Question 1

What is First Solar's P/S ratio?

Accepted Answer

First Solar (FSLR) P/S ratio is 5.5× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

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

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For First Solar specifically, the relevant sector benchmark is the current sector median of 2.2×.

Question 5

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

Accepted Answer

First Solar's P/S ratio of 5.5× is above its own 5-year average of 4.9× and above the sector median of 2.2×. That places the current reading at the 61th 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/S ratio range?

Accepted Answer

In the available daily series, First Solar (FSLR) P/S ratio has ranged from a low of 0.4× in 2012 to a high of 79.0× in 2004. The 5-year average is 4.9× and the 5-year median is 4.9×.

Question 7

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

Accepted Answer

First Solar (FSLR) P/S ratio at the end of 2025 was 5.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$5.22B	5.4×	+0.9×	Dec 31, 2025
2024	$18.87B	$4.21B	4.5×	-1.1×	Dec 31, 2024
2023	$18.41B	$3.32B	5.5×	-0.5×	Dec 31, 2023
2022	$15.97B	$2.62B	6.1×	+2.9×	Dec 31, 2022
2021	$9.27B	$2.92B	3.2×	-0.7×	Dec 31, 2021
2020	$10.48B	$2.71B	3.9×	+1.9×	Dec 31, 2020
2019	$5.90B	$3.06B	1.9×	-0.1×	Dec 31, 2019
2018	$4.45B	$2.24B	2.0×	-0.4×	Dec 31, 2018
2017	$7.05B	$2.94B	2.4×	+1.3×	Dec 31, 2017
2016	$3.33B	$2.90B	1.1×	-0.5×	Dec 31, 2016
2015	$6.69B	$4.11B	1.6×	+0.3×	Dec 31, 2015
2014	$4.47B	$3.39B	1.3×	-0.3×	Dec 31, 2014
2013	$5.44B	$3.31B	1.6×	+0.8×	Dec 31, 2013
2012	$2.69B	$3.37B	0.8×	-0.3×	Dec 31, 2012
2011	$2.91B	$2.77B	1.1×	-3.3×	Dec 31, 2011
2010	$11.05B	$2.56B	4.3×	-1.2×	Dec 31, 2010
2009	$11.31B	$2.07B	5.5×	-3.4×	Dec 31, 2009
2008	$11.06B	$1.25B	8.9×	-30.7×	Dec 31, 2008
2007	$19.96B	$503.98M	39.6×	+28.3×	Dec 31, 2007
2006	$1.68B	$148.34M	11.3×	-13.8×	Dec 31, 2006
2005	$1.21B	$48.06M	25.1×	-53.9×	Dec 31, 2005
2004	$1.07B	$13.52M	79.0×	—	Dec 31, 2004


Kinder Morgan (KMI)	4.3×
EQT (EQT)	4.0×
Diamondback Energy (FANG)	3.7×
National Fuel Gas (NFG)	3.6×
Enphase Energy (ENPH)	3.5×
Targa Resources (TRGP)	3.3×
EOG Resources (EOG)	3.3×
ConocoPhillips (COP)	2.8×
Occidental Petroleum (OXY)	2.7×
Chevron (CVX)	2.2×
Exxon Mobil (XOM)	2.2×
Baker Hughes (BKR)	2.2×
SLB (SLB)	2.1×
Enbridge (ENB)	2.1×
Devon Energy (DVN)	1.9×
Expand Energy (EXE)	1.9×
APA (APA)	1.7×
ONEOK (OKE)	1.6×
Halliburton (HAL)	1.5×
NACCO Industries (NC)	1.4×
Sunrun (RUN)	1.0×
Energy Transfer LP (ET)	0.7×
Valero Energy (VLO)	0.6×
Phillips 66 (PSX)	0.5×
Marathon Petroleum (MPC)	0.5×

P/S Ratio for First Solar (FSLR)

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

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

About P/S Ratio at First Solar (FSLR)

First Solar P/S Ratio by Year

First Solar P/S Ratio 2025: 5.4×

First Solar P/S Ratio 2024: 4.5×

First Solar P/S Ratio 2023: 5.5×

First Solar P/S Ratio 2022: 6.1×

First Solar P/S Ratio 2021: 3.2×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

First Solar (FSLR) Key Financials

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

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

About P/S Ratio at First Solar (FSLR)

First Solar P/S Ratio by Year

First Solar P/S Ratio 2025: 5.4×

First Solar P/S Ratio 2024: 4.5×

First Solar P/S Ratio 2023: 5.5×

First Solar P/S Ratio 2022: 6.1×

First Solar P/S Ratio 2021: 3.2×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

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

+How is the P/S ratio calculated?

+What is the P/S ratio?

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

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

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

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

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

First Solar (FSLR) Key Financials