First Solar, Inc. (FSLR)
Information Technology · Semiconductors · US stock · S&P 500 component
$172.64
▼ -6.17 (3.45%)
Fair valueFair
$235 +36.1% to fair value
$117fair band $141–$329$352
Day's range
$172.53 – $182.74
52-week range
$168.60 – $320.95
About First Solar, Inc.
First Solar makes thin film solar modules and sells them to developers and owners of large solar power plants, mainly in the United States. Its technology differs from the crystalline silicon panels made by many rivals. Revenue comes from selling modules, often under multi-year supply contracts, and results depend on government incentives, trade policy, plant utilization and demand for utility-scale solar.
First Solar, Inc. generated $5.4 billion in revenue during the last twelve months. The three-year revenue growth rate is 25.8% a year. Operating margin stands at 33.6%, showing profit left after running costs. Return on invested capital stands at 19%. Net debt to EBITDA is -0.7 times, which means the company holds more cash than debt. No dividend is paid to shareholders. The X-Ray Score is 67 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $168.60 – $320.95Volume 2,346,290Daily, split-adjusted
Vitals
Market cap$18.6B
52-week range$168.60 – $320.95
Volume (last day)2,346,290
P/E (TTM)10.6
EBIT / EV yield10.6%
Free-cash-flow yield8.1%
Dividend yieldNo dividend
Revenue (TTM)$5.4B
Net income (TTM)$1.7B
Operating margin33.6%
Return on capital18.6%
Debt incl. leases$157M
Cash & securities$1.7B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$235model spread $222 – $247
Fair
+36.1% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is High, so the safety margin is 40%.
Multiples use through-the-cycle earnings (0.49x of the last twelve months)
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so the fair value range is widened
Price $173
Undervalued < $141Fair $141 – $329Overvalued > $329
10-year DCF (market-scaled)
$195
Peer multiples
$248
Earnings power floor (not blended)
$79
Fundamentals-adjusted multiple
$262
Growth the price implies
23.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Valuation
Strong
87/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield10.6%
Free-cash-flow yield8.1%
Fair value vs price1.4×
Growth
Fair
70/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)25.8%
Growth consistency90%
Profitability
Weak
40/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital18.6%
Operating margin33.6%
Gross profitability17.7%
Financial health
Strong
76/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA-0.7×
Interest cover46.9×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+6.4%
Mar '25
+8.6%
Jun '25
+79.7%
Sep '25
+11.1%
Dec '25
+23.6%
Mar '26
-3.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.1B, diluted EPS $3.92.
Compare with peers
MU Micron Technology Inc77 NVDA Nvidia Corp65 QCOM Qualcomm Inc57 MPWR Monolithic Power Syste...55Other Semiconductors companies by X-Ray Score.
Fundamentals checklist
● 9 Good · ● 4 Average · ● 1 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
Revenue growth (3y)Good
Growth consistencyAverage
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginGood
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 68/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.9B | $2.6B | $3.3B | $4.2B | $5.2B |
| Operating income | $587M | −$27M | $857M | $1.4B | $1.6B |
| Net income | $469M | −$44M | $831M | $1.3B | $1.5B |
| Operating cash flow | $238M | $873M | $602M | $1.2B | $2.1B |
| Operating margin | 20.1% | -1.0% | 25.8% | 33.2% | 30.6% |
| Free cash flow | −$303M | −$30M | −$785M | −$308M | $1.2B |
| Diluted EPS | $4.38 | $-0.41 | $7.74 | $12.02 | $14.21 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bearish
0 bullish · 4 neutral · 12 bearish
Weekly
Strongly bearish
0 bullish · 1 neutral · 11 bearish
Monthly
Strongly bearish
1 bullish · 1 neutral · 6 bearish
Moving averages (daily)
| SMA 10 | 179.0 | Bearish |
| EMA 10 | 178.8 | Bearish |
| SMA 20 | 180.2 | Bearish |
| EMA 20 | 182.5 | Bearish |
| SMA 50 | 199.6 | Bearish |
| EMA 50 | 195.5 | Bearish |
| SMA 100 | 221.8 | Bearish |
| EMA 100 | 207.5 | Bearish |
| SMA 200 | 219.8 | Bearish |
| EMA 200 | 214.0 | Bearish |
Oscillators (daily)
| RSI (14) | 38.13 | Neutral |
| MACD (12, 26) | -5.99 | Bearish |
| Momentum (12) | -1.44 | Bearish |
| Stochastic %K (14) | 20.99 | Neutral |
| Williams %R (14) | -79.01 | Neutral |
| CCI (20) | -54.59 | Neutral |
Pivot points (classic, last session)
S3 159.0 | S2 165.8 | S1 169.2 | Pivot 176.0 | R1 179.4 | R2 186.2 | R3 189.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
FSLR SEC filings
30 Jul 2026
10-QSEC EDGAR
Quarterly report
30 Jul 2026
8-KSEC EDGAR
Results of operations
15 May 2026
8-KSEC EDGAR
Shareholder vote results
30 Apr 2026
10-QSEC EDGAR
Quarterly report
30 Apr 2026
8-KSEC EDGAR
Results of operations
2 Apr 2026
DEF 14ASEC EDGAR
Proxy statement
24 Feb 2026
10-KSEC EDGAR
Annual report
24 Feb 2026
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.