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First Solar, Inc. (FSLR) stock

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NASDAQ: FSLR Nasdaq Semiconductors Next results ~January 28, 2027

C+ Fundamentals grade

First Solar designs and manufactures photovoltaic (PV) solar modules used to generate electricity. Its modules rely on a thin-film semiconductor structure that uses cadmium telluride (CdTe) as the light-absorbing layer, rather than the crystalline silicon used in most competing modules. The company produces its panels through a continuous, automated process that turns a sheet of glass into a finished module within a few hours, and it does not draw on Chinese crystalline silicon supply chains.

The company earns its money by selling these modules, chiefly to solar project developers and owners, and it backs them with power-output warranties lasting up to 30 years. It has sold more than 93 GW of modules to date.

First Solar is headquartered in the United States and runs manufacturing plants there and in Malaysia, Vietnam and India, with a sixth US facility under construction. It conducts research in California and Ohio, and in 2005 established the industry's first global module-recycling programme, having since recycled over 400,000 metric tonnes.

Based on First Solar, Inc.'s 10-K filed February 24, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($35.33) was left out of our combined valuation (it is 0.19x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($35.33) was left out of our combined valuation (it is 0.19x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

First Solar, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter First Solar files

10-Q filed October 29: First Solar

First Solar's trailing twelve-month revenue to September 2026 came in at $5.01bn, down 0.7% year on year, a sharp reversal from the 23.8% growth posted a quarter earlier. Among the 53 semiconductor companies we cover, that ranks it 44th for growth. Free-cash-flow margin slipped to 4.6% from 12.2% a year earlier, even as operating margin widened to 37.7% from 29.8%. Taken together, these shifts pull the fundamentals grade down from B to C+. Our model value stands at $65.35 a share, little changed, versus a share price of $178. The rating stays Sell.

Our model value for First Solar is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where First Solar stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.38bn, up 23.8% on a year earlier, slower than 27.3% a quarter earlier. Free-cash-flow margin rose to 27.9% from -21.7% a year earlier. Operating margin widened to 33.6% from 31.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 7 of our 7 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

First Solar, Inc.'s trailing-twelve-month revenue fell 0.7% year on year, with a free-cash-flow margin of 4.6%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 47 semiconductor companies we cover. Where it lags: change in growth rate of -24.5pp ranks 71 of 75 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$35 per share in the base case (~$30–$42 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 62.1% while net income grew 32.9%: a 95pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 37.7% of revenue is left as operating profit, against a median of 4.8% for semiconductor companies we cover.
  • Margins widening. Operating margin is up 7.9 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $1.6bn.

Things to watch

  • Revenue shrinking. Revenue fell 0.7% over the last 12 months.
  • Growth slowing. The growth rate is 24.5 points lower than a quarter earlier.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 1.8 against the S&P 500.
  • Insiders selling. 13 insiders sold $43M of stock over the past 365 days and none bought (70% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 13% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 116 days ranks 58 of 62 semiconductor companies we cover (median 58 days).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$5.30 against an average estimate of $4.64: beat by 14.3%
Revenue
$1.23bn, down 22.8% on a year earlier
Share reaction
-1.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
volume Sold 16 to 17 (2026); net Sales $4.6bn to $4.9bn (2026)
Next report
October 29, 2026; average EPS estimate $5.64

First Solar's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week+6.6%
  • 1 month+7.3%
  • This year-30.3%
  • 1 year-29.5%
  • 5 years+60.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5B
Operating margin
37.7%
Net margin
37.1%
EPS (TTM, diluted)
$17.28

Growth

Revenue growth
−0.7%
Change in growth rate
−24.5 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$233M
FCF margin
4.6%
Stock pay % of revenue
0.5%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Guidance
  4. Announcement
  5. Announcement
  6. Results
  7. Announcement
  8. Announcement
  9. Insider trade
  10. Results
  11. Announcement
  12. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

First Solar, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($35.33) was left out of our combined valuation (it is 0.19x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of First Solar, Inc.'s free cash flow after stock-based pay ( $93M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value First Solar, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.48 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$35 ~$30–$42 Left out: out of range vs price (0.19x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$360 ~$330–$610 Left out: far from the other models (more than 3x away from their median)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$80–$160 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$100–$130 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare First Solar, Inc. with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$65.99$32.09$67.52$42.46$55.96$98.92$87.16$149.79$172.28$176.24$261.23$182.05
Market value$6.7bn$3.3bn$7.0bn$4.5bn$5.9bn$10.6bn$9.3bn$16.0bn$18.5bn$19.0bn$28.1bn$19.6bn
+ Net debt (− = net cash)−$826m−$1.1bn−$1.9bn−$924m−$870m−$940m−$1.2bn−$1.3bn−$1.4bn−$1.0bn−$2.3bn−$1.5bn
Enterprise value$5.9bn$2.2bn$5.2bn$3.6bn$5.0bn$9.6bn$8.1bn$14.7bn$17.1bn$17.9bn$25.8bn$18.1bn
Multiples
Price / sales 1.6x1.1x2.4x2.0x1.9x3.9x3.2x6.1x5.6x4.5x5.4x3.9x
Price / earnings 11.3x——31.2x—26.5x19.9x—22.3x14.7x18.4x10.5x
Price / free cash flow ——8.5x———————23.7x84.2x
EV / EBITDA 6.2x—19.2x21.0x115.0x17.5x9.6x60.5x14.7x9.9x12.1x7.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard First Solar's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Cash operating profit has been a median 8.4% of total assets over 10 years.

  • Pricing power 1 / 20

    Gross margin has been a median 24.5%, moving by 13.0 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 10.3%; its worst year was -20.7%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -8.5% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.7% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $17.46 +23% $5.0bn −4%
Next $23.43 +34% $5.9bn +18%

Next year's EPS estimate has moved +0.8% in 90 days, across 31 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 0 analysts raised First Solar, Inc.'s forecast and 3 cut it.

Consensus EPS forecast First Solar, Inc., last 90 days
$16.00 $18.00 $20.00 $22.00 $24.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $17.35 Current fiscal year, 60 days ago: $17.48 Current fiscal year, 30 days ago: $17.49 Current fiscal year, 7 days ago: $17.47 Current fiscal year, Now: $17.46 $17.46 Next fiscal year, 90 days ago: $23.24 Next fiscal year, 60 days ago: $23.07 Next fiscal year, 30 days ago: $23.19 Next fiscal year, 7 days ago: $23.46 Next fiscal year, Now: $23.43 $23.43

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $17.35$23.24
60 days ago $17.48$23.07
30 days ago $17.49$23.19
7 days ago $17.47$23.46
Now $17.46$23.43

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.64 $5.30 +14.3%
Jun 2026 $2.88 $3.92 +36.1%
Mar 2026 $2.97 $3.22 +8.3%
Dec 2025 $5.17 $4.84 −6.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Net Sales 2026 $4.6bn to $4.9bn Lowered
    “Net Sales $4.9B to $5.2B $4.6B to $4.9B” source
  • Gross Profit 2026 $2.4bn to $2.6bn Maintained
    “Gross Profit (1) $2.4B to $2.6B Unchanged” source
  • Volume Sold 2026 16 to 17 Lowered
    “Volume Sold 17.0GW to 18.2GW 16.0GW to 17.0GW” source
  • Operating Expenses 2026 $610m to $635m Maintained
    “Operating Expenses (2) $610M to $635M Unchanged” source
  • Adjusted EBITDA 2026 $2.55bn to $2.75bn Non-GAAP Lowered
    “Adjusted EBITDA (3) $2.6B to $2.8B $2.55B to $2.75B” source
  • Capital Expenditures 2026 $0.6bn to $0.8bn Lowered
    “Capital Expenditures $0.8B to $1.0B $0.6B to $0.8B” source
Show 3 more items
  • Net Cash Balance 2026 $1.7bn to $2.3bn Maintained
    “Net Cash Balance (4) $1.7B to $2.3B Unchanged” source
  • Module sales (volume) fourth quarter 4.3 to 5.3
    “From a fourth quarter earnings cadence perspective, we anticipate our module sales to be between 4.3 GW and 5.3 GW, including 3.4 GW to 4.3 GW from our U.S. manufacturing operations.” source
  • Adjusted EBITDA fourth quarter $643m to $843m Non-GAAP
    “These factors are expected to result in forecasted fourth quarter Adjusted EBITDA between $643 million and $843 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows First Solar, Inc.'s revenue by +10.7% next year and +11.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+14.2%, weight 48%) , management guidance (+7.7%, weight 31%) and the company's own record (+7.0%, weight 21%) . How the weights are set.

Analyst recommendations

36 analysts, Oct 2026
Buy2775%
Hold822%
Sell13%

Monthly trend

  1. Oct 20261017836
  2. Sep 20261016936
  3. Aug 2026916835
  4. Jul 20269131236

Counts of recommendations published by analysts covering First Solar, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
14.1%
of tradable shares
Days to cover
4.91
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
5.4%
of shares
Employees
7,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −31.8%

$266.94 on October 31, 2025 to $182.05

ThenNowEffect
Revenue (last 12 months) $4.3bn $5.4bn +23.8%
Net margin 29.0% 32.5% +12.1%
P/E multiple 22.8x 11.2x −50.8%
Share count 108m 108m −0.1%

Biggest factor: p/e multiple.

Last 3 years +19.8%

$151.94 on November 3, 2023 to $182.05

ThenNowEffect
Revenue (last 12 months) $3.0bn $5.4bn +79.9%
Net margin 5.2% 32.5% +520.6%
P/E multiple 103.7x 11.2x −89.2%
Share count 107m 108m −0.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FSLR−12%+72%+15%+2%+48%−30%
Industry peers (median)+36%−39%+16%−15%+16%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FSLR50%50%50%58%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FSLR−35%−31%−43%−42%−39%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 64% from March 17, 2016 to April 3, 2017. Getting back needed a 178% gain, reached on January 11, 2018, 283 days after the low.

Price behaviour

52-week range
$168.15 – $318.25
From 52-week high
−42.8%
vs 50-day average
−3.2%
vs 200-day average
−15.6%
Volatility (1 year)
52%
Beta vs S&P 500
1.78

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.8%
After a week
6 up, 5 down
typical move ±11.3%
After a month
7 up, 4 down
typical move ±19.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −1.1% −2.1% — —
July 30, 2026 +5.9% +2.4% +22.5% +2.6%
April 30, 2026 +11.1% +1.3% +12.6% +59.0%
February 24, 2026 −13.2% +1.6% −18.4% −20.1%
October 30, 2025 +10.4% −0.8% +12.5% +9.0%
July 31, 2025 +2.7% −2.0% +3.6% +9.0%
April 29, 2025 −10.6% +0.7% −9.9% +10.8%
February 25, 2025 +2.6% −0.4% −14.2% −17.4%
February 20, 2025 −4.3% −2.1% −13.1% −19.2%
October 29, 2024 −3.7% −0.1% +5.3% −6.1%
July 30, 2024 −2.0% +1.1% −4.5% +3.7%
May 1, 2024 +2.4% +0.6% +8.2% +54.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

First Solar, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) First Solar, Inc.
$3B $4B $5B $6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.3B Revenue (TTM), FY24 Q1: $3.6B Revenue (TTM), FY24 Q2: $3.8B Revenue (TTM), FY24 Q3: $3.9B Revenue (TTM), FY24 Q4: $4.2B Revenue (TTM), FY25 Q1: $4.3B Revenue (TTM), FY25 Q2: $4.3B Revenue (TTM), FY25 Q3: $5.1B Revenue (TTM), FY25 Q4: $5.2B Revenue (TTM), FY26 Q1: $5.4B Revenue (TTM), FY26 Q2: $5.4B Revenue (TTM), FY26 Q3: $5B $5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.3B
FY24 Q1 $3.6B
FY24 Q2 $3.8B
FY24 Q3 $3.9B
FY24 Q4 $4.2B
FY25 Q1 $4.3B
FY25 Q2 $4.3B
FY25 Q3 $5.1B
FY25 Q4 $5.2B
FY26 Q1 $5.4B
FY26 Q2 $5.4B
FY26 Q3 $5B
Revenue growth, TTM YoY First Solar, Inc.
-10% 0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 26.7% Revenue growth, TTM YoY, FY24 Q1: 27.3% Revenue growth, TTM YoY, FY24 Q2: 25.9% Revenue growth, TTM YoY, FY24 Q3: 21.8% Revenue growth, TTM YoY, FY24 Q4: 26.7% Revenue growth, TTM YoY, FY25 Q1: 19.4% Revenue growth, TTM YoY, FY25 Q2: 15.4% Revenue growth, TTM YoY, FY25 Q3: 31.2% Revenue growth, TTM YoY, FY25 Q4: 24.1% Revenue growth, TTM YoY, FY26 Q1: 27.3% Revenue growth, TTM YoY, FY26 Q2: 23.8% Revenue growth, TTM YoY, FY26 Q3: -0.7% -0.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 26.7%
FY24 Q1 27.3%
FY24 Q2 25.9%
FY24 Q3 21.8%
FY24 Q4 26.7%
FY25 Q1 19.4%
FY25 Q2 15.4%
FY25 Q3 31.2%
FY25 Q4 24.1%
FY26 Q1 27.3%
FY26 Q2 23.8%
FY26 Q3 -0.7%
Operating margin (TTM) First Solar, Inc.
25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 25.8% Operating margin (TTM), FY24 Q1: 30.4% Operating margin (TTM), FY24 Q2: 34.2% Operating margin (TTM), FY24 Q3: 34.7% Operating margin (TTM), FY24 Q4: 33.2% Operating margin (TTM), FY25 Q1: 32.2% Operating margin (TTM), FY25 Q2: 31.3% Operating margin (TTM), FY25 Q3: 29.8% Operating margin (TTM), FY25 Q4: 30.6% Operating margin (TTM), FY26 Q1: 31.8% Operating margin (TTM), FY26 Q2: 33.6% Operating margin (TTM), FY26 Q3: 37.7% 37.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 25.8%
FY24 Q1 30.4%
FY24 Q2 34.2%
FY24 Q3 34.7%
FY24 Q4 33.2%
FY25 Q1 32.2%
FY25 Q2 31.3%
FY25 Q3 29.8%
FY25 Q4 30.6%
FY26 Q1 31.8%
FY26 Q2 33.6%
FY26 Q3 37.7%
FCF margin (TTM) First Solar, Inc.
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -23.6% FCF margin (TTM), FY24 Q1: -14.7% FCF margin (TTM), FY24 Q2: -6.0% FCF margin (TTM), FY24 Q3: -15.4% FCF margin (TTM), FY24 Q4: -7.3% FCF margin (TTM), FY25 Q1: -22.9% FCF margin (TTM), FY25 Q2: -21.7% FCF margin (TTM), FY25 Q3: 12.2% FCF margin (TTM), FY25 Q4: 22.7% FCF margin (TTM), FY26 Q1: 30.8% FCF margin (TTM), FY26 Q2: 27.9% FCF margin (TTM), FY26 Q3: 4.6% 4.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -23.6%
FY24 Q1 -14.7%
FY24 Q2 -6.0%
FY24 Q3 -15.4%
FY24 Q4 -7.3%
FY25 Q1 -22.9%
FY25 Q2 -21.7%
FY25 Q3 12.2%
FY25 Q4 22.7%
FY26 Q1 30.8%
FY26 Q2 27.9%
FY26 Q3 4.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar First Solar took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $5.2B
  2. Cost of revenue $3.1B · 59.4%
  3. Gross profit $2.1B · 40.6%
  4. Research and development $233M · 4.5%
  5. Selling, general and admin $204M · 3.9%
  6. Other operating costs $86.3M · 1.7%
  7. Operating income $1.6B · 30.6%
  8. Income tax $52.7M · 1.0%
  9. Net income $1.5B · 29.3%

Shares of revenue. Source: First Solar's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,066 2,564 2,766 3,369 3,310 3,391 4,113 2,905 2,941 2,244 3,063 2,711 2,923 2,619 3,319 4,206 5,219 5,014
Gross profit 1,045 1,185 972 853 865 825 1,133 638 549 392 549 681 730 70 1,301 1,858 2,120 2,470
EBITDA 809 905 167 228 609 639 955 −364 270 171 44 550 847 242 1,165 1,818 2,126 2,482
Operating income 680 749 −69 −38 370 422 730 −568 178 40 −162 317 587 −27 857 1,394 1,597 1,890
Net income 640 664 −39 −96 351 396 593 −416 −166 144 −115 398 469 −44 831 1,292 1,528 1,861
Diluted EPS $7.53 $7.68 −$0.46 −$1.11 $3.67 $3.90 $5.83 −$4.05 −$1.59 $1.36 −$1.09 $3.73 $4.38 −$0.41 $7.74 $12.02 $14.21 $17.28
Growth (year on year)
Revenue +65.8% +24.1% +7.9% +21.8% −1.7% +2.5% +21.3% −29.4% +1.3% −23.7% +36.5% −11.5% +7.8% −10.4% +26.7% +26.7% +24.1% −0.7%
EBITDA +62.5% +11.8% −81.6% +36.8% +167.4% +4.8% +49.6% −138.1% — −36.7% −74.4% — +53.8% −71.4% +380.5% +56.0% +17.0% +23.4%
Operating income +55.0% +10.2% −109.2% — — +13.9% +73.0% −177.8% — −77.4% — — +84.8% −104.6% — +62.7% +14.5% +25.5%
Net income +83.8% +3.8% −105.9% — — +12.9% +49.9% −170.1% — — −179.6% — +17.7% −109.4% — +55.5% +18.3% +32.9%
Diluted EPS +77.6% +2.0% −106.0% — — +6.3% +49.5% −169.5% — — −180.1% — +17.4% −109.4% — +55.3% +18.2% +32.7%
Margins
Gross margin 50.6% 46.2% 35.1% 25.3% 26.1% 24.3% 27.5% 22.0% 18.7% 17.5% 17.9% 25.1% 25.0% 2.7% 39.2% 44.2% 40.6% 49.3%
EBITDA margin 39.2% 35.3% 6.0% 6.8% 18.4% 18.8% 23.2% −12.5% 9.2% 7.6% 1.4% 20.3% 29.0% 9.3% 35.1% 43.2% 40.7% 49.5%
Operating margin 32.9% 29.2% −2.5% −1.1% 11.2% 12.4% 17.8% −19.6% 6.0% 1.8% −5.3% 11.7% 20.1% −1.0% 25.8% 33.2% 30.6% 37.7%
Net margin 31.0% 25.9% −1.4% −2.9% 10.6% 11.7% 14.4% −14.3% −5.6% 6.4% −3.8% 14.7% 16.0% −1.7% 25.0% 30.7% 29.3% 37.1%
Free-cash-flow margin 19.1% 4.5% −27.7% 11.4% 17.3% 14.1% −12.0% −0.8% 28.1% −47.5% −16.1% −14.0% −10.4% −1.2% −23.6% −7.3% 22.7% 4.6%
Cash flow
Cash from operations 675 705 −33 762 856 736 −325 207 1,341 −327 174 37 238 873 602 1,218 2,057 839
Capital spending 280 589 732 379 283 258 166 229 514 740 669 417 540 904 1,387 1,526 870 606
Free cash flow 395 117 −765 383 574 478 −492 −23 826 −1,067 −495 −380 −303 −30 −785 −308 1,187 233
Stock-based pay 89 100 114 37 55 44 45 29 35 34 37 29 21 29 34 28 19 25
Free cash flow after stock pay 307 17 −880 346 519 434 −537 −51 791 −1,101 −532 −409 −324 −59 −819 −336 1,168 207
Balance sheet
Cash 664 766 606 901 1,325 1,482 1,127 1,347 2,269 1,404 1,353 1,227 1,451 1,481 1,947 1,621 2,804 1,576
Total debt 178 240 670 565 225 226 300 197 407 479 483 287 247 185 560 610 499 108
Net debt (negative = net cash) −486 −526 64 −336 −1,100 −1,257 −826 −1,150 −1,862 −924 −870 −940 −1,204 −1,296 −1,387 −1,012 −2,305 −1,468
Diluted shares 85m 86m 86m 87m 95m 102m 102m 103m 104m 106m 105m 107m 107m 107m 107m 108m 108m 108m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $14.0bn
Short-term assets $5.3bnLonger-term assets $8.7bn
What it owes, and who funded it · $14.0bn
Short-term liabilities $2.1bnLonger-term liabilities $1.1bnShareholders' equity $10.9bn
  • Short-term assets cover short-term liabilities $5.3bn of assets due within a year against $2.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.3bn short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $1.6bn of cash against $108m of debt.
  • Debt below 40% of shareholders' equity Debt is 1% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 4% to 1% over five years.
  • A year's operating cash flow covers at least 20% of debt $839m of operating cash flow against $108m of debt.
  • Operating profit covers interest at least five times over Operating income of $1.9bn against $27m of interest.

From First Solar, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.2%
year over year
R&D spending
5.5%
of revenue
Sales & admin spending
4.7%
of revenue
Days sales outstanding
116 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated FSLR ARM MCHP CSIQ SWKS ON Median
Revenue, last 12 months $5.0bn $4.9bn $5.1bn $5.6bn $4.0bn $6.4bn $1.1bn
Revenue growth, last 12 months −0.7% 22.8% 20.9% −6.6% 0.1% 2.9% 13.7%
Revenue growth, 3-year average 16.6% — −16.4% 50.1% −6.8% −8.6% 3.9%
Revenue growth, latest quarter −22.8% — 38.0% — −3.1% 11.1% 20.1%
Gross margin 49.3% 97.5% 60.2% 18.3% 40.7% 38.7% 48.3%
Operating margin 37.7% 18.3% 15.5% 0.8% 7.6% 12.3% 4.8%
Operating margin, 3-year average 34.1% — 15.6% 4.1% 12.6% 14.6% 4.8%
Net margin 37.1% 18.4% 9.3% −1.9% 7.2% 10.8% 5.3%
Cash from operations / revenue 16.7% 31.0% 23.4% −4.5% 17.8% 27.8% 17.4%
Free-cash-flow margin 4.6% 19.9% 21.7% −21.7% 10.2% 25.4% 9.6%
Free-cash-flow margin, 3-year average 0.5% — 23.2% −9.4% 26.2% 20.5% 8.5%
Stock pay / revenue 0.5% 21.4% 5.4% 0.4% 5.8% 2.3% 5.8%
Change in share count 0.2% 0.5% 2.2% 0.6% −4.8% −4.5% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth -0.7% 13.7% 60 of 75
Change in growth rate Growth -24.5pp +3.7pp 71 of 75
Gross margin Profitability 49.3% 48.3% 35 of 73
Operating margin Profitability 37.7% 4.8% 7 of 75
Net margin Profitability 37.1% 5.3% 6 of 75
Free-cash-flow margin Cash generation 4.6% 9.6% 44 of 75
Stock pay as % of revenue Cash generation 0.5% 6.4% 10 of 74
Long-term debt as % of assets Balance sheet 0.0% 14.0% 1 of 47
Change in share count Balance sheet 0.2% 0.9% 25 of 72
Days sales outstanding Balance sheet 116 days 58 days 58 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $5B 95.7% ▲ 27.9%
India $196M 3.7% ▼ 3.0%
Allotherforeigncountries $22.8M 0.4% ▼ 65.1%
France $6.3M 0.1% ▼ 81.7%

From First Solar, Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$23.4B
Institutions reporting
1,005
Shares held vs prior quarter
▲ 5.3%
Positions opened / closed
143 / 106

Top buyers and sellers, Q2 2026: 481 institutions bought and 462 sold ; the biggest buyer was Capital World Investors (+4.1M shares) and the biggest seller Jpmorgan Chase & Co (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.3B 14.0M 14.1% ▲ 1.5%
Vanguard Capital Management LLC $1.6B 6.8M 6.9% ▲ 0.7%
Vanguard Portfolio Management LLC $1.3B 5.6M 5.7% ▼ 1.0%
State Street Corp $1.3B 5.6M 5.6% ▲ 5.5%
Capital World Investors $971M 4.1M 4.1% New
Geode Capital Management, LLC $733M 3.1M 3.1% ▲ 0.1%
Hill City Capital, LP $620M 2.6M 2.6% ▲ 20.7%
Invesco Ltd. $613M 2.6M 2.6% ▼ 2.2%
FMR LLC $514M 2.2M 2.2% ▲ 20.5%
Morgan Stanley $422M 1.8M 1.8% ▲ 6.4%
Amundi $408M 1.7M 1.7% ▼ 15.6%
Norges Bank $377M 1.6M 1.6% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not First Solar, Inc.'s complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $43.4M 164 trades by 13 insiders · 70% under pre-set plans
Net ▼ $43.4M net selling
Insider Date Trade Shares Price Value
Gloeckler Markus Chief Technology Officer October 1, 2026 Sell pre-set plan 800 $174.00 $139,200
Gloeckler Markus Chief Technology Officer September 1, 2026 Sell pre-set plan 800 $200.00 $160,000
Sloan Samantha L. EVP, Corporate Affairs August 17, 2026 Sell 127 $222.95 $28,315
Dymbort Jason E. General Counsel and Secretary August 11, 2026 Sell pre-set plan 3,700 $249.38 $922,706
Gloeckler Markus Chief Technology Officer August 4, 2026 Sell pre-set plan 829 $248.00 $205,592
Koralewski Michael Chief Supply Chain Officer August 3, 2026 Sell pre-set plan 3,500 $225.00 $787,500
Koralewski Michael Chief Supply Chain Officer August 3, 2026 Sell pre-set plan 3,500 $218.02 $763,070
Gloeckler Markus Chief Technology Officer August 3, 2026 Sell pre-set plan 2,625 $218.02 $572,302
Gloeckler Markus Chief Technology Officer August 3, 2026 Sell pre-set plan 800 $222.00 $177,600
Buehler Patrick James Chief Product Officer June 2, 2026 Sell pre-set plan 3,000 $302.00 $906,000
Stockdale Caroline Chief People and Comm. Officer May 28, 2026 Sell pre-set plan 10,628 $275.60 $2.9M
Widmar Mark R Chief Executive Officer May 26, 2026 Sell pre-set plan 126 $276.29 $34,813

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 46 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of First Solar, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 24, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on First Solar, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

First Solar, Inc. in brief

What does First Solar, Inc. do?
First Solar, Inc. is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is First Solar, Inc.'s stock ticker?
First Solar, Inc. trades under the ticker FSLR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is First Solar, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, First Solar, Inc. reported revenue of $5B, 0.7% lower than a year earlier, according to its SEC filings.
What is First Solar, Inc.'s free cash flow?
First Solar, Inc.'s free-cash-flow margin is 4.6% of revenue over the trailing twelve months, ranking 44 of the 75 semiconductor companies we cover.
Who are First Solar, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is First Solar, Inc.'s market cap?
On November 2, 2026, First Solar, Inc.'s market capitalisation was about $19.6B, with a price-to-earnings ratio of 10.5 and net debt of -$1.5B. Market figures come from third-party market data and may be delayed.
How much debt does First Solar, Inc. have?
First Solar, Inc.'s debt-to-equity ratio is 1.0%, from its latest balance sheet (4.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are First Solar, Inc.'s competitors?
In our Semiconductors peer group, the companies closest to First Solar, Inc. are ARM Holdings PLC, Microchip Technology Inc, Canadian Solar Inc., Skyworks Solutions, Inc. and ON Semiconductor Corp. The side-by-side comparison below sets their revenue, margins and growth against First Solar, Inc.'s.
Are insiders buying or selling First Solar, Inc. stock?
Over the last 12 months, First Solar, Inc.'s directors and officers reported 0 open-market purchases and 164 sales on Form 4. The insider trading page charts every trade.
When is First Solar, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — First Solar, Inc. announces its own schedule.