Arm Holdings vs First Solar
First Solar reported revenue of $5.2 billion in fiscal 2025, about the same as Arm Holdings' $4.9 billion in fiscal 2026. Arm Holdings' revenue grew 22.8% in its latest year, and First Solar's grew 24.1%. Arm Holdings had an operating margin of 18.3%, against 30.6% at First Solar. Free cash flow was $979 million at Arm Holdings and $1.2 billion at First Solar. Their fiscal years end in different months (March 31 and December 31), so the periods don't line up exactly.
Side by side
| Arm Holdings | First Solar | |
|---|---|---|
| Latest fiscal year | FY2026, Mar 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $4.9B | $5.2B |
| Revenue growth | 22.8% | 24.1% |
| Revenue growth a year, last 5 years | — | 14.0% |
| Gross margin | 97.5% | 40.6% |
| Operating margin | 18.3% | 30.6% |
| Net margin | 18.4% | 29.3% |
| Free cash flow | $979M | $1.2B |
| Free cash flow margin | 19.9% | 22.8% |
| Return on capital | — | 22.7% |
| Net debt to EBITDA | — | −1.2x |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 0.5% | 0.0% |
| Last close | $223.35 | $168.15 |
| P/E at the last close | — | 10.4× |
| Insider trades, last 12 months | sold $72.2 million | sold $43.4 million |
| Piotroski F-score | — | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Arm HoldingsFirst Solar
Operating margin
Percent of revenue
Arm HoldingsFirst Solar
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Arm HoldingsFirst Solar
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Arm Holdings and First Solar pages.