FSLR vs NXT: First Solar and Nextracker compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- First Solar is the larger company, worth $19.0B, about 1.5 times Nextracker.
- Nextracker grew revenue faster over the last year (+8.2% vs -3.7%).
- First Solar keeps more of each dollar of revenue as operating profit (33.6% vs 19.3%).
- On earnings, First Solar is the cheaper stock (11.4x vs 22.1x).
- Nextracker's price assumes faster free cash flow growth: about 8% a year, against 2% for First Solar (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FSLR | NXT |
|---|---|---|
| Market cap | $19.0B | $12.8B |
| Share price | $177.82 | $86.11 |
| Revenue (last fiscal year) | $5.2B | $3.6B |
| Free cash flow (last fiscal year) | $1.2B | $514M |
| Revenue growth, last year | -3.7% | +8.2% |
| Revenue growth per year, last 5 fiscal years | +15.6% | +25.0% |
| Operating margin | 33.6% | 19.3% |
| Net margin | 32.5% | 16.4% |
| Return on equity | 16.9% | 23.2% |
| P/E (trailing) | 11.4x | 22.1x |
| Price / free cash flow | 16.0x | 25.0x |
| EV / EBITDA | 6.44x | 16.2x |
| FCF growth the price implies | 2.1% | 7.8% |
| Dividend yield | — | — |
| Debt / equity | 0.30x | 0.67x |
| Fundamental grade | B | C |
| Superinvestors holding it | 3 | 2 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
First Solar
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.9B | -$303M | 20.1% |
| 2022 | $2.6B | -$30M | -1.0% |
| 2023 | $3.3B | -$785M | 25.8% |
| 2024 | $4.2B | -$308M | 33.2% |
| 2025 | $5.2B | $1.2B | 30.6% |
Nextracker
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.5B | -$153M | 4.5% |
| 2023 | $1.9B | $104M | 8.9% |
| 2024 | $2.5B | $423M | 23.5% |
| 2025 | $3.0B | $622M | 21.6% |
| 2026 | $3.6B | $514M | 19.6% |
Where the revenue comes from
First Solar · by segments, 2024
Modules segment$4.2B100%
Other segment$4M0%
Nextracker
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FSLR in InvestinglyQuestions
Which is bigger, First Solar or Nextracker?
First Solar (FSLR), at $19.0B against $12.8B.
Is FSLR or NXT cheaper?
By trailing P/E, First Solar (11.4x) is cheaper than Nextracker (22.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, FSLR or NXT?
Nextracker: revenue grew +8.2% over the last year, against -3.7%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.