FSLR

First Solar is compounding fast and profitably. FY2025 revenue rose 24.1% to $5.22B (up from $2.92B in FY2021 and a 2022 loss), with net income of $1.53B (+18.3%) and diluted EPS of $14.21 (+18.2%). Profitability is exceptional for a manufacturer: 40.6% gross margin, 30.6% operating margin and 29.3% net margin. The balance sheet is a genuine fortress — $9.54B equity against just $3.78B total liabilities (0.40x leverage), only $283M of long-term debt, and $2.80B cash (+72.9%). Operating cash flow jumped 68.9% to $2.06B while capex fell 43% to $870M, signaling the major U.S. capacity build-out (fourth, fifth and Louisiana Series 7 facilities now live; sixth facility due 2H26) is moving past peak spend toward free-cash harvest.

Management confirms the growth is volume-driven: 2025 net sales rose on more modules sold to third parties (16.1 GW produced, 17.5 GW sold). The differentiated story is real — First Solar is the largest Western Hemisphere PV manufacturer with American thin-film technology that does not rely on Chinese crystalline-silicon supply chains, an advantage as tariffs and onshoring policy tighten.