bn | -152,000.00 | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 10.36 Bn |
| Mar 31, 2026 | 10.30 Bn |
| Dec 31, 2025 | 10.04 Bn |
| Sep 30, 2025 | 9.57 Bn |
| Jun 30, 2025 | 9.12 Bn |
| Mar 31, 2025 | 8.71 Bn |
| Dec 31, 2024 | 8.59 Bn |
| Sep 30, 2024 | 8.18 Bn |
| Jun 30, 2024 | 7.81 Bn |
| Mar 31, 2024 | 7.52 Bn |
| Dec 31, 2023 | 7.25 Bn |
| Sep 30, 2023 | 6.80 Bn |
| Jun 30, 2023 | 6.48 Bn |
| Mar 31, 2023 | 6.19 Bn |
| Dec 31, 2022 | 6.02 Bn |
| Sep 30, 2022 | 6.09 Bn |
| Jun 30, 2022 | 6.07 Bn |
| Mar 31, 2022 | 6.13 Bn |
| Dec 31, 2021 | 6.20 Bn |
| Sep 30, 2021 | 6.11 Bn |
API Access
First Solar Invested Capital API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=invested-capital&ticker=FSLR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "ticker": "FSLR", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=invested-capital&ticker=FSLR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();