Barrons·14h ago
First Solar Stock Keeps Falling but Deutsche Bank Upgrades It to BuyDeutsche Bank upgrades First Solar to Buy from Hold, arguing the stock is trading at a “significant discount.”
First Solar, Inc.(FSLR)Earnings, Financials & Key Ratios
FSLR•NASDAQ
$227.72
16.0× P/E·Price updated Jul 7, 2026
AboutFirst Solar, Inc. provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Tempe, Arizona.Show more
- Revenue$5.22B+24.1%
- EBITDA$2.21B+21.7%
- Net Income$1.53B+18.3%
- EPS (Diluted)14.21+18.2%
- Gross Margin40.63%-8.0%
- EBITDA Margin42.39%-1.9%
- Operating Margin32.26%-2.7%
- Net Margin29.28%-4.7%
- ROE17.45%-1.0%
FSLR Price & Volume
First Solar, Inc. (FSLR) stock price & volume — 10-year historical chart
Loading chart...
Subsidy Driven Margins Mask Operational Cash Volatility
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Strong
Financial:Fortress
Cash Flow:Mixed
Primary Risk:Subsidy-dependent policy exposure
Key Thesis Takeaways
- First Solar is successfully scaling its utility-scale manufacturing footprint, evidenced by a total asset base expansion to $13.4 billion as of 2026Q1.
- While the company maintains a fortress balance sheet with a low 0.04 debt-to-equity ratio, its long-term profitability appears heavily tethered to federal Section 45X tax credits.
- Investors should monitor the sustainability of these margins, as the current reliance on policy-driven tailwinds may obscure the underlying competitive dynamics of the global solar module market.
Verdict Logic
while the company trades at a forward P/E of 13.51, the extreme volatility in operating cash flow, evidenced by an OCF/NI ratio of -2.90 in 2025Q1, warrants caution regarding the quality of earnings.
FSLR Growth Metrics
First Solar, Inc. (FSLR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years2.41%
5 Years14%
3 Years25.84%
TTM27.3%
Profit CAGR
10 Years9.92%
5 Years30.85%
3 Years-
TTM31.65%
EPS CAGR
10 Years10.22%
5 Years30.67%
3 Years-
TTM31.63%
Return on Capital
10 Years4.66%
5 Years9.95%
3 Years13.69%
Last Year15.95%
FSLR Recent Earnings
First Solar, Inc. (FSLR) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$3.22+6.3%
$3.03
Rev
$1.0B+0.9%
$1.0B
Q1 2026
Feb 24, 2026Metric
Actual
Est
EPS
$4.84-5.8%
$5.14
Rev
$1.7B+7.3%
$1.6B
Q4 2025
Oct 30, 2025Metric
Actual
Est
EPS
$4.24+0.0%
$4.24
Rev
$1.6B+1.2%
$1.6B
Q3 2025
Jul 31, 2025Metric
Actual
Est
EPS
$3.18+19.5%
$2.66
Rev
$1.1B+5.4%
$1.0B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $3.22vs $3.03+6.3% | $1.0Bvs $1.0B+0.9% |
| Q1 2026 | Feb 24, 2026 | $4.84vs $5.14-5.8% | $1.7Bvs $1.6B+7.3% |
| Q4 2025 | Oct 30, 2025 | $4.24vs $4.24+0.0% | $1.6Bvs $1.6B+1.2% |
| Q3 2025 | Jul 31, 2025 | $3.18vs $2.66+19.5% | $1.1Bvs $1.0B+5.4% |
Based on last 12 quarters of dataView full earnings history →
Latest FSLR News
Recent stock market news and headlines for First Solar, Inc. (FSLR)
Schaeffers Research·16h ago
Solar Stock Upgraded on Trade Policy Shifts, ValuationShares of First Solar Inc (NASDAQ:FSLR) are 0.7% higher to trade at $234.73, after landing an upgrade at Deutsche Bank to "buy" from "neutral" and price-target hike to $272 from $245.
24/7 Wall Street·1 day ago
First Solar Climbs 5% on Bullish Wells Fargo Note, SolarEdge Jumps 8%, Canadian Solar Gains 7%, Enphase Rises 5%Solar stocks are ripping higher in Monday trading, led by a bullish Wells Fargo note on the sector's biggest domestic manufacturer.
Zacks Investment Research·1 day ago
FSLR or SHLS: Which Is the Better Value Stock Right Now?Investors interested in Solar stocks are likely familiar with First Solar (FSLR) and Shoals Technologies Group (SHLS). But which of these two stocks offers value investors a better bang for their buck right now?
PRNewsWire·Jun 29, 2026
First Solar, Inc. Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights - FSLRLOS ANGELES, June 29, 2026 /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against First Solar, Inc. ("First Solar" or "the Company") (NASDAQ: FSLR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Shareholders who purchased shares of FSLR during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments.
Peers Comparison
Key metrics vs top competitors for First Solar, Inc. (FSLR)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $227.72 | $24.47B | 16.03 | 24.09% | 29.28% | 17.45% | — | |
| $14.35 | $973.17M | -9.26 | -6.65% | -1.87% | -2.39% | — | |
| $15.72 | $205.81M | -0.31 | -29% | -3.36% | -7.71% | — | |
| $6.62 | $1.02B | -9.07 | 40.22% | -5.56% | -20.64% | — | |
| $0.76 | $12.86M | -0.01 | -54.68% | -320.48% | — | — | |
| $42.99 | $5.67B | 33.33 | 10.72% | 9.64% | 13.28% | — |
Compare FSLR vs Peers
First Solar, Inc. (FSLR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FSLR SEC Filings & Documents
First Solar, Inc. (FSLR) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 30, 2026·SEC
Material company update
Feb 24, 2026·SEC
Material company update
Feb 19, 2026·SEC
10-K Annual Reports
1FY 2026
Feb 24, 2026·SEC
10-Q Quarterly Reports
4Get notified when FSLR posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
FSLR Frequently Asked Questions
First Solar, Inc. (FSLR) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is First Solar, Inc.'s revenue?
First Solar, Inc. (FSLR) reported $5.42B in revenue for fiscal year 2025.
How fast is First Solar, Inc. growing?
First Solar, Inc. (FSLR) grew revenue by 24.1% over the past year. This is strong growth.
Is FSLR profitable?
Yes, First Solar, Inc. (FSLR) is profitable, generating $1.67B in net income for fiscal year 2025 (29.3% net margin).
Dividend & Returns
What is FSLR's return on equity?
First Solar, Inc. (FSLR) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.
What is First Solar, Inc.'s free cash flow?
First Solar, Inc. (FSLR) generated $1.67B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.