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First Solar
(NASDAQ:FSLR)
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Rating:72Outperform
Price Target:
$196.00
▼(-5.23% Downside)
Action:Reiterated
Date:10/30/26
Overall score is supported primarily by strong financial fundamentals (high profitability and an exceptionally low-leverage balance sheet) and a constructive earnings narrative around backlog, U.S. manufacturing, and capital return (buyback). Offsetting factors are weak technical trend signals and near-term fundamental uncertainty highlighted by reduced 2026 guidance and weaker recent cash-flow conversion.
Positive Factors
Contracted Backlog
The 44 GW contracted backlog provides substantial multi-year revenue visibility and supports production planning through 2030. This contractual foundation can reduce dependence on spot-market demand, support capacity utilization, and strengthen confidence in medium-term cash-flow potential.
Negative Factors
Lowered 2026 Outlook
The reduced 2026 volume, revenue, and adjusted EBITDA outlook signals that near-term execution and demand are weaker than previously expected. Lower realized shipments can pressure factory utilization and delay the conversion of backlog into reported revenue and operating cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Backlog
The 44 GW contracted backlog provides substantial multi-year revenue visibility and supports production planning through 2030. This contractual foundation can reduce dependence on spot-market demand, support capacity utilization, and strengthen confidence in medium-term cash-flow potential.
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
$18.74B
Dividend YieldN/A
Average Volume (3M)2.23M
Price to Earnings (P/E)10.1
Beta (1Y)1.03
Revenue Growth-0.72%
EPS Growth32.62%
CountryUS
Employees7,900
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)17.32
Shares Outstanding107,469,790
10 Day Avg. Volume1,990,307
30 Day Avg. Volume2,234,843
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 Cap0.94
Enterprise Value/Revenue3.50
Enterprise Value/Gross Profit7.11
Enterprise Value/Ebitda6.91
Forecast
1Y Price Target
$258.91Price Target Upside25.19% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering25
EPS Forecast (FY)17.51
Revenue Forecast (FY)$5.02B
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:Oct 29, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 02, 2027
Earnings Call Sentiment Positive
The call was generally positive, supported by strong third-quarter profitability, a 44-gigawatt contracted backlog, higher gross margins, U.S. manufacturing expansion, CuRe and perovskite technology progress, and a new $500 million share repurchase authorization. However, the company also reported a 23% year-over-year sales decline, lowered 2026 volume, revenue and adjusted EBITDA guidance, moderated bookings, significant customer and policy uncertainty, and unresolved decisions regarding Malaysia and litigation. The positive operating results and strategic positioning outweighed the stated challenges.Positive Updates
Strong Third-Quarter Profitability
First Solar generated approximately $1.2 billion in third-quarter net sales, expanded gross margin to approximately 58%, and delivered adjusted EBITDA of $744 million. Adjusted EBITDA was near the upper end of the previously communicated Q3 preview range, with an adjusted EBITDA margin of approximately 60%.
Negative Updates
Year-Over-Year Net Sales Decline
Third-quarter net sales of approximately $1.2 billion decreased approximately 23% year-over-year, primarily due to lower module volumes sold to third parties compared with the prior-year period.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Profitability
First Solar generated approximately $1.2 billion in third-quarter net sales, expanded gross margin to approximately 58%, and delivered adjusted EBITDA of $744 million. Adjusted EBITDA was near the upper end of the previously communicated Q3 preview range, with an adjusted EBITDA margin of approximately 60%.
Read all positive updates
Company Guidance
Guidance calls for the first Series 7 CuRe conversion in India to begin in the first quarter of 2027, with India's finished goods production in 2027 expected to range from 2.2 gigawatts to 2.6 gigawatts; South Carolina's second finishing phase is expected to reach commercial launch in mid-2027, with the 2 phases expected to result in 2027 South Carolina production of 2.2 to 2.5 gigawatts; the Ohio perovskite pilot line remains on track to reach operational readiness in the first half of 2027; Malaysia is expected to operate at full or near full capacity of 1.8 gigawatt annually or shut down, with a decision expected in the first half of 2027; full year 2026 guidance reflects a lower range of India domestic, international Series 6 and U.S. finishing volumes sold, with an associated reduction in revenue and adjusted EBITDA, including a reduction of approximately 0.7 gigawatts in the India domestic volume sold forecast, while the forecast range for fully domestic products sold remains unchanged; full year perovskite-related spend, originally forecasted approximately $100 million, is now expected to total approximately $120 million; total 2026 operating expense guidance and Net cash guidance remain unchanged; and the company has authorized a share repurchase program of up to $500 million.First Solar Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.01B | 5.22B | 4.21B | 3.32B | 2.62B | 2.92B |
| Gross Profit | 2.47B | 2.12B | 1.86B | 1.30B | 69.86M | 729.95M |
| EBITDA | 2.54B | 2.15B | 1.87B | 1.21B | 290.55M | 845.17M |
| Net Income | 1.86B | 1.53B | 1.29B | 830.78M | -44.17M | 468.69M |
Balance Sheet | ||||||
| Total Assets | 14.02B | 13.32B | 12.12B | 10.37B | 8.25B | 7.41B |
| Cash, Cash Equivalents and Short-Term Investments | 1.62B | 2.86B | 1.79B | 2.10B | 2.58B | 1.83B |
| Total Debt | 324.97M | 498.57M | 718.80M | 624.39M | 234.13M | 398.59M |
| Total Liabilities | 3.14B | 3.78B | 4.15B | 3.68B | 2.42B | 1.45B |
| Stockholders Equity | 10.88B | 9.54B | 7.98B | 6.69B | 5.84B | 5.96B |
Cash Flow | ||||||
| Free Cash Flow | 232.79M | 1.19B | -308.08M | -784.51M | -30.24M | -302.73M |
| Operating Cash Flow | 839.18M | 2.06B | 1.22B | 602.26M | 873.37M | 237.56M |
| Investing Cash Flow | -615.30M | -765.17M | -1.56B | -472.79M | -1.19B | -99.04M |
| Financing Cash Flow | -637.65M | -119.23M | 24.85M | 336.85M | 309.39M | 40.55M |
First Solar Technical Analysis
Negative
206.82
Price Trends
188.72
Negative
209.70
Negative
215.92
Negative
Market Momentum
-4.05
Negative
43.98
Neutral
70.26
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 176.27, above the 50-day MA of 188.72, and below the 200-day MA of 215.92, indicating a bearish trend. The MACD of -4.05 indicates Negative momentum. The RSI at 43.98 is Neutral, neither overbought nor oversold. The STOCH value of 70.26 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $18.74B | 10.07 | 18.33% | ― | -0.72% | 32.62% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $1.21B | 38.56 | 5.29% | ― | 46.88% | 50.24% | |
52 Neutral | $522.09M | -3.46 | -47.02% | ― | 1.18% | 44.68% | |
51 Neutral | $1.85B | -6.66 | -62.50% | ― | 37.91% | 84.96% | |
47 Neutral | $433.73M | -0.22 | -21.53% | 32.21% | -22.19% | -31.11% | |
44 Neutral | $628.72M | -3.37 | -6.62% | ― | -15.70% | -2559.44% |
* Technology Sector Average
FSLR
First Solar
174.40
-91.30
-34.36%
CSIQ
Canadian Solar
9.26
-13.51
-59.33%
JKS
JinkoSolar
8.63
-15.00
-63.48%
SEDG
SolarEdge Technologies
30.05
-2.82
-8.58%
ARRY
Array Technologies
3.39
-5.02
-59.69%
SHLS
Shoals Technologies Group
7.20
-3.14
-30.37%
First Solar Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
First Solar Posts Strong Q3 Results, Launches Buyback Plan
Positive
Oct 29, 2026
On October 29, 2026, First Solar reported third-quarter 2026 net sales of $1.23 billion, down 23% year-on-year, as lower third-party module volumes weighed on revenue, while net income rose to $571 million, or $5.30 per diluted share, and adjusted...
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.