FSLR Chart
About

First Solar, Inc., a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules. It also designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. The company's residual business operations include project development activities, operations and maintenance services, and the sale of PV solar power systems to third-party customers. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Tempe, Arizona.

Fundamentals
Scroll to Statements
Sector Technology Industry Solar Market Cap 26.10B
Enterprise Value 24.95B Income 1.40B Sales 5.05B
Book/sh 84.01 Cash/sh 19.01 Dividend Yield —
Payout 0.00% Employees 8100 IPO —
P/E 18.65 Forward P/E 8.36 PEG —
P/S 5.17 P/B 2.89 P/C —
EV/EBITDA 12.36 EV/Sales 4.94 Quick Ratio 1.38
Current Ratio 1.91 Debt/Eq 9.89 LT Debt/Eq —
EPS (ttm) 13.04 EPS next Y 29.08 EPS Growth 45.70%
Revenue Growth 79.70% Earnings 2026-04-28 ROA 7.56%
ROE 16.86% ROIC — Gross Margin 40.05%
Oper. Margin 29.23% Profit Margin 27.73% Shs Outstand 107.31M
Shs Float 101.42M Short Float 9.09% Short Ratio 3.18
Short Interest — 52W High 285.99 52W Low 116.56
Beta 1.63 Avg Volume 2.20M Volume 2.56M
Target Price $280.75 Recom Buy Prev Close $242.15
Price $243.21 Change 0.44%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$280.75
Mean price target
2. Current target
$243.21
Latest analyst target
3. DCF / Fair value
$28.31
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$243.21
Low
$150.00
High
$347.10
Mean
$280.75

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-25 main Susquehanna Positive → Positive $280
2026-02-25 down Baird Outperform → Neutral $205
2026-01-22 main B of A Securities Buy → Buy $271
2026-01-08 main Guggenheim Buy → Buy $312
2026-01-07 down Jefferies Buy → Hold $260
2025-12-19 main Wells Fargo Overweight → Overweight $285
2025-11-04 main GLJ Research Buy → Buy $314
2025-11-03 main UBS Buy → Buy $330
2025-10-31 main TD Cowen Buy → Buy $260
2025-10-31 main JP Morgan Overweight → Overweight $303
2025-10-31 main Keybanc Underweight → Underweight $150
2025-10-27 reit Roth Capital Buy → Buy $270
2025-10-22 init Needham — → Buy $286
2025-10-16 main Morgan Stanley Overweight → Overweight $253
2025-10-16 main JP Morgan Overweight → Overweight $278
2025-10-15 main B of A Securities Buy → Buy $254
2025-10-14 main Citigroup Buy → Buy $300
2025-10-13 main Susquehanna Positive → Positive $273
2025-10-07 init Evercore ISI Group — → In-Line $240
2025-10-02 main Jefferies Buy → Buy $260
Insider Transactions
Date Shares Url Text Insider Position Transaction Start Date Ownership Value
0 234 — — SLOAN SAMANTHA L. Officer — 2026-01-15 00:00:00 D nan
1 173 — Stock Award(Grant) at price 0.00 per share. GEORGE ANITA M Director — 2025-12-31 00:00:00 D —
2 173 — Stock Award(Grant) at price 0.00 per share. WRIGHT NORMAN L Director — 2025-12-31 00:00:00 D —
3 173 — Stock Award(Grant) at price 0.00 per share. RENDUCHINTALA VENKATA S M Director — 2025-12-31 00:00:00 D —
4 173 — Stock Award(Grant) at price 0.00 per share. KRO LISA A Director — 2025-12-31 00:00:00 I —
5 245 — Stock Award(Grant) at price 0.00 per share. AHEARN MICHAEL J Director — 2025-12-31 00:00:00 D —
6 173 — Stock Award(Grant) at price 0.00 per share. STEBBINS PAUL H Director — 2025-12-31 00:00:00 I —
7 173 — Stock Award(Grant) at price 0.00 per share. POST WILLIAM J. Director — 2025-12-31 00:00:00 I —
8 173 — Stock Award(Grant) at price 0.00 per share. SWEENEY MICHAEL T Director — 2025-12-31 00:00:00 D —
9 7000 — Sale at price 261.27 - 263.19 per share. STEBBINS PAUL H Director — 2025-11-07 00:00:00 I 1836804.0
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems-1.97M-3.42M49.79M25.21M
TaxRateForCalcs0.080.070.210.18
NormalizedEBITDA1.89B1.26B53.45M705.86M
TotalUnusualItems-24.29M-50.24M237.10M139.31M
TotalUnusualItemsExcludingGoodwill-24.29M-50.24M237.10M139.31M
NetIncomeFromContinuingOperationNetMinorityInterest1.29B830.78M-44.17M468.69M
ReconciledDepreciation423.50M307.99M269.72M259.90M
ReconciledCostOfRevenue2.35B2.02B2.55B2.19B
EBITDA1.87B1.21B290.55M845.17M
EBIT1.45B904.25M20.82M585.27M
NetInterestIncome50.22M84.70M21.06M-6.93M
InterestExpense38.87M12.96M12.22M13.11M
InterestIncome89.09M97.67M33.28M6.18M
NormalizedIncome1.31B877.60M-231.47M354.60M
NetIncomeFromContinuingAndDiscontinuedOperation1.29B830.78M-44.17M468.69M
TotalExpenses2.81B2.43B2.90B2.48B
TotalOperatingIncomeAsReported1.39B857.27M-27.24M586.75M
DilutedAverageShares107.53M107.37M106.55M106.92M
BasicAverageShares107.02M106.80M106.55M106.26M
DilutedEPS12.027.74-0.414.38
BasicEPS12.077.78-0.414.41
DilutedNIAvailtoComStockholders1.29B830.78M-44.17M468.69M
NetIncomeCommonStockholders1.29B830.78M-44.17M468.69M
NetIncome1.29B830.78M-44.17M468.69M
NetIncomeIncludingNoncontrollingInterests1.29B830.78M-44.17M468.69M
NetIncomeContinuousOperations1.29B830.78M-44.17M468.69M
EarningsFromEquityInterestNetOfTax0.000.00
TaxProvision114.29M60.51M52.76M103.47M
PretaxIncome1.41B891.29M8.60M572.16M
OtherIncomeExpense-37.62M-79.39M268.29M139.62M
OtherNonOperatingIncomeExpenses-13.33M-29.14M31.19M314.00K
SpecialIncomeCharges685.00K-28.71M253.51M147.28M
GainOnSaleOfBusiness1.11M6.88M253.51M147.28M
OtherSpecialCharges430.00K35.59M
GainOnSaleOfSecurity-24.98M-21.53M-16.41M-7.97M
NetNonOperatingInterestIncomeExpense50.22M84.70M21.06M-6.93M
InterestExpenseNonOperating38.87M12.96M12.22M13.11M
InterestIncomeNonOperating89.09M97.67M33.28M6.18M
OperatingIncome1.39B885.97M-280.75M439.47M
OperatingExpense464.13M414.71M350.61M290.49M
OtherOperatingExpenses84.49M64.78M73.08M21.05M
ResearchAndDevelopment191.38M152.31M112.80M99.11M
SellingGeneralAndAdministration188.26M197.62M164.72M170.32M
GrossProfit1.86B1.30B69.86M729.95M
CostOfRevenue2.35B2.02B2.55B2.19B
TotalRevenue4.21B3.32B2.62B2.92B
OperatingRevenue4.21B3.32B2.62B2.92B
Line Item2024-12-312023-12-312022-12-312021-12-31
OrdinarySharesNumber107.06M106.85M106.61M106.33M
ShareIssued107.06M106.85M106.61M106.33M
TotalDebt718.80M624.39M234.13M398.59M
TangibleBookValue7.89B6.59B5.79B5.90B
InvestedCapital8.59B7.25B6.02B6.20B
WorkingCapital3.01B3.33B2.75B2.46B
NetTangibleAssets7.89B6.59B5.79B5.90B
CapitalLeaseObligations109.02M64.08M49.78M158.69M
CommonStockEquity7.98B6.69B5.84B5.96B
TotalCapitalization8.35B7.15B6.02B6.20B
TotalEquityGrossMinorityInterest7.98B6.69B5.84B5.96B
StockholdersEquity7.98B6.69B5.84B5.96B
GainsLossesNotAffectingRetainedEarnings-184.06M-174.13M-191.82M-96.36M
OtherEquityAdjustments-184.06M-174.13M-191.82M-96.36M
RetainedEarnings5.26B3.97B3.14B3.18B
AdditionalPaidInCapital2.90B2.89B2.89B2.87B
CapitalStock107.00K107.00K107.00K106.00K
CommonStock107.00K107.00K107.00K106.00K
TotalLiabilitiesNetMinorityInterest4.15B3.68B2.42B1.45B
TotalNonCurrentLiabilitiesNetMinorityInterest2.07B2.37B1.38B727.32M
OtherNonCurrentLiabilities34.07M44.78M37.13M43.66M
NonCurrentAccruedExpenses134.39M135.12M128.11M178.10M
TradeandOtherPayablesNonCurrent49.26M39.43M13.28M
NonCurrentDeferredLiabilities1.38B1.63B973.65M123.64M
NonCurrentDeferredRevenue1.33B1.59B944.73M95.94M
NonCurrentDeferredTaxesLiabilities54.70M42.77M28.93M27.70M
LongTermDebtAndCapitalLeaseObligation469.10M517.79M224.94M381.92M
LongTermCapitalLeaseObligation95.74M53.73M40.59M145.91M
LongTermDebt373.35M464.07M184.35M236.00M
CurrentLiabilities2.08B1.31B1.04B726.88M
OtherCurrentLiabilities25.80M10.04M12.05M13.84M
CurrentDeferredLiabilities712.00M413.58M263.21M201.87M
CurrentDeferredRevenue712.00M413.58M263.21M201.87M
CurrentDebtAndCapitalLeaseObligation249.71M106.60M9.19M16.68M
CurrentCapitalLeaseObligation13.28M10.36M9.19M12.78M
CurrentDebt236.42M96.24M3.90M
OtherCurrentBorrowings236.42M96.24M3.90M
PensionandOtherPostRetirementBenefitPlansCurrent30.61M55.96M47.94M34.61M
PayablesAndAccruedExpenses1.06B719.98M705.65M459.88M
CurrentAccruedExpenses458.59M463.89M315.08M230.74M
InterestPayable11.01M2.92M
Payables600.73M256.09M390.57M229.14M
TotalTaxPayable118.54M48.91M49.16M35.77M
IncomeTaxPayable77.36M22.13M29.40M4.54M
AccountsPayable482.19M207.18M341.41M193.37M
TotalAssets12.12B10.37B8.25B7.41B
TotalNonCurrentAssets7.04B5.73B4.46B4.22B
OtherNonCurrentAssets563.87M545.43M545.50M838.12M
NonCurrentPrepaidAssets283.47M228.32M102.97M86.96M
NonCurrentDeferredAssets208.81M142.82M78.68M59.16M
NonCurrentDeferredTaxesAssets208.81M142.82M78.68M59.16M
NonCurrentAccountsReceivable338.97M220.80M56.99M103.87M
GoodwillAndOtherIntangibleAssets82.99M94.20M45.57M59.97M
OtherIntangibleAssets54.65M64.51M31.11M45.51M
Goodwill28.34M29.69M14.46M14.46M
NetPPE5.56B4.50B3.63B3.07B
AccumulatedDepreciation-2.09B-1.69B-1.46B-1.30B
GrossPPE7.65B6.19B5.09B4.37B
Leases40.30M40.08M40.16M139.61M
ConstructionInProgress858.54M1.22B1.12B461.71M
OtherProperties143.54M101.47M93.19M489.20M
MachineryFurnitureEquipment4.98B3.75B2.91B2.57B
BuildingsAndImprovements1.58B1.04B893.05M693.29M
LandAndImprovements38.88M35.36M35.26M18.36M
Properties0.000.000.000.00
CurrentAssets5.09B4.63B3.79B3.19B
OtherCurrentAssets35.48M33.00M43.76M14.13M
HedgingAssetsCurrent13.45M1.78M2.02M5.82M
AssetsHeldForSaleCurrent0.00
RestrictedCash8.26M8.26M3.17M1.53M
PrepaidAssets81.66M69.54M51.58M69.61M
Inventory1.35B1.01B783.30M819.40M
OtherInventories1.08B819.90M621.38M666.30M
RawMaterials264.10M192.21M161.92M153.10M
Receivables1.81B1.41B329.61M454.71M
OtherReceivables425.56M681.54M30.65M25.27M
TaxesReceivable122.13M65.30M5.27M
AccountsReceivable1.26B660.78M324.34M429.44M
AllowanceForDoubtfulAccountsReceivable-1.30M-1.61M-1.04M-664.00K
GrossAccountsReceivable1.26B662.39M325.38M430.10M
CashCashEquivalentsAndShortTermInvestments1.79B2.10B2.58B1.83B
OtherShortTermInvestments171.58M155.50M1.10B375.39M
CashAndCashEquivalents1.62B1.95B1.48B1.45B
CashEquivalents526.58M1.11B4.32M0.00
CashFinancial1.09B841.31M1.48B1.45B
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow-308.08M-784.51M-30.24M-302.73M
RepaymentOfDebt-205.82M0.00-75.90M-72.68M
IssuanceOfDebt258.46M367.98M397.38M129.22M
CapitalExpenditure-1.53B-1.39B-903.61M-540.29M
EndCashPosition1.64B1.97B1.49B1.46B
BeginningCashPosition1.97B1.49B1.46B1.27B
EffectOfExchangeRateChanges-6.39M5.29M47.44M3.17M
ChangesInCash-320.46M466.32M-9.81M179.07M
FinancingCashFlow24.85M336.85M309.39M40.55M
CashFlowFromContinuingFinancingActivities24.85M336.85M309.39M40.55M
NetOtherFinancingCharges-27.79M-31.13M-12.09M-15.99M
NetIssuancePaymentsOfDebt52.64M367.98M321.48M56.54M
NetLongTermDebtIssuance52.64M367.98M321.48M56.54M
LongTermDebtPayments-205.82M0.00-75.90M-72.68M
LongTermDebtIssuance258.46M367.98M397.38M129.22M
InvestingCashFlow-1.56B-472.79M-1.19B-99.04M
CashFlowFromContinuingInvestingActivities-1.56B-472.79M-1.19B-99.04M
NetOtherInvestingChanges-12.99M-9.05M-3.05M-6.71M
NetInvestmentPurchaseAndSale-24.24M951.09M-728.22M147.46M
SaleOfInvestment2.49B4.56B2.65B2.29B
PurchaseOfInvestment-2.52B-3.61B-3.38B-2.15B
NetBusinessPurchaseAndSale0.00-28.06M442.30M300.50M
SaleOfBusiness0.007.68M442.30M300.50M
PurchaseOfBusiness0.00-35.74M0.000.00
NetPPEPurchaseAndSale-1.53B-1.39B-903.61M-540.29M
PurchaseOfPPE-1.53B-1.39B-903.61M-540.29M
OperatingCashFlow1.22B602.26M873.37M237.56M
CashFlowFromContinuingOperatingActivities1.22B602.26M873.37M237.56M
ChangeInWorkingCapital-483.12M-526.66M998.64M-336.70M
ChangeInOtherWorkingCapital48.12M791.86M956.54M34.00M
ChangeInOtherCurrentLiabilities23.24M-13.11M-11.95M-139.82M
ChangeInOtherCurrentAssets-311.36M-215.71M-86.94M-46.54M
ChangeInPayablesAndAccruedExpense268.73M79.33M5.57M48.97M
ChangeInAccruedExpense-78.71M
ChangeInPayable34.92M
ChangeInAccountPayable34.92M
ChangeInInventory-276.81M-205.11M16.69M-136.37M
ChangeInReceivables-235.04M-963.93M118.72M-96.95M
ChangesInAccountReceivables-505.34M-304.18M118.72M-96.95M
OtherNonCashItems11.98M22.06M-146.31M-88.97M
StockBasedCompensation28.10M34.22M28.66M20.90M
AssetImpairmentCharge1.36M1.57M63.34M22.88M
DeferredTax-54.75M-60.81M-12.80M49.85M
DeferredIncomeTax-54.75M-60.81M-12.80M49.85M
DepreciationAmortizationDepletion423.50M307.99M269.72M259.90M
DepreciationAndAmortization423.50M307.99M269.72M259.90M
Depreciation423.50M307.99M269.72M259.90M
OperatingGainsLosses-1.11M-6.88M-283.71M-158.98M
GainLossOnInvestmentSecurities9.00K-11.70M
GainLossOnSaleOfBusiness-1.11M-6.88M-253.51M-147.28M
NetIncomeFromContinuingOperations1.29B830.78M-44.17M468.69M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for FSLR
Date User Asset Broker Type Position Size Entry Price Patterns