FSLRFIRST SOLAR, INC.

Semiconductors & Related Devices

Revenue: $5.2B; 24% YoY
Operating margin: 30.6%; 7.7% YoY
EBITDA: $1.6B; 15% YoY
Market cap: $18.7B
Employees: 7,900; $661K revenue each
Net debt / EBITDA: -0.9×; −$1.5B net debt
AI in 10-K: 2.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
135% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$661K · 68th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 69th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$43M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.9B	$2.6B	$3.3B	$4.2B	$5.2B	24%
Operating income	$587M	−$27M	$857M	$1.4B	$1.6B	15%
Net income	$469M	−$44M	$831M	$1.3B	$1.5B	18%
Operating cash flow	$238M	$873M	$602M	$1.2B	$2.1B	69%
Capex	$540M	$904M	$1.4B	$1.5B	$870M	43%
Stock-based comp	$21M	$29M	$34M	$28M	$19M	32%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 25, 2025	EBRAHIMI FARHAD FRED	SCHEDULE 13D/A	5.0%	Passive
Dec 10, 2024	EBRAHIMI FARHAD FRED	SC 13D	6.4%	Passive
Aug 7, 2024	EBRAHIMI FARHAD FRED	SC 13D/A	4.9%	Passive
Jan 26, 2024	EBRAHIMI FARHAD FRED	SC 13D	5.1%	Passive
Sep 15, 2022	EBRAHIMI FARHAD FRED	SC 13D/A	4.7%	Passive
Jun 28, 2022	EBRAHIMI FARHAD FRED	SC 13D/A	5.3%	Passive
Dec 21, 2020	Walton Lukas T	SC 13D/A	4.9%	Passive
Dec 11, 2020	Walton Lukas T	SC 13D/A	6.7%	Passive
Nov 3, 2020	Walton Lukas T	SC 13D/A	8.3%	Passive
Sep 21, 2020	Walton Lukas T	SC 13D/A	13.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $43M · 164
Net: −$43M

Pay vs performance

No pay-versus-performance disclosure yet.