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Side-by-side financial comparison of Array Technologies, Inc. (ARRY) and First Solar (FSLR). Click either name above to swap in a different company.
First Solar is the larger business by last-quarter revenue ($1.7B vs $226.0M, roughly 7.4× Array Technologies, Inc.). On growth, First Solar posted the faster year-over-year revenue change (11.1% vs -17.9%). First Solar produced more free cash flow last quarter ($1.1B vs $36.2M). Over the past eight quarters, First Solar's revenue compounded faster (45.6% CAGR vs 21.4%).
ATI Technologies Inc. was a Canadian semiconductor technology corporation based in Markham, Ontario, that specialized in the development of graphics processing units and chipsets. Founded in 1985, the company listed publicly in 1993 and was acquired by AMD in 2006. As a major fabless semiconductor company, ATI conducted research and development in-house and outsourced the manufacturing and assembly of its products. With the decline and eventual bankruptcy of 3dfx in 2000, ATI and its chief ri...
First Solar, Inc. is a publicly traded American manufacturer of solar panels. First Solar uses rigid thin-film modules for its solar panels, and produces CdTe panels using cadmium telluride (CdTe) as a semiconductor. The company was founded in 1990 by inventor Harold McMaster as Solar Cells, Inc. In 1999 it was purchased by True North Partners, LLC, which rebranded it as First Solar, Inc. It provides end-of-life panel recycling at each of its manufacturing facilities.
ARRY vs FSLR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $226.0M | $1.7B |
| Net Profit | — | $520.9M |
| Gross Margin | 8.6% | 39.5% |
| Operating Margin | -65.5% | 32.6% |
| Net Margin | — | 31.0% |
| Revenue YoY | -17.9% | 11.1% |
| Net Profit YoY | — | 32.5% |
| EPS (diluted) | $-1.06 | $4.84 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $226.0M | $1.7B | ||
| Q3 25 | $393.5M | $1.6B | ||
| Q2 25 | $362.2M | $1.1B | ||
| Q1 25 | $302.4M | $844.6M | ||
| Q4 24 | $275.2M | $1.5B | ||
| Q3 24 | $231.4M | $887.7M | ||
| Q2 24 | $255.8M | $1.0B | ||
| Q1 24 | $153.4M | $794.1M |
| Q4 25 | — | $520.9M | ||
| Q3 25 | $33.5M | $455.9M | ||
| Q2 25 | $43.3M | $341.9M | ||
| Q1 25 | $16.7M | $209.5M | ||
| Q4 24 | — | $393.1M | ||
| Q3 24 | $-141.4M | $313.0M | ||
| Q2 24 | $25.7M | $349.4M | ||
| Q1 24 | $2.2M | $236.6M |
| Q4 25 | 8.6% | 39.5% | ||
| Q3 25 | 26.9% | 38.3% | ||
| Q2 25 | 26.8% | 45.6% | ||
| Q1 25 | 25.3% | 40.8% | ||
| Q4 24 | 28.5% | 37.5% | ||
| Q3 24 | 33.8% | 50.2% | ||
| Q2 24 | 33.6% | 49.4% | ||
| Q1 24 | 35.9% | 43.6% |
| Q4 25 | -65.5% | 32.6% | ||
| Q3 25 | 11.6% | 29.2% | ||
| Q2 25 | 12.8% | 33.0% | ||
| Q1 25 | 9.0% | 26.2% | ||
| Q4 24 | -51.7% | 30.2% | ||
| Q3 24 | -57.3% | 36.3% | ||
| Q2 24 | 15.5% | 36.9% | ||
| Q1 24 | 5.5% | 30.6% |
| Q4 25 | — | 31.0% | ||
| Q3 25 | 8.5% | 28.6% | ||
| Q2 25 | 11.9% | 31.2% | ||
| Q1 25 | 5.5% | 24.8% | ||
| Q4 24 | — | 26.0% | ||
| Q3 24 | -61.1% | 35.3% | ||
| Q2 24 | 10.0% | 34.6% | ||
| Q1 24 | 1.4% | 29.8% |
| Q4 25 | $-1.06 | $4.84 | ||
| Q3 25 | $0.12 | $4.24 | ||
| Q2 25 | $0.19 | $3.18 | ||
| Q1 25 | $0.02 | $1.95 | ||
| Q4 24 | $-0.94 | $3.66 | ||
| Q3 24 | $-1.02 | $2.91 | ||
| Q2 24 | $0.08 | $3.25 | ||
| Q1 24 | $-0.07 | $2.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $244.4M | $2.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-206.3M | $9.5B |
| Total Assets | $1.5B | $13.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $244.4M | $2.8B | ||
| Q3 25 | $221.5M | $2.0B | ||
| Q2 25 | $377.3M | $1.1B | ||
| Q1 25 | $348.3M | $837.6M | ||
| Q4 24 | $363.0M | $1.6B | ||
| Q3 24 | $332.4M | $1.0B | ||
| Q2 24 | $282.3M | $1.7B | ||
| Q1 24 | $287.6M | $1.7B |
| Q4 25 | $-206.3M | $9.5B | ||
| Q3 25 | $-46.7M | $9.0B | ||
| Q2 25 | $-70.9M | $8.5B | ||
| Q1 25 | $-97.8M | $8.2B | ||
| Q4 24 | $-118.1M | $8.0B | ||
| Q3 24 | $64.5M | $7.6B | ||
| Q2 24 | $200.0M | $7.3B | ||
| Q1 24 | $231.2M | $6.9B |
| Q4 25 | $1.5B | $13.3B | ||
| Q3 25 | $1.6B | $13.5B | ||
| Q2 25 | $1.5B | $12.9B | ||
| Q1 25 | $1.4B | $12.1B | ||
| Q4 24 | $1.4B | $12.1B | ||
| Q3 24 | $1.6B | $11.4B | ||
| Q2 24 | $1.7B | $11.0B | ||
| Q1 24 | $1.6B | $10.8B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $43.6M | $1.2B |
| Free Cash FlowOCF − Capex | $36.2M | $1.1B |
| FCF MarginFCF / Revenue | 16.0% | 63.6% |
| Capex IntensityCapex / Revenue | 3.3% | 10.2% |
| Cash ConversionOCF / Net Profit | — | 2.38× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $43.6M | $1.2B | ||
| Q3 25 | $27.4M | $1.3B | ||
| Q2 25 | $43.8M | $149.6M | ||
| Q1 25 | $-13.1M | $-608.0M | ||
| Q4 24 | $57.6M | $811.0M | ||
| Q3 24 | $44.9M | $-53.7M | ||
| Q2 24 | $4.0M | $193.0M | ||
| Q1 24 | $47.5M | $267.7M |
| Q4 25 | $36.2M | $1.1B | ||
| Q3 25 | $21.9M | $1.1B | ||
| Q2 25 | $37.2M | $-138.6M | ||
| Q1 25 | $-15.4M | $-813.9M | ||
| Q4 24 | $55.9M | $497.5M | ||
| Q3 24 | $43.9M | $-487.7M | ||
| Q2 24 | $1.8M | $-172.1M | ||
| Q1 24 | $45.1M | $-145.7M |
| Q4 25 | 16.0% | 63.6% | ||
| Q3 25 | 5.6% | 67.1% | ||
| Q2 25 | 10.3% | -12.6% | ||
| Q1 25 | -5.1% | -96.4% | ||
| Q4 24 | 20.3% | 32.9% | ||
| Q3 24 | 19.0% | -54.9% | ||
| Q2 24 | 0.7% | -17.0% | ||
| Q1 24 | 29.4% | -18.4% |
| Q4 25 | 3.3% | 10.2% | ||
| Q3 25 | 1.4% | 12.8% | ||
| Q2 25 | 1.8% | 26.3% | ||
| Q1 25 | 0.8% | 24.4% | ||
| Q4 24 | 0.6% | 20.7% | ||
| Q3 24 | 0.5% | 48.9% | ||
| Q2 24 | 0.8% | 36.1% | ||
| Q1 24 | 1.6% | 52.1% |
| Q4 25 | — | 2.38× | ||
| Q3 25 | 0.82× | 2.79× | ||
| Q2 25 | 1.01× | 0.44× | ||
| Q1 25 | -0.78× | -2.90× | ||
| Q4 24 | — | 2.06× | ||
| Q3 24 | — | -0.17× | ||
| Q2 24 | 0.15× | 0.55× | ||
| Q1 24 | 21.94× | 1.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARRY
| Array Legacy Operations Segment | $212.0M | 94% |
| STI Operations Segment | $14.0M | 6% |
FSLR
Segment breakdown not available.
