First Solar (FSLR) Return on Invested Capital [ROIC] (2009 - 2026)
First Solar's Return on Invested Capital [ROIC] came in at 17.06% for Q3 2026, up 1.78 percentage points from 15.29% a year earlier and up 0.31 percentage points from the prior quarter.
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Analysis
First Solar (FSLR) Return on Invested Capital [ROIC] (2009 - 2026) Analysis & Trends
For FY2025, First Solar's Return on Invested Capital [ROIC] was 16.58%, up 0.40 percentage points from FY2024.
- Return on Invested Capital [ROIC] has increased in each of the last three years, with a five-year change of +10.99 percentage points (FY2020 to FY2025).
- Going back by year, Return on Invested Capital [ROIC] was 16.18% in FY2024 (+4.14 pp), 12.04% in FY2023 (+12.04 pp), 0.00% in FY2022 (-8.01 pp) and 8.01% in FY2021 (+2.43 pp).
- The Q3 2026 figure represents the highest quarterly Return on Invested Capital [ROIC] since Q4 2010.
- Year-over-year, Return on Invested Capital [ROIC] has increased for four consecutive quarters, with an average year-over-year change of +1.24 percentage points over the last eight quarters.
- The fastest year-over-year change in Return on Invested Capital [ROIC] over five years came in Q2 2024 (a gain of 14.39 percentage points), and the weakest in Q4 2022 (a drop of 7.81 percentage points).
- Business Quant data shows FSLR's Return on Invested Capital [ROIC] at 16.76% (Q2 2026), 16.40% (Q1 2026) and 15.75% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 206.05 Bn | 157.15 Bn | 3.11 Bn | 18.10% |
| 2 | Bloom Energy | 51.10 Bn | 41.00 Bn | 417.10 Mn | 31.22% |
| 3 | First Solar | 21.63 Bn | 12.99 Bn | 713.06 Mn | 17.06% |
| 4 | Nextpower | 15.87 Bn | 11.57 Bn | 345.32 Mn | - |
| 5 | BWX Technologies | 10.96 Bn | 8.77 Bn | 227.14 Mn | 10.85% |
| 6 | Generac Holdings | 10.36 Bn | 9.10 Bn | 516.04 Mn | 8.39% |
| 7 | EnerSys | 5.36 Bn | 3.55 Bn | 313.36 Mn | 13.79% |
| 8 | Mirion Technologies | 4.35 Bn | 2.71 Bn | 131.50 Mn | 2.11% |
| 9 | Enphase Energy | 3.78 Bn | -535.47 Mn | 127.12 Mn | 2.84% |
| 10 | QuantumScape | 2.65 Bn | -899.55 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 17.06% |
| Jun 30, 2026 | 16.76% |
| Mar 31, 2026 | 16.40% |
| Dec 31, 2025 | 15.75% |
| Sep 30, 2025 | 15.29% |
| Jun 30, 2025 | 14.30% |
| Mar 31, 2025 | 14.67% |
| Dec 31, 2024 | 15.29% |
| Sep 30, 2024 | 15.60% |
| Jun 30, 2024 | 15.53% |
| Mar 31, 2024 | 13.52% |
| Dec 31, 2023 | 11.37% |
| Sep 30, 2023 | 5.81% |
| Jun 30, 2023 | 1.14% |
| Mar 31, 2023 | 0.31% |
| Dec 31, 2022 | 0.00% |
| Sep 30, 2022 | 1.64% |
| Jun 30, 2022 | 3.33% |
| Mar 31, 2022 | 3.82% |
| Dec 31, 2021 | 7.81% |
API Access
First Solar Return on Invested Capital [ROIC] 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-invested-capital-%5Broic%5D&ticker=FSLR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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-invested-capital-%5Broic%5D&ticker=FSLR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();