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Flagship explainer

What drives First Solar, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity17%Tax burden97%net income ÷ pretax incomeInterest burden99%pretax ÷ operating incomeOperating margin31%operating income ÷ revenueAsset turnover0.41×revenue ÷ average assetsEquity multiplier1.45×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$1.5BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001274494-26-000021 · filed Feb 24, 2026
Income before tax$1.6BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001274494-26-000021 · filed Feb 24, 2026
Operating income$1.6BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001274494-26-000021 · filed Feb 24, 2026
$5.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001274494-26-000021 · filed Feb 24, 2026
Ending assets$13.3BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001274494-26-000021 · filed Feb 24, 2026
Beginning assets$12.1BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001274494-26-000021 · filed Feb 24, 2026
$9.5BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001274494-26-000021 · filed Feb 24, 2026
$8.0BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001274494-26-000021 · filed Feb 24, 2026
Source: · event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set
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FSLR dupont explainer — Buy Like Buffett · Buy Like Buffett