FIRST SOLAR, INC. (FSLR)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look reasonably priced, but policy-dependent profits limit the margin of safety.

At the August 17 premarket quote of $226.15, 107.47 million shares imply a $24.3 billion market value. Subtracting June net cash of $1.65 billion gives roughly $22.6 billion for the operating business. Trailing twelve-month earnings were about $1.75 billion, or $16.22 per share, so the price is about 14 times earnings; trailing free cash flow—cash left after running and investing in the business—was about $1.50 billion. Those are reasonable, not bargain-level, multiples because policy-linked benefits remain unusually large. That balance supports Fair-priced.

Big pictureProfits are growing quickly, although cash timing and government support make them less predictable.

Revenue rose from $2.62 billion in 2022 to $5.22 billion in 2025, while a $44 million loss became $1.53 billion of profit. First-half 2026 profit reached $769 million, up 40% from $551 million a year earlier. However, operating cash flow was negative $360 million and capital spending was $280 million, producing negative $640 million of free cash flow. Receivables, inventory and delivery timing can reverse this temporarily, as 2025 produced $1.19 billion of free cash flow, but they demonstrate that reported profit does not arrive smoothly as cash.

Business strengthA cash-rich balance sheet supports expansion without heavy borrowing or meaningful shareholder dilution.

June cash of $1.69 billion exceeded debt of only $38 million, and current assets of $5.32 billion comfortably covered $2.11 billion of current liabilities. First Solar repaid about $461 million of debt during the first half. Capital has chiefly funded factories and technology: 2025 spending included $870 million on facilities and equipment and $233 million on research. No dividends or buybacks were reported, but dilution has been mild; shares increased just 1.4% from 105.98 million in 2020 to 107.47 million. This preserves financial resilience while placing returns on successful expansion.

What could change the storyFresh orders and durable policy support must replace backlog shipments and sustain today’s earnings.

The bull case rests on 45.1 gigawatts of contracted sales worth $13.6 billion through 2030 and new import protections that may strengthen future pricing. The bear case is that backlog declined from 50.1 gigawatts at year-end as first-half bookings of 2.8 gigawatts trailed 7.6 gigawatts shipped. Moreover, First Solar’s $2.4–$2.6 billion 2026 gross-profit forecast includes $2.10–$2.19 billion of manufacturing tax credits. The current price therefore requires mid-teen earnings to remain broadly durable. Faster order replacement would strengthen the valuation; weakened credits, tariffs or customer demand would undermine it.

$226.15 price considered

AI: News

Second-quarter profit beatProfit rose despite lower sales, while unchanged guidance preserved confidence in this year’s outlook.

On July 30, First Solar reported second-quarter sales of $1.06 billion, down 4% from a year earlier, but net income increased 24% to $423 million and earnings reached $3.92 per share. The company reaffirmed 2026 sales guidance of $4.9–$5.2 billion and adjusted earnings before financing, taxes and noncash depreciation of $2.6–$2.8 billion. Shares jumped as much as 14% on August 3 amid both earnings digestion and tariff expectations, so the move cannot reliably be attributed to results alone.

New solar import protectionsNew import prices may let First Solar charge more without raising its main material costs.

On August 6, the White House ordered a 15% tariff on polysilicon-derived products and minimum import prices of $21 per kilogram for polysilicon, $0.22 per watt for solar cells and $0.38 per watt for modules, effective December 4. First Solar’s cadmium-telluride modules do not use the crystalline-polysilicon chain. It is therefore reasonable to infer that costlier competing imports could improve its pricing power. Reports noted early gains for solar manufacturers on August 7, although no reliable First Solar-specific percentage was established.

Tax-credit rule overturnedA court reopened a simpler path to tax credits for near-term solar projects and customer demand.

On June 8, a federal judge vacated a Trump administration policy that had made it harder for wind and solar projects to qualify as having started construction. Under the governing law, projects generally needed to begin construction by July 4, 2026, or enter service by the end of 2027 to qualify for a 30% credit and possible bonuses. The ruling could preserve near-term demand from First Solar’s utility customers, but its direct effect on the share price was not reliably isolated.

Revenue

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Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$5.22B	$4.21B	$3.32B	$2.62B	$2.92B	$2.71B	$3.06B	$2.24B	$2.94B	$2.90B	$4.11B	$3.39B	$3.31B	$3.37B	$2.77B	$2.56B	$2.07B	$1.25B	—
Gross profit	$2.12B	$1.86B	$1.30B	$69.9M	$730.0M	$680.7M	$549.2M	$392.2M	$548.9M	$638.4M	$1.13B	$824.9M	$864.6M	$852.7M	$971.8M	$1.18B	$1.04B	$678.4M	$251.4M
Research & development	$233.4M	$191.4M	$152.3M	$112.8M	$99.1M	$93.7M	$96.6M	$84.5M	$88.6M	$124.8M	$130.6M	$144.0M	$134.3M	$132.5M	$140.5M	$94.8M	$78.2M	$33.5M	$15.1M
Operating expenses	$523.5M	$464.6M	$450.3M	$350.6M	$290.5M	$363.2M	$711.0M	$352.1M	$371.1M	$1.21B	$402.6M	$402.9M	$494.2M	$890.3M	$1.04B	$435.9M	$365.0M	$240.1M	$114.2M
Operating income	$1.60B	$1.39B	$857.3M	−$27.2M	$586.8M	$317.5M	−$161.8M	$40.1M	$177.9M	−$568.2M	$730.2M	$422.0M	$370.4M	−$37.6M	−$68.7M	$748.9M	$679.6M	$438.3M	$137.2M
EBITDAderived	$2.13B	$1.82B	$1.17B	$242.5M	$846.7M	$550.4M	$43.7M	$170.8M	$269.8M	−$363.9M	$955.4M	$638.6M	$609.2M	$227.8M	$166.6M	$905.0M	$809.2M	$497.9M	—
Net income	$1.53B	$1.29B	$830.8M	−$44.2M	$468.7M	$398.4M	−$114.9M	$144.3M	−$165.6M	−$416.1M	$593.4M	$396.0M	$350.7M	−$96.3M	−$39.5M	$664.2M	$640.1M	$348.3M	$158.4M
Basic EPSper diluted share	$14.25	$12.07	$7.78	-$0.41	$4.41	$3.76	-$1.09	$1.38	-$1.59	-$4.05	$5.88	$3.96	$3.74	-$1.11	-$0.46	$7.82	$7.67	$4.34	$2.12
Diluted EPSper diluted share	$14.21	$12.02	$7.74	-$0.41	$4.38	$3.73	-$1.09	$1.36	-$1.59	-$4.05	$5.83	$3.90	$3.67	-$1.11	-$0.46	$7.68	$7.53	$4.24	$2.03

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)230$58.02M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 2, 2026Form 4 · 10b5-1	Buehler Patrick JamesChief Product Officer	SellCommon Stock	3.0K	$302.00	$906.0K	4.4K
May 28, 2026Form 4 · 10b5-1	Stockdale CarolineChief People and Comm. Officer	SellCommon Stock	10.6K	$275.60	$2.93M	23.8K
May 26, 2026Form 4 · 10b5-1	Widmar Mark RChief Executive Officer	SellCommon Stock	126	$276.29	$34.8K	81.9K
May 26, 2026Form 4 · 10b5-1	Widmar Mark RChief Executive Officer	SellCommon Stock	473	$273.17	$129.2K	82.0K
May 26, 2026Form 4 · 10b5-1	Widmar Mark RChief Executive Officer	SellCommon Stock	726	$271.23	$196.9K	82.5K

Review ownership filings at SEC.gov ↗

FIRST SOLAR, INC. (FSLR)

Financial charts

Financial statements

Insider buys & sells