Question 1

What is First Solar's P/FCF ratio?

Accepted Answer

First Solar (FSLR) P/FCF ratio is 13.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for First Solar?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For First Solar specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is First Solar's P/FCF ratio high or low?

Accepted Answer

First Solar's P/FCF ratio of 13.5× is below its own 5-year average of 24.9× and below the sector median of 21.8×. That places the current reading at the 2th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, First Solar (FSLR) P/FCF ratio has ranged from a low of 4.5× in 2013 to a high of 2914.0× in 2008. The 5-year average is 24.9× and the 5-year median is 23.6×.

Question 7

What was First Solar's P/FCF ratio in 2025?

Accepted Answer

First Solar (FSLR) P/FCF ratio at the end of 2025 was 23.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does First Solar's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$28B	$1.19B	23.6×	—	Dec 31, 2025
2024	$18.9B	-$308M	—	—	Dec 31, 2024
2023	$18.4B	-$785M	—	—	Dec 31, 2023
2022	$16B	-$30.2M	—	—	Dec 31, 2022
2021	$9.27B	-$303M	—	—	Dec 31, 2021
2020	$10.5B	-$380M	—	—	Dec 31, 2020
2019	$5.9B	-$495M	—	—	Dec 31, 2019
2018	$4.45B	-$1.07B	—	—	Dec 31, 2018
2017	$7.05B	$826M	8.5×	—	Dec 31, 2017
2016	$3.33B	-$22.7M	—	—	Dec 31, 2016
2015	$6.69B	-$527M	—	—	Dec 31, 2015
2014	$4.47B	$423M	10.6×	+1.1×	Dec 31, 2014
2013	$5.44B	$574M	9.5×	+2.5×	Dec 31, 2013
2012	$2.69B	$383M	7.0×	—	Dec 31, 2012
2011	$2.91B	-$765M	—	—	Dec 31, 2011
2010	$11B	$117M	94.8×	+66.2×	Dec 31, 2010
2009	$11.3B	$395M	28.6×	-2885.3×	Dec 31, 2009
2008	$11.1B	$3.8M	2914.0×	—	Dec 31, 2008
2007	$20B	-$36.4M	—	—	Dec 31, 2007
2006	$1.68B	—	—	—	Dec 31, 2006
2005	$1.21B	—	—	—	Dec 31, 2005
2004	$1.07B	—	—	—	Dec 31, 2004


Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for First Solar (FSLR) 2008-2026

P/FCF Ratio daily chart for First Solar (FSLR)

Historical P/FCF Ratio for First Solar (FSLR) from 2004 to 2025

About P/FCF Ratio at First Solar (FSLR)

First Solar P/FCF Ratio by Year

First Solar P/FCF Ratio 2025: 23.6×

First Solar P/FCF Ratio 2017: 8.5×

First Solar P/FCF Ratio 2014: 10.6×

First Solar P/FCF Ratio 2013: 9.5×

First Solar P/FCF Ratio 2012: 7.0×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

First Solar (FSLR) Key Financials