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Side-by-side financial comparison of First Solar (FSLR) and NiSource (NI). Click either name above to swap in a different company.
NiSource is the larger business by last-quarter revenue ($1.9B vs $1.0B, roughly 1.8× First Solar). First Solar runs the higher net margin — 33.2% vs 13.7%, a 19.5% gap on every dollar of revenue. On growth, First Solar posted the faster year-over-year revenue change (23.6% vs 22.5%). Over the past eight quarters, NiSource's revenue compounded faster (7.2% CAGR vs 1.7%).
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.
NiSource Inc. is one of the largest fully regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. The company, based in Merrillville, Indiana, has more than 8,000 employees. As of 2018, NiSource is the sole Indiana-based utility company.
FSLR vs NI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.9B |
| Net Profit | $346.6M | $257.8M |
| Gross Margin | 46.6% | — |
| Operating Margin | 33.1% | 27.3% |
| Net Margin | 33.2% | 13.7% |
| Revenue YoY | 23.6% | 22.5% |
| Net Profit YoY | 65.4% | 15.1% |
| EPS (diluted) | $3.22 | $0.53 |
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.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.7B | $1.9B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $844.6M | $2.1B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $887.7M | $1.0B | ||
| Q2 24 | $1.0B | $1.1B |
| Q1 26 | $346.6M | — | ||
| Q4 25 | $520.9M | $257.8M | ||
| Q3 25 | $455.9M | $94.7M | ||
| Q2 25 | $341.9M | $102.2M | ||
| Q1 25 | $209.5M | $474.8M | ||
| Q4 24 | $393.1M | $223.9M | ||
| Q3 24 | $313.0M | $85.7M | ||
| Q2 24 | $349.4M | $85.8M |
| Q1 26 | 46.6% | — | ||
| Q4 25 | 39.5% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 40.8% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 50.2% | — | ||
| Q2 24 | 49.4% | — |
| Q1 26 | 33.1% | — | ||
| Q4 25 | 32.6% | 27.3% | ||
| Q3 25 | 29.2% | 24.0% | ||
| Q2 25 | 33.0% | 21.1% | ||
| Q1 25 | 26.2% | 35.3% | ||
| Q4 24 | 30.2% | 27.1% | ||
| Q3 24 | 36.3% | 20.9% | ||
| Q2 24 | 36.9% | 22.5% |
| Q1 26 | 33.2% | — | ||
| Q4 25 | 31.0% | 13.7% | ||
| Q3 25 | 28.6% | 7.6% | ||
| Q2 25 | 31.2% | 8.2% | ||
| Q1 25 | 24.8% | 22.1% | ||
| Q4 24 | 26.0% | 14.5% | ||
| Q3 24 | 35.3% | 8.2% | ||
| Q2 24 | 34.6% | 8.1% |
| Q1 26 | $3.22 | — | ||
| Q4 25 | $4.84 | $0.53 | ||
| Q3 25 | $4.24 | $0.20 | ||
| Q2 25 | $3.18 | $0.22 | ||
| Q1 25 | $1.95 | $1.00 | ||
| Q4 24 | $3.66 | $0.47 | ||
| Q3 24 | $2.91 | $0.19 | ||
| Q2 24 | $3.25 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $110.1M |
| Total DebtLower is stronger | $425.8M | $15.5B |
| Stockholders' EquityBook value | $9.9B | $9.5B |
| Total Assets | $13.4B | $35.9B |
| Debt / EquityLower = less leverage | 0.04× | 1.64× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.8B | $110.1M | ||
| Q3 25 | $2.0B | $95.0M | ||
| Q2 25 | $1.1B | $335.4M | ||
| Q1 25 | $837.6M | $259.4M | ||
| Q4 24 | $1.6B | $156.6M | ||
| Q3 24 | $1.0B | $126.2M | ||
| Q2 24 | $1.7B | $101.2M |
| Q1 26 | $425.8M | — | ||
| Q4 25 | — | $15.5B | ||
| Q3 25 | — | $14.5B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | — | $12.8B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | — | $12.1B | ||
| Q2 24 | — | $12.8B |
| Q1 26 | $9.9B | — | ||
| Q4 25 | $9.5B | $9.5B | ||
| Q3 25 | $9.0B | $9.1B | ||
| Q2 25 | $8.5B | $8.9B | ||
| Q1 25 | $8.2B | $8.9B | ||
| Q4 24 | $8.0B | $8.7B | ||
| Q3 24 | $7.6B | $8.3B | ||
| Q2 24 | $7.3B | $7.9B |
| Q1 26 | $13.4B | — | ||
| Q4 25 | $13.3B | $35.9B | ||
| Q3 25 | $13.5B | $34.4B | ||
| Q2 25 | $12.9B | $34.0B | ||
| Q1 25 | $12.1B | $33.1B | ||
| Q4 24 | $12.1B | $31.8B | ||
| Q3 24 | $11.4B | $30.8B | ||
| Q2 24 | $11.0B | $29.9B |
| Q1 26 | 0.04× | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.63× |
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 | $-214.9M | $712.6M |
| Free Cash FlowOCF − Capex | — | $-133.7M |
| FCF MarginFCF / Revenue | — | -7.1% |
| Capex IntensityCapex / Revenue | — | 44.9% |
| Cash ConversionOCF / Net Profit | -0.62× | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-420.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-214.9M | — | ||
| Q4 25 | $1.2B | $712.6M | ||
| Q3 25 | $1.3B | $467.9M | ||
| Q2 25 | $149.6M | $495.4M | ||
| Q1 25 | $-608.0M | $686.4M | ||
| Q4 24 | $811.0M | $539.8M | ||
| Q3 24 | $-53.7M | $340.0M | ||
| Q2 24 | $193.0M | $445.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $-133.7M | ||
| Q3 25 | $1.1B | $-172.6M | ||
| Q2 25 | $-138.6M | $-162.8M | ||
| Q1 25 | $-813.9M | $49.1M | ||
| Q4 24 | $497.5M | $-220.2M | ||
| Q3 24 | $-487.7M | $-294.7M | ||
| Q2 24 | $-172.1M | $-184.3M |
| Q1 26 | — | — | ||
| Q4 25 | 63.6% | -7.1% | ||
| Q3 25 | 67.1% | -13.9% | ||
| Q2 25 | -12.6% | -13.1% | ||
| Q1 25 | -96.4% | 2.3% | ||
| Q4 24 | 32.9% | -14.3% | ||
| Q3 24 | -54.9% | -28.2% | ||
| Q2 24 | -17.0% | -17.5% |
| Q1 26 | — | — | ||
| Q4 25 | 10.2% | 44.9% | ||
| Q3 25 | 12.8% | 51.6% | ||
| Q2 25 | 26.3% | 52.8% | ||
| Q1 25 | 24.4% | 29.6% | ||
| Q4 24 | 20.7% | 49.4% | ||
| Q3 24 | 48.9% | 60.7% | ||
| Q2 24 | 36.1% | 59.7% |
| Q1 26 | -0.62× | — | ||
| Q4 25 | 2.38× | 2.76× | ||
| Q3 25 | 2.79× | 4.94× | ||
| Q2 25 | 0.44× | 4.85× | ||
| Q1 25 | -2.90× | 1.45× | ||
| Q4 24 | 2.06× | 2.41× | ||
| Q3 24 | -0.17× | 3.97× | ||
| Q2 24 | 0.55× | 5.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FSLR
Segment breakdown not available.
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
