FSLR vs. ON: First Solar vs. ON Semiconductor Stock Comparison

November 11, 2026

How do First Solar (FSLR) and ON Semiconductor (ON) 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

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

Company profile comparison for First Solar (FSLR) and ON Semiconductor (ON)
Profile Item	FSLR	ON
Name	First Solar Inc.	ON Semiconductor Corporation
Country/Region	United States	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	21.62 billion USD	24.65 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	November 17, 2006	May 2, 2000
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

FSLR

GSPC

First Solar (FSLR) vs. ON Semiconductor (ON), 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 First Solar (FSLR) and ON Semiconductor (ON). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for First Solar (FSLR) and ON Semiconductor (ON)
Metric	FSLR	ON
Total Return (1Y)	-28.81%	43.93%
Total Return (3Y, Annualized)	12.86%	2.27%
Total Return (5Y, Annualized)	10.80%	3.42%

Risk Profile

Drawdown History

FSLR

GSPC

First Solar (FSLR) vs. ON Semiconductor (ON), 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 First Solar (FSLR) and ON Semiconductor (ON). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for First Solar (FSLR) and ON Semiconductor (ON)
Metric	FSLR	ON
Volatility (1Y, Annualized)	52.55%	64.26%
Beta (5Y)	1.67	2.14
Max Drawdown (5Y)	-59.97%	-70.44%
Avg. Volume (3M)	2.40M	10.22M

Risk-Adjusted Performance

Risk-Return Positioning

FSLR and ON 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 First Solar (FSLR) and ON Semiconductor (ON)
Metric	FSLR	ON
Sharpe Ratio (1Y)	-0.63	0.62
Sortino Ratio (1Y)	-0.85	0.88

Profitability

ROE (TTM)

Both First Solar (FSLR) at 18.71% and ON Semiconductor (ON) at 8.91% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

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%

ON

Semiconductors & Semiconductor Equipment industry group

8.91%

Max: 52.82%
Q3: 22.26%
Median: 10.58%
ON: 8.91%
Q1: 1.29%
Min: -16.89%

First Solar (FSLR) vs. ON Semiconductor (ON): 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 ON Semiconductor (ON) at 10.82%, which keeps about the industry-typical share.

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%

ON

Semiconductors & Semiconductor Equipment industry group

10.82%

Max: 63.80%
Q3: 28.36%
Median: 11.44%
ON: 10.82%
Q1: 0.90%
Min: -37.77%

First Solar (FSLR) vs. ON Semiconductor (ON): 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 ON Semiconductor (ON) at 22.23%, which runs around its industry’s norm.

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%

ON

Semiconductors & Semiconductor Equipment industry group

22.23%

Max: 58.66%
Q3: 30.23%
ON: 22.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

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

Profitability Metrics

Profitability metrics for First Solar (FSLR) and ON Semiconductor (ON)
Metric	FSLR	ON
ROE (TTM)	18.71%	8.91%
ROA (TTM)	8.60%	6.03%
Net Margin (TTM)	37.12%	10.82%
Operating Margin (TTM)	44.37%	22.23%
Gross Margin (TTM)	49.25%	39.90%

Growth

Revenue Growth

First Solar (FSLR) at 24.09% is around its peer norm for revenue growth, while ON Semiconductor (ON) at -15.35% drops into the bottom quartile, signaling weaker demand or pricing momentum.

First Solar (FSLR) vs. ON Semiconductor (ON): A comparison of their Revenue Growth across different time periods.

EPS Growth

First Solar (FSLR) at 18.22% is around its peer norm for EPS growth, while ON Semiconductor (ON) at -92.01% drops into the bottom quartile, signaling weaker earnings momentum.

First Solar (FSLR) vs. ON Semiconductor (ON): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for First Solar (FSLR) and ON Semiconductor (ON)
Metric	FSLR	ON
Revenue Growth (YoY)	24.09%	-15.35%
Revenue Growth (3Y CAGR)	25.84%	-10.37%
EPS Growth (YoY)	18.22%	-92.01%
EPS Growth (3Y CAGR)	--	-59.10%

Financial Strength

Current Ratio (MRQ)

Both First Solar (FSLR) at 2.57 and ON Semiconductor (ON) at 3.55 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

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

ON

Semiconductors & Semiconductor Equipment industry group

3.55

Max: 10.33
Q3: 5.62
ON: 3.55
Median: 3.33
Q1: 2.35
Min: 1.03

First Solar (FSLR) vs. ON Semiconductor (ON): 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 ON Semiconductor (ON) at 0.62 runs a more typical debt-to-equity mix.

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

ON

Semiconductors & Semiconductor Equipment industry group

0.62

Max: 1.46
Q3: 0.65
ON: 0.62
Median: 0.27
Q1: 0.04
Min: 0.00

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

Financial Strength Metrics

Financial strength metrics for First Solar (FSLR) and ON Semiconductor (ON)
Metric	FSLR	ON
Current Ratio (MRQ)	2.57	3.55
Debt / Equity (MRQ)	0.03	0.62
Net Debt / EBITDA	-0.52	0.18

Dividends

Dividend Yield (TTM)

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

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%

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

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

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

Dividend Payout Ratio (TTM)

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

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%

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

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

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

Dividend Metrics

Dividend metrics for First Solar (FSLR) and ON Semiconductor (ON)
Metric	FSLR	ON
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 ON Semiconductor (ON) at 37.02 is closer to its industry’s usual earnings multiple — a discount for FSLR, though growth and earnings durability still matter.

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

ON

Semiconductors & Semiconductor Equipment industry group

37.02

Max: 110.34
Q3: 66.81
ON: 37.02
Median: 37.02
Q1: 23.96
Min: 8.12

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

P/S Ratio (TTM)

On P/S ratio, both First Solar (FSLR) at 4.31 and ON Semiconductor (ON) at 3.87 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

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

ON

Semiconductors & Semiconductor Equipment industry group

3.87

Max: 21.42
Q3: 12.27
Median: 5.76
ON: 3.87
Q1: 2.73
Min: 0.00

First Solar (FSLR) vs. ON Semiconductor (ON): 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 against book while ON Semiconductor (ON) at 3.26 is valued near its industry’s middle — FSLR is cheaper on assets, though weigh it against ROE and asset quality.

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

ON

Semiconductors & Semiconductor Equipment industry group

3.26

Max: 14.06
Q3: 7.44
Median: 4.29
ON: 3.26
Q1: 2.30
Min: 0.20

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

Valuation Metrics

Valuation metrics for First Solar (FSLR) and ON Semiconductor (ON)
Metric	FSLR	ON
P/E Ratio (TTM)	11.63	37.02
P/S Ratio (TTM)	4.31	3.87
P/B Ratio (MRQ)	1.99	3.26
Free Cash Flow Yield (TTM)	3.18%	6.55%