First Solar (FSLR)
NASDAQ:FSLR
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First Solar
(NASDAQ:FSLR)
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Rating:77Outperform
Price Target:
$266.00
▲(39.68% Upside)
Action:Reiterated
Date:05/01/26
The score is driven primarily by strong financial performance (profitability turnaround, solid margins, and a very conservative balance sheet). The earnings call supports the outlook with reaffirmed guidance and strong Q1 execution, but policy/tariff and utilization risks temper confidence. Technicals are mixed with longer-term moving averages still overhead, and valuation appears reasonable rather than deeply discounted.
Positive Factors
Very low leverage / strong liquidity
Extremely low debt relative to a nearly $10B equity base and a history of rising equity gives First Solar durable financial flexibility. This supports capital investment, weathering tariff shocks, and funding technology rollouts without reliance on dilutive financing, improving long-term resilience.
Negative Factors
Tariff and policy uncertainty
Unresolved trade and policy actions can structurally alter module competitiveness, booked pricing, and where production must be located. Policy shifts could force capacity reallocation, raise costs through tariffs or compliance, and reduce booking visibility, making multi-year planning and margins more uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong liquidity
Extremely low debt relative to a nearly $10B equity base and a history of rising equity gives First Solar durable financial flexibility. This supports capital investment, weathering tariff shocks, and funding technology rollouts without reliance on dilutive financing, improving long-term resilience.
Read all positive factors
First Solar Key Performance Indicators (KPIs)
Any
Megawatts Produced
Indicates the total energy output generated, showcasing the company's production capacity and efficiency in meeting energy demands.
Indicates the total energy output generated, showcasing the company's production capacity and efficiency in meeting energy demands.
Data provided by:
The Fly
The FlyFirst Solar (FSLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$24.51B
Dividend YieldN/A
Average Volume (3M)1.80M
Price to Earnings (P/E)15.3
Beta (1Y)0.93
Revenue Growth27.30%
EPS Growth31.37%
CountryUS
Employees8,100
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)15.52
Shares Outstanding107,453,360
10 Day Avg. Volume2,105,499
30 Day Avg. Volume1,796,617
Financial Highlights & Ratios
PEG Ratio1.01
Price to Book (P/B)2.94
Price to Sales (P/S)5.37
P/FCF Ratio23.60
Enterprise Value/Market Cap0.89
Enterprise Value/Revenue4.00
Enterprise Value/Gross Profit9.59
Enterprise Value/Ebitda9.24
Forecast
1Y Price Target
$241.99Price Target Upside27.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering25
EPS Forecast (FY)17.77
Revenue Forecast (FY)$5.18B
First Solar Business Overview & Revenue Model
Company Description
First Solar, Inc. provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunli...
How the Company Makes Money
First Solar makes money primarily by selling thin-film PV solar modules, with revenue largely driven by multi-year supply agreements and project-by-project sales to utility-scale solar project developers, independent power producers, and engineeri...
First Solar Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance in Q1—record revenue, significant volume growth, expanded margins, robust adjusted EBITDA, higher net income, healthy cash position, successful CURE launch, and a sizable backlog. However, material near-term risks remain: tariff and policy uncertainty (Section 232/122/301 and proposed FEOP), reduced utilization of international factories, underutilization cost exposure, and execution/regulatory risks in India and for new technologies (perovskite). On balance, the positives around domestic manufacturing momentum, technology rollout (CURE), margin expansion, and a resilient balance sheet outweigh the risks, though continued outcomes from trade and policy decisions will be important to sustain momentum.Positive Updates
Record First Quarter Revenue
Net sales of $1.0 billion, a record first quarter for the company, up 24% year-over-year.
Negative Updates
Reduced International Utilization
Malaysia and Vietnam facilities operating at significantly reduced utilization due to current trade dynamics and lower ASP expectations for internationally produced modules; company expects increased underutilization charges in Q2.
Read all updates
Q1-2026 Updates
Positive
Negative
Record First Quarter Revenue
Net sales of $1.0 billion, a record first quarter for the company, up 24% year-over-year.
Read all positive updates
Company Guidance
First Solar reaffirmed its full-year 2026 guidance and gave Q2 guidance of volumes sold between 3.4–4.0 GW and adjusted EBITDA of $400–$500 million, while reiterating a full‑year module gross‑margin assumption of about 7% (ex‑IRA benefit) with a stronger back half expected; management is modeling Section 122 tariffs carrying through ~150 days (into July) and is not modeling tariff replacements beyond that. The company pointed to Q1 results that support the outlook: record net sales of $1.0 billion (up 24% YoY), module production of 4.3 GW (≈3.0 GW U.S., 1.3 GW international) with U.S. utilization ≈96%, adjusted EBITDA $520 million (50% margin) above its $400–$500M preview, net income $347 million (diluted EPS $3.22), cash/cash equivalents/restricted cash/marketable securities of $2.4 billion (net cash $2.0 billion, at the high end of the ~$1.5–$2.0B target), operating cash outflows of $215 million, and capex of $119 million. Backlog as of 3/31/2026 was 47.9 GW at an aggregate transaction price of $14.4 billion (exclusive of technology adjusters) with deliveries through 2030; bookings since the last call totaled ~1.9 GW (1.4 GW ex‑India at ~ $0.35/W), and Q1 bookings were ~1.7 GW (0.9 GW U.S. at ~$0.34/W and 0.8 GW India at ~$0.20/W). Management also noted underutilization cost guidance (previously $115–$155M), Q2 margin headwinds from lower Malaysia/Vietnam utilization, and that the South Carolina finishing facility is on track to start production in 2026.First Solar Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.42B | 5.22B | 4.21B | 3.32B | 2.62B | 2.92B |
| Gross Profit | 2.26B | 2.12B | 1.86B | 1.30B | 69.86M | 729.95M |
| EBITDA | 2.35B | 2.21B | 1.87B | 1.21B | 290.55M | 845.17M |
| Net Income | 1.67B | 1.53B | 1.29B | 830.78M | -44.17M | 468.69M |
Balance Sheet | ||||||
| Total Assets | 13.35B | 13.32B | 12.12B | 10.37B | 8.25B | 7.41B |
| Cash, Cash Equivalents and Short-Term Investments | 2.43B | 2.86B | 1.79B | 2.10B | 2.58B | 1.83B |
| Total Debt | 425.78M | 498.57M | 718.80M | 624.39M | 234.13M | 398.59M |
| Total Liabilities | 3.47B | 3.78B | 4.15B | 3.68B | 2.42B | 1.45B |
| Stockholders Equity | 9.88B | 9.54B | 7.98B | 6.69B | 5.84B | 5.96B |
Cash Flow | ||||||
| Free Cash Flow | 1.67B | 1.19B | -308.08M | -784.51M | -30.24M | -302.73M |
| Operating Cash Flow | 2.45B | 2.06B | 1.22B | 602.26M | 873.37M | 237.56M |
| Investing Cash Flow | -825.49M | -765.17M | -1.56B | -472.79M | -1.19B | -99.04M |
| Financing Cash Flow | -91.83M | -119.23M | 24.85M | 336.85M | 309.39M | 40.55M |
First Solar Technical Analysis
Negative
190.44
Price Trends
205.15
Negative
229.52
Negative
220.58
Negative
Market Momentum
-2.43
Negative
42.49
Neutral
16.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FSLR, the sentiment is Negative. The current price of 190.44 is below the 20-day moving average (MA) of 194.48, below the 50-day MA of 205.15, and below the 200-day MA of 220.58, indicating a bearish trend. The MACD of -2.43 indicates Negative momentum. The RSI at 42.49 is Neutral, neither overbought nor oversold. The STOCH value of 16.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FSLR.
First Solar Risk Analysis
First Solar disclosed 34 risk factors in its most recent earnings report. First Solar reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Solar Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $24.51B | 15.27 | 18.01% | ― | 27.30% | 31.37% | |
75 Outperform | $18.61B | 30.45 | 31.28% | ― | 20.28% | 11.56% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $1.26B | 138.44 | -20.64% | ― | 13.19% | 54.98% | |
57 Neutral | $3.36B | 4.74 | 18.35% | ― | 52.36% | ― | |
54 Neutral | $4.94B | -167.63 | 13.28% | ― | -1.64% | -6.91% | |
53 Neutral | $2.46B | -13.31 | -79.58% | ― | 35.40% | 79.65% |
* Technology Sector Average
FSLR
First Solar
231.62
45.44
24.41%
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48.01
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ARRY
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8.62
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NXT
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142.75
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131.77%
First Solar Corporate Events
Business Operations and StrategyPrivate Placements and Financing
First Solar Secures $1.5 Billion Revolving Credit Facility
Positive
Feb 19, 2026
On February 13, 2026, First Solar entered into a five-year senior unsecured revolving credit facility of $1.5 billion, including a $450 million sub-limit for letters of credit, with JPMorgan Chase as administrative agent and a syndicate of lenders...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.