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First Solar vs Monolithic Power Systems: FSLR and MPWR compared
First Solar is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $1.2B for Monolithic Power Systems (Q3 2026). Monolithic Power Systems is growing faster (+63% against -23% a year earlier). First Solar is more profitable, with an operating margin of 44.4% against 29.7%.
Where the money goes: FSLR and MPWR
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.
Monolithic Power Systems (MPWR) · Q3 2026
Monolithic Power Systems, Q3 2026: revenue $1.2B (+63% year over year), operating margin 29.7%, net earnings $271M, operating cash flow $290M. The chart follows the revenue to costs, profit and cash.
| First Solar (FSLR) | Monolithic Power Systems (MPWR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.2B | $1.2B |
| Revenue growth, Y/Y | -23% | +63% |
| Gross margin | 57.9% | 55.4% |
| Operating margin | 44.4% | 29.7% |
| Net earnings | $571M | $271M |
| Net margin | 46.4% | 22.5% |
| Operating cash flow | −$42.9M | $290M |
| Free cash flow | — | $221M |
| Market value | $21.7B | $58.5B |
| P/E | 11.6× | 65.6× |
| Analysts’ mean target | $254.71 | $1820.64 |
Questions
Which is bigger, First Solar or Monolithic Power Systems?
First Solar is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $1.2B for Monolithic Power Systems (Q3 2026).
Is First Solar or Monolithic Power Systems growing faster?
Monolithic Power Systems is growing faster (+63% against -23% a year earlier).
Which is more profitable, First Solar or Monolithic Power Systems?
First Solar is more profitable, with an operating margin of 44.4% against 29.7%.
More: First Solar earnings · how First Solar makes money · Monolithic Power Systems earnings · how Monolithic Power Systems makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.