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First Solar
(NASDAQ:FSLR)
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Rating:77Outperform
Price Target:
$200.00
▼(-3.30% Downside)
Action:Reiterated
Date:08/18/26
The score is driven primarily by strong financial quality—high margins, improved profitability, and an exceptionally conservative balance sheet—supported by reaffirmed guidance and a large backlog. The main constraints are revenue and cash-flow volatility plus meaningful policy/tariff and utilization headwinds, while technicals remain mixed with the stock still below key longer-term moving averages.
Positive Factors
Contracted Backlog
The large multi-year backlog provides substantial revenue visibility and supports production planning through 2030. It also reflects customer commitments to First Solar’s modules, helping preserve utilization and cash-generation potential despite volatility in individual reporting periods.
Negative Factors
Revenue Volatility
The sharp trailing revenue decline demonstrates that earnings and reported sales can be highly timing-sensitive, even when margins remain strong. Such volatility complicates capacity planning and makes future cash flows less predictable if deliveries, contracts, or customer activity shift between periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Backlog
The large multi-year backlog provides substantial revenue visibility and supports production planning through 2030. It also reflects customer commitments to First Solar’s modules, helping preserve utilization and cash-generation potential despite volatility in individual reporting periods.
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
$18.95B
Dividend YieldN/A
Average Volume (3M)2.26M
Price to Earnings (P/E)10.8
Beta (1Y)1.04
Revenue Growth23.82%
EPS Growth38.56%
CountryUS
Employees7,900
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)16.26
Shares Outstanding107,469,790
10 Day Avg. Volume2,015,733
30 Day Avg. Volume2,262,368
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 Cap1.26
Enterprise Value/Revenue4.44
Enterprise Value/Gross Profit10.09
Enterprise Value/Ebitda9.79
Forecast
1Y Price Target
$273.09Price Target Upside32.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering27
EPS Forecast (FY)17.52
Revenue Forecast (FY)$5.03B
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 thin-film solar PV modules to customers building or operating solar power plants (most commonly utility-scale projects). Revenue is recognized largely from contracts for the supply of modules, where pri...
First Solar Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presented strong operational and financial performance (record volumes, wide gross margins, robust adjusted EBITDA and net income growth, a large backlog and a healthy balance sheet) alongside notable near-term headwinds tied to trade/policy uncertainty, international underutilization, logistics costs, and some timing delays for domestic capacity. On balance, the company emphasized disciplined contracting and substantial upside from technology (CuRe and perovskites) while awaiting policy clarity that could catalyze further bookings and utilization.Positive Updates
Record Financial Performance and Profitability
Net sales of approximately $1.06 billion in Q2 (down ~4% YoY), gross margin expanded to ~57% (increase of ~12 percentage points YoY), adjusted EBITDA of $644 million with a 61% adjusted EBITDA margin, and net income of $423 million (up ~24% YoY).
Negative Updates
Revenue Decline and One-Time Revenue Mix Effects
Reported net sales decreased ~4% YoY, primarily due to lower revenue associated with customer contract terminations recognized in the prior year, partially offset by higher module volumes sold.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Financial Performance and Profitability
Net sales of approximately $1.06 billion in Q2 (down ~4% YoY), gross margin expanded to ~57% (increase of ~12 percentage points YoY), adjusted EBITDA of $644 million with a 61% adjusted EBITDA margin, and net income of $423 million (up ~24% YoY).
Read all positive updates
Company Guidance
First Solar reaffirmed its full‑year 2026 guidance while now assuming a net tariff impact of roughly $60–80 million (including estimated net IEPA recoveries and an expectation of Section 301 tariffs in H2), and flagged offsetting updates between production start‑up and R&D expenses plus incremental domestic freight costs; near‑term guidance for Q3 calls for volumes sold of 3.9–4.5 GW and adjusted EBITDA of $625–$775 million (the company also expects limited ASP upside from CuRe in 2026). Other relevant metrics anchoring the outlook include a June 30 backlog of 45.1 GW with an aggregate transaction value of $13.6 billion, H1 capex of $280 million, H1 operating cash outflows of $360 million (vs. $458 million in H1’25), and ending net cash of ~$1.7 billion (within the $1.5–$2.0 billion target range).First Solar Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.38B | 5.22B | 4.21B | 3.32B | 2.62B | 2.92B |
| Gross Profit | 2.37B | 2.12B | 1.86B | 1.30B | 69.86M | 729.95M |
| EBITDA | 2.44B | 2.15B | 1.87B | 1.21B | 290.55M | 845.17M |
| Net Income | 1.75B | 1.53B | 1.29B | 830.78M | -44.17M | 468.69M |
Balance Sheet | ||||||
| Total Assets | 13.39B | 13.32B | 12.12B | 10.37B | 8.25B | 7.41B |
| Cash, Cash Equivalents and Short-Term Investments | 1.73B | 2.86B | 1.79B | 2.10B | 2.58B | 1.83B |
| Total Debt | 194.01M | 498.57M | 718.80M | 624.39M | 234.13M | 398.59M |
| Total Liabilities | 3.07B | 3.78B | 4.15B | 3.68B | 2.42B | 1.45B |
| Stockholders Equity | 10.32B | 9.54B | 7.98B | 6.69B | 5.84B | 5.96B |
Cash Flow | ||||||
| Free Cash Flow | 1.50B | 1.19B | -308.08M | -784.51M | -30.24M | -302.73M |
| Operating Cash Flow | 2.16B | 2.06B | 1.22B | 602.26M | 873.37M | 237.56M |
| Investing Cash Flow | -706.56M | -765.17M | -1.56B | -472.79M | -1.19B | -99.04M |
| Financing Cash Flow | -930.17M | -119.23M | 24.85M | 336.85M | 309.39M | 40.55M |
First Solar Technical Analysis
Negative
206.82
Price Trends
190.42
Negative
211.56
Negative
216.55
Negative
Market Momentum
-4.82
Negative
45.82
Neutral
44.14
Neutral
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 206.82 is above the 20-day moving average (MA) of 176.05, above the 50-day MA of 190.42, and below the 200-day MA of 216.55, indicating a neutral trend. The MACD of -4.82 indicates Negative momentum. The RSI at 45.82 is Neutral, neither overbought nor oversold. The STOCH value of 44.14 is Neutral, 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 | $18.95B | 10.84 | 18.02% | ― | 23.82% | 38.56% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $1.27B | 40.49 | 5.29% | ― | 46.88% | 50.24% | |
52 Neutral | $548.27M | -3.64 | -47.02% | ― | 1.18% | 44.68% | |
51 Neutral | $1.81B | -6.54 | -62.50% | ― | 37.91% | 84.96% | |
44 Neutral | $651.13M | -3.49 | -6.62% | ― | -15.70% | -2559.44% | |
43 Neutral | $414.64M | -0.21 | -21.53% | 33.70% | -22.19% | -31.11% |
* Technology Sector Average
FSLR
First Solar
176.30
-65.41
-27.06%
CSIQ
Canadian Solar
9.59
-7.98
-45.42%
JKS
JinkoSolar
8.25
-14.07
-63.03%
SEDG
SolarEdge Technologies
29.49
-6.81
-18.76%
ARRY
Array Technologies
3.56
-5.36
-60.09%
SHLS
Shoals Technologies Group
7.56
-3.06
-28.81%
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.