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First Solar
(NASDAQ:FSLR)
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Rating:75Outperform
Price Target:
$238.00
▲(24.97% Upside)
Action:Reiterated
Date:07/17/26
The score is driven primarily by strong fundamentals (high profitability and an exceptionally low-leverage balance sheet) supported by a reasonable P/E. This is partially offset by weak technicals (price below key moving averages and negative MACD) and earnings-call risks tied to tariff/policy uncertainty and international underutilization, despite solid guidance and backlog strength.
Positive Factors
Very strong balance sheet
Extremely low leverage (debt ≈ $426M vs equity ≈ $9.9B, debt/equity ≈ 0.04) and a growing equity base provide durable financial flexibility to fund capacity, withstand trade shocks, pursue tech rollouts, and support returns without relying on volatile external financing.
Negative Factors
Tariff and policy uncertainty
Unpredictable trade and policy actions introduce durable planning risk: they alter sourcing economics, create booking selectivity, and can force capacity reallocation or price adjustments, undermining long‑range contracts, margin predictability, and investment timing for domestic and international capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Very strong balance sheet
Extremely low leverage (debt ≈ $426M vs equity ≈ $9.9B, debt/equity ≈ 0.04) and a growing equity base provide durable financial flexibility to fund capacity, withstand trade shocks, pursue tech rollouts, and support returns without relying on volatile external financing.
Read all positive factors
First Solar Key Performance Indicators (KPIs)
Any
Revenue by Segment (Discontinued)
Breaks down income across different business areas, revealing which segments drive growth and where strategic focus may be needed.
Breaks down income across different business areas, revealing which segments drive growth and where strategic focus may be needed.
Data provided by:
The Fly
The FlyFirst Solar (FSLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$22.77B
Dividend YieldN/A
Average Volume (3M)2.02M
Price to Earnings (P/E)13.7
Beta (1Y)1.03
Revenue Growth27.30%
EPS Growth31.37%
CountryUS
Employees7,900
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)15.52
Shares Outstanding107,453,360
10 Day Avg. Volume1,612,874
30 Day Avg. Volume2,017,713
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$266.11Price Target Upside39.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering21
EPS Forecast (FY)17.69
Revenue Forecast (FY)$5.08B
First Solar Business Overview & Revenue Model
Company Description
First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the e...
How the Company Makes Money
First Solar primarily makes money by selling solar photovoltaic modules, mainly to utility-scale developers, engineering/procurement/construction (EPC) providers, and project owners. The largest revenue stream is module sales recognized when contr...
First Solar Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 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 | 2.31B | 2.15B | 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
249.47
Negative
223.60
Negative
235.38
Negative
Market Momentum
-10.43
Positive
34.35
Neutral
19.77
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 233.11, below the 50-day MA of 249.47, and below the 200-day MA of 235.38, indicating a bearish trend. The MACD of -10.43 indicates Positive momentum. The RSI at 34.35 is Neutral, neither overbought nor oversold. The STOCH value of 19.77 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $22.77B | 13.66 | 18.01% | ― | 27.30% | 31.37% | |
72 Outperform | $16.20B | 27.12 | 28.31% | ― | 20.28% | 11.56% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $961.41M | ― | -20.64% | ― | 13.19% | 54.98% | |
57 Neutral | $2.90B | 4.96 | 18.35% | ― | 52.36% | ― | |
56 Neutral | $5.41B | 39.88 | 13.28% | ― | -1.64% | -6.91% | |
49 Neutral | $3.18B | -8.50 | -79.58% | ― | 35.40% | 79.65% |
* Technology Sector Average
FSLR
First Solar
211.99
36.14
20.55%
ENPH
Enphase Energy
41.57
1.99
5.03%
SEDG
SolarEdge Technologies
53.47
26.85
100.86%
RUN
Sunrun
11.85
1.61
15.72%
ARRY
Array Technologies
6.11
-0.99
-13.94%
NXT
Nextpower Inc
103.10
42.57
70.33%
First Solar Corporate Events
Executive/Board ChangesShareholder Meetings
First Solar Stockholders Reaffirm Board and Governance Structure
Neutral
May 15, 2026
First Solar, Inc. held its 2026 annual meeting of stockholders on May 13, 2026, with 92,119,644 shares represented out of 107,450,760 eligible to vote as of March 19, 2026. Stockholders elected ten directors, including Michael J. Ahearn, Anita Mar...
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.