First Solar, Inc.
- Open
- 209.08
- Day high
- 215.94
- Day low
- 203.97
- Prev close
- 211.93
- Volume
- 2.3M
- Mkt cap
- $22.8B
- P/E (TTM)
- 13.7
- EPS (TTM)
- $15.52
- P/B
- 2.3
- P/S
- 4.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$10.8M over the last 3 months (0 open-market buys, 57 sales)
- 🏛Institutions mixed (13F)
First Solar, Inc. (FSLR) is a Energy company listed on NASDAQ. The stock is up 21% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 57 sales (SEC Form 4). Drillr has 1 published research article covering FSLR.
First Solar, Inc. (FSLR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FSLR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.87 | $3.22 | +12.2% | $1.0B | +0.9% |
| Feb 24, 2026 | $5.22 | $4.84 | -7.3% | $1.7B | +35.8% |
| Oct 30, 2025 | $4.24 | $4.24 | +0.0% | $1.6B | +1.2% |
| Jul 31, 2025 | $2.66 | $3.18 | +19.5% | $1.1B | +5.4% |
| Feb 25, 2025 | $4.81 | $3.65 | -24.1% | $1.5B | +2.1% |
| May 1, 2024 | $1.99 | $2.20 | +10.6% | $794M | +10.2% |
| Feb 27, 2024 | $3.13 | $3.25 | +3.8% | $1.2B | -12.1% |
| Jul 27, 2023 | $0.96 | $1.59 | +65.6% | $811M | +12.5% |
| Apr 27, 2023 | $1.02 | $0.40 | -60.8% | $548M | -16.2% |
| Feb 28, 2023 | $-0.18 | $-0.07 | +61.1% | $1.0B | -0.2% |
| Oct 27, 2022 | $-0.23 | $-0.46 | -100.0% | $629M | -13.5% |
| Jul 28, 2022 | $0.30 | $0.52 | +73.3% | $621M | +1.1% |
FSLR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | RENDUCHINTALA VENKATA S Mdirector | Grant | 223 | — |
| Jul 1, 2026 | MORGAN CURTIS Adirector | Grant | 223 | — |
| Jul 1, 2026 | George Anita M.director | Grant | 223 | — |
| Jul 1, 2026 | Sweeney Michael Tdirector | Grant | 223 | — |
| Jul 1, 2026 | Ahearn Michael Jdirector | Grant | 313 | — |
| Jul 1, 2026 | Wright Norman L.director | Grant | 223 | — |
| Jul 1, 2026 | KRO LISA Adirector | Grant | 223 | — |
| Jul 1, 2026 | George Anita M.director | Tax | 67 | $235.96 |
| Jul 1, 2026 | STEBBINS PAUL Hdirector | Grant | 223 | — |
| Jul 1, 2026 | POST WILLIAM Jdirector | Grant | 223 | — |
| Jun 1, 2026 | Stockdale Carolineofficer: Chief People and Comm. Officer | Sell | 10,628 | $275.60 |
| May 27, 2026 | Widmar Mark Rdirector, officer: Chief Executive Officer | Sell | 239 | $250.02 |
| May 27, 2026 | Widmar Mark Rdirector, officer: Chief Executive Officer | Sell | 726 | $271.23 |
| May 27, 2026 | Widmar Mark Rdirector, officer: Chief Executive Officer | Sell | 364 | $265.15 |
| May 27, 2026 | Widmar Mark Rdirector, officer: Chief Executive Officer | Sell | 632 | $270.05 |
Source: FSLR SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full FSLR insider & 13F page →First Solar, Inc. company profile
Overview
First Solar, Inc. (NASDAQ:FSLR) is a leading American solar technology company founded in 1999 and headquartered in Tempe, Arizona. The company went public in 2006 and has established itself as one of the world's largest solar panel manufacturers, specializing in thin-film cadmium telluride (CdTe) photovoltaic technology. First Solar operates globally with manufacturing facilities in the United States, India, Malaysia, and Vietnam, serving utility-scale solar projects, commercial installations, and independent power producers across multiple continents.
Business
First Solar operates in the solar photovoltaic manufacturing industry, which is part of the broader renewable energy sector. The company's core business involves designing, manufacturing, and selling solar modules that convert sunlight directly into electricity through the photovoltaic effect. The company's primary product is cadmium telluride (CdTe) solar modules, which represent a distinct thin-film technology different from the more common silicon-based solar panels. CdTe technology uses a semiconductor compound made of cadmium and tellurium deposited in extremely thin layers on glass substrates. This thin-film approach offers several advantages including better performance in high temperatures, lower manufacturing energy requirements, and superior low-light performance compared to traditional crystalline silicon panels. First Solar's business consists of a single primary segment focused on module manufacturing and sales. The company produces modules in different series, with Series 6 and Series 7 being their current generation products. Series 6 modules typically produce around 475 watts, while the newer Series 7 modules can produce up to 545 watts. The company is also developing advanced technologies including CuRe technology (which enhances the copper content in CdTe cells for improved efficiency) and exploring next-generation technologies like perovskite semiconductors and tandem junction devices. First Solar serves three main customer categories: utility-scale solar developers who build large solar farms, independent power producers who own and operate solar installations, and commercial and industrial companies seeking to install solar systems for their own energy needs. The company's modules are particularly well-suited for utility-scale installations due to their reliability, performance characteristics, and competitive cost structure.
Revenue model
First Solar operates on a product sales business model, generating revenue primarily through the manufacture and sale of solar modules. The company sells modules on a per-watt basis, with recent average selling prices around $0.30 per watt. Revenue is recognized when modules are shipped to customers, who are typically solar project developers, utilities, and independent power producers. The company's customers pay for modules through various contract structures, including fixed-price agreements and contracts with commodity price adjusters that account for fluctuations in materials costs like aluminum and glass. First Solar maintains a substantial contracted backlog (66.3 gigawatts as of Q1 2025) that provides revenue visibility extending several years into the future. Several factors significantly impact First Solar's margins and profitability. Positive margin drivers include: economies of scale from higher production volumes, technological improvements that increase module efficiency and reduce manufacturing costs, domestic content premiums and manufacturing tax credits available under U.S. policies like the Inflation Reduction Act, and trade policies that protect against low-cost imports from China and Southeast Asia. Negative margin pressures include: commodity price inflation affecting key inputs like aluminum and glass, logistics and warehousing costs associated with inventory management, manufacturing yield issues and warranty expenses (as experienced with Series 7 modules), intense price competition from Chinese manufacturers with significant overcapacity, and potential tariff costs on imported materials and components. The company also benefits from Section 45X manufacturing tax credits in the United States, which provide approximately $0.07 per watt for domestically manufactured solar cells and an additional amount for modules, significantly enhancing the economics of U.S. production.
Risks & safety
First Solar demonstrates a strong financial position with solid margin of safety, though recent operational cash flow volatility requires attention. • Liquidity and Solvency: Strong cash position of $837.6 million with minimal debt (debt-to-equity ratio of 0.077), providing substantial financial flexibility. Current ratio of 1.93 indicates adequate short-term liquidity coverage. • Cash Flow Concerns: Negative operating cash flow of -$608 million and free cash flow of -$814 million in Q1 2025, primarily due to working capital build-up and inventory management. However, this follows strong positive cash generation in prior periods. • Valuation Metrics: Trading at 16.2x P/E ratio and 1.65x book value, which appears reasonable given growth prospects and market position. EV/EBITDA of 9.5x suggests moderate valuation. • Operational Risks: Substantial capital expenditure requirements ($1.0-1.5 billion annually) for capacity expansion. Warranty obligations and potential manufacturing issues (as seen with Series 7 modules) create ongoing financial exposure. • Market Position: Large contracted backlog of 66.3 gigawatts provides revenue visibility, though subject to potential contract terminations and policy changes affecting demand.
Recent development
Over the past few years, First Solar has executed a comprehensive strategy focused on domestic manufacturing expansion and technological advancement. The company has significantly increased its U.S. manufacturing footprint, completing a new facility in Ohio, inaugurating a $1.1 billion Alabama factory, and beginning construction of a Louisiana facility expected to start operations in H2 2025. This expansion will bring total U.S. nameplate capacity to over 10 gigawatts by 2026. Technology development has centered on three core pillars: improving existing CdTe technology through the CuRe enhancement program (launched in Q4 2024), developing next-generation perovskite semiconductors, and exploring tandem junction devices. The company achieved a world record 23.1% efficiency for CdTe research cells and successfully commercialized bifacial thin-film modules. First Solar has also pursued an aggressive intellectual property strategy, filing patent infringement lawsuits against major competitors including JinkoSolar for TOPCon technology violations, while simultaneously entering licensing agreements to monetize its patent portfolio. The company filed antidumping and countervailing duty petitions against Southeast Asian solar imports to protect the domestic market. Recent challenges include Series 7 module manufacturing issues that resulted in warranty expenses, and significant uncertainty from changing U.S. trade policies including potential universal tariffs and country-specific duties on imports from India, Malaysia, and Vietnam. The company is evaluating strategic responses including potentially pivoting international facilities to serve domestic markets and exploring module finishing operations in the United States.
FSLR company profile · for informational purposes only — not investment advice.
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