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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInterest Coverage RatioInventory AverageInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

First Solar (FSLR) Operating Margin (2016 - 2025)

First Solar's Operating Margin history spans 17 years, with the latest figure at 32.56% for Q4 2025.

  • For Q4 2025, Operating Margin rose 239.0% year-over-year to 32.56%; the TTM value through Dec 2025 reached 30.59%, down 256.0%, while the annual FY2025 figure was 30.59%, 256.0% down from the prior year.
  • Operating Margin reached 32.56% in Q4 2025 per FSLR's latest filing, up from 29.22% in the prior quarter.
  • In the past five years, Operating Margin ranged from a high of 36.86% in Q2 2024 to a low of 15.75% in Q1 2022.
  • Average Operating Margin over 5 years is 20.81%, with a median of 27.71% recorded in 2025.
  • Peak YoY movement for Operating Margin: plummeted -4716bps in 2022, then surged 4494bps in 2023.
  • A 5-year view of Operating Margin shows it stood at 19.08% in 2021, then plummeted by -124bps to 4.58% in 2022, then soared by 850bps to 34.33% in 2023, then decreased by -12bps to 30.17% in 2024, then increased by 8bps to 32.56% in 2025.
  • Per Business Quant, the three most recent readings for FSLR's Operating Margin are 32.56% (Q4 2025), 29.22% (Q3 2025), and 32.96% (Q2 2025).