First SOLAR, Inc. (FSLR) intrinsic value & 10-year financials
First SOLAR, Inc. (FSLR) has a Graham intrinsic value of $471.99 per share. At $172.64 on Oct 17, 2026, the stock trades 63% below that value. Over the last 10 fiscal years revenue grew 6.7% a year to $5.2B, with an average return on invested capital of 6.4%.
- Graham intrinsic value
- $471.99
- Share price (Oct 17, 2026)
- $172.64
- Price vs Graham value
- 63% below
- Market cap
- $18.6B
- Revenue (FY2025)
- $5.2B
- Revenue growth (10-yr CAGR)
- 6.7%
- ROIC (10-yr avg)
- 6.4%
- Free cash flow (FY2025)
- $1.2B
FSLR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.2B | $1.5B | $14.21 | $1.2B | 30.6% | 22.1% |
| FY2024 | $4.2B | $1.3B | $12.02 | -$308.1M | 33.2% | 21.2% |
| FY2023 | $3.3B | $830.8M | $7.74 | -$784.5M | 25.8% | 16.2% |
| FY2022 | $2.6B | -$44.2M | -$0.41 | -$30.2M | -1.0% | -0.3% |
| FY2021 | $2.9B | $468.7M | $4.38 | -$302.7M | 20.1% | 10.0% |
| FY2020 | $2.7B | $398.4M | $3.73 | -$379.5M | 11.7% | 7.1% |
| FY2019 | $3.1B | -$114.9M | -$1.09 | -$494.5M | -5.3% | -3.6% |
| FY2018 | $2.2B | $144.3M | $1.36 | -$1.1B | 1.8% | 1.0% |
| FY2017 | $2.9B | -$165.6M | -$1.59 | $826.3M | 6.0% | 2.5% |
| FY2016 | $2.9B | -$358.0M | -$3.48 | -$22.7M | -17.3% | -12.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
First Solar has demonstrated mature, steady growth, with revenue compounding at 6.7% annually over the past decade.
First Solar has historically struggled to out-earn its cost of capital, averaging just 6.4% ROIC.
First Solar has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, First Solar is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $471.99 per share.