First Solar, Inc. (FSLR)

NASDAQ: FSLR · USD

$176

+0.09 (+0.1%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-09

Our latest published analysis: FSLR rated Strong Buy

First Solar, Inc.'s published Strong Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$270 / share

Potential value

$334 / share

Upside to FV

+51.8%

from $176

Moat

7.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$19.1B
Revenue (ttm)	5.4B
Net income (ttm)	1.7B
EPS (ttm)	$16.2
Shares out	107.5M
P/E (trailing)	10.8x
P/E (forward)	8.3x
Volume	1,453,487
Beta	1.79

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 5.4B
Net income (ttm): 1.7B
EPS (ttm): $16.2
P/E (trailing): 10.8x
P/E (forward): 8.3x
Market cap: $19.1B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$2.92B	$2.62B	$3.32B	$4.21B	$5.22B	+15.6%
Gross profit	$730.0M	$69.9M	$1.30B	$1.86B	$2.12B	+30.6%
Operating income	$586.8M	$-27.2M	$857.3M	$1.39B	$1.60B	+28.4%
Net income	$468.7M	$-44.2M	$830.8M	$1.29B	$1.53B	+34.4%
EPS (diluted)	$4.38	$-0.41	$7.74	$12.02	$14.21	+34.2%
EBITDA	$845.2M	$290.5M	$1.21B	$1.87B	$2.15B	+26.4%
R&D	$99.1M	$112.8M	$152.3M	$191.4M	$233.4M	+23.9%
SG&A	$170.3M	$164.7M	$197.6M	$188.3M	$203.8M	+4.6%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ARM	Arm Holdings plc	252B	240.8x	48.2x	14.2%	—	+31.0%	卖出
ASML	ASML Holding N.V.	647.9B	42.6x	14.2x	92.1%	+17.2%	+57.7%	卖出
DDOG	Datadog, Inc.	100B	567.7x	25.6x	2.9%	+39.0%	+75.6%	卖出
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	卖出
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	持有
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	强力买入

Base and Bull scenarios

Base55%

Price target

$269.84

+51.7% from spot

In the Base scenario, First Solar delivers on its contracted backlog, converting 41 GW of domestic content orders at contracted ASPs. Operating margins remain resilient above 31.0% despite modest freight friction, driving EPS toward $23.16 by FY2027. Under these conditions, the shares compound toward $269.84, delivering an estimated return of 51.7% with a 55.0% probability weighting. Disconfirmation would occur if quarterly shipments fail to meet the 3.9 to 4.5 GW guidance range or if domestic backlog share declines materially from contracted levels.

Consensus revenue expands at a 17.3% rate in FY2027 as new domestic facilities ramp.
Operating margin stabilizes near 31.0%-34.0% supported by Section 45X credits and CuRe conversion efficiency.
Exit valuation multiple normalizes near historical mid-cycle levels across the cycle.

Bull20%

Price target

$333.85

+87.7% from spot

In the Bull scenario, surging artificial intelligence data center electricity demand sparks an aggressive wave of direct utility procurement. Simultaneously, rigorous trade policy enforcement halts Southeast Asian crystalline module dumping, enabling First Solar to capture significant pricing premiums on domestic Series 7 production. Earnings exceed consensus expectations, driving the shares toward $333.85 for an implied return of 87.7% with a 20.0% probability. Disconfirmation would arise if developer bookings stall or if trade exemptions are granted to foreign crystalline manufacturers.

Hyperscaler AI demand drives accelerated bookings beyond 50 GW with cash collateral.
Section 232 and 301 tariffs eliminate crystalline module circumvention, expanding domestic ASPs.
Operating margins expand toward cycle peaks and terminal valuation multiple re-rates above historical averages.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($269.84). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
9.9%	$278	$285	$293	$303	$314
10.4%	$267	$274	$281	$289	$298
10.9%	$258	$264	$270	$277	$285
11.4%	$250	$255	$260	$266	$273
11.9%	$242	$246	$251	$256	$262

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E8.4

P25 n/aP50 n/aP75 n/a

Trailing P/E11

P25 n/aP50 n/aP75 n/a

ROE18.5

P25 n/aP50 n/aP75 n/a

ROIC20.6

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All FSLR indicators

Market & fundamental data

Available fields

271

Groups with data

Currency

USD

Showing 271 of 271 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001274494
Company name	First Solar, Inc.
Country	United States
Country code	US
CUSIP number	336433107
Earnings date	2026-10-29
Earnings time	amc
Employees	7,900
Employees change	-200
Employees growth	-2.47%
Enterprise value	$17.4B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1999
In index	SP500
Industry	Solar
IPO date	2006-11-17
Is primary listing	Yes
Is SPAC	No
ISIN number	US3364331070
Last 10-K release date	2026-02-24
Last earnings date	2026-07-30
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$18.9B
Market cap category	Large-Cap
Next earnings date	2026-10-29
Options	Yes
Price	$175.93
Price currency	USD
Sector	Technology
SIC code	3674
Stock price date	2026-10-28
Symbol	FSLR
Tags	clean-energy
U.S. state	Arizona
Website	https://www.firstsolar.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	10.85x
Average P/E ratio (10Y)	62.21x
Average P/E ratio (3Y)	18.29x
Average P/E ratio (5Y)	61.99x
Earnings yield	9.22%
EV/Earnings	9.86x
EV/EBIT	9.51x
EV/EBITDA	7.21x
EV/FCF	11.47x
EV/Sales	3.2x
FCF / EV yield	8.72%
FCF yield	8%
Forward EV/Sales	3.08x
Forward P/E	8.37x
Forward P/S	3.36x
Graham number	187.18841
Graham upside	7.31%
Industry forward P/E	11.39x
Industry P/E	23.91x
Lynch fair value	$405.42
Lynch upside	132.43%
P/(FCF - SBC) ratio	12.7x
P/(OCF - SBC) ratio	8.79x
P/B ratio	1.83x
P/E ratio	10.85x
P/FCF ratio	12.5x
P/OCF ratio	8.7x
P/S ratio	3.49x
PEG ratio	0.48x
Price / tangible book value	1.83x
Price/EBITDA ratio	7.86x
Sector forward P/E	18.38x
Sector P/E	32.76x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	33.65%
EBITDA margin	44.36%
Effective tax rate	4.35%
FCF margin	27.89%
Gross margin	44.02%
Operating margin	33.65%
Pretax margin	33.94%
Profit margin	32.47%
Profit per employee	$221,014
Profitable quarters	14
Profitable years	3
Revenue per employee	$680,768
ROA	8.62%
ROA (5Y)	4.62%
ROCE	16.05%
ROE	18.51%
ROE (5Y)	11.15%
ROIC	20.58%
ROIC (5Y)	21.19%
SBC / revenue	0.44%
Tax / revenue	1.48%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	38.6%
EPS growth (Q)	23.27%
EPS growth (QoQ)	21.74%
EPS growth 10Y	9.1%
EPS growth 3Y	122.81%
EPS growth 5Y	25.27%
EPS growth quarters	4
EPS growth years	3
Gross profit growth	27.46%
Gross profit growth (Q)	21.04%
Gross profit growth 3Y	67.46%
Gross profit growth 5Y	23.13%
Net income growth	38.85%
Net income growth (Q)	23.61%
Net income growth (QoQ)	21.91%
Net income growth 3Y	123.48%
Net income growth 5Y	25.41%
Net income growth quarters	4
Net income growth years	3
OCF growth	621.33%
OCF growth 10Y	32.19%
OCF growth 3Y	39.16%
OCF growth 5Y	49.16%
Operating income growth	32.91%
Operating income growth (Q)	24.55%
Operating income growth 3Y	161.24%
Operating income growth 5Y	29.17%
Revenue growth	23.82%
Revenue growth (Q)	-3.74%
Revenue growth (QoQ)	1.14%
Revenue growth 10Y	2.74%
Revenue growth 3Y	21.61%
Revenue growth 5Y	12.61%
Revenue growth years	3

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-655.6M
Depreciation and amortization	$576.2M
EBIT	$1.8B
EBITDA	$2.4B
EPS	$16.22
FCF per share	$13.96
Financing cash flow	$-930.2M
Free cash flow	$1.5B
Free cash flow minus SBC	$1.5B
Gross profit	$2.4B
Income taxes	$79.4M
Investing cash flow	$-706.6M
Net borrowing	$-928.8M
Net cash flow	$522.4M
Net income	$1.7B
Operating cash flow minus SBC	$2.1B
Operating income	$1.8B
Revenue	$5.4B
Stock-based compensation	$23.7M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	6.65
Book value per share	$96.03
Debt / EBITDA	0.08
Debt / equity	0.02
Debt / FCF	0.13
Goodwill	$30.1M
Interest coverage	46.88
Long-term assets	$8.1B
Long-term liabilities	$956.4M
Net cash (debt)	$1.5B
Net cash / market cap	8.18%
Net cash growth	1,666.73%
Net debt / EBITDA	-0.64
Net debt / equity	-0.15
Net debt / FCF	-1.02
Piotroski F-Score	7
Property, plant and equipment	$5.8B
Shareholders' equity	$10.3B
Tangible book value	$10.2B
Tangible book value per share	$95.16
Total assets	$13.4B
Total cash	$1.7B
Total debt	$194M
Total liabilities	$3.1B
WACC	14.16%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.41
Current assets	$5.3B
Current liabilities	$2.1B
Current ratio	2.52
Inventory turnover	1.98
Net working capital	$1.5B
Quick ratio	1.7
Working capital	$3.2B
Working capital turnover	1.86

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.12%
Dividend yield	0%
Shareholder yield	-0.12%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	324.98%
10Y return CAGR	15.57%
10Y total return	324.98%
150-day SMA	$215.70
15Y price change	229.86%
15Y return CAGR	8.28%
15Y total return	229.86%
1D price change	0.05%
1M price change	-1.81%
1M total return	-1.81%
1W price change	0.04%
1W total return	0.04%
1Y price change	-29.55%
1Y return CAGR	-29.57%
1Y total return	-29.55%
20-day SMA	$175.96
200-day SMA	$216.55
3M price change	-15.22%
3M total return	-15.22%
3Y price change	21.8%
3Y return CAGR	6.79%
3Y total return	21.8%
50-day SMA	$190.38
50-day SMA vs 200-day SMA	50under200
52-week high	$320.95
52-week high date	2026-06-03
52-week low	$165.86
52-week low date	2026-10-26
5Y price change	58.3%
5Y return CAGR	9.62%
5Y total return	58.3%
6M price change	-11.64%
6M total return	-11.64%
All-time high	$320.95
All-time high date	2026-06-03
All-time low	$11.43
All-time low date	2012-06-04
Average true range (ATR)	$7.28
Average volume	2M
Beta (1Y)	1.45
Beta (2Y)	1.04
Beta (5Y)	1.79
Change from 52-week high	-45.18%
Change from 52-week low	6.07%
Change from all-time high	-45.63%
Change from all-time low	1,426.64%
Change from open	1.95%
Day's gap	-1.87%
Dollar volume	$255.7M
High price	$176.22
Low price	$170.60
Monthly RSI	45.8
Open price	$172.56
Position in 52-week range	94.84%
Premarket change	-1.21%
Premarket close	$175.85
Premarket price	$173.73
Premarket volume	11.4K
Previous close	$175.85
Price vs 150-day SMA	-19.1%
Price vs 20-day SMA	-0.83%
Price vs 200-day SMA	-19.42%
Price vs 50-day SMA	-8.35%
Relative volume	0.74
RSI	44.11
Sharpe ratio	-0.45
Sharpe ratio (3Y)	0.29
Sharpe ratio (5Y)	0.39
Sortino ratio	-0.53
Sortino ratio (3Y)	0.55
Sortino ratio (5Y)	0.72
Volume	1.5M
Weekly RSI	39.35
YTD price change	-33.2%
YTD total return	-33.2%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	101.7M
Float percentage	94.59%
Shares change (QoQ)	0.1%
Shares change (YoY)	0.12%
Shares held by insiders	5.25%
Shares held by institutions	95.53%
Shares outstanding	107.5M
Short % of float	10.95%
Short % of shares	10.35%
Short ratio	4.6 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	411

Deeper analysis on FSLR

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this FSLR report

What is the latest published FSLR stock rating?

First Solar, Inc. is shown with Strong Buy in the latest published report, analyzed 2026-10-09. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full FSLR analysis?

The full latest published report, analyzed 2026-10-09, lives at /stocks/FSLR/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for FSLR?

The latest published report analyzed 2026-10-09 gives FSLR a fair value of USD 270 and a potential value of USD 334. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the FSLR page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-09). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

Strong BuyFSLR · Fair value $270+51.8%

Read full analysis →

First Solar, Inc. (FSLR)

Our latest published analysis: FSLR rated Strong Buy

Price

Financial snapshot

Fair-value bridge

Latest news · FSLR

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All FSLR indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on FSLR

Frequently asked questions

评级历史

Category	Score	Reading
Valuation	8.5
Management	8.5
Balance Sheet	8.5
Profitability	7.5
Revenue Growth	2.5
Risk Assessment	7.0
Competitive Moat	7.5
Earnings Quality	9.0
Capital Efficiency	7.5