(FSLR) First Solar - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US3364331070

Thin-Film Modules, System Sales, O&M Services

Stock: Semiconductors
Age 19.2y

MCap 26,145m
Avg Vol 2.00M (491M USD)

Beta 1.083
Volatility 54.25%

EPS (Earnings per Share)

EPS CAGR: 28.92%
EPS Trend: 65.2%

Last SUE: -4.00
Qual. Beats: 0

Revenue

Rev. CAGR: 16.23%
Rev. Trend: 68.8%

Last SUE: 0.22
Qual. Beats: 0

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	54.3%
Value at Risk 5%th	78.5%
Relative Tail Risk	-12.05%

Reward TTM
Sharpe Ratio	0.70
Alpha	9.32
CAGR/Max DD	0.22

Character TTM
Hurst Exponent	0.303
Beta	1.083
Beta Downside	0.876

Drawdowns 3y
Max DD	59.97%
Mean DD	27.62%
Median DD	27.94%

Description: FSLR First Solar December 17, 2025

First Solar, Inc. (NASDAQ:FSLR) is a U.S.-based solar technology firm that designs, manufactures, and sells thin-film cadmium-telluride (CdTe) photovoltaic modules, positioning itself as a lower-carbon alternative to conventional crystalline-silicon panels.

The company operates globally, with project development, O&M services, and power-sale activities in the United States, France, India, Chile and other markets, serving utilities, independent power producers, and commercial-industrial customers.

Key recent metrics: FY 2023 revenue reached approximately $3.3 billion, driven by a record ~12 GW of module shipments; the backlog of contracted projects exceeded $5 billion, indicating strong forward-order flow. A primary sector catalyst is the U.S. Inflation Reduction Act, which expands tax-credit eligibility for utility-scale solar and directly benefits First Solar’s cost-competitive CdTe technology.

For a deeper, data-rich assessment of First Solar’s valuation and risk profile, you may find ValueRay’s analytical dashboard worth a quick look.

Piotroski VR‑10 (Strict, 0-10) 7.0

Net Income (1.40b TTM) > 0 and > 6% of Revenue (6% = 303.0m TTM)

FCFTA 0.05 (>2.0%) and ΔFCFTA 9.74pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 55.67% (prev 52.87%; Δ 2.80pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.12 (>3.0%) and CFO 1.63b > Net Income 1.40b (YES >=105%, WARN >=100%)

Net Debt (-1.10b) to EBITDA (2.03b) ratio: -0.54 <= 3.0 (WARN <= 3.5)

Current Ratio 1.91 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (107.5m) change vs 12m ago -0.02% (target <= -2.0% for YES)

Gross Margin 40.05% (prev 46.54%; Δ -6.49pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 40.57% (prev 33.67%; Δ 6.90pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 34.76 (EBITDA TTM 2.03b / Interest Expense TTM 43.7m) >= 6 (WARN >= 3)

Altman Z'' 5.15

(A) 0.21 = (Total Current Assets 5.90b - Total Current Liabilities 3.09b) / Total Assets 13.46b

(B) 0.47 = Retained Earnings (Balance) 6.27b / Total Assets 13.46b

(D) 1.38 = Book Value of Equity 6.12b / Total Liabilities 4.44b

Total Rating: 5.15 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 79.60

1. Piotroski 7.0pt

2. FCF Yield 2.46%

3. FCF Margin 12.17%

4. Debt/Equity 0.10

5. Debt/Ebitda -0.54

6. ROIC - WACC (= 6.82)%

7. RoE 16.61%

8. Rev. Trend 68.75%

9. EPS Trend 65.24%

What is the price of FSLR shares?

As of January 22, 2026, the stock is trading at USD 243.72 with a total of 1,463,708 shares traded.
Over the past week, the price has changed by +3.07%, over one month by -14.36%, over three months by +7.44% and over the past year by +32.81%.

Is FSLR a buy, sell or hold?

First Solar has received a consensus analysts rating of 4.27. Therefore, it is recommended to buy FSLR.

Strong Buy: 19
Buy: 11
Hold: 6
Sell: 0
Strong Sell: 1

What are the forecasts/targets for the FSLR price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	281.7	15.6%
Analysts Target Price	281.7	15.6%
ValueRay Target Price	277.3	13.8%

FSLR Fundamental Data Overview January 17, 2026

P/E Trailing = 18.6984
P/E Forward = 10.6838
P/S = 5.1765
P/B = 2.9
P/EG = 0.3789
Revenue TTM = 5.05b USD
EBIT TTM = 1.52b USD
EBITDA TTM = 2.03b USD
Long Term Debt = 282.6m USD (from longTermDebt, last quarter)
Short Term Debt = 484.8m USD (from shortTermDebt, last quarter)
Debt = 891.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -1.10b USD (from netDebt column, last quarter)
Enterprise Value = 25.00b USD (26.14b + Debt 891.9m - CCE 2.04b)
Interest Coverage Ratio = 34.76 (Ebit TTM 1.52b / Interest Expense TTM 43.7m)
EV/FCF = 40.68x (Enterprise Value 25.00b / FCF TTM 614.5m)
FCF Yield = 2.46% (FCF TTM 614.5m / Enterprise Value 25.00b)
FCF Margin = 12.17% (FCF TTM 614.5m / Revenue TTM 5.05b)
Net Margin = 27.73% (Net Income TTM 1.40b / Revenue TTM 5.05b)
Gross Margin = 40.05% ((Revenue TTM 5.05b - Cost of Revenue TTM 3.03b) / Revenue TTM)
Gross Margin QoQ = 38.29% (prev 45.56%)
Tobins Q-Ratio = 1.86 (Enterprise Value 25.00b / Total Assets 13.46b)
Interest Expense / Debt = 1.58% (Interest Expense 14.1m / Debt 891.9m)
Taxrate = 0.96% (4.40m / 460.3m)
NOPAT = 1.51b (EBIT 1.52b * (1 - 0.96%))
Current Ratio = 1.91 (Total Current Assets 5.90b / Total Current Liabilities 3.09b)
Debt / Equity = 0.10 (Debt 891.9m / totalStockholderEquity, last quarter 9.02b)
Debt / EBITDA = -0.54 (Net Debt -1.10b / EBITDA 2.03b)
Debt / FCF = -1.79 (Net Debt -1.10b / FCF TTM 614.5m)
Total Stockholder Equity = 8.43b (last 4 quarters mean from totalStockholderEquity)
RoA = 11.25% (Net Income 1.40b / Total Assets 13.46b)
RoE = 16.61% (Net Income TTM 1.40b / Total Stockholder Equity 8.43b)
RoCE = 17.44% (EBIT 1.52b / Capital Employed (Equity 8.43b + L.T.Debt 282.6m))
RoIC = 16.46% (NOPAT 1.51b / Invested Capital 9.15b)
WACC = 9.63% (E(26.14b)/V(27.04b) * Re(9.91%) + D(891.9m)/V(27.04b) * Rd(1.58%) * (1-Tc(0.01)))
Discount Rate = 9.91% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.01%
[DCF Debug] Terminal Value 71.81% ; FCFF base≈614.5m ; Y1≈596.7m ; Y5≈595.8m
Fair Price DCF = 84.84 (EV 8.00b - Net Debt -1.10b = Equity 9.10b / Shares 107.3m; r=9.63% [WACC]; 5y FCF grow -4.01% → 2.90% )
EPS Correlation: 65.24 | EPS CAGR: 28.92% | SUE: -4.0 | # QB: 0
Revenue Correlation: 68.75 | Revenue CAGR: 16.23% | SUE: 0.22 | # QB: 0
EPS next Quarter (2026-03-31): EPS=4.33 | Chg30d=-0.114 | Revisions Net=-2 | Analysts=19
EPS next Year (2026-12-31): EPS=22.62 | Chg30d=+0.069 | Revisions Net=-2 | Growth EPS=+54.8% | Growth Revenue=+20.1%

Additional Sources for FSLR Stock

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