First Solar Ratios (2009-2025) | FSLR

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Ratios	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025	Dec2025
Profitability
Gross Margin (Quarter)	23.00%	27.67%	21.35%	27.17%	3.12%	-3.74%	3.34%	6.05%	20.44%	38.29%	46.96%	43.33%	43.57%	49.37%	50.17%	37.49%	40.78%	45.56%	38.29%	39.54%
EBT Margin (Quarter)	31.89%	16.34%	7.89%	18.42%	-17.10%	22.48%	-9.81%	-0.66%	6.51%	23.25%	36.26%	32.51%	32.18%	37.32%	36.88%	29.48%	25.70%	32.10%	28.86%	32.76%
EBIT Margin (Quarter)	31.41%	17.54%	8.72%	19.08%	-15.75%	23.32%	-10.87%	-4.58%	3.28%	20.79%	34.07%	34.33%	30.62%	36.86%	36.27%	30.17%	26.20%	32.96%	29.22%	32.56%
EBITDA Margin (Quarter)	31.41%	17.54%	8.72%	19.08%	-15.75%	23.32%	-10.87%	-4.58%	3.28%	20.79%	34.07%	34.33%	30.62%	36.86%	36.27%	30.17%	26.20%	32.96%	29.22%	32.56%
Operating Margin (Quarter)	31.41%	17.54%	8.72%	19.08%	-15.75%	23.32%	-10.87%	-4.58%	3.28%	20.79%	34.07%	34.33%	30.62%	36.86%	36.27%	30.17%	26.20%	32.96%	29.22%	32.56%
Net Margin (Quarter)	26.10%	13.10%	7.75%	14.48%	-11.78%	8.99%	-7.82%	-0.75%	7.76%	21.04%	33.50%	30.14%	29.80%	34.57%	35.26%	25.96%	24.81%	31.16%	28.59%	30.95%
FCF Margin (Quarter)	-46.01%	35.52%	0.65%	35.08%	-79.99%	10.30%	23.00%	64.09%	-73.97%	-58.27%	91.63%	42.87%	-22.45%	-13.82%	51.87%	-29.76%	-96.37%	-12.63%	96.91%	79.05%
Efficiency
Inventory Average (Quarter)	0.56B	0.58B	0.63B	0.66B	0.75B	0.83B	0.81B	0.72B	0.69B	0.75B	0.82B	0.85B	0.90B	1.00B	1.14B	1.17B	1.19B	1.35B	1.26B	0.92B
Assets Average (Quarter)	7.11B	7.18B	7.26B	7.34B	7.41B	7.41B	7.46B	7.87B	8.41B	8.78B	9.29B	9.97B	10.56B	10.89B	11.23B	11.78B	12.12B	12.49B	13.16B	13.39B
Equity Average (Quarter)	5.61B	5.74B	5.81B	5.89B	5.92B	5.89B	5.86B	5.83B	5.85B	5.95B	6.17B	6.49B	6.79B	7.08B	7.42B	7.79B	8.08B	8.37B	8.78B	9.28B
Invested Capital (Quarter)	5.70B	5.79B	5.83B	6.21B	5.88B	5.90B	5.84B	6.00B	5.88B	6.48B	6.80B	7.19B	7.36B	7.74B	8.04B	8.42B	8.59B	8.97B	9.37B	9.92B
Asset Utilization Ratio (Quarter)	0.42	0.41	0.36	0.40	0.34	0.33	0.34	0.33	0.33	0.34	0.34	0.33	0.34	0.35	0.34	0.36	0.35	0.35	0.38	0.39
Leverage & Solvency
Interest Coverage Ratio (Quarter)	84.23	23.88	17.20	68.44	-20.18	44.75	-22.85	-14.65	24.07	119.09	73.10	56.28	26.40	38.15	35.75	41.96	23.23	39.37	33.01	48.48
Debt to Equity (Quarter)	0.00	0.00	0.00	0.04	0.00	0.00	0.00	0.03	0.00	0.07	0.08	0.08	0.09	0.08	0.08	0.08	0.06	0.07	0.06	0.05
Debt Ratio (Quarter)	0.00	0.00	0.00	0.03	0.00	0.00	0.00	0.02	0.00	0.05	0.05	0.05	0.06	0.05	0.05	0.05	0.04	0.04	0.04	0.04
Equity Ratio (Quarter)	0.80	0.80	0.80	0.80	0.79	0.79	0.78	0.71	0.69	0.67	0.66	0.65	0.64	0.66	0.66	0.66	0.68	0.66	0.67	0.72
Times Interest Earned (Quarter)	84.23	23.88	17.20	68.44	-20.18	44.75	-22.85	-14.65	24.07	119.09	73.10	56.28	26.40	38.15	35.75	41.96	23.23	39.37	33.01	48.48
Valuation
Enterprise Value (Quarter)	-0.98B	-1.35B	-1.37B	-1.83B	-0.02B	-0.01B	-0.01B	-2.58B	-0.00B	-1.88B	-1.82B	-2.10B	-1.99B	-1.74B	-1.27B	-1.79B	-0.89B	-1.15B	-2.04B	-2.86B
Return Ratios
Return on Sales (Quarter)	0.26%	0.13%	0.08%	0.14%	-0.12%	0.09%	-0.08%	-0.01%	0.08%	0.21%	0.34%	0.30%	0.30%	0.35%	0.35%	0.26%	0.25%	0.31%	0.29%	0.31%
Return on Capital Employed (Quarter)	0.09%	0.10%	0.07%	0.09%	0.04%	0.05%	0.03%	0.00%	0.01%	0.01%	0.05%	0.10%	0.12%	0.14%	0.14%	0.14%	0.14%	0.14%	0.15%	0.14%
Return on Invested Capital (Quarter)	0.09%	0.10%	0.08%	0.08%	0.04%	0.03%	0.02%	0.02%	0.00%	0.01%	0.06%	0.11%	0.14%	0.16%	0.16%	0.16%	0.15%	0.15%	0.16%	0.16%
Return on Assets (Quarter)	0.07%	0.08%	0.06%	0.06%	0.03%	0.03%	0.01%	-0.01%	0.00%	0.02%	0.05%	0.08%	0.10%	0.11%	0.11%	0.11%	0.10%	0.10%	0.11%	0.11%
Return on Equity (Quarter)	0.09%	0.10%	0.08%	0.08%	0.04%	0.03%	0.02%	-0.01%	0.01%	0.03%	0.08%	0.13%	0.15%	0.17%	0.17%	0.17%	0.16%	0.15%	0.16%	0.16%

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First Solar Ratios (2009-2025) | FSLR

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