First Solar
First Solar returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 20.77% | 17.01% | 68.02% | 18.51% | 13.3% | 10.2 pp |
| FY 2026 Q1 | Mar 31, 2026 | 21.09% | 16.48% | 599.3% | 18.44% | 13.08% | 10.5 pp |
| FY 2025 Q4 | Dec 31, 2025 | 21.74% | 15.13% | 98.31% | 17.45% | 12.01% | 11.1 pp |
| FY 2025 Q3 | Sep 30, 2025 | 19.38% | 15.04% | 44.54% | 16.86% | 11.25% | 8.8 pp |
| FY 2025 Q2 | Jun 30, 2025 | 18.07% | 14.15% | 4.44% | 15.92% | 10.54% | 7.5 pp |
| FY 2025 Q1 | Mar 31, 2025 | 18.51% | 14.64% | 13.31% | 16.77% | 11.06% | 7.9 pp |
| FY 2024 Q4 | Dec 31, 2024 | 20.89% | 14.6% | 28.95% | 17.62% | 11.49% | 10.3 pp |
| FY 2024 Q3 | Sep 30, 2024 | 19.99% | 14.81% | 46.27% | 17.96% | 11.88% | 9.4 pp |
| FY 2024 Q2 | Jun 30, 2024 | 20.26% | 15% | — | 18.11% | 12.03% | 9.7 pp |
| FY 2024 Q1 | Mar 31, 2024 | 17.95% | 13.21% | 175.86% | 16.05% | 10.61% | 7.4 pp |
| FY 2023 Q4 | Dec 31, 2023 | 16.24% | 10.54% | — | 13.27% | 8.93% | 5.6 pp |
| FY 2023 Q3 | Sep 30, 2023 | 7.53% | 5.49% | 76.96% | 7.81% | 5.55% | -3.1 pp |
| FY 2023 Q2 | Jun 30, 2023 | — | 1% | — | 2.62% | 1.91% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | 0.69% | — | 0.71% | 0.52% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | -0.39% | — | -0.75% | -0.56% | — |
| FY 2022 Q3 | Sep 30, 2022 | 2.06% | 2.9% | -189.16% | 1.63% | 1.28% | -8.5 pp |
| FY 2022 Q2 | Jun 30, 2022 | — | 4.71% | — | 3.24% | 2.58% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 4.22% | — | 3.73% | 2.97% | — |
| FY 2021 Q4 | Dec 31, 2021 | 10.31% | 9.06% | — | 8.17% | 6.45% | -0.3 pp |
| FY 2021 Q3 | Sep 30, 2021 | 10.31% | 7.36% | — | 8.07% | 6.36% | -0.3 pp |
| FY 2021 Q2 | Jun 30, 2021 | 12.56% | 9.72% | — | 10.22% | 7.86% | 2 pp |
| FY 2021 Q1 | Mar 31, 2021 | 11.12% | 8.98% | — | 9.52% | 7.36% | 0.5 pp |
| FY 2020 Q4 | Dec 31, 2020 | — | 5.1% | — | 7.5% | 5.45% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | 2.26% | — | 4.22% | 3.18% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | -0.38% | — | 1.91% | 1.39% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | -1.32% | — | 0.84% | 0.61% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | -2.59% | — | -2.23% | -1.57% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | -0.53% | — | -0.07% | -0.05% | — |
| FY 2019 Q2 | Jun 30, 2019 | -0.3% | -0.25% | — | 0.46% | 0.33% | -10.9 pp |
| FY 2019 Q1 | Mar 31, 2019 | — | -1.74% | — | -0.12% | -0.09% | — |
| FY 2018 Q4 | Dec 31, 2018 | 1.04% | 0.64% | — | 2.8% | 2.06% | -9.6 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | -0.09% | — | -6.37% | -4.81% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 2.3% | — | -3.7% | -2.81% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 4.21% | — | -1.77% | -1.37% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 2.92% | — | -3.21% | -2.41% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | -8.4% | — | -7.49% | -5.67% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | -10.51% | — | -8.67% | -6.76% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | -10.74% | — | -9.47% | -7.32% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | -8.16% | — | -6.65% | -5.05% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | 6.14% | — | 8.86% | 6.63% | — |
| FY 2016 Q2 | Jun 30, 2016 | 13.45% | 11.28% | — | 12.86% | 9.72% | 2.9 pp |
| FY 2016 Q1 | Mar 31, 2016 | 15.31% | 12.32% | — | 14.52% | 10.92% | 4.7 pp |
| FY 2015 Q4 | Dec 31, 2015 | — | 8.55% | — | 10.33% | 7.78% | — |
| FY 2015 Q3 | Sep 30, 2015 | 12.73% | 10% | 309.81% | — | 8.5% | 2.1 pp |
| FY 2015 Q2 | Jun 30, 2015 | — | 4.78% | — | — | 4.66% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 3.88% | — | — | 3.41% | — |
| FY 2014 Q4 | Dec 31, 2014 | 11.02% | 7.7% | 14.01% | 8.33% | 5.83% | 0.4 pp |
| FY 2014 Q3 | Sep 30, 2014 | 6.85% | 5.31% | -17.95% | — | 4.06% | -3.7 pp |
| FY 2014 Q2 | Jun 30, 2014 | 9.94% | 7.86% | 8.64% | — | 5.59% | -0.7 pp |
| FY 2014 Q1 | Mar 31, 2014 | 11.04% | 8.81% | -2.04% | — | 6.41% | 0.4 pp |
| FY 2013 Q4 | Dec 31, 2013 | 10.32% | 6.99% | — | 8.71% | 5.34% | -0.3 pp |
| FY 2013 Q3 | Sep 30, 2013 | 12.78% | 9.54% | — | — | 6.88% | 2.2 pp |
| FY 2013 Q2 | Jun 30, 2013 | 9.71% | 7.95% | — | — | 5.42% | -0.9 pp |
| FY 2013 Q1 | Mar 31, 2013 | 11.95% | 10.25% | — | — | 6.83% | 1.4 pp |
| FY 2012 Q4 | Dec 31, 2012 | — | -0.75% | — | -2.66% | -1.59% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | -14.16% | — | — | -11.34% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | -13.06% | — | — | -10.65% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | -15.28% | — | — | -11.85% | — |
| FY 2011 Q4 | Dec 31, 2011 | — | — | — | — | — | — |
| FY 2011 Q3 | Sep 30, 2011 | — | — | — | — | — | — |
| FY 2011 Q2 | Jun 30, 2011 | — | — | — | — | — | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 10.6%, rounded from the Semiconductor benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · FSLR, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.