Question 1

What is First Solar's P/B ratio?

Accepted Answer

First Solar (FSLR) P/B ratio is 3.0× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For First Solar specifically, the relevant sector benchmark is the current sector median of 2.4×.

Question 5

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

Accepted Answer

First Solar's P/B ratio of 3.0× is above its own 5-year average of 2.4× and above the sector median of 2.4×. That places the current reading at the 75th 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/B ratio range?

Accepted Answer

In the available daily series, First Solar (FSLR) P/B ratio has ranged from a low of 0.4× in 2012 to a high of 92.0× in 2005. The 5-year average is 2.4× and the 5-year median is 2.5×.

Question 7

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

Accepted Answer

First Solar (FSLR) P/B ratio at the end of 2025 was 2.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$9.54B	2.9×	+0.6×	Dec 31, 2025
2024	$18.87B	$7.98B	2.4×	-0.4×	Dec 31, 2024
2023	$18.41B	$6.69B	2.8×	+0.0×	Dec 31, 2023
2022	$15.97B	$5.84B	2.7×	+1.2×	Dec 31, 2022
2021	$9.27B	$5.96B	1.6×	-0.3×	Dec 31, 2021
2020	$10.48B	$5.52B	1.9×	+0.7×	Dec 31, 2020
2019	$5.90B	$5.10B	1.2×	+0.3×	Dec 31, 2019
2018	$4.45B	$5.21B	0.9×	-0.5×	Dec 31, 2018
2017	$7.05B	$5.10B	1.4×	+0.7×	Dec 31, 2017
2016	$3.33B	$5.21B	0.6×	-0.6×	Dec 31, 2016
2015	$6.69B	$5.55B	1.2×	+0.3×	Dec 31, 2015
2014	$4.47B	$5.03B	0.9×	-0.3×	Dec 31, 2014
2013	$5.44B	$4.50B	1.2×	+0.5×	Dec 31, 2013
2012	$2.69B	$3.61B	0.7×	-0.1×	Dec 31, 2012
2011	$2.91B	$3.64B	0.8×	-2.4×	Dec 31, 2011
2010	$11.05B	$3.45B	3.2×	-1.1×	Dec 31, 2010
2009	$11.31B	$2.65B	4.3×	-3.0×	Dec 31, 2009
2008	$11.06B	$1.51B	7.3×	-10.9×	Dec 31, 2008
2007	$19.96B	$1.10B	18.2×	+14.1×	Dec 31, 2007
2006	$1.68B	$411.44M	4.1×	-88.0×	Dec 31, 2006
2005	$1.21B	$13.13M	92.0×	+44.8×	Dec 31, 2005
2004	$1.07B	$22.64M	47.2×	—	Dec 31, 2004


Williams Companies (WMB)	6.9×
Enphase Energy (ENPH)	4.5×
Marathon Petroleum (MPC)	4.3×
Baker Hughes (BKR)	3.1×
Valero Energy (VLO)	3.1×
Halliburton (HAL)	3.0×
SLB (SLB)	2.9×
Exxon Mobil (XOM)	2.8×
Phillips 66 (PSX)	2.6×
ONEOK (OKE)	2.5×
ConocoPhillips (COP)	2.5×
EOG Resources (EOG)	2.5×
Kinder Morgan (KMI)	2.4×
National Fuel Gas (NFG)	2.3×
APA (APA)	2.3×
Chevron (CVX)	2.2×
Devon Energy (DVN)	2.0×
Energy Transfer LP (ET)	1.9×
Enbridge (ENB)	1.8×
Occidental Petroleum (OXY)	1.6×
EQT (EQT)	1.6×
Diamondback Energy (FANG)	1.5×
Expand Energy (EXE)	1.3×
Sunrun (RUN)	1.0×
NACCO Industries (NC)	0.9×

P/B Ratio for First Solar (FSLR)

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

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

About P/B Ratio at First Solar (FSLR)

First Solar P/B Ratio by Year

First Solar P/B Ratio 2025: 2.9×

First Solar P/B Ratio 2024: 2.4×

First Solar P/B Ratio 2023: 2.8×

First Solar P/B Ratio 2022: 2.7×

First Solar P/B Ratio 2021: 1.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

First Solar (FSLR) Key Financials

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

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

About P/B Ratio at First Solar (FSLR)

First Solar P/B Ratio by Year

First Solar P/B Ratio 2025: 2.9×

First Solar P/B Ratio 2024: 2.4×

First Solar P/B Ratio 2023: 2.8×

First Solar P/B Ratio 2022: 2.7×

First Solar P/B Ratio 2021: 1.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is First Solar's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for First Solar?

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

+What is First Solar's historical P/B ratio range?

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

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

First Solar (FSLR) Key Financials