ARM vs. FSLR: Arm Holdings vs. First Solar Stock Comparison

November 11, 2026

How do Arm Holdings (ARM) and First Solar (FSLR) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Arm Holdings (ARM) and First Solar (FSLR) are both classified in the Semiconductors sub-industry within the broader Semiconductors & Semiconductor Equipment industry, placing them in the closest GICS peer bucket.

First Solar (FSLR) trades as ordinary local shares, while Arm Holdings (ARM) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for Arm Holdings (ARM) and First Solar (FSLR)
Profile Item	ARM	FSLR
Name	Arm Holdings plc ADR	First Solar Inc.
Country/Region	United Kingdom	United States
GICS Sector	Information Technology	Information Technology
GICS Industry Group	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Industry	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Sub-Industry	Semiconductors	Semiconductors
Market Capitalization	186.84 billion USD	21.62 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	September 14, 2023	November 17, 2006
Security Type	ADR	Common Stock

Price Performance

Cumulative Growth

ARM

FSLR

GSPC

Arm Holdings (ARM) vs. First Solar (FSLR), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Arm Holdings (ARM) and First Solar (FSLR). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Arm Holdings (ARM) and First Solar (FSLR). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Arm Holdings (ARM) and First Solar (FSLR)
Metric	ARM	FSLR
Total Return (1Y)	23.60%	-28.81%
Total Return (3Y, Annualized)	53.99%	12.86%
Total Return (5Y, Annualized)	--	10.80%

Risk Profile

Drawdown History

ARM

FSLR

GSPC

Arm Holdings (ARM) vs. First Solar (FSLR), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Arm Holdings (ARM) and First Solar (FSLR). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Arm Holdings (ARM) and First Solar (FSLR)
Metric	ARM	FSLR
Volatility (1Y, Annualized)	82.24%	52.55%
Beta (5Y)	3.92	1.67
Max Drawdown (5Y)	-62.06%	-59.97%
Avg. Volume (3M)	5.05M	2.40M

Risk-Adjusted Performance

Risk-Return Positioning

ARM and FSLR are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Arm Holdings (ARM) and First Solar (FSLR)
Metric	ARM	FSLR
Sharpe Ratio (1Y)	0.23	-0.63
Sortino Ratio (1Y)	0.38	-0.85

Profitability

ROE (TTM)

Both Arm Holdings (ARM) at 11.35% and First Solar (FSLR) at 18.71% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

ARM

Semiconductors & Semiconductor Equipment industry group

11.35%

Max: 52.82%
Q3: 22.26%
ARM: 11.35%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

FSLR

Semiconductors & Semiconductor Equipment industry group

18.71%

Max: 52.82%
Q3: 22.26%
FSLR: 18.71%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their ROE against the Semiconductors & Semiconductor Equipment industry group benchmark.

Net Margin (TTM)

First Solar (FSLR) at 37.12% retains a top-quartile share of revenue as profit, ahead of Arm Holdings (ARM) at 17.13%, which keeps about the industry-typical share.

ARM

Semiconductors & Semiconductor Equipment industry group

17.13%

Max: 63.80%
Q3: 28.36%
ARM: 17.13%
Median: 11.44%
Q1: 0.90%
Min: -37.77%

FSLR

Semiconductors & Semiconductor Equipment industry group

37.12%

Max: 63.80%
FSLR: 37.12%
Q3: 28.36%
Median: 11.44%
Q1: 0.90%
Min: -37.77%

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their net margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Operating Margin (TTM)

First Solar (FSLR) at 44.37% operates in the top operating margin quartile, ahead of Arm Holdings (ARM) at 13.93%, which runs around its industry’s norm.

ARM

Semiconductors & Semiconductor Equipment industry group

13.93%

Max: 58.66%
Q3: 30.23%
Median: 15.91%
ARM: 13.93%
Q1: 7.54%
Min: -25.74%

FSLR

Semiconductors & Semiconductor Equipment industry group

44.37%

Max: 58.66%
FSLR: 44.37%
Q3: 30.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their operating margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Profitability Metrics

Profitability metrics for Arm Holdings (ARM) and First Solar (FSLR)
Metric	ARM	FSLR
ROE (TTM)	11.35%	18.71%
ROA (TTM)	5.50%	8.60%
Net Margin (TTM)	17.13%	37.12%
Operating Margin (TTM)	13.93%	44.37%
Gross Margin (TTM)	97.44%	49.25%

Growth

Revenue Growth

Both Arm Holdings (ARM) at 22.79% and First Solar (FSLR) at 24.09% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Arm Holdings (ARM) at 13.33% and First Solar (FSLR) at 18.22% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Arm Holdings (ARM) and First Solar (FSLR)
Metric	ARM	FSLR
Revenue Growth (YoY)	22.79%	24.09%
Revenue Growth (3Y CAGR)	22.46%	25.84%
EPS Growth (YoY)	13.33%	18.22%
EPS Growth (3Y CAGR)	18.51%	--

Financial Strength

Current Ratio (MRQ)

First Solar (FSLR) at 2.57 keeps current ratio within its industry’s typical mid-range, while Arm Holdings (ARM) at 6.35 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets relative to peers.

ARM

Semiconductors & Semiconductor Equipment industry group

6.35

Max: 10.33
ARM: 6.35
Q3: 5.62
Median: 3.33
Q1: 2.35
Min: 1.03

FSLR

Semiconductors & Semiconductor Equipment industry group

2.57

Max: 10.33
Q3: 5.62
Median: 3.33
FSLR: 2.57
Q1: 2.35
Min: 1.03

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their current ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Debt / Equity (MRQ)

First Solar (FSLR) at 0.03 keeps leverage in the lower industry quartile, while Arm Holdings (ARM) at 0.06 runs a more typical debt-to-equity mix.

ARM

Semiconductors & Semiconductor Equipment industry group

0.06

Max: 1.46
Q3: 0.65
Median: 0.27
ARM: 0.06
Q1: 0.04
Min: 0.00

FSLR

Semiconductors & Semiconductor Equipment industry group

0.03

Max: 1.46
Q3: 0.65
Median: 0.27
Q1: 0.04
FSLR: 0.03
Min: 0.00

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their debt-to-equity ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Arm Holdings (ARM) and First Solar (FSLR)
Metric	ARM	FSLR
Current Ratio (MRQ)	6.35	2.57
Debt / Equity (MRQ)	0.06	0.03
Net Debt / EBITDA	-2.77	-0.52

Dividends

Dividend Yield (TTM)

Neither Arm Holdings (ARM) nor First Solar (FSLR) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

ARM

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 1.37%
Q3: 0.65%
ARM: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

FSLR

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 1.37%
Q3: 0.65%
FSLR: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their dividend yield against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Arm Holdings (ARM) nor First Solar (FSLR) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

ARM

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 49.64%
Q3: 21.71%
ARM: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

FSLR

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 49.64%
Q3: 21.71%
FSLR: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their payout ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Metrics

Dividend metrics for Arm Holdings (ARM) and First Solar (FSLR)
Metric	ARM	FSLR
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

First Solar (FSLR) at 11.63 sits in the cheaper P/E ratio quartile, while Arm Holdings (ARM) at 200.71 trades above its peer range — a wide earnings-valuation gap relative to industry peers.

ARM

Semiconductors & Semiconductor Equipment industry group

200.71

ARM: 200.71
Max: 110.34
Q3: 66.81
Median: 37.02
Q1: 23.96
Min: 8.12

FSLR

Semiconductors & Semiconductor Equipment industry group

11.63

Max: 110.34
Q3: 66.81
Median: 37.02
Q1: 23.96
FSLR: 11.63
Min: 8.12

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their P/E ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/S Ratio (TTM)

First Solar (FSLR) at 4.31 prices around its industry’s typical P/S ratio, while Arm Holdings (ARM) at 34.20 clears its benchmark range — ARM looks notably rich on sales.

ARM

Semiconductors & Semiconductor Equipment industry group

34.20

ARM: 34.20
Max: 21.42
Q3: 12.27
Median: 5.76
Q1: 2.73
Min: 0.00

FSLR

Semiconductors & Semiconductor Equipment industry group

4.31

Max: 21.42
Q3: 12.27
Median: 5.76
FSLR: 4.31
Q1: 2.73
Min: 0.00

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their P/S ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/B Ratio (MRQ)

First Solar (FSLR) at 1.99 sits in the lower P/B ratio quartile relative to book while Arm Holdings (ARM) at 20.56 prices above its industry range — a wide valuation gap against assets.

ARM

Semiconductors & Semiconductor Equipment industry group

20.56

ARM: 20.56
Max: 14.06
Q3: 7.44
Median: 4.29
Q1: 2.30
Min: 0.20

FSLR

Semiconductors & Semiconductor Equipment industry group

1.99

Max: 14.06
Q3: 7.44
Median: 4.29
Q1: 2.30
FSLR: 1.99
Min: 0.20

Arm Holdings (ARM) vs. First Solar (FSLR): A comparison of their P/B ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Valuation Metrics

Valuation metrics for Arm Holdings (ARM) and First Solar (FSLR)
Metric	ARM	FSLR
P/E Ratio (TTM)	200.71	11.63
P/S Ratio (TTM)	34.20	4.31
P/B Ratio (MRQ)	20.56	1.99
Free Cash Flow Yield (TTM)	0.61%	3.18%