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First Solar, Inc.
S&P 500
$22.4B
Market Cap
18.4
P/E
0.37
PEG
21.7%
ROCE
17.5%
ROE
0.07
D/E
30.6%
OPM
-34.3%
% from 52W High
39
α RS
🔍 FSLR is showing a high-conviction setup because it matches 22 of 39 tracked screener presets, Sector RRG has Technology in the Leading quadrant with the trail still strengthening, and an ECS of 60.7 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RRG ECS
Sources
Conviction 22/39 · Technology in Leading quadrant · ECS 60.7
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Currency-adjusted total returns for FSLR including FX impact
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📈 Price History
Ratio Health
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Average
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By Category
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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 thin film semiconductor technology that provides conventional crystalline silicon PV solar modules. It also designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. The company serves system developers, independent power producers, utilities, commercial and industrial companies, large corporate energy buyers, and other system owners and operators. 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 Phoenix, Arizona.

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📈 Growth Pattern
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⭐ Superinvestors Holding FSLR
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 101.5K $20.0M 0.03% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$1.06B
-4% YoY
Gross Margin
57%
+12pp YoY
Net Income
$423M
+24% YoY
Adjusted EBITDA
$644M
+15% YoY
What Went Right
  • Record Q2 and first-half sales volume; surpassed 100 GW cumulative module sales globally.
  • Gross margin expanded to ~57%, up ~12pp YoY, with $89M net IEEPA tariff benefit and higher 45X mix.
  • Adjusted EBITDA of $644M came in above the high end of the Q2 preview range; contracted backlog stood at 45.1 GW with a $13.6B transaction value.
What to Watch
  • First-half operating cash flow was negative at -$360M, though improved from -$458M a year ago.
  • International manufacturing underutilization is running at ~$30M per quarter; decision on ~1.8GW fully finished Southeast Asia capacity remains pending Section 232 clarity.
  • Section 232 timing and possible quotas/carve-outs, plus new Section 301 tariffs in 2H26, create policy uncertainty and potential price upside pressure.
Management Guidance
  • Q3 2026: module sales of 3.9-4.5 GW, including 3.2-3.7 GW from U.S. manufacturing, and Adjusted EBITDA of $625M-$775M.
  • FY2026 guidance unchanged: net sales $4.9B-$5.2B, gross profit $2.4B-$2.6B, Adjusted EBITDA $2.6B-$2.8B, capex $0.8B-$1.0B, net cash $1.7B-$2.3B.
  • No explicit Q3 revenue or operating income guidance provided.
Investor Lens
The investment thesis is reinforced by record volume, 57% gross margin, a beat on Adjusted EBITDA and a 45.1 GW backlog with strong pricing discipline. Bookings momentum — ~1.9GW U.S. at ~$0.36/W plus ~1.1GW India at ~$0.20/W — shows pricing power remains intact. The main temporary drag is tariff/policy uncertainty and underutilised international capacity, but any constructive Section 232 outcome could unlock the remaining ~1.8GW of finished supply and catalyse further demand. Overall, near-term fundamentals are strong while re-rating likely hinges on trade-policy clarity.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Q2 beat EBITDA guidance; gross margin 57%, revenue $1.06B.
Revenue
Q2 net sales were $1.06B, down ~4% YoY, driven mainly by lower prior-year termination revenue but partially offset by higher module volume sold. The quarter also marked record Q2 and first-half sales volume and the 100 GW cumulative module sales milestone.
Profitability
Net income was $423M, up ~24% YoY, and EPS was $3.92, up 23% YoY. Adjusted EBITDA came in at $644M, above the high end of the previously communicated preview range, with an Adjusted EBITDA margin of 61%.
Margins
Gross margin was approximately 57%, up ~12pp YoY, helped by the $89M net IEEPA tariff-related benefit, a higher mix of Section 45X-qualifying modules, and lower logistics costs. These gains were partly offset by lower termination revenue, higher duties/tariffs, and increased over-the-road freight costs.
Balance Sheet
Net cash ended the quarter at ~$1.7B. H1 capex was $280M, primarily for the South Carolina finishing facility and technology investments, and the India DFC loan was fully prepaid during the quarter. H1 operating cash outflow improved to $360M from $458M in the prior year.
Key Risks
Management flagged uncertainty around Section 232 timing and potential carve-outs/quotas, which could mute price upside. International capacity is underutilised at roughly $30M per quarter, with about 1.8GW of fully finished capacity awaiting a final policy decision. Freight costs, especially domestic trucking, are also rising and in some cases approaching international shipping economics.
Outlook
Full-year 2026 guidance was reaffirmed: volume sold 17.0-18.2GW, net sales $4.9B-$5.2B, gross profit $2.4B-$2.6B, and Adjusted EBITDA $2.6B-$2.8B. For Q3, management expects 3.9-4.5GW sold and Adjusted EBITDA of $625M-$775M.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Record Q2 sales and gross margin were achieved, with a 45.1 GW backlog and strong demand from hyperscalers. Policy uncertainty around Section 232 and tariffs continues to impact manufacturing and bookings, while disciplined capital management and technology investments remain priorities.
Q1 2026 Q1 2026 2026-04-30
Record Q1 revenue and margin expansion driven by strong U.S. and India sales, with adjusted EBITDA and net income significantly up year-over-year. Guidance for 2026 is reaffirmed, with key risks tied to pending U.S. trade policy decisions and evolving India regulations.
Q4 2025 Q4 2025 2026-02-24
Record 2025 sales and strong cash position were driven by U.S. capacity expansion and disciplined contracting. 2026 guidance projects stable production, robust margins with Section 45X credits, and continued technology investment amid ongoing trade and policy uncertainties.
Q3 2025 Q3 2025 2025-10-30
Record Q3 module sales and strong cash position were offset by BP contract terminations and supply chain disruptions, leading to a downward revision in full-year guidance. A new U.S. finishing facility and Section 45X tax credit sales are expected to support long-term growth.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 saw strong module sales, record EPS, and improved gross margin, driven by U.S. manufacturing and favorable policy changes. Updated guidance reflects tariff impacts, with robust demand and a solid backlog supporting long-term growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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