A Business at a Glance
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FIRST SOLAR, INC.
FSLR
$21.8B
Mkt Cap
$202.82
-1.51%
FIRST SOLAR, INC. (FSLR) has a current P/E ratio of 14.3, compared to its historical median P/E of 21.2. The stock is currently considered Cheap based on its historical valuation range.
FIRST SOLAR, INC. (FSLR) has a 5-year average return on invested capital (ROIC) of 14.5%. This indicates solid capital allocation.
FIRST SOLAR, INC. (FSLR) has a market capitalization of $21.8B. It is classified as a large-cap stock.
FIRST SOLAR, INC. (FSLR) does not currently pay a regular dividend.
Based on historical P/E analysis, FIRST SOLAR, INC. (FSLR) appears cheap. The current P/E of 14.3 is 33% below its historical median of 21.2. The estimated fair value CAGR (P/E method) is 45.0%.
FIRST SOLAR, INC. (FSLR) operates in the Semiconductors & Related Devices industry, within the Technology sector.
FIRST SOLAR, INC. (FSLR) reported annual revenue of $5.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
First Solar is America's leading thin-film cadmium telluride (CdTe) photovoltaic solar module manufacturer and the world's largest thin-film PV solar module manufacturer, with a fully integrated, continuous manufacturing process that does not rely on Chinese crystalline silicon supply chains. The company operates a global manufacturing footprint spanning the United States, Malaysia, Vietnam, and India, producing modules through a proprietary high-throughput, automated process that transforms raw glass into finished modules within hours, combining advanced semiconductor deposition, laser-based cell definition, and precision assembly stages. First Solar's business model centers on selling PV modules to utility-scale solar developers and project owners, with revenue generated through module sales at negotiated average selling prices, supplemented by technology-adjustment pricing mechanisms tied to achieving specific efficiency and performance milestones on its technology roadmap. The company's competitive moat derives from its proprietary CdTe thin-film technology, which delivers superior temperature coefficients, spectral response in humid environments, partial shading tolerance, and immunity to cell cracking compared to crystalline silicon alternatives, combined with a 30-year power output warranty, demonstrated manufacturing excellence across more than 93 GW of cumulative module sales, and vertical integration spanning R&D through production and recycling. First Solar serves utility-scale solar projects globally, with particular strength in the United States and India, where domestic manufacturing presence and independence from Chinese supply chains provide strategic advantages; the company also maintains a unique leadership position in PV module recycling, having established the industry's first global recycling program in 2005 and recovered more than 90% of materials from over 400,000 metric tons of modules recycled to date.
【Domestic manufacturing expansion underway】 Management is executing a strategic shift toward onshoring production capacity in the United States to capture domestic content tax credits and reduce tariff exposure, with a sixth U.S. manufacturing facility expected to commence operations in the second half of 2026 and a 3.7 GW finishing capacity facility beginning production at year-end 2026 and ramping through the first half of 2027. The company is advancing its CuRe semiconductor platform, a next-generation CdTe technology demonstrating enhanced energy yield through improved temperature response and degradation characteristics, with factory-by-factory conversion expected to begin in early 2026 and complete across the Series 6 and 7 fleet by the first half of 2028, potentially unlocking up to $0.6 billion in additional revenue from technology adjusters embedded in the backlog. First Solar is maintaining a disciplined, selective approach to new bookings pending resolution of key policy and trade uncertainties, including Section 232 tariff determinations and foreign entity of concern (FEOC) restrictions, while leveraging its 50.1 GW contracted backlog to support production flexibility and navigate near-term market volatility. The company is also advancing its perovskite thin-film development program, with a pilot line expected to reach operational readiness in early 2027, representing a longer-term technology pathway to enhance module efficiency beyond single-junction limits.
| Metric | Target | Period |
|---|---|---|
| CuRe technology revenue adjusters | up to $0.6 billion | 2027 - 2028 |
| Sixth U.S. manufacturing facility production start | second half of 2026 | H2 2026 |
| 3.7 GW U.S. finishing facility production start | end of 2026 through first half of 2027 | Q4 2026 - H1 2027 |
| Perovskite pilot line operational readiness | early 2027 | Early 2027 |
CuRe technology revenue adjusters (2027 - 2028): “CuRe is scheduled to be replicated across the Series 6 and 7 fleet through the first half of 2028, which, if achieved, supports the potential realization of up to $0.6 billion of additional revenue from technology adjusters in the backlog, with the majority anticipated in 2027 and 2028.”
Sixth U.S. manufacturing facility production start (H2 2026): “we are in the process of expanding our domestic manufacturing capacity through the construction of our sixth U.S. manufacturing facility to onshore final production processes for modules initiated by our international fleet, which is expected to commence operations in the second half of 2026.”
3.7 GW U.S. finishing facility production start (Q4 2026 - H1 2027): “Production will start at the end of 2026 and ramp through the first half of 2027.”
Perovskite pilot line operational readiness (Early 2027): “we expect to reach operational readiness in early 2027.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.4B | 5.2B | 4.2B | 3.3B | 2.6B | 2.9B |
| Net Income | 1.7B | 1.5B | 1.3B | 831M | -44M | 469M |
| EPS | $15.52 | $14.21 | $12.02 | $7.74 | $-0.41 | $4.38 |
| Free Cash Flow | 1.7B | 1.2B | -308M | -785M | -30M | -303M |
| ROIC | 21.7% | 22.3% | 21.5% | 18.5% | -0.7% | 11.2% |
| Gross Margin | 41.7% | 40.6% | 44.2% | 39.2% | 2.7% | 25.0% |
| Debt/Equity | 0.02 | 0.06 | 0.09 | 0.09 | 0.04 | 0.07 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.7B | 1.6B | 1.4B | 857M | -27M | 587M |
| Operating Margin | 31.8% | 30.6% | 33.2% | 25.8% | -1.0% | 20.1% |
| ROE | 16.9% | 17.4% | 17.6% | 13.3% | -0.7% | 8.2% |
| Shares Outstanding | 107M | 108M | 107M | 107M | 108M | 107M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.4B | 4.1B | 2.9B | 2.9B | 2.2B | 3.1B | 2.7B | 2.9B | 2.6B | 3.3B | 4.2B | 5.2B | 5.4B |
| Gross Margin | 24.3% | 27.5% | 22.0% | 18.7% | 17.5% | 17.9% | 25.1% | 25.0% | 2.7% | 39.2% | 44.2% | 40.6% | 41.7% |
| R&D | 144M | 131M | 125M | 89M | 84M | 97M | 94M | 99M | 113M | 152M | 191M | 233M | 248M |
| SG&A | 254M | 255M | 262M | 203M | 177M | 205M | 223M | 170M | 165M | 198M | 188M | 204M | 216M |
| EBIT | 422M | 730M | -568M | 178M | 40M | -162M | 317M | 587M | -27M | 857M | 1.4B | 1.6B | 1.7B |
| Op. Margin | 12.4% | 17.8% | -19.6% | 6.0% | 1.8% | -5.3% | 11.7% | 20.1% | -1.0% | 25.8% | 33.2% | 30.6% | 31.8% |
| Net Income | 396M | 593M | -416M | -166M | 144M | -115M | 398M | 469M | -44M | 831M | 1.3B | 1.5B | 1.7B |
| Net Margin | 11.7% | 14.4% | -14.3% | -5.6% | 6.4% | -3.8% | 14.7% | 16.0% | -1.7% | 25.0% | 30.7% | 29.3% | 30.7% |
| Non-Recurring | 0 | 0 | 819M | 37M | 0 | 7.6M | 36M | 170M | 317M | 8.5M | 1.1M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 12.8% | 19.1% | -7.4% | 3.6% | 2.6% | -2.0% | 8.3% | 11.2% | -0.7% | 18.5% | 21.5% | 22.3% | 21.7% |
| ROE | 8.4% | 11.2% | -7.7% | -3.2% | 2.8% | -2.2% | 7.5% | 8.2% | -0.7% | 13.3% | 17.6% | 17.4% | 16.9% |
| ROA | 5.8% | 8.5% | -5.9% | -2.4% | 2.1% | -1.6% | 5.4% | 6.5% | -0.6% | 8.9% | 11.5% | 12.0% | 12.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 736M | -325M | 207M | 1.3B | -327M | 174M | 37M | 238M | 873M | 602M | 1.2B | 2.1B | 2.5B |
| Free Cash Flow | 478M | -492M | -23M | 826M | -1.1B | -495M | -380M | -303M | -30M | -785M | -308M | 1.2B | 1.7B |
| Owner Earnings | 475M | -595M | -26M | 1.2B | -371M | 127M | -2.9M | 206M | 834M | 558M | 1.2B | 2.0B | -616M |
| CapEx | 258M | 166M | 229M | 514M | 740M | 669M | 417M | 540M | 904M | 1.4B | 1.5B | 870M | 782M |
| Maint. CapEx | 217M | 225M | 204M | 92M | 9.9M | 10M | 11M | 11M | 11M | 11M | 11M | 4.1M | 3.0B |
| Growth CapEx | 41M | 0 | 25M | 422M | 730M | 659M | 406M | 529M | 893M | 1.4B | 1.5B | 866M | 0 |
| D&A | 217M | 225M | 204M | 92M | 9.9M | 10M | 11M | 11M | 11M | 11M | 11M | 4.1M | 3.0B |
| CapEx/OCF | 37.8% | N/A | 111.0% | 38.4% | N/A | 383.9% | 1122.4% | 227.4% | 103.5% | 230.3% | 125.3% | 42.3% | 31.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 44M | 45M | 29M | 35M | 34M | 37M | 29M | 21M | 29M | 34M | 28M | 19M | 23M |
| Debt Repayment | 60M | 47M | 137M | 24M | 19M | 30M | 225M | 73M | 76M | 0 | 206M | 473M | 473M |
| Balance Sheet | |||||||||||||
| Net Debt | -1.8B | -1.5B | -1.8B | -2.6B | -2.1B | -1.6B | -1.3B | -1.4B | -2.3B | -1.5B | -1.1B | -2.2B | -2.2B |
| Cash & Equiv. | 1.5B | 1.1B | 1.3B | 2.3B | 1.4B | 1.4B | 1.2B | 1.5B | 1.5B | 1.9B | 1.6B | 2.8B | 2.4B |
| Long-Term Debt | 162M | 251M | 160M | 380M | 461M | 454M | 238M | 236M | 184M | 464M | 373M | 283M | 237M |
| Debt/Equity | 0.04 | 0.05 | 0.04 | 0.08 | 0.09 | 0.12 | 0.09 | 0.07 | 0.04 | 0.09 | 0.09 | 0.06 | 0.02 |
| Interest Coverage | 212.9 | 104.7 | -27.7 | 6.9 | 1.5 | -6.0 | 13.2 | 44.8 | -2.2 | 66.1 | 35.9 | 36.2 | 724.9 |
| Equity | 5.0B | 5.6B | 5.2B | 5.1B | 5.2B | 5.1B | 5.5B | 6.0B | 5.8B | 6.7B | 8.0B | 9.5B | 9.9B |
| Total Assets | 6.7B | 7.3B | 6.8B | 6.9B | 7.1B | 7.5B | 7.1B | 7.4B | 8.3B | 10.4B | 12.1B | 13.3B | 13.4B |
| Total Liabilities | 1.7B | 1.8B | 1.6B | 1.8B | 1.9B | 2.4B | 1.6B | 1.5B | 2.4B | 3.7B | 4.1B | 3.8B | 3.5B |
| Intangibles | 119M | 110M | 88M | 80M | 74M | 65M | 56M | 46M | 31M | 65M | 55M | 51M | 65M |
| Retained Earnings | 2.2B | 2.8B | 2.5B | 2.3B | 2.4B | 2.3B | 2.7B | 3.2B | 3.1B | 4.0B | 5.3B | 6.8B | 7.1B |
| Working Capital | 2.1B | 2.4B | 2.9B | 3.2B | 3.0B | 2.3B | 2.2B | 2.5B | 2.8B | 3.3B | 3.0B | 3.8B | 3.4B |
| Current Assets | 3.1B | 3.3B | 3.8B | 3.8B | 3.9B | 3.6B | 3.0B | 3.2B | 3.8B | 4.6B | 5.1B | 6.0B | 5.6B |
| Current Liabilities | 1.0B | 961M | 908M | 650M | 845M | 1.3B | 847M | 727M | 1.0B | 1.3B | 2.1B | 2.3B | 2.2B |
| Per Share Data | |||||||||||||
| EPS | 3.90 | 5.83 | -4.05 | -1.59 | 1.36 | -1.09 | 3.73 | 4.38 | -0.41 | 7.74 | 12.02 | 14.21 | 15.52 |
| Owner EPS | 4.68 | -5.85 | -0.26 | 11.65 | -3.49 | 1.20 | -0.03 | 1.92 | 7.74 | 5.19 | 10.97 | 18.91 | -5.74 |
| Book Value | 49.16 | 55.20 | 50.79 | 48.95 | 49.12 | 48.34 | 51.70 | 55.69 | 54.18 | 62.30 | 74.22 | 88.69 | 91.93 |
| Cash Flow/Share | 7.24 | -3.20 | 2.01 | 12.87 | -3.08 | 1.65 | 0.35 | 2.22 | 8.11 | 5.61 | 11.33 | 19.13 | 43.82 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 101.5M | 101.8M | 102.7M | 104.2M | 106.1M | 105.4M | 106.8M | 107.0M | 107.7M | 107.3M | 107.5M | 107.5M | 107.5M |
| Valuation | |||||||||||||
| P/E Ratio | 11.4 | 12.4 | N/A | N/A | 31.2 | N/A | 27.1 | 19.9 | N/A | 22.4 | 15.2 | 19.0 | 13.1 |
| P/FCF | 9.4 | N/A | N/A | 8.6 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 24.4 | 13.1 |
| EV/EBIT | 6.6 | 10.2 | N/A | 25.5 | 60.4 | N/A | 29.5 | 13.2 | N/A | 20.0 | 13.4 | 16.8 | 11.4 |
| Price/Book | 0.9 | 1.2 | 0.6 | 1.4 | 0.9 | 1.2 | 2.0 | 1.6 | 2.7 | 2.8 | 2.5 | 3.0 | 2.2 |
| Price/Sales | 1.8 | 1.5 | 1.7 | 1.5 | 2.7 | 2.0 | 2.4 | 3.4 | 4.1 | 5.8 | 5.1 | 3.8 | 4.0 |
| FCF Yield | 10.6% | -7.3% | -0.7% | 11.6% | -23.7% | -8.3% | -3.5% | -3.2% | -0.2% | -4.2% | -1.6% | 4.1% | 7.7% |
| Market Cap | 4.5B | 6.8B | 3.4B | 7.1B | 4.5B | 5.9B | 10.8B | 9.3B | 15.7B | 18.6B | 19.6B | 29.0B | 21.8B |
| Avg. Price | 60.32 | 52.12 | 49.39 | 42.77 | 57.41 | 57.34 | 61.00 | 91.85 | 100.42 | 179.62 | 199.52 | 186.78 | 202.82 |
| Year-End Price | 44.34 | 66.40 | 32.80 | 68.35 | 42.39 | 56.41 | 101.19 | 87.35 | 146.17 | 173.22 | 182.63 | 269.69 | 202.82 |
FIRST SOLAR, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
FIRST SOLAR, INC. trades at 14.3x trailing earnings, compared to its 15-year median P/E of 21.2x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 18.3x vs a median of 16.5x. The company's 5-year average ROIC is 14.5% with a gross margin of 30.3%. At current prices, the estimated annualized return to fair value is -2.3%.
FIRST SOLAR, INC. (FSLR) has a net profit margin of 29.3%. This is a strong margin indicating high profitability.
FIRST SOLAR, INC. (FSLR) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST SOLAR, INC. (FSLR) has a debt-to-equity ratio of 0.06. This indicates a conservatively financed balance sheet.
FIRST SOLAR, INC. (FSLR) reported earnings per share (EPS) of $14.21 in its most recent fiscal year.
FIRST SOLAR, INC. (FSLR) has a return on equity (ROE) of 17.4%. This indicates the company generates strong returns for shareholders.
FIRST SOLAR, INC. (FSLR) has a 5-year average gross margin of 30.3%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for FIRST SOLAR, INC. (FSLR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST SOLAR, INC. (FSLR) has a book value per share of $88.69, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a strategic shift toward onshoring production capacity in the United States to capture domestic content tax credits and reduce tariff exposure, with a sixth U.S. manufacturing facility expected to commence operations in the second half of 2026 and a 3.7 GW finishing capacity facility beginning production at year-end 2026 and ramping through the first half of 2027. The company is advancing its CuRe semiconductor platform, a next-generation CdTe technology demonstrating enhanced energy yield through improved temperature response and degradation characteristics, with factory-by-factory conversion expected to begin in early 2026 and complete across the Series 6 and 7 fleet by the first half of 2028, potentially unlocking up to $0.6 billion in additional revenue from technology adjusters embedded in the backlog. First Solar is maintaining a disciplined, selective approach to new bookings pending resolution of key policy and trade uncertainties, including Section 232 tariff determinations and foreign entity of concern (FEOC) restrictions, while leveraging its 50.1 GW contracted backlog to support production flexibility and navigate near-term market volatility. The company is also advancing its perovskite thin-film development program, with a pilot line expected to reach operational readiness in early 2027, representing a longer-term technology pathway to enhance module efficiency beyond single-junction limits.
Based on recent SEC filings and earnings calls, FIRST SOLAR, INC. (FSLR) has provided the following forward guidance: CuRe technology revenue adjusters: up to $0.6 billion (2027 - 2028); Sixth U.S. manufacturing facility production start: second half of 2026 (H2 2026); 3.7 GW U.S. finishing facility production start: end of 2026 through first half of 2027 (Q4 2026 - H1 2027); Perovskite pilot line operational readiness: early 2027 (Early 2027).