First Solar's reported gross margin expanded from roughly 37.5% in 2024Q4 to 57.9% in 2026Q3, with operating margin rising to 44.4%, a profile that appears materially lifted by Section 45X manufacturing credits and therefore may not be fully repeatable.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue and margin trends show strong operating leverage, with operating margin rising from 29.9% in 2025Q1 to 44.4% in 2026Q3 while R&D and SG&A stayed within a narrow band, though quarterly revenue volatility and possible subsidy-driven gross margin support suggest the trajectory may not be steady.
First Solar's trailing P/E of 19.84 and forward P/E of 10.18 suggest the stock may be undervalued relative to future earnings potential.
Multiple bullish theses on First Solar have been published by research platforms like Bullseye Research and r/Valueinvesting, indicating positive sentiment among analysts.
First Solar's share price was trading at $241.88 as of February 20th, reflecting strong market performance and investor confidence.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 29, 2026 | $5.30+13.5% vs $4.67 | $1.2B-4.5% vs $1.3B |
Q3 2026 Jul 30, 2026 | $3.92+35.2% vs $2.90 | $1.1B-0.6% vs $1.1B |
Q2 2026 Apr 30, 2026 | $3.22+6.3% vs $3.03 | $1.0B+0.9% vs $1.0B |
Q1 2026 Feb 24, 2026 | $4.84-5.8% vs $5.14 | $1.7B+7.3% vs $1.6B |
First Solar (FSLR) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Ariel's non-consensus approach seeks to identify undervalued, out-of-favor, franchises that are misunderstood and therefore mispriced. At the sector level, positive stock selection among Consumer Discretionary, Consumer Staples and Health Care were the greatest contributors to returns, while our Information Technology and Industrials holdings as well as overweight exposure to Utilities were the largest performance detractors. We initiated eight new positions during the quarter.
William Blair sees state-level Democratic gains supporting utility-scale solar projects, though new bookings could take time.
Stocks surged after a political shake-up, but Wall Street analysts were far from unanimous on Thursday. Some household names got slashed while a struggling airline and a solar giant won new fans. Which side of the call are you on?
Benchmark FSLR against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for First Solar, Inc. (FSLR)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $201.14 | $21.61B | 11.64 | 24.09% | 37.12% | 18.33% | — | |
| $11.12 | $754.12M | -4.05 | -6.65% | -3.73% | -4.34% | — | |
| $10.97 | $143.63M | -0.34 | -29% | -5.08% | -9.83% | 51.12% | |
| $5.86 | $901.42M | -8.12 | 40.22% | -9.91% | -39.51% | — | |
| $28.47 | $3.76B | 42.40 | 10.72% | 7.49% | 7.87% | — | |
| $27.51 | $1.67B | -7.42 | 31.39% | -17.34% | -54.65% | — |
First Solar, Inc. (FSLR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
First Solar, Inc. (FSLR) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 29, 2026·SEC
Jul 30, 2026·SEC
May 15, 2026·SEC
Feb 24, 2026·SEC
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First Solar, Inc. (FSLR) stock FAQ — growth, dividends, profitability & financials explained
First Solar, Inc. (FSLR) reported $5.01B in revenue over the trailing twelve months. Revenue was $5.22B in fiscal year 2025.
First Solar, Inc. (FSLR) revenue fell by 0.7% over the trailing twelve months, compared with the twelve months before.
Yes. First Solar, Inc. (FSLR) earned $1.86B in net income over the trailing twelve months (a 37.1% net margin).
First Solar, Inc. (FSLR) had a return on equity (ROE) of 18.3% over the trailing twelve months. That is above the market's typical 10-15%.
First Solar, Inc. (FSLR) generated $232.8M in free cash flow over the trailing twelve months.
