Question 1

What is First Solar's EV/EBITDA ratio?

Accepted Answer

First Solar (FSLR) EV/EBITDA ratio is 11.9× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for First Solar?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For First Solar specifically, the relevant sector benchmark is the current sector median of 10.1×.

Question 5

Is First Solar's EV/EBITDA ratio high or low?

Accepted Answer

First Solar's EV/EBITDA ratio of 11.9× is below its own 5-year average of 17.8× and above the sector median of 10.1×. That places the current reading at the 43th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is First Solar's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, First Solar (FSLR) EV/EBITDA ratio has ranged from a low of 2.5× in 2013 to a high of 164.4× in 2007. The 5-year average is 17.8× and the 5-year median is 11.8×.

Question 7

What was First Solar's EV/EBITDA ratio in 2025?

Accepted Answer

First Solar (FSLR) EV/EBITDA ratio at the end of 2025 was 11.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does First Solar's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$28.03B	$2.23B	11.5×	+2.0×	Dec 31, 2025
2024	$18.87B	$1.87B	9.5×	-4.4×	Dec 31, 2024
2023	$18.41B	$1.21B	14.0×	-32.9×	Dec 31, 2023
2022	$15.97B	$290.55M	46.9×	+37.6×	Dec 31, 2022
2021	$9.27B	$845.17M	9.3×	-7.5×	Dec 31, 2021
2020	$10.48B	$550.15M	16.8×	-21.8×	Dec 31, 2020
2019	$5.90B	$112.41M	38.5×	+29.7×	Dec 31, 2019
2018	$4.45B	$269.80M	8.8×	-4.3×	Dec 31, 2018
2017	$7.05B	$343.19M	13.1×	—	Dec 31, 2017
2016	$3.33B	−$148.32M	—	—	Dec 31, 2016
2015	$6.69B	$888.89M	5.8×	+1.8×	Dec 31, 2015
2014	$4.47B	$681.25M	4.0×	-2.4×	Dec 31, 2014
2013	$5.44B	$617.07M	6.3×	-3.2×	Dec 31, 2013
2012	$2.69B	$236.80M	9.5×	-6.5×	Dec 31, 2012
2011	$2.91B	$181.62M	16.0×	+4.7×	Dec 31, 2011
2010	$11.05B	$918.18M	11.3×	-1.8×	Dec 31, 2010
2009	$11.31B	$821.20M	13.0×	-7.1×	Dec 31, 2009
2008	$11.06B	$520.16M	20.1×	-100.0×	Dec 31, 2008
2007	$19.96B	$161.66M	120.2×	+99.8×	Dec 31, 2007
2006	$1.68B	$71.34M	20.4×	—	Dec 31, 2006
2005	$1.21B	−$4.79M	—	—	Dec 31, 2005
2004	$1.07B	−$16.78M	—	—	Dec 31, 2004


Sunrun (RUN)	23.1×
Enphase Energy (ENPH)	22.3×
Williams Companies (WMB)	16.7×
Enbridge (ENB)	14.5×
Kinder Morgan (KMI)	14.1×
Targa Resources (TRGP)	14.0×
Baker Hughes (BKR)	13.6×
Diamondback Energy (FANG)	12.9×
Exxon Mobil (XOM)	12.4×
SLB (SLB)	12.1×
ONEOK (OKE)	11.5×
Chevron (CVX)	11.1×
Halliburton (HAL)	10.1×
Energy Transfer LP (ET)	9.3×
Valero Energy (VLO)	8.7×
Marathon Petroleum (MPC)	8.4×
Phillips 66 (PSX)	8.3×
ConocoPhillips (COP)	8.0×
National Fuel Gas (NFG)	7.4×
Occidental Petroleum (OXY)	6.8×
EOG Resources (EOG)	6.7×
EQT (EQT)	6.1×
Devon Energy (DVN)	5.4×
Expand Energy (EXE)	4.1×
APA (APA)	3.4×

EV/EBITDA for First Solar (FSLR)

EV/EBITDA daily chart for First Solar (FSLR)

Historical EV/EBITDA for First Solar (FSLR) from 2004 to 2025

About EV/EBITDA at First Solar (FSLR)

First Solar EV/EBITDA by Year

First Solar EV/EBITDA 2025: 11.5×

First Solar EV/EBITDA 2024: 9.5×

First Solar EV/EBITDA 2023: 14.0×

First Solar EV/EBITDA 2022: 46.9×

First Solar EV/EBITDA 2021: 9.3×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

First Solar (FSLR) Key Financials

EV/EBITDA daily chart for First Solar (FSLR)

Historical EV/EBITDA for First Solar (FSLR) from 2004 to 2025

About EV/EBITDA at First Solar (FSLR)

First Solar EV/EBITDA by Year

First Solar EV/EBITDA 2025: 11.5×

First Solar EV/EBITDA 2024: 9.5×

First Solar EV/EBITDA 2023: 14.0×

First Solar EV/EBITDA 2022: 46.9×

First Solar EV/EBITDA 2021: 9.3×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is First Solar's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for First Solar?

+Is First Solar's EV/EBITDA ratio high or low?

+What is First Solar's historical EV/EBITDA ratio range?

+What was First Solar's EV/EBITDA ratio in 2025?

+Why does First Solar's EV/EBITDA ratio change over time?

First Solar (FSLR) Key Financials