FSLR
First Solar, Inc.
FSLR's fundamentals are strong and it looks cheap: trading at 10x earnings, about half its usual 21x. Analysts expect strong earnings growth, though they disagree widely on how much.
FSLR Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| Stable | |
| Strong |
FSLR's profitability and balance sheet are currently strong, and its cash flow is stable, but its revenue is under pressure.
FSLR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 7.9x | $172 | — |
| Current | 10x | $172 | — |
| Cheap | 15x | $261 | +52% |
| Fair | 21x | $357 | +107% |
| Expensive | 98x | $1,693 | +883% |
Historical ranges are pointers, not guarantees.
FSLR's PE is in its cheap range at 10x. If earnings grow as analysts expect, today's price would be 7.9x next year's earnings.
FSLR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for FSLR, with profitability improving. However, they disagree widely on these estimates.
FSLR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $21.83 | +26% |
| Q3 2026 | $17.28 | +33% |
| Q2 2026 | $16.22 | +39% |
| Q1 2026 | $15.48 | +32% |
| Q4 2025 | $14.21 | +18% |
| Q3 2025 | $13.03 | +12% |
| Q2 2025 | $11.70 | +4.5% |
| Q1 2025 | $11.77 | +23% |
| Q4 2024 | $12.02 | +55% |
FSLR's earnings per share have climbed steadily: $17.28 over the past year, up 33% from the year before, and higher year over year for 13 quarters in a row.
FSLR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -23% |
| Q2 2026 | $1.1B | -3.7% |
| Q1 2026 | $1B | +24% |
| Q4 2025 | $1.7B | +11% |
| Q3 2025 | $1.6B | +80% |
| Q2 2025 | $1.1B | +8.6% |
| Q1 2025 | $844.6M | +6.4% |
| Q4 2024 | $1.5B | +31% |
FSLR's revenue has held roughly level: $1.2B last quarter, down 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | +15 points |
| Q2 2026 | 43% | +9.7 points |
| Q1 2026 | 33% | +6.9 points |
| Q4 2025 | 33% | +2.4 points |
| Q3 2025 | 29% | -7.1 points |
| Q2 2025 | 33% | -3.9 points |
| Q1 2025 | 26% | -4.4 points |
| Q4 2024 | 30% | -4.2 points |
FSLR's operating margin was 44% last quarter, up 15 points from the same quarter a year ago, near the top of its range since 2019.
FSLR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$197.8M | -118% |
| Q2 2026 | -$306.2M | -$167.7M |
| Q1 2026 | -$333.4M | +$480.6M |
| Q4 2025 | $1.1B | +115% |
| Q3 2025 | $1.1B | +$1.6B |
| Q2 2025 | -$138.6M | +$33.6M |
| Q1 2025 | -$813.9M | -$668.2M |
| Q4 2024 | $497.5M | +132% |
FSLR has burned cash in most quarters: $233M over the past year, down 62% from the year before.
FSLR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -30K shares |
| 1 year | +0.2% | +164K shares |
| 3 years | +0.2% | +204K shares |
| 5 years | +0.8% | +803K shares |
| Available history | +2.3% | +2.4M shares |
FSLR has 108M diluted shares, about the same as a year ago.
FSLR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.6x | Net Cash |
| Q2 2026 | -0.7x | Net Cash |
| Q1 2026 | -0.9x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -0.7x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | -0.6x | Net Cash |
FSLR has more cash than debt.
FSLR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.0 | Neutral |
| Stochastic | 16.6 | Oversold |
FSLR's weekly RSI is 41 (neutral) and its Stochastic is 17 (oversold).
FSLR PE vs Energy Sector
| Metric | FSLR | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 13x | 24% below |
| PE % | 0 | 61 | 61 pts below |
FSLR is trading at 10x earnings, a 24% discount to the Energy sector's median of 13x.
FSLR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $177.8 | 3.1% below |
| 20 week MA | $200.2 | 14% below |
| 50 week MA | $219.7 | 22% below |
| 100 week MA | $200.9 | 14% below |
| 200 week MA | $195.8 | 12% below |
FSLR is in a downtrend: it's below all five of its weekly moving averages, and 12% below its 200-week average.
FSLR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.4 | $102.4 | +82% |
| 2021 | $102.4 | $87.4 | -15% |
| 2022 | $87.4 | $156.8 | +79% |
| 2023 | $156.8 | $172.3 | +9.9% |
| 2024 | $172.3 | $182.6 | +6% |
| 2025 | $182.6 | $269.7 | +48% |
| 2026 YTD | $269.7 | $172.3 | -36% |
FSLR is down 36% so far in 2026, after finishing higher in five of the previous six years.