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FIRST SOLAR, INC（FSLR）の決算・業績分析

FIRST SOLAR, INCの2025年有価証券報告書をAI分析。売上高$5.2B(+24.1%)。営業利益$1.6B。Information Technology。

目次
SUMMARY — 業績サマリー

FIRST SOLAR, INCの2025年度 業績サマリー

FIRST SOLAR, INC（証券コード: FSLR）の2025年度決算・業績分析。売上高は$5.2B（前年比+24.1%）。営業利益は$1.6B（前年比+14.5%）。純利益は$1.5B（前年比+18.3%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。

FIRST SOLAR, INCの2024年度 注目ポイント

※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。

  1. Revenue declined 10.4% YoY to $2.6B (XBRL), driven by global solar market supply-demand imbalances and pricing pressures.
  2. Net loss widened to $44M (XBRL), with operating income turning negative at -$27M (XBRL) due to margin compression and high CapEx.
  3. Strong liquidity with $1.9B Cash (XBRL) and net debt of -$1.5B (XBRL), reflecting robust balance sheet despite profitability challenges.

FIRST SOLAR, INCの売上高変化の要因

  • •Revenue fell 10.4% YoY to $2.6B (XBRL), reversing a 5-year CAGR of +8.1% (XBRL). The decline reflects global solar market volatility and pricing pressures. Operating income plummeted 104.6% YoY to -$27M (XBRL), while net income dropped 109.4% YoY to -$44M (XBRL). Despite this, the company maintained a 5-year CAGR of +41.9% for net income (XBRL), though FY2024 results show a sharp reversal.

FIRST SOLAR, INCの営業利益変化の要因

  • •Profitability metrics deteriorated sharply: gross margin contracted to 2.7% (XBRL), operating margin turned negative at -1.0% (XBRL), and net margin hit -1.7% (XBRL). These declines reflect intense competition, margin compression, and high CapEx ($904M, XBRL). YoY comparisons show operating income falling from $587M (FY2023, XBRL) to -$27M (FY2024, XBRL), a 104.6% decline.

FIRST SOLAR, INCの事業リスクと対応

Intense global competition and pricing volatility from supply-demand imbalances in solar markets (10-K).

Risk of government subsidy changes or tariffs impacting demand and costs (10-K).

Product quality issues leading to warranty costs and reputational damage (10-K).

Reliance on limited suppliers for critical raw materials, risking production delays (10-K).

Loss of large customers or contract non-performance (10-K).

FIRST SOLAR, INCの事業内容

First Solar, Inc. (FSLR) is a global manufacturer of photovoltaic (PV) solar modules using advanced thin-film technology (10-K). Its primary product is the Series 7 module, designed for high-performance and competitive pricing in utility-scale and commercial power generation. The company's key competitive advantages include CdTe-based modules with superior temperature resilience, proprietary manufacturing processes, and long-term product warranties (10-K). It operates in a highly competitive market dominated by crystalline silicon PV module manufacturers (10-K), with no significant customer concentration or explicit segment reporting in FY2024.

FIRST SOLAR, INCのAI業績分析レポート（2024年度）

First Solar, Inc. (FSLR) FY2024 Annual Report Analysis

Highlights
•Revenue declined 10.4% YoY to $2.6B (XBRL), driven by global solar market volatility.
•Net loss widened to $44M (XBRL), with operating income turning negative at -$27M (XBRL).
•Strong liquidity with $1.9B Cash (XBRL) and net debt of -$1.5B (XBRL).
Business Overview

First Solar, Inc. (FSLR) is a global manufacturer of photovoltaic (PV) solar modules using advanced thin-film technology (10-K). Its primary product is the Series 7 module, designed for high-performance and competitive pricing in utility-scale and commercial power generation. Key competitive advantages include CdTe-based modules with superior temperature resilience, proprietary manufacturing processes, and long-term product warranties (10-K). The company operates in a highly competitive market dominated by crystalline silicon PV module manufacturers (10-K), with no significant customer concentration or explicit segment reporting in FY2024.

Revenue Analysis

Revenue fell 10.4% YoY to $2.6B (XBRL), reversing a 5-year CAGR of +8.1% (XBRL). The decline reflects global solar market volatility and pricing pressures. Operating income plummeted 104.6% YoY to -$27M (XBRL), while net income dropped 109.4% YoY to -$44M (XBRL). Despite this, the company maintained a 5-year CAGR of +41.9% for net income (XBRL), though FY2024 results show a sharp reversal.

Profitability Analysis

Profitability metrics deteriorated sharply: gross margin contracted to 2.7% (XBRL), operating margin turned negative at -1.0% (XBRL), and net margin hit -1.7% (XBRL). These declines reflect intense competition, margin compression, and high CapEx ($904M, XBRL). YoY comparisons show operating income falling from $587M (FY2023, XBRL) to -$27M (FY2024, XBRL), a 104.6% decline.

Balance Sheet Analysis

The balance sheet shows strong liquidity with $1.9B Cash (XBRL) and a 57.5% Equity Ratio (XBRL). Net debt is negative at -$1.5B (XBRL), indicating excess cash relative to liabilities. Long-term debt remains at $464M (XBRL), while total assets grew to $10.4B (XBRL) in FY2024. ROE and ROA turned negative at -0.7% and -0.4% (XBRL), respectively, due to profitability losses.

Cash Flow Analysis

Operating cash flow surged to $873M (XBRL), but free cash flow (FCF) turned negative at -$30M (XBRL) due to $904M CapEx (XBRL). Financing cash flow was $309M (XBRL), reflecting capital structure management. Despite profitability losses, the company maintained strong cash reserves, with $1.9B Cash (XBRL) and no mention of dividends or buybacks in the data.

Working Capital Analysis

Cash Conversion Cycle (CCC) was 180 days (XBRL), with Receivables Days at 92 days, Inventory Days at 117 days, and Payables Days at 30 days. These metrics indicate extended working capital cycles, potentially linked to inventory management challenges or slower receivables collection.

Risks
1.Intense global competition and pricing volatility from supply-demand imbalances in solar markets (10-K).
2.Risk of government subsidy changes or tariffs impacting demand and costs (10-K).
3.Product quality issues leading to warranty costs and reputational damage (10-K).
4.Reliance on limited suppliers for critical raw materials, risking production delays (10-K).
5.Loss of large customers or contract non-performance (10-K).
Outlook

N/A

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