First Solar (FSLR) Return on Capital Employed [ROCE] (2009 - 2026)
First Solar (FSLR) recorded Return on Capital Employed [ROCE] of 16.24% in Q3 2026, up 1.28 percentage points from 14.95% a year earlier and up 0.16 percentage points from the prior quarter.
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Analysis
First Solar (FSLR) Return on Capital Employed [ROCE] (2009 - 2026) Analysis & Trends
For FY2025, First Solar reported Return on Capital Employed [ROCE] of 15.25%, up 0.04 percentage points from FY2024.
- Annual Return on Capital Employed [ROCE] has increased for three straight years, with a five-year change of +10.34 percentage points (FY2020 to FY2025).
- Across earlier years, Return on Capital Employed [ROCE] came in at 15.21% in FY2024 (+4.50 pp), 10.71% in FY2023 (+11.11 pp), -0.40% in FY2022 (-9.38 pp) and 8.98% in FY2021 (+4.07 pp).
- The Q3 2026 figure is the highest quarterly Return on Capital Employed [ROCE] since Q1 2011.
- On a year-over-year basis, Return on Capital Employed [ROCE] has increased for three consecutive quarters, with an average year-over-year change of +1.46 percentage points over the last eight quarters.
- Peak year-over-year performance for Return on Capital Employed [ROCE] in the last five years was a gain of 13.17 percentage points in Q2 2024, against a drop of 9.27 percentage points in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at 16.07% (Q2 2026), 15.46% (Q1 2026) and 14.34% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 212.47 Bn | 164.72 Bn | 3.11 Bn | 13.43% |
| 2 | Bloom Energy | 56.73 Bn | 46.66 Bn | 417.10 Mn | 12.05% |
| 3 | First Solar | 18.42 Bn | 9.79 Bn | 713.06 Mn | 16.24% |
| 4 | Nextpower | 14.32 Bn | 10.03 Bn | 345.32 Mn | 23.66% |
| 5 | BWX Technologies | 11.27 Bn | 9.04 Bn | 227.14 Mn | 12.27% |
| 6 | Generac Holdings | 11.25 Bn | 9.99 Bn | 516.04 Mn | 10.55% |
| 7 | Innio | 10.93 Bn | 7.17 Bn | 367.70 Mn | 10.44% |
| 8 | EnerSys | 5.13 Bn | 3.44 Bn | 284.35 Mn | 16.98% |
| 9 | Mirion Technologies | 4.30 Bn | 2.71 Bn | 131.50 Mn | 2.00% |
| 10 | Enphase Energy | 3.45 Bn | -863.96 Mn | 127.12 Mn | 2.08% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 16.24% |
| Jun 30, 2026 | 16.07% |
| Mar 31, 2026 | 15.46% |
| Dec 31, 2025 | 14.34% |
| Sep 30, 2025 | 14.95% |
| Jun 30, 2025 | 14.13% |
| Mar 31, 2025 | 14.08% |
| Dec 31, 2024 | 14.37% |
| Sep 30, 2024 | 14.14% |
| Jun 30, 2024 | 14.11% |
| Mar 31, 2024 | 12.29% |
| Dec 31, 2023 | 9.89% |
| Sep 30, 2023 | 5.11% |
| Jun 30, 2023 | 0.94% |
| Mar 31, 2023 | 0.67% |
| Dec 31, 2022 | -0.40% |
| Sep 30, 2022 | 2.89% |
| Jun 30, 2022 | 4.71% |
| Mar 31, 2022 | 4.15% |
| Dec 31, 2021 | 8.87% |
API Access
First Solar Return on Capital Employed [ROCE] 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=return-on-capital-employed-%5Broce%5D&ticker=FSLR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "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=return-on-capital-employed-%5Broce%5D&ticker=FSLR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();