First Solar Valuation Multiples

First Solar Overview

About First Solar

First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity. This is commonly called thin-film technology. First Solar is the world’s largest thin-film solar module manufacturer. It has production lines in Vietnam, Malaysia, the United States, and India.

Founded

2006

HQ

Employees

7.9K

Website

firstsolar.com

Sectors

Energy EquipmentRenewable EnergyClean TechnologyEnergyTechIndustry 4.0DeepTechClimateTech

Financials (LTM)

Revenue: $5B

EBITDA: $2B

EV

$18B

Valuation Multiples

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First Solar Financials

First Solar reported last 12-month revenue of $5B and EBITDA of $2B.

In the same LTM period, First Solar generated $2B in gross profit, $2B in EBITDA, and $2B in net income.

First Solar P&L

In the most recent fiscal year, First Solar reported revenue of $5B and EBITDA of $2B.

First Solar expects next 12-month revenue of XXX and NTM EBITDA of XXX

First Solar Stock Performance

First Solar has current market cap of $20B, and enterprise value of $18B.

First Solar's stock price is $190.44.

First Solar Valuation Multiples

First Solar trades at 3.5x EV/Revenue multiple, and 7.5x EV/EBITDA.

First Solar Financial Valuation Multiples

As of April 20, 2026, First Solar has market cap of $20B and EV of $18B.

Equity research analysts estimate First Solar's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

First Solar has a P/E ratio of 12.5x.

First Solar Margins & Growth Rates

First Solar's revenue in the last 12 month grew by 4%.

First Solar's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.1M for the same period.

First Solar's rule of 40 is 49% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

First Solar's rule of X is 47% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

First Solar Public Comps

See public comps and valuation multiples for other Energy Equipment and Renewable Energy comps.

First Solar M&A Activity

First Solar acquired XXX companies to date.

Last acquisition by First Solar was on XXXXXXXX, XXXXX. First Solar acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

First Solar Investment Activity

First Solar invested in XXX companies to date.

First Solar made its latest investment on XXXXXXXX, XXXXX. First Solar invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).