First Solar (FSLR) Return on Invested Capital [ROIC] (2009 - 2026)
First Solar's Return on Invested Capital [ROIC] came in at 16.76% for Q2 2026, up 2.46 percentage points from 14.30% a year earlier and up 0.36 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 Q2 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 three consecutive quarters, with an average year-over-year change of +2.24 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 16.40% (Q1 2026), 15.75% (Q4 2025) and 15.29% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 243.42 Bn | 203.34 Bn | 2.36 Bn | 10.65% |
| 2 | Bloom Energy | 64.86 Bn | 56.65 Bn | 355.57 Mn | 26.62% |
| 3 | First Solar | 18.49 Bn | 9.44 Bn | 605.00 Mn | 16.76% |
| 4 | BWX Technologies | 12.47 Bn | 10.77 Bn | 202.31 Mn | 10.63% |
| 5 | Nextpower | 12.04 Bn | 7.93 Bn | 335.85 Mn | - |
| 6 | Generac Holdings | 11.40 Bn | 10.23 Bn | 521.81 Mn | 7.88% |
| 7 | EnerSys | 6.16 Bn | 4.36 Bn | 313.36 Mn | 13.79% |
| 8 | Enphase Energy | 4.04 Bn | -817.10 Mn | 175.01 Mn | 5.27% |
| 9 | Mirion Technologies | 3.66 Bn | 1.50 Bn | 133.10 Mn | 1.97% |
| 10 | QuantumScape | 2.41 Bn | -1.33 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| 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% |
| Sep 30, 2021 | 7.72% |
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();