First Solar (FSLR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

First Solar

NasdaqGS•Technology•Solar

$185.92+3.87(0.02%)Market open

Market Cap

$19.57B

P/E

10.5x

P/S

3.9x

P/B

1.8x

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.

How this company scores

AverageMetricSide Score: 58/100

Strongest: Profitability (25/25); weakest: Cash & Earnings Quality (3/25).

Profitability25/25

Growth15/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality3/25

Strengths

Strong marginsHigh ROERising earningsInterest easily covered

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 10.5x5y range 10.5x – 546.4x

Currently below its 19-quarter median.

P/S · 3.9x5y range 2.9x – 8.1x

Currently near its 20-quarter median.

P/B · 1.8x5y range 1.2x – 3.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Watch

5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.

Price & Volume

Market Cap $19.57B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $5.01B
Q. Revenue: $1.23B
TTM EBITDA: $1.89B
TTM Op. Income: $1.89B
Q. Op. Income: $546.11M
TTM Net Income: $1.86B
Q. Net Income: $571.06M
EPS: $5.31
Shares Out.: $107.47M

$5.01B in TTM revenue declined 0.7% YoY, reaching $1.23B last quarter. TTM EBITDA of $1.89B and TTM operating income of $1.89B show growth is flowing through to the bottom line. TTM net income of $1.86B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 57.9%
EBITDA Margin: 44.4%
Op. Margin: 44.4%
Net Margin: 46.4%

Op. margin of 44.4% is up 15.1% YoY — cost efficiency is improving. Net margin at 46.4% and gross margin of 57.9% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 4 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 10.5x
P/S Ratio: 3.9x
P/B Ratio: 1.8x

At 10.5x P/E, the stock trades below typical market levels. P/S of 3.9x and P/B of 1.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 39% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $14.02B
Cash: $1.58B
Long-Term Debt: N/A
Book Value: $10.88B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-42.95M
TTM Free Cash Flow: $232.79M
FCF Margin: 4.6%
FCF / Net Income: 0.1

TTM FCF of $232.79M on $-42.95M in operating cash flow. The FCF / Net Income ratio of 0.1x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.