Information Technology · Semiconductors · US stock · price as of 16 Oct 2026
Key indicators
Price
$172.64
52-week range
$168.60 – $320.95
Market cap
$18.6B
P/E (trailing)
10.6×
EV / EBITDA
7.1×
Free-cash-flow yield
8.1%
Dividend yield
–
Revenue (last 12 months)
$5.4B
Revenue growth (3y a year)
25.8%
Operating margin
33.6%
Return on invested capital
18.6%
Net debt / EBITDA
-0.7×
Fair value
Blended fair value$234.96 range $222 – $247
Versus priceFair+36% to fair value
Peer multiples
$247.73
Fundamentals-adjusted multiple
$261.81
10-year DCF (market-scaled)
$195.35
Earnings power value (floor, not blended)
$79.06
Model uncertainty
High
X-Ray Score
67/ 100 · Medium confidence · ahead of 92% of sector peers
Valuation87
Growth69
Profitability40
Financial health76
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives First Solar, Inc. an X-Ray Score of 67 out of 100 (medium confidence), ahead of 92% of the S&P 500 stocks in its sector. Its strongest lens is valuation (87) and its weakest is profitability (40).
Our fair value blend is $234.96 (range $222.49 to $247.30). At $172.64 the stock trades 27% below that blend, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
First Solar, Inc. (FSLR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$87.16
$149.79
$172.28
$176.24
$261.23
$172.64
Market cap
$9.3B
$16.0B
$18.5B
$19.0B
$28.1B
$18.6B
P/E
19.9×
–
22.3×
14.7×
18.4×
10.6×
EV / revenue
2.6×
5.2×
5.1×
4.2×
4.9×
3.1×
EV / EBITDA
9.1×
55.9×
14.6×
9.8×
12.1×
7.1×
Price / free cash flow
–
–
–
–
23.7×
12.4×
Free-cash-flow yield
−3.2%
−0.2%
−4.2%
−1.6%
4.2%
8.1%
Price / book
1.6×
2.7×
2.8×
2.4×
2.9×
1.8×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 9 Good · ● 4 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.1%Average
Free-cash-flow yield8.1%Good
Risk models
Altman Z score7.9×Good
Piotroski F-Score7 of 9Good
Growth
Revenue growth (3y)25.8%Good
Growth consistency90%Average
Balance sheet
Current ratio2.5×Good
Net debt / EBITDA-0.7×Good
Interest cover46.9×Average
Valuation
Fair value vs price1.4×Good
EBIT / EV yield10.6%Good
Profitability
Return on invested capital18.6%Average
Operating margin33.6%Good
Gross profitability17.7%Bad
XStocksXray
First Solar, Inc. (FSLR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
2,923
2,619
3,319
4,206
5,219
5,378
Gross profit
730
70
1,301
1,858
2,120
2,367
Operating income
587
-27
857
1,394
1,597
1,810
Net income
469
-44
831
1,292
1,528
1,746
Diluted EPS ($)
4.38
-0.41
7.74
12.02
14.21
16.23
Free cash flow
-303
-30
-785
-308
1,187
1,500
Gross margin
25.0%
2.7%
39.2%
44.2%
40.6%
44.0%
Operating margin
20.1%
−1.0%
25.8%
33.2%
30.6%
33.6%
Net margin
16.0%
−1.7%
25.0%
30.7%
29.3%
32.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
7,414
8,251
10,365
12,124
13,321
13,389
Cash
1,451
1,481
1,947
1,621
2,804
1,688
Total debt
240
184
560
610
499
38
Equity
5,960
5,836
6,687
7,978
9,538
10,320
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.