First Solar, Inc. — Earnings Quality Grade C
FSLR · Technology
Some red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 90 days, change -19 days YoY
AR growth 2.6% vs revenue growth 24.1%
Revenue 24.1%, CFFO 68.9%. Cash follows revenue
Expense Quality
Inventory -20.4% vs COGS 32.0%. Normal
CapEx growth -43.0% vs revenue 24.1%. Normal
SG&A/Gross Profit = 9.6%, excellent (<30%)
Gross margin 40.6%, change -3.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.35. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -4.0%. Low accruals
Cash $2.9B covers debt $0.7B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 1% of equity. Manageable
Debt/EBITDA = 0.3x. Healthy
Other assets -1.5% vs revenue 24.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -2.59 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10