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Arm Holdings vs First Solar: ARM and FSLR compared
Arm Holdings is the larger company: $1.4B of revenue in its latest quarter (Q2 FY27) against $1.2B for First Solar (Q3 2026). Arm Holdings is growing faster (+27% against -23% a year earlier). First Solar is more profitable, with an operating margin of 44.4% against 13.9%.
Where the money goes: ARM and FSLR
Arm Holdings (ARM) · Q2 FY27
Arm Holdings, Q2 FY27: revenue $1.4B (+27% year over year), operating margin 13.9%, net earnings $130M, operating cash flow $207M. The chart follows the revenue to costs, profit and cash.
First Solar (FSLR) · Q3 2026
First Solar, Q3 2026: revenue $1.2B (-23% year over year), operating margin 44.4%, net earnings $571M, operating cash flow −$42.9M. The chart follows the revenue to costs, profit and cash.
| Arm Holdings (ARM) | First Solar (FSLR) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $1.4B | $1.2B |
| Revenue growth, Y/Y | +27% | -23% |
| Gross margin | 97.1% | 57.9% |
| Operating margin | 13.9% | 44.4% |
| Net earnings | $130M | $571M |
| Net margin | 9.0% | 46.4% |
| Operating cash flow | $207M | −$42.9M |
| Free cash flow | $135M | — |
| Market value | $186.8B | $21.7B |
| P/E | 196.9× | 11.6× |
| Analysts’ mean target | $273.40 | $254.71 |
Where the revenue comes from
Arm Holdings
- Revenue from external customers: $1.0B (71%)
- Revenue from related parties: $424M (29%)
Questions
Which is bigger, Arm Holdings or First Solar?
Arm Holdings is the larger company: $1.4B of revenue in its latest quarter (Q2 FY27) against $1.2B for First Solar (Q3 2026).
Is Arm Holdings or First Solar growing faster?
Arm Holdings is growing faster (+27% against -23% a year earlier).
Which is more profitable, Arm Holdings or First Solar?
First Solar is more profitable, with an operating margin of 44.4% against 13.9%.
More: Arm Holdings earnings · how Arm Holdings makes money · First Solar earnings · how First Solar makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Nov 4, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.