FSLR
First Solar, Inc.

First Solar, Inc.FSLR

Technology · Solar
201.14USD
+2.75%
Nov 08, 2026
FSLR overview ready
Supplier of utility-scale cadmium telluride solar modules to energy developers
First Solar is a direct, utility-scale photovoltaic-module supplier whose cadmium-telluride thin-film modules are deployed by developers, independent power producers, utilities, and large energy buyers building solar-generation capacity.
Primary theme is improving
Solar is improving (+15.0pp vs SPY over 21 sessions; 8 of 11 members ahead of SPY).
An early price trend
Longer-term context reads early trend, with a near-term setup of reclaim attempt.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Solid fundamentals
Ev / ebitda is strong.
Primary risk
Dependence on utility-scale solar project development cycles.
Market Nov 6Filing Sep 30Price action Nov 7Research Sep 5

Conviction Level

PriceAction8.9BusinessPerformance5.0BusinessQuality5.3Valuation1.8ThemeMomentum7.0Mixed — Revenue fell 23% year over year in the latest quarter. Diluted EPS is up 25% year over year at $5.30. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
SolarImproving
vs SPY
+15.0pp
Theme return
+10.0%
Beating SPY
8 of 11
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

An early price trend
Longer-term context reads early trend, with a near-term setup of reclaim attempt.
EntryBreakout + retest

Price broke through the weekly SMA200, then retested it constructively and recovered — a fresh structural entry rather than a chase.

Key Financials

Market Cap
$21.6B
Avg Volume (60D)
2.6M
60 sessions
Revenue Growth YoY
+24.1%
FY2025 vs FY2024
Gross Margin
+49.3%
Trailing twelve months
Operating Margin
+37.7%
Trailing twelve months
Free Cash Flow Yield
+1.1%
Distance from 200DMA
-6.3%
P/E
11.6x
EV / EBITDA
8.1x
EV / Sales
4.0x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Mixed

Revenue fell 23% year over year in the latest quarter. Diluted EPS is up 25% year over year at $5.30.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthDeclining
-23%
$1.23B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. n/a
  2. +24%
  3. -3.7%
  4. -23%
Earnings growthGrowing
+25%
Diluted EPS $5.30 vs $4.24 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. +33%
  2. +65%
  3. +23%
  4. +25%
Operating marginExpanding
44.4%
+15.2 pp YoY · gross margin 57.9% (+19.6 pp)
Earnings are growing without revenue growth
Profit is not fully converting to cash

Business Quality

5.3 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

All three valuation perspectives agree this company is expensive.
First Solar, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. It trades at a 1.1% free-cash-flow yield and 8.1x EBITDA, which require sustained delivery to be justified.

Company Research

Thesis
First Solar is a direct, utility-scale photovoltaic-module supplier whose cadmium-telluride thin-film modules are deployed by developers, independent power producers, utilities, and large energy buyers building solar-generation capacity.
Opportunity
Moderate opportunity
Utility, independent-power-producer, and large-corporate procurement of utility-scale solar generation capacity to meet rising electricity demand, diversify supply, and add new power capacity with relatively short construction cycles.
Key risk
Dependence on utility-scale solar project development cycles.

Economic classification

Loading the economic classification…

Business & Markets

Technology · Solar
What they do

First Solar, Inc. designs, manufactures, and sells photovoltaic solar modules using thin-film semiconductor technology, primarily cadmium telluride, to customers globally for utility-scale solar energy projects.

How it earns

The company generates revenue through transactional sales of solar modules and related photovoltaic energy solutions to system developers, utilities, and large energy buyers.

Products & services
Thin-film cadmium telluride solar modules
Photovoltaic solar energy solutions
Customers & end markets
System developers
Independent power producers
Utilities
Commercial and industrial companies
Large corporate energy buyers
Market position

Leader in utility-scale thin-film photovoltaic module manufacturing with a differentiated technology offering.

Demand drivers
Medium cyclicality

Demand depends on utility-scale solar project development cycles and regulatory incentives, which can fluctuate.