(FSLR) First Solar - Ratings and Ratios
Solar Modules, Thin Film, Cadmium Telluride, PV
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 53.8% |
| Value at Risk 5%th | 78.0% |
| Relative Tail Risk | -11.92% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.63 |
| Alpha | 9.07 |
| CAGR/Max DD | 0.33 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.369 |
| Beta | 1.014 |
| Beta Downside | 0.909 |
| Drawdowns 3y | |
|---|---|
| Max DD | 59.97% |
| Mean DD | 27.20% |
| Median DD | 27.94% |
Description: FSLR First Solar October 14, 2025
First Solar, Inc. (NASDAQ:FSLR) is a U.S.-based solar-technology firm that designs, manufactures, and sells thin-film photovoltaic (PV) modules, primarily using cadmium telluride (CdTe) semiconductor material, and provides end-to-end solar-energy solutions across the United States, France, India, Chile, and other international markets.
The company’s CdTe thin-film modules offer a lower-carbon footprint and a cost-per-watt advantage over conventional crystalline-silicon panels, positioning First Solar as a differentiated supplier for utility-scale, commercial, and industrial solar projects.
Beyond module sales, First Solar operates a “residual business” that includes project development, operations & maintenance (O&M) services, and the sale of turnkey PV power systems to developers, independent power producers, utilities, and corporate off-takers.
Key recent metrics (FY 2023): revenue of approximately $3.2 billion, module shipments of ~15 GW, and a backlog of roughly $12 billion, reflecting strong demand for utility-scale solar in the wake of the U.S. Inflation Reduction Act and expanding renewable-energy mandates in Europe and Asia. A primary sector driver is the ongoing decline in CdTe module levelized cost of electricity (LCOE), now estimated to be 5-7 % lower than comparable silicon-based offerings, which underpins competitive bidding in large-scale procurements.
Given First Solar’s exposure to policy-driven growth and its expanding global footprint, a deeper dive into its capital-allocation strategy and O&M margin trends could be worthwhile; the ValueRay platform provides a structured framework for that analysis.
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 |
| (C) 0.12 = EBIT TTM 1.52b / Avg Total Assets 12.45b |
| (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) 80.40
| 1. Piotroski 7.0pt |
| 2. FCF Yield 2.19% |
| 3. FCF Margin 12.17% |
| 4. Debt/Equity 0.10 |
| 5. Debt/Ebitda -0.54 |
| 6. ROIC - WACC (= 6.95)% |
| 7. RoE 16.61% |
| 8. Rev. Trend 68.75% |
| 9. EPS Trend 80.81% |
What is the price of FSLR shares?
Over the past week, the price has changed by -5.61%, over one month by -7.13%, over three months by +25.58% and over the past year by +30.15%.
Is FSLR a buy, sell or hold?
- 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 | 271.6 | 5.4% |
| Analysts Target Price | 271.6 | 5.4% |
| ValueRay Target Price | 297.5 | 15.5% |
FSLR Fundamental Data Overview November 29, 2025
P/E Trailing = 20.875
P/E Forward = 11.9332
P/S = 5.7835
P/B = 3.2401
P/EG = 0.4234
Beta = 1.59
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 = 28.06b USD (29.21b + Debt 891.9m - CCE 2.04b)
Interest Coverage Ratio = 34.76 (Ebit TTM 1.52b / Interest Expense TTM 43.7m)
FCF Yield = 2.19% (FCF TTM 614.5m / Enterprise Value 28.06b)
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 = 2.08 (Enterprise Value 28.06b / 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 = 10.41% (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 = 9.51% (E(29.21b)/V(30.10b) * Re(9.75%) + D(891.9m)/V(30.10b) * Rd(1.58%) * (1-Tc(0.01)))
Discount Rate = 9.75% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.01%
[DCF Debug] Terminal Value 71.77% ; FCFE base≈614.5m ; Y1≈596.8m ; Y5≈597.3m
Fair Price DCF = 74.32 (DCF Value 7.98b / Shares Outstanding 107.3m; 5y FCF grow -4.01% → 3.0% )
EPS Correlation: 80.81 | EPS CAGR: 39.10% | SUE: -0.13 | # QB: 0
Revenue Correlation: 68.75 | Revenue CAGR: 16.23% | SUE: 0.22 | # QB: 0
EPS next Quarter (2026-03-31): EPS=4.46 | Chg30d=-0.162 | Revisions Net=-2 | Analysts=16
EPS next Year (2026-12-31): EPS=22.57 | Chg30d=+0.114 | Revisions Net=+0 | Growth EPS=+54.2% | Growth Revenue=+20.5%
Additional Sources for FSLR Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle