First Solar (FSLR) stock
Information Technology · Semiconductors
First Solar (FSLR) is a Semiconductors company in the Information Technology sector, headquartered in Tempe, Arizona. As of October 23, 2026, FSLR closed at $171.99, a market capitalization of $18.48 billion, the 414th largest company in the S&P 500. Over the last twelve months it generated $5.38 billion in revenue (-4% year over year) and $1.50 billion in free cash flow. The stock trades at 10.6x trailing earnings and 7.3x forward earnings.
- 1-year total return: -24.9% (dividends reinvested)
- 5-year return: +10.1% a year
- 52-week range: $168.60 – $320.95
- Gross margin 44.0%, operating margin 42.6%
- FI Handbook report card: B- across 10 metrics
- 67th largest of 75 Information Technology stocks in the S&P 500
FSLR price chart
1Y price change: -24.9% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| FSLR | -10.4% | -34.2% | -24.9% | +4.4% | +10.1% | +15.1% | +10.2% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2006.
FSLR key statistics
- Market cap
- $18.5B
- #414 in S&P 500
- P/E (TTM)
- 10.6x
- Forward P/E
- 7.3x
- EPS (TTM)
- $16.22
- Revenue (TTM)
- $5.4B
- -4%
- Free cash flow
- $1.5B
- Gross margin
- 44.0%
- Operating margin
- 42.6%
- Return on equity
- 18.5%
- Dividend yield
- None
- 52-week range
- $168.60 – $320.95
- Beta
- 1.79
- Price / sales
- 3.4x
- EV / EBITDA
- 7.1x
- Debt / equity
- 0.02x
- Employees
- 7,900
FSLR report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth-3.7%F
- Gross margin44.0%B
- Operating margin42.6%A
- FCF margin27.9%A
- Return on equity18.5%B
- Net debt / EBITDA-0.6xA
- Forward P/E7.3xA
- PEG ratio0.4xA
- Shareholder yield0.0%F
- Share count change / yr0.2%C
First Solar financials
Revenue went from $2.9B in fiscal 2016 to $5.2B in fiscal 2025, growing 6.7% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B | $2.9B | $2.2B | $3.1B | $2.7B | $2.9B | $2.6B | $3.3B | $4.2B | $5.2B |
| Gross profit | $638.4M | $548.9M | $392.2M | $549.2M | $680.7M | $730.0M | $69.9M | $1.3B | $1.9B | $2.1B |
| Operating income | -$568.2M | $177.9M | $40.1M | -$161.8M | $317.5M | $586.8M | -$27.2M | $857.3M | $1.4B | $1.6B |
| Net income | -$416.1M | -$165.6M | $144.3M | -$114.9M | $398.4M | $468.7M | -$44.2M | $830.8M | $1.3B | $1.5B |
| EPS (diluted) | $-4.05 | $-1.59 | $1.36 | $-1.09 | $3.73 | $4.38 | $-0.41 | $7.74 | $12.02 | $14.21 |
| Free cash flow | -$22.7M | $826.3M | -$1.1B | -$494.5M | -$379.5M | -$302.7M | -$30.2M | -$784.5M | -$308.1M | $1.2B |
| Diluted shares | 102.9M | 104.3M | 106.1M | 105.3M | 106.7M | 106.9M | 106.6M | 107.4M | 107.5M | 107.5M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into FSLR?
A reverse DCF asks what growth the current price requires. With an enterprise value of $17.0B and $1.5B of trailing free cash flow, First Solar needs to grow free cash flow about -3.3% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 12.1x vs. median 19.2x (10th–90th percentile 8.8x–45.1x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
FSLR analyst price targets
30 analysts' average 12-month target is $273.67 (+59% vs. $171.99). Targets range from $191.00 to $402.00. 75% rate it a buy.
FSLR earnings
Next report: October 29, 2026. First Solar has beaten EPS estimates 2 quarters in a row. Last quarter's revenue was $1.1B (-4% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 30, 2026 | $2.88 | $3.92 | +36.1% |
| Apr 30, 2026 | $2.96 | $3.22 | +8.9% |
| Feb 24, 2026 | $5.24 | $4.84 | -7.6% |
| Oct 30, 2025 | $4.29 | $4.24 | -1.1% |
| Jul 31, 2025 | $2.68 | $3.18 | +18.8% |
| Apr 29, 2025 | $2.47 | $1.95 | -21.0% |
| Feb 25, 2025 | $4.73 | $3.65 | -22.8% |
| Oct 29, 2024 | $3.15 | $2.91 | -7.5% |
Stocks like FSLR
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 NVDA NVIDIA | -0.59% | +16% | $5.1T | 26.7x | Compare |
 AVGO Broadcom | -0.48% | -6% | $1.5T | 42.9x | Compare |
 MU Micron Technology | +2.46% | +325% | $992.9B | 11.8x | Compare |
 AMD Advanced Micro Devices | +1.74% | +120% | $843.6B | 131.8x | Compare |
 INTC Intel | +1.72% | +128% | $459.7B | — | Compare |
 TXN Texas Instruments | +1.86% | +70% | $260.0B | 36.9x | Compare |
 MRVL Marvell Technology | +2.26% | +177% | $205.4B | 75.2x | Compare |
 ADI Analog Devices | +1.38% | +63% | $189.5B | 46.4x | Compare |
FSLR news
- Caught Out By First Solar's Fall? What Bears Saw · Oct 25, 2026
- First Solar (FSLR) Earnings Expected to Grow: Should You Buy? · Oct 22, 2026
- First Solar, Inc. (FSLR) Is a Trending Stock: Facts to Know Before Betting on It · Oct 22, 2026
- Should You Buy First Solar Stock For Its Cash? · Oct 21, 2026
- Why You Need To Pay Attention To First Solar Stock · Oct 20, 2026
FSLR stock FAQ
What is FSLR's market cap?
First Solar's market capitalization is $18.48 billion as of October 23, 2026, ranking 414th in the S&P 500.
What is FSLR's P/E ratio?
FSLR trades at a trailing price-to-earnings ratio of 10.6x and a forward P/E of 7.3x. Its median P/E over the period we track is 19.2x.
Does FSLR pay a dividend?
No. First Solar does not currently pay a regular cash dividend.
How much has FSLR stock returned?
Including reinvested dividends, FSLR returned -24.9% over one year, +10.1% a year over five years, +15.1% a year over ten years through October 23, 2026.
Is FSLR stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies First Solar must grow free cash flow about -3% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the FSLR price target?
30 analysts cover FSLR with an average 12-month price target of $273.67, +59% from the current price. 75% of them rate it a buy.
When does FSLR report earnings?
First Solar is expected to report earnings on October 29, 2026. It has beaten EPS estimates 2 quarters in a row.
How many employees does First Solar have?
First Solar has about 7,900 full-time employees, or $680,768 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology