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First Solar, Inc. FSLR

Technology — Solar
S&P 500 Member
Indexes indicate stock being part of an index

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Insider Decisions

Total sells
43.15
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — 3 — — — 36 1 20 1 — 4 1
Insider Ownership
5.52%

Capital & Financial Ratios

Market Cap
21,740.00
Revenue
5,378.07
Net Income
1,746.01
Free Cash Flow
1,500.12
Net Debt
(1,689.33)
Current Ratio
2.52
Debt/Equity
0.00
P/E ratio
12.05
P/S ratio
3.92
P/B ratio
2.04
Past 5Y EPS Growth
41.58%
This Y EPS Growth
22.72%
Next Y EPS Growth
34.33%
Next 5Y EPS Growth
27.55%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 ‡‡‡‡‡
2025 ‡‡‡
2024 ‡‡‡
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 2,102.49 1,792.96 2,855.36 1,726.96
Receivables 1,320.52 1,664.81 1,793.63 1,760.77
Inventory 819.90 1,084.38 736.73 1,088.12
Other 391.90 546.88 643.10 741.37
4,634.81 5,089.03 6,028.83 5,317.22
2023 2024 2025 Q'26
Payables 207.18 482.19 405.78 346.33
ST’ Debt 96.24 236.42 215.98 37.64
Other 42.20 60.88 91.06 91.72
1,306.16 2,077.44 2,254.10 2,111.82
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 1,044.24 1,056.19 — —
—
’25 844.57 1,097.17 1,594.86 1,682.78
5,219.38
’24 794.11 1,010.48 887.67 1,514.03
4,206.29
’23 548.29 810.67 801.09 1,158.55
3,318.60
’22 367.04 620.96 628.93 1,002.39
2,619.32
’21 803.37 629.18 583.50 907.32
2,923.38
’20 532.12 642.41 927.57 609.23
2,711.33
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 (214.87) (144.90) — —
—
’25 (607.98) 149.58 1,273.62 1,241.89
2,057.11
’24 267.72 193.01 (53.73) 811.00
1,218.00
’23 (34.60) (89.68) 165.43 561.11
602.26
’22 (138.84) 88.02 128.98 795.22
873.37
’21 (279.48) 177.25 305.32 34.47
237.56
’20 (504.86) 147.77 207.90 186.32
37.12
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (333.39) (306.22) — —
—
’25 (813.95) (138.56) 1,069.57 1,070.17
1,187.23
’24 (145.73) (172.15) (487.65) 497.46
(308.08)
’23 (405.56) (472.37) (120.78) 214.20
(784.51)
’22 (293.60) (110.67) (94.28) 468.31
(30.24)
’21 (369.63) 86.62 140.70 (160.42)
(302.73)
’20 (617.41) 39.36 101.57 96.97
(379.51)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 3.22 3.92 — —
—
’25 1.95 3.18 4.24 4.84
14.21
’24 2.20 3.25 2.91 3.65
12.02
’23 0.40 1.59 2.50 3.25
7.74
’22 (0.41) 0.52 (0.46) (0.07)
(0.41)
’21 1.96 0.77 0.42 1.23
4.38
’20 0.85 0.35 1.45 1.08
3.73

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.8
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 59.60 129.22 135.88 116.56 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 173.68 232.00 306.77 285.99 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5,500 6,700 8,100 7,900 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.48 0.50 0.52 0.66 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,619.32 3,318.60 4,206.29 5,219.38 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.67% 39.19% 44.17% 40.62% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8.60 891.29 1,406.34 1,580.91 ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.33% 26.86% 33.43% 30.29% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (44.17) 830.78 1,292.04 1,528.23 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 269.72 307.99 423.50 529.22 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 24.58 31.07 39.31 48.67 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ (0.41) 7.78 12.07 14.25 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8.20 5.64 11.38 19.18 ‡‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (8.48) (12.99) (14.26) (8.11) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.28) (7.35) (2.88) 11.07 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 54.77 62.62 74.55 88.94 ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 106.55 106.80 107.02 107.24 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.00 22.13 14.61 18.33 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.94 5.54 4.48 5.37 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.66 2.75 2.36 2.94 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.03 5.08 4.20 4.92 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (435.42) (21.47) (57.38) 21.61 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 873.37 602.26 1,218.00 2,057.11 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (903.60) (1,386.77) (1,526.08) (869.87) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (30.24) (784.51) (308.08) 1,187.23 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,753.37 3,328.65 3,011.59 3,774.73 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 193.35 560.31 609.78 498.57 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2,384.63) (1,542.18) (1,183.18) (2,356.79) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5,836.06 6,687.47 7,977.58 9,537.99 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.56%) 8.93% 11.49% 12.01% ‡‡‡‡‡ — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.49%) 10.41% 12.83% 13.90% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.75%) 13.27% 17.62% 17.45% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

First Solar (FSLR) has staged an impressive turnaround in the thin-film solar market, fueled by steady revenue growth (4.8% CAGR from 2016-2024, accelerating to 27% in 2024) and soaring profitability, with gross margins rebounding to 44% and EPS surging 3,041% from 2022 lows to $12.07. Bolstered by U.S. policies like the Inflation Reduction Act’s tax credits and manufacturing incentives, the company expanded scale—employee headcount up 50%—while analyst forecasts project 22% revenue growth in 2025 and EPS climbing to $28.55 by 2027, potentially driving 20-30% stock upside from current levels 27% below targets.

Yet, this optimism masks risks for cautious investors: persistent negative free cash flow from punishing capex ($1.53B in 2024), heavy subsidy reliance amid Chinese competition, and accelerating insider selling (over $24M, zero buys) without corresponding purchases. A solid balance sheet with $1.18B net cash offers resilience, but policy shifts, supply disruptions, or cyclical downturns—like 2022’s margin collapse—could erode gains, making FSLR a compelling watchlist hold rather than a slam-dunk buy.

Read full commentary →

First Solar, Inc. (FSLR) Latest News

News by impact score

Fine-tune

15 Sep

3 , 8:01 PM
First Solar adjusts TOPCon IP enforcement strategy following Section 232 action. IP strategy recalibration may moderately influence competitive positioning in solar technology.

31 Aug

4 , 6:25 PM
First Solar shares fell after tariff announcements yet the company stands positioned to gain as a U.S. solar manufacturer from import protections. Tariffs on imported solar panels favor domestic producers and can materially lift First Solar revenue and market share.

28 Aug

4 , 7:04 PM
Policy support is driving a repriced valuation for First Solar (FSLR) with a more bullish outlook. Policy support points to major regulatory shifts that could significantly alter First Solar's trajectory and investor sentiment.

27 Aug

4 , 2:10 PM
Climate finance expert asserts Wall Street misinterpreted solar tariffs, with direct implications for First Solar's competitive position and market outlook. Solar tariffs represent regulatory shifts that can materially alter First Solar's US market advantage and investor sentiment.

19 Aug

4 www.thestreet.com, 11:33 PM
Bankruptcy wave sweeps solar sector as First Solar gains from reduced competition and stronger market position. Sector bankruptcies directly improve First Solar's competitive position and growth outlook.

4 , 2:12 AM
Tariff news lifts sentiment for First Solar, with analysis indicating the stock could be 30% undervalued. Tariff changes strengthen First Solar's US market position and drive substantial valuation upside.

12 Aug

4 , 3:03 PM
Tariff on solar imports shields First Solar domestic production from foreign rivals, raising costs for competitors and the broader industry. Tariff delivers regulatory protection that strengthens First Solar competitive position and alters market dynamics.

11 Aug

4 , 10:10 AM
Baird raised First Solar as Section 232 tariff decision opens path for new bookings. Section 232 clarity directly enables First Solar booking growth and triggers Baird upgrade.

3 stocktwits.com, 4:06 AM
FSLR shares rise in premarket trading on positive company developments. Premarket stock gains point to moderate short-term sentiment boost without altering long-term trajectory.

8 Aug

4 , 5:14 PM
Tariffs affect First Solar operations and costs while fresh guidance triggers debate on whether shares represent a buying opportunity or fair value. Tariffs and guidance directly influence First Solar costs, margins and investor outlook on long-term performance.

4 , 3:09 PM
First Solar (FSLR) shares rose 18.5% after new U.S. solar tariffs widened the competitive edge of its cadmium-telluride technology. New tariffs directly boost First Solar's technology advantage and trigger major stock gains.

4 , 2:11 PM
First Solar backs new 15% US tariffs on polysilicon imports. Tariffs backed by First Solar are likely to boost its competitive edge by curbing imported polysilicon supply.

7 Aug

4 , 8:30 AM
First Solar clears an aggressive buy point on a Trump-linked polysilicon order. Trump polysilicon order triggers First Solar stock breakout with major implications for future performance.

4 investorshub.advfn.com, 6:35 AM
Trump introduces new tariffs on solar imports, causing First Solar shares to jump. Tariffs protect US solar manufacturers like First Solar from import competition and boost market position.

6 Aug

4 , 6:11 PM
First Solar endorses Section 232 tariffs on polysilicon and derivatives, aiming to curb foreign imports and strengthen U.S. solar supply chains. Section 232 polysilicon tariffs directly improve First Solar's competitive position against foreign rivals.

5 Aug

4 , 1:13 AM
First Solar holds a 45 GW backlog, prompting evaluation of whether its stock remains reasonably valued. A 45 GW backlog indicates major contracted future revenue that can shift company trajectory and investor views.

3 , 10:48 AM
First Solar shares jumped after beating Q2 earnings, putting related ETFs in focus. Q2 earnings beat drove share price rise without altering long-term company trajectory.

3 Aug

4 stocktwits.com, 7:59 PM
FSLR shares outperformed the S&P 500 for its strongest day in two months, but the company's outlook depends on the outcome of Trump's Section 232 ruling. Section 232 ruling represents a major regulatory decision that can shift FSLR's competitive position and long-term performance.

4 , 2:55 PM
First Solar stock leads the S&P 500 ahead of a pending regulatory decision. Pending regulatory decision carries potential to shift First Solar's market trajectory and investor sentiment.

31 Jul

4 , 10:00 AM
FSLR Q2 earnings call highlights push for domestic solar manufacturing and related initiatives. Domestic solar push signals major strategic focus likely to boost US production and investor outlook.

4 transcript , 1:03 AM
First Solar reported record sales in Q2 2026 earnings and reached a 100 GW milestone. Record sales combined with 100 GW milestone signal major strategic progress that can significantly boost future trajectory and investor sentiment.

3 , 2:14 PM
First Solar's Q2 earnings beat estimates while revenues decreased year over year. Quarterly earnings results with mixed beats and declines typically produce moderate effects on near-term stock views and operations outlook.

30 Jul

4 transcript www.marketbeat.com, 7:04 PM
First Solar Q2 earnings call highlighted financial results, operational updates and forward guidance. Q2 earnings call data and guidance typically move stock price and reset analyst views.

4 , 4:02 PM
First Solar, Inc. announced second quarter 2026 financial results and reaffirmed guidance. Quarterly results release with reaffirmed guidance typically drives notable shifts in valuation and investor positioning.

28 Jul

3 , 9:39 AM
First Solar, Inc. (FSLR) is scheduled to release its Q2 earnings. Q2 earnings release may influence short-term stock price and investor sentiment.

25 Jul

4 , 5:12 AM
Tariffs and operations litigation may be altering the investment case for First Solar (FSLR). Tariffs and litigation represent regulatory and legal challenges that could significantly shift First Solar's competitive position.

24 Jul

4 , 8:16 PM
Lawsuits against First Solar have renewed scrutiny on its valuation amid questions over tariffs. Lawsuits combined with tariff uncertainty can materially shift valuation, operations and investor outlook for First Solar.

23 Jul

3 www.trefis.com, 8:38 AM
First Solar's future outlook stands clearer than Qualcomm's prominent AI narrative, underscoring the solar company's stable positioning and growth path. Title highlights FSLR's clearer prospects in direct contrast to another firm's AI focus, suggesting moderate positive sentiment shift.

20 Jul

3 www.barchart.com, 11:33 AM
Alphabet strikes its largest solar deal with First Solar for strategic gains beyond environmental aims, prompting investor advice to purchase GOOGL shares on the current dip. Deal expands First Solar revenue streams and visibility in major tech partnerships.

16 Jul

3 , 1:15 AM
First Solar (FSLR) faces class action lawsuits over tariff and production claims. Class action lawsuits over tariffs and production create legal risks and potential costs that moderately affect financials and investor sentiment.
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