Overview Dividends

(FSLR) First Solar - Ratings and Ratios

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

Solar Modules, Thin Film, Cadmium Telluride, PV

FSLR EPS (Earnings per Share)

EPS Growth (3Y CAGR): 179.78%
EPS Trend (3Y Correlation): 76.4%

FSLR Revenue

Revenue Growth (3Y CAGR): 18.40%
Revenue Trend (3Y Correlation): 61.0%

Risk via 10d forecast
Volatility	52.6%
Value at Risk 5%th	78.7%

Reward
Sharpe Ratio	0.76
Alpha Jensen	15.57

Character
Hurst Exponent	0.318
Beta	1.590

Drawdowns 3y
Max DD	59.97%
Mean DD	27.14%

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.

FSLR Stock Overview

Market Cap in USD	28,720m
Sub-Industry	Semiconductors
IPO / Inception	2006-11-17
Return 12m vs S&P 500	26.7%
Analyst Rating	4.27 of 5

FSLR Dividends

Currently no dividends paid

FSLR Growth Ratios

CAGR	19.24%
CAGR/Max DD Calmar Ratio	0.32
CAGR/Mean DD Pain Ratio	0.71
Current Volume	1503.4k
Average Volume	2338.8k

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) 77.53

1. Piotroski 7.0pt = 2.0

2. FCF Yield 2.23% = 1.11

3. FCF Margin 12.17% = 3.04

4. Debt/Equity 0.10 = 2.50

5. Debt/Ebitda -0.54 = 2.50

6. ROIC - WACC (= 5.28)% = 6.60

7. RoE 16.61% = 1.38

8. Rev. Trend 60.99% = 4.57

9. EPS Trend 76.41% = 3.82

What is the price of FSLR shares?

As of November 13, 2025, the stock is trading at USD 267.52 with a total of 1,503,407 shares traded.
Over the past week, the price has changed by -3.56%, over one month by +18.29%, over three months by +44.82% and over the past year by +46.78%.

Is First Solar a good stock to buy?

Partly, yes. Based on ValueRay´s Fundamental Analyses, First Solar (NASDAQ:FSLR) is currently (November 2025) ok to buy, but has to be watched. It has a ValueRay Fundamental Rating of 77.53 and therefor a somewhat positive outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of FSLR is around 269.46 USD . This means that FSLR is currently overvalued and has a potential downside of 0.73%.

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	268.5	0.4%
Analysts Target Price	268.5	0.4%
ValueRay Target Price	308.7	15.4%

FSLR Fundamental Data Overview November 09, 2025

Market Cap USD = 28.72b (28.72b USD * 1.0 USD.USD)
P/E Trailing = 20.5403
P/E Forward = 10.1833
P/S = 5.6864
P/B = 2.9131
P/EG = 0.3685
Beta = 1.59
Revenue TTM = 5.05b USD
EBIT TTM = 1.52b USD
EBITDA TTM = 2.03b USD
Long Term Debt = 373.4m USD (from longTermDebt, last fiscal year)
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 = 27.57b USD (28.72b + Debt 891.9m - CCE 2.04b)
Interest Coverage Ratio = 34.76 (Ebit TTM 1.52b / Interest Expense TTM 43.7m)
FCF Yield = 2.23% (FCF TTM 614.5m / Enterprise Value 27.57b)
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 = 2.05 (Enterprise Value 27.57b / 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 = 17.26% (EBIT 1.52b / Capital Employed (Equity 8.43b + L.T.Debt 373.4m))
RoIC = 16.84% (NOPAT 1.51b / Invested Capital 8.94b)
WACC = 11.56% (E(28.72b)/V(29.61b) * Re(11.87%) + D(891.9m)/V(29.61b) * Rd(1.58%) * (1-Tc(0.01)))
Discount Rate = 11.87% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.01%
[DCF Debug] Terminal Value 64.97% ; FCFE base≈614.5m ; Y1≈596.8m ; Y5≈597.3m
Fair Price DCF = 56.78 (DCF Value 6.09b / Shares Outstanding 107.3m; 5y FCF grow -4.01% → 3.0% )
EPS Correlation: 76.41 | EPS CAGR: 179.8% | SUE: -0.13 | # QB: 0
Revenue Correlation: 60.99 | Revenue CAGR: 18.40% | SUE: 0.22 | # QB: 0

Additional Sources for FSLR Stock

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Fund Manager Positions: Dataroma | Stockcircle