olivLaw · US equity research
First Solar, Inc. FSLR
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
First Solar, Inc. is a U.S. manufacturer of thin film CdTe photovoltaic modules and the world's largest thin film module producer. In the second quarter of 2026 net sales were $1.06 billion, down 4% year-over-year, while net income per diluted share rose to $3.92. The 2026 guidance was reaffirmed, and contracted backlog stood at 45.1 GW.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, First Solar, Inc. (FSLR) stock was 185.90 USD (+2.11% on the day), with market capitalisation 20.0 bn USD, P/E 10.8 on diluted EPS of 17.28 USD over the last 12 months, dividend yield 0.00%, beta 1.19, 52-week range 168.15–318.25 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (−22.8% YoY), net income of 571.1 m USD (+25.2% YoY), diluted EPS 5.30 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.1
- strong (55–70)
- Bollinger (20, 2)
- 167.62 – 186.13
- in the upper half of the band · %B 0.99 · band width 10.5%
- SMA 50 / 200
- 187.62 / 215.32
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.19 / -4.27
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.5% | −2.0% | +8.5 pp | — |
| 3 months | −23.7% | −2.2% | −21.5 pp | — |
| 6 months | −15.3% | +4.3% | −19.5 pp | — |
| Year to date | −28.8% | +10.6% | −39.4 pp | — |
| 1 year | −30.0% | +10.5% | −40.5 pp | +44.5% |
| 3 years | +22.4% | +73.7% | −51.3 pp | +142.1% |
| 5 years | +59.4% | +61.7% | −2.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 844.6 m | 1.1 bn | 1.6 bn | 1.7 bn | 1.0 bn | 1.1 bn | 1.2 bn |
| Cost of revenue | 946.4 m | 500.2 m | 597.3 m | 984.1 m | 1.0 bn | 558.1 m | 451.2 m | 517.9 m |
| Gross profit | 567.7 m | 344.4 m | 499.9 m | 610.7 m | 665.3 m | 486.1 m | 605.0 m | 713.1 m |
| Research & development | 46.5 m | 52.4 m | 54.5 m | 60.6 m | 66.0 m | 66.9 m | 76.2 m | 67.2 m |
| SG&A | 49.6 m | 53.2 m | 52.6 m | 47.3 m | 50.7 m | 65.3 m | 51.9 m | 65.3 m |
| Operating income | 456.8 m | 221.2 m | 361.6 m | 466.1 m | 547.9 m | 345.3 m | 450.4 m | 546.1 m |
| Depreciation & amortisation | 124.4 m | 124.8 m | 123.4 m ≈ | 132.3 m ≈ | 148.7 m | 147.4 m | 147.8 m ≈ | 148.0 m ≈ |
| Interest expense | 10.9 m | 9.5 m | 9.2 m | 14.1 m | 11.3 m | 7.6 m | 5.6 m | 2.4 m |
| Pre-tax income | 446.3 m | 217.1 m | 352.2 m | 460.3 m | 551.3 m | 354.3 m | 459.4 m | 566.0 m |
| Income tax | 53.2 m | 7.5 m | 10.3 m | 4.4 m | 30.5 m | 7.7 m | 36.8 m | -5.0 m |
| Net income | 393.1 m | 209.5 m | 341.9 m | 455.9 m | 520.9 m | 346.6 m | 422.6 m | 571.1 m |
| Diluted EPS | 3.65 ≈ | 1.95 | 3.18 | 4.24 | 4.84 ≈ | 3.22 | 3.92 | 5.30 |
| Operating cash flow | 811.0 m | -608.0 m | 149.6 m ≈ | 1.3 bn ≈ | 1.2 bn | -214.9 m | -144.9 m ≈ | -42.9 m ≈ |
| Capex | 313.5 m | 206.0 m | 288.1 m ≈ | 204.0 m ≈ | 171.7 m | 118.5 m | 161.3 m ≈ | 154.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 16 percentile of its own 32-quarter history (min 6.7, median 20.0, max 558.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 3.1 bn | 2.7 bn | 2.9 bn | 2.6 bn | 3.3 bn | 4.2 bn | 5.2 bn |
| Revenue YoY | −23.7% | +36.5% | −11.5% | +7.8% | −10.4% | +26.7% | +26.7% | +24.1% |
| Net income | 144.3 m | -114.9 m | 398.4 m | 468.7 m | -44.2 m | 830.8 m | 1.3 bn | 1.5 bn |
| Net income YoY | unavailable | −179.6% | unavailable | +17.7% | −109.4% | unavailable | +55.5% | +18.3% |
| Diluted EPS | 1.36 | -1.09 | 3.73 | 4.38 | -0.41 | 7.74 | 12.02 | 14.21 |
| Diluted EPS YoY | unavailable | −180.1% | unavailable | +17.4% | −109.4% | unavailable | +55.3% | +18.2% |
| net % | 6.4% | -3.8% | 14.7% | 16.0% | -1.7% | 25.0% | 30.7% | 29.3% |
| Free cash flow | -1.1 bn | -494.5 m | -379.5 m | -302.7 m | -30.2 m | -784.5 m | -308.1 m | 1.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.8 bn USD
- Financial debt
- 498.6 m USD
- Net debt
- -2.3 bn USD
- Equity
- 9.5 bn USD
- Total assets
- 13.3 bn USD
- Debt / equity
- 0.05x
- Current ratio
- 2.67x
- ROE
- 17.4%
- ROA
- 12.0%
- FCF margin
- 22.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.7 bn | 2.9 bn | 2.6 bn | 3.3 bn | 4.2 bn | 5.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 2.0 bn | 2.2 bn | 2.5 bn | 2.0 bn | 2.3 bn | 3.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 680.7 m | 730.0 m | 69.9 m | 1.3 bn | 1.9 bn | 2.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 93.7 m | 99.1 m | 112.8 m | 152.3 m | 191.4 m | 233.4 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 222.9 m | 170.3 m | 164.7 m | 197.6 m | 188.3 m | 203.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 317.5 m | 586.8 m | -27.2 m | 857.3 m | 1.4 bn | 1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 232.9 m | 259.9 m | 269.7 m | 308.0 m | 423.5 m | 529.2 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 550.4 m ≈ | 846.7 m ≈ | 242.5 m ≈ | 1.2 bn ≈ | 1.8 bn ≈ | 2.1 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 24.0 m | 13.1 m | 12.2 m | 13.0 m | 38.9 m | 44.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 293.2 m | 572.2 m | 8.6 m | 891.3 m | 1.4 bn | 1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | -107.3 m | 103.5 m | 52.8 m | 60.5 m | 114.3 m | 52.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 398.4 m | 468.7 m | -44.2 m | 830.8 m | 1.3 bn | 1.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 3.73 | 4.38 | -0.41 | 7.74 | 12.02 | 14.21 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 106.7 m | 106.9 m | 106.6 m | 107.4 m | 107.5 m | 107.5 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 1.5 bn | 1.5 bn | 1.9 bn | 1.6 bn | 2.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 266.1 m | 429.4 m | 324.3 m | 660.8 m | 1.3 bn | 1.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 567.6 m | 666.3 m | 621.4 m | 819.9 m | 1.1 bn | 736.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 3.0 bn | 3.2 bn | 3.8 bn | 4.6 bn | 5.1 bn | 6.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.6 bn | 3.5 bn | 4.4 bn | 5.4 bn | 5.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 14.5 m | 14.5 m | 14.5 m | 29.7 m | 28.3 m | 31.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 56.1 m | 45.5 m | 31.1 m | 64.5 m | 54.7 m | 51.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 7.1 bn | 7.4 bn | 8.3 bn | 10.4 bn | 12.1 bn | 13.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 183.3 m | 193.4 m | 341.4 m | 207.2 m | 482.2 m | 405.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 41.5 m | 3.9 m | 0 | 96.2 m | 236.4 m | 216.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 237.7 m | 236.0 m | 184.3 m | 464.1 m | 373.4 m | 282.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 847.4 m | 726.9 m | 1.0 bn | 1.3 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 1.6 bn | 1.5 bn | 2.4 bn | 3.7 bn | 4.1 bn | 3.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 5.5 bn † | 6.0 bn † | 5.8 bn † | 6.7 bn † | 8.0 bn † | 9.5 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 37.1 m | 237.6 m | 873.4 m | 602.3 m | 1.2 bn | 2.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 416.6 m | 540.3 m | 903.6 m | 1.4 bn | 1.5 bn | 869.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | -379.5 m ≈ | -302.7 m ≈ | -30.2 m ≈ | -784.5 m ≈ | -308.1 m ≈ | 1.2 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -131.2 m | -99.0 m | -1.2 bn | -472.8 m | -1.6 bn | -765.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -82.6 m | 40.6 m | 309.4 m | 336.9 m | 24.8 m | -119.2 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 69 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 20.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth81
- Valuation67
- Quality45
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 53.40 – 597.12 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)53.40 – 74.32 (Mid 61.56)WACC 9.3% · starting FCFF 258.7 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales227.74 – 434.60 (Mid 315.30)6 companies used · median multiple 6.5x · quartiles 4.6x – 9.0xAAOI, MCHP, MTSI, NXPI, ON, Q
- Peers: EV/EBITDA362.27 – 597.12 (Mid 436.08)3 companies used · median multiple 18.3x · quartiles 15.1x – 25.3xMCHP, NXPI, ON
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 69/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 49.3% | 23 (on a fixed band) | 11% |
| EBIT margin · Quality | 37.7% | 100 (vs peers) | 9% |
| FCF margin · Quality | 4.6% | 19 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 25.8% | 100 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 24.1% | 44 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.6x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 7% |
| EV/Sales · Valuation | 3.7x | 100 (vs peers) | 18% |
| FCF yield · Valuation | 1.2% | 23 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/2 factors with a value
- Growth81/100 · 2/2 factors with a value
- Quality45/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation67/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
First Solar, Inc. (FSLR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 5.2 bn USD in 2025; YoY growth 24.1%; net margin 37.1%; ROE 18.7%; net debt/EBITDA -0.6x.
The estimated value range is 227.74–434.60 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 315.30 USD, the price of 185.90 USD leaves a potential of 69.6% (value / price − 1) and a margin of safety of 41.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 69/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 37.7%
- Revenue CAGR 3Y: 25.8%
- Net debt / EBITDA: -0.6x
- Current ratio: 2.6x
- EV/Sales: 3.7x
- The price is below the estimated value range
What contradicts it
- Gross margin: 49.3%
- FCF margin: 4.6%
- FCF yield: 1.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions).
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 9 companies
Only companies with a capitalisation between 2.3 bn and 147.2 bn (within 8× of the company's); 87 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NXPINXP Semiconductors N.V. | 66.2 bn | 20.7 | 29.2% | 23.4% | −2.7% | +35% / +29% |
| MPWRMonolithic Power Systems, Inc. | 64.8 bn | 73.2 | 25.1% | 23.9% | +26.4% | +43% / +142% |
| MCHPMicrochip Technology Incorporated | 42.3 bn | 107.7 | 7.2% | 9.3% | +7.1% | +45% / −7% |
| ALABAstera Labs, Inc. | 40.5 bn | 115.8 | 25.8% | 30.7% | +115.1% | +48% / unavailable |
| CRDOCredo Technology Group Holding Ltd | 28.4 bn | 53.8 | 30.7% | 33.8% | +205.7% | −15% / +743% |
| ONOn Semiconductor Corp | 28.3 bn | 42.2 | 8.9% | 10.8% | −15.3% | +45% / +2% |
| QQnity Electronics, Inc. | 24.9 bn | 40.1 | 8.9% | 12.4% | +9.7% | +47% / unavailable |
| FSLRFirst Solar, Inc. | 20.0 bn | 10.8 | 18.7% | 37.1% | +24.1% | −30% / +22% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 18.0 bn | 75.3 | 17.2% | 20.7% | +32.6% | +35% / +180% |
| AAOIApplied Optoelectronics, Inc. | 5.4 bn | — | -5.4% | -9.6% | +82.8% | +139% / +383% |
1- and 3-year price returns: for FSLR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 121.75 Total return -35% · Per year -35% | 214.26 Total return 15% · Per year 15% | 321.39 Total return 73% · Per year 73% |
| 3 years | 144.41 Total return -22% · Per year -8% | 283.36 Total return 52% · Per year 15% | 462.80 Total return 149% · Per year 36% |
| 5 years | 171.30 Total return -8% · Per year -2% | 374.74 Total return 102% · Per year 15% | 666.43 Total return 258% · Per year 29% |
- Exit P/E± 70.84
- Net margin± 49.59
- Annual revenue growth± 36.98
- Annual dilution± 4.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
First Solar, Inc. is a U.S. manufacturer of thin film CdTe photovoltaic modules and the world's largest thin film module producer. In the second quarter of 2026 net sales were $1.06 billion 3, down 4% year-over-year, while net income per diluted share rose to $3.92 3. The 2026 guidance was reaffirmed 3, and contracted backlog stood at 45.1 GW 3.
SWOT
Strengths
- Proprietary CdTe technology with good performance in hot and humid climates and low semiconductor material use 1.
- Integrated continuous production independent of Chinese silicon supply chains, with a U.S. identity 1.
- Solid financial position with substantial liquidity and capacity to support long-term warranties 23.
Weaknesses
- Heavy reliance on the U.S. market makes the company sensitive to tax and trade policy changes 1.
- Some critical materials, such as CdTe and tellurium, come from single or limited sources, which can affect production 1.
- Sales were hit by customer contract terminations, which reduced revenue in the second quarter of 2026 23.
Opportunities
Risks
- Global price pressurehigh
If competing manufacturers keep prices close to cost, revenue and margins could decline 1.
- Tax and trade policyhigh
Changes to tax credits and tariffs could reduce demand and affect operating results 1.
- Loss of large customersmedium
Terminations by large customers have already reduced sales and could again affect financial results 12.
- Raw material supplymedium
Critical materials such as CdTe and tellurium come from single or limited sources, and disruptions could delay production 1.
- Technology and warranty exposuremedium
If technology progress lags or quality problems emerge, the company could face warranty costs and lose market share 1.
Investment thesis
What would need to be true (bull case)
- If data center and U.S. market demand keep growing, volumes and revenue could track the reaffirmed guidance 13.
- If CdTe keeps its performance advantages and costs continue to fall, the company could hold a competitive position over the long term 1.
- If U.S. production expands on plan, the domestic manufacturing advantage could support market share 23.
What would break the thesis
What to watch
- Delivery against 2026 net sales and Adjusted EBITDA guidanceQ3 2026
- Module price trends in the U.S. and other markets2026
- Start-up of the South Carolina manufacturing facilitysecond half of 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
The company makes thin film PV modules through a continuous, integrated process that does not rely on Chinese crystalline silicon supply chains 1. Factories are in the United States, Malaysia, Vietnam and India, and the sixth U.S. facility, in South Carolina, is expected to begin operations in the second half of 2026 2. Net sales rose 24% to $5.2 billion in fiscal 2025 1, and 96% of sales came from the United States 1.
Research covers bifacial modules, the CuRe copper-replacement program and perovskite development, all aimed at higher efficiency and lower cost 1. The company says it is among the leaders in R&D investment in the industry 1.
Segments
Market context
Module prices have fallen in many global markets due to oversupply, especially from China, but U.S. prices have stayed stable because of demand for domestically made modules, credit eligibility limits and import tariffs 1. Revenue also depends on incentive programs, which remain a source of variability 1.
Trends
- Data center electricity demandtailwind
Rising power consumption, especially from AI-linked data centers, supports demand for new generation capacity, and solar can be deployed faster than gas projects 1.
- Tax policy and 45X creditsmixed
Credits under the Inflation Reduction Act, as amended by the One Big Beautiful Bill Act, support domestic production, but their removal or reduction could lower demand and revenue 1.
- Trade tariffsmixed
Tariffs on imported modules and on the countries where the company manufactures have raised costs and affected some international plants. After the February 2026 Supreme Court ruling, IEEPA tariffs were revoked and new temporary tariffs were imposed 1.
- Global oversupply and price pressureheadwind
Module manufacturing capacity exceeds demand in many regions, particularly due to expansion in China, which may keep pressure on prices 1.
Competitive position
The main competition comes from crystalline silicon module makers, especially in China, which can price near or below cost, sometimes with state support 1. Emerging technologies also compete 1.
The company differentiates through CdTe technology that performs well in hot and humid climates, a supply chain independent of China, and long power output warranties 1. If costs or competitor prices fall sharply, this advantage could narrow 1.
- Chinese crystalline silicon module makers
Main module competitors that can keep prices very competitive, sometimes with state support 1.
- Southeast Asian and Indian module producers
Crystalline silicon producers affected by tariffs and India market restrictions but active in global competition 1.
- Emerging solar technologies
Competing technologies, including perovskites, that could shift the cost and efficiency balance if commercialized 1.
- U.S. domestic module manufacturers
Competitors in the domestic market, where demand for U.S.-made modules is rising under incentive policies 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Here are Monday's biggest analyst calls: SpaceX, Nvidia, Apple, Salesforce, Robinhood, First Solar & moreCNBC — Top News · 12 Oct 2026 · EN
- Stocks making the biggest moves premarket: Salesforce, First Solar, Biogen & moreCNBC — Top News · 12 Oct 2026 · EN
- Is First Solar Stock Underperforming the Nasdaq?Yahoo Finance — News · 18 Sept 2026 · EN
- Enphase Energy Drops 5% as Solar Selling Resumes; First Solar and Sunrun Fall 4%Yahoo Finance — News · 18 Sept 2026 · EN
- First Solar drops ITC patent case, shifts focus to lawsuits against rivalsCNA (Channel NewsAsia) · 16 Sept 2026 · EN
- First Solar Retreats 5% After Dropping ITC Patent Case It Calls Procedural; Enphase Energy Slips, Sunrun Holds SteadyYahoo Finance — News · 16 Sept 2026 · EN
- First Solar (FSLR) Gets Bullish Coverage Despite Recent Stock WeaknessYahoo Finance — News · 11 Sept 2026 · EN
- SolarEdge Falls 4% on Analyst Day Despite Joint NVIDIA 800 VDC Paper; Enphase Energy and First Solar Edge HigherYahoo Finance — News · 10 Sept 2026 · EN
- Here are Wednesday's biggest analyst calls: Nvidia, Tesla, Dell, First Solar, Affirm, Teva, Robinhood & moreCNBC — Top News · 09 Sept 2026 · EN
- Which Solar Stock Has Dominated in 2026: SolarEdge, Enphase Energy, or First Solar?Yahoo Finance — News · 07 Sept 2026 · EN
- World's first solar ambulance is energy independent while delivering health care in KenyaMedical Xpress · 28 Aug 2026 · EN
- First Solar upgraded, Celsius downgraded: Wall Street's top analyst callsYahoo Finance — News · 27 Aug 2026 · EN
- Dutch students unveil world's first solar-powered ambulanceEuronews Next · 23 Jul 2026 · RO
The latest news item in our archive is from 12 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report15 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement02 Apr 2026
- Annual report24 Feb 2026
- Current report24 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / First Solar, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / First Solar, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / First Solar, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.