# First Solar (FSLR) Forecast Calculator

Interactive five-year financial forecast and DCF for First Solar. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/first-solar/forecast
- Industry: Technology
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 3063117000 | -494516000 | 43690000 | -114933000 |
| 2022 | 2711332000 | -379515000 | 550414000 | 398355000 |
| 2023 | 2923377000 | -302732000 | 846651000 | 468693000 |
| 2024 | 2619319000 | -30236000 | 242488000 | -44166000 |
| 2025 | 3318602000 | -784515000 | 1165260000 | 830777000 |

## Frequently asked questions

### What does First Solar (FSLR) do?

First Solar is the largest US-headquartered solar technology and manufacturing company, specializing in advanced cadmium telluride (CdTe) thin-film photovoltaic (PV) modules. Unlike its competitors, it operates a fully vertically integrated manufacturing process that transforms a sheet of glass into a functional solar panel in under four hours.

### What are the primary revenue drivers for First Solar?

First Solar's revenue is entirely derived from its Solar Modules segment, with sales predominantly in the United States, India, Europe, and Asia-Pacific. Its growth is significantly driven by aggressive US capacity expansion and its competitive position in the utility-scale solar market.

### What is First Solar's capital expenditure strategy?

First Solar is currently in an aggressive expansion phase, with capital expenditure as a percentage of revenue estimated at 35-45%. Over 85% of this spending is growth capex, focused on major projects like new 3.5 GW facilities in Alabama and Louisiana.

### What are the key assumptions for First Solar's financial model regarding profitability?

The financial model assumes a COGS_Pct_Revenue of approximately 78% and SGA_Pct_Revenue around 6.6%. Additionally, the model considers the significant impact of Section 45X Advanced Manufacturing Production tax credits on cash flow generation.

### How does First Solar's financial model evaluate its equity valuation?

The model evaluates First Solar's equity valuation and cash flow generation capacity, focusing specifically on the impact of aggressive US capacity expansion. It also incorporates the monetization of Section 45X Advanced Manufacturing Production tax credits as a key factor.

### Can I download a financial model for First Solar (FSLR)?

Yes, a downloadable Excel model is available for First Solar, which forecasts financial performance from FY2026 to FY2030. This model is designed to evaluate the company's equity valuation and cash flow generation capacity, considering its strategic initiatives.