Photon recycling mechanisms in single junction thin‐film GaAs solar cells are evaluated in this study. Modelling supported by experimentally obtained results is used in order to correlate the reflectance of the cell's rear layers, the photon recycling probability, and the solar cell performance. Solar cells with different top and bottom metallization configurations are produced, and their performance is analyzed from the optical and electrical point of view. It is shown that the photon recycling probability increases with the rear mirror reflectance and solar cell thickness, which results in the increase of the devices open circuit voltage. However, the front grid coverage, usually disregarded in rear mirror focused studies, strongly reduces the photon recycling probability. Furthermore, perimeter and interface recombination hinder the internal radiative efficiency of the solar cells, preventing further increase of the devices' open circuit voltage as a result of improvements of the rear mirror reflectivity. In order to exploit the significant benefit of increased photon recycling probability to the solar cell performance, these limiting mechanisms need to be properly addressed.