(FSLR) First Solar - Ratings and Ratios
Solar Modules, Thin Film, Cadmium Telluride, PV
FSLR EPS (Earnings per Share)
FSLR Revenue
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 | 25,051m |
| Sub-Industry | Semiconductors |
| IPO / Inception | 2006-11-17 |
FSLR Stock Ratings
| Growth Rating | 61.1% |
| Fundamental | 72.4% |
| Dividend Rating | - |
| Return 12m vs S&P 500 | 8.04% |
| Analyst Rating | 4.27 of 5 |
FSLR Dividends
Currently no dividends paidFSLR Growth Ratios
| Growth Correlation 3m | 92.9% |
| Growth Correlation 12m | 35.3% |
| Growth Correlation 5y | 74% |
| CAGR 5y | 22.66% |
| CAGR/Max DD 3y (Calmar Ratio) | 0.38 |
| CAGR/Mean DD 3y (Pain Ratio) | 0.84 |
| Sharpe Ratio 12m | -0.39 |
| Alpha | 9.22 |
| Beta | 1.379 |
| Volatility | 62.79% |
| Current Volume | 3644.3k |
| Average Volume 20d | 2328k |
| Stop Loss | 264.6 (-4.6%) |
| Signal | 0.86 |
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 (-1.44b) to EBITDA (1.76b) ratio: -0.82 <= 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 46.42%; Δ -6.37pp) >=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 67.54 (EBITDA TTM 1.76b / Interest Expense TTM 15.5m) >= 6 (WARN >= 3) |
Altman Z'' 3.17
| (A) 0.21 = (Total Current Assets 5.90b - Total Current Liabilities 3.09b) / Total Assets 13.46b |
| (B) 0.39 = Retained Earnings (Balance) 5.26b / Total Assets 13.46b |
| (C) 0.08 = EBIT TTM 1.05b / Avg Total Assets 12.45b |
| (D) -0.03 = Book Value of Equity -154.8m / Total Liabilities 4.44b |
| Total Rating: 3.17 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 72.37
| 1. Piotroski 7.0pt = 2.0 |
| 2. FCF Yield 2.61% = 1.30 |
| 3. FCF Margin 12.17% = 3.04 |
| 4. Debt/Equity 0.06 = 2.50 |
| 5. Debt/Ebitda -0.82 = 2.50 |
| 6. ROIC - WACC (= 1.00)% = 1.25 |
| 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?
Over the past week, the price has changed by +14.76%, over one month by +20.83%, over three months by +48.46% and over the past year by +28.49%.
Is First Solar a good stock to buy?
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of FSLR is around 281.20 USD . This means that FSLR is currently overvalued and has a potential downside of 1.37%.
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 | 246.4 | -11.2% |
| Analysts Target Price | 246.4 | -11.2% |
| ValueRay Target Price | 320 | 15.4% |
FSLR Fundamental Data Overview November 01, 2025
P/E Trailing = 19.9641
P/E Forward = 10.1833
P/S = 5.7675
P/B = 2.9131
P/EG = 0.3685
Beta = 1.379
Revenue TTM = 5.05b USD
EBIT TTM = 1.05b USD
EBITDA TTM = 1.76b USD
Long Term Debt = 373.4m USD (from longTermDebt, last fiscal year)
Short Term Debt = 272.4m USD (from shortTermDebt, last quarter)
Debt = 555.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -1.44b USD (from netDebt column, last quarter)
Enterprise Value = 23.57b USD (25.05b + Debt 555.0m - CCE 2.04b)
Interest Coverage Ratio = 67.54 (Ebit TTM 1.05b / Interest Expense TTM 15.5m)
FCF Yield = 2.61% (FCF TTM 614.5m / Enterprise Value 23.57b)
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 = 1.75 (Enterprise Value 23.57b / Total Assets 13.46b)
Interest Expense / Debt = -2.54% (Interest Expense -14.1m / Debt 555.0m)
Taxrate = -0.96% (negative due to tax credits) (-4.40m / 460.3m)
NOPAT = 1.06b (EBIT 1.05b * (1 - -0.96%)) [negative tax rate / tax credits]
Current Ratio = 1.91 (Total Current Assets 5.90b / Total Current Liabilities 3.09b)
Debt / Equity = 0.06 (Debt 555.0m / totalStockholderEquity, last quarter 9.02b)
Debt / EBITDA = -0.82 (Net Debt -1.44b / EBITDA 1.76b)
Debt / FCF = -2.34 (Net Debt -1.44b / 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 = 11.87% (EBIT 1.05b / Capital Employed (Equity 8.43b + L.T.Debt 373.4m))
RoIC = 11.80% (NOPAT 1.06b / Invested Capital 8.94b)
WACC = 10.80% (E(25.05b)/V(25.61b) * Re(11.10%) + D(555.0m)/V(25.61b) * Rd(-2.54%) * (1-Tc(-0.01)))
Discount Rate = 11.10% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.01%
[DCF Debug] Terminal Value 67.35% ; FCFE base≈614.5m ; Y1≈596.8m ; Y5≈597.3m
Fair Price DCF = 62.12 (DCF Value 6.66b / Shares Outstanding 107.2m; 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