First Solar, Inc. (FSLR) P/E Ratio History
UndervaluedTrading at 18.1x vs 5Y avg 60.2x · 40th percentile · Below historical baseline · Data 2007–2026
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P/E Ratio Analysis
As of June 20, 2026, First Solar, Inc. (FSLR) trades at a price-to-earnings ratio of 18.1x, with a stock price of $257.70 and trailing twelve-month earnings per share of $15.47.
The current P/E is 70% below its 5-year average of 60.2x. Over the past five years, FSLR's P/E has ranged from a low of 10.8x to a high of 558.8x, placing the current valuation at the 40th percentile of its historical range.
Compared to the Energy sector median P/E of 15.5x, FSLR trades at a 17% premium to its sector peers. The sector includes 173 companies with P/E ratios ranging from 1.6x to 166.4x.
The PEG ratio of 0.59 (P/E divided by 18% EPS growth) suggests the stock may be undervalued relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, FSLR trades at a notable discount to the S&P 500 median P/E of 24.4x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our FSLR DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
FSLR Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
FSLR P/E vs Peers
Solar modules and inverters peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $7B | 40.5 | 6.42 | +72% | |
| $3B | 7.9Lowest | - | +113%Best | |
| $2B | 52.1 | - | +43% | |
| $181B | 26.4 | 1.52Best | -2% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
FSLR Historical P/E Data (2007–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q1 | - | $197.26 | $15.48 | 12.7x | -72% |
| FY2025 Q4 | Dec 31 2025 | $261.23 | $14.21 | 18.4x | -60% |
| FY2025 Q3 | - | $220.53 | $13.02 | 16.9x | -63% |
| FY2025 Q2 | Jun 30 2025 | $165.54 | $11.69 | 14.2x | -69% |
| FY2025 Q1 | Mar 31 2025 | $126.43 | $11.76 | 10.8x | -76% |
| FY2024 Q4 | - | $176.24 | $12.01 | 14.7x | -68% |
| FY2024 Q3 | Sep 30 2024 | $249.44 | $11.61 | 21.5x | -53% |
| FY2024 Q2 | Jun 30 2024 | $225.46 | $11.20 | 20.1x | -56% |
| FY2024 Q1 | Mar 31 2024 | $168.80 | $9.54 | 17.7x | -61% |
| FY2023 Q4 | Dec 31 2023 | $172.28 | $7.74 | 22.3x | -51% |
| FY2023 Q3 | Sep 30 2023 | $161.59 | $4.42 | 36.6x | -20% |
| FY2023 Q2 | Jun 30 2023 | $190.09 | $1.46 | 130.3x | +185% |
| FY2023 Q1 | Mar 31 2023 | $217.50 | $0.39 | 558.8x | +1122% |
| FY2022 Q3 | Sep 30 2022 | $132.27 | $0.88 | 150.3x | +229% |
| FY2022 Q2 | - | $68.13 | $1.76 | 38.7x | -15% |
| FY2022 Q1 | - | $83.74 | $2.01 | 41.7x | -9% |
| FY2021 Q4 | Dec 31 2021 | $87.16 | $4.38 | 19.9x | -56% |
| FY2021 Q3 | - | $95.46 | $4.23 | 22.6x | -51% |
| FY2021 Q2 | Jun 30 2021 | $90.51 | $5.26 | 17.2x | -62% |
| FY2021 Q1 | Mar 31 2021 | $87.30 | $4.84 | 18.0x | -61% |
| FY2020 Q4 | - | $98.92 | $3.73 | 26.5x | -42% |
| FY2020 Q3 | Sep 30 2020 | $66.20 | $2.09 | 31.7x | -31% |
| FY2020 Q2 | - | $49.50 | $0.93 | 53.2x | +16% |
| FY2020 Q1 | - | $36.06 | $0.40 | 90.2x | +97% |
| FY2019 Q2 | Jun 30 2019 | $65.68 | $0.21 | 312.8x | +584% |
| FY2018 Q4 | Dec 31 2018 | $42.45 | $1.35 | 31.4x | -31% |
| FY2016 Q3 | Sep 30 2016 | $39.49 | $4.88 | 8.1x | -82% |
| FY2016 Q2 | - | $48.48 | $6.77 | 7.2x | -84% |
| FY2016 Q1 | - | $68.47 | $7.57 | 9.0x | -80% |
| FY2015 Q4 | - | $65.99 | $5.29 | 12.5x | -73% |
| FY2015 Q3 | Sep 30 2015 | $42.75 | $5.58 | 7.7x | -83% |
| FY2015 Q2 | - | $46.98 | $3.07 | 15.3x | -67% |
| FY2015 Q1 | - | $59.79 | $2.18 | 27.4x | -40% |
| FY2014 Q4 | Dec 31 2014 | $44.59 | $3.90 | 11.4x | -75% |
| FY2014 Q3 | - | $65.81 | $2.65 | 24.8x | -46% |
| FY2014 Q2 | Jun 30 2014 | $71.06 | $3.72 | 19.1x | -58% |
| FY2014 Q1 | Mar 31 2014 | $69.79 | $4.05 | 17.2x | -62% |
| FY2013 Q4 | - | $54.64 | $3.61 | 15.1x | -67% |
| FY2013 Q3 | Sep 30 2013 | $40.21 | $4.71 | 8.5x | -81% |
| FY2013 Q2 | Jun 30 2013 | $44.81 | $3.77 | 11.9x | -74% |
| FY2013 Q1 | Mar 31 2013 | $26.96 | $4.67 | 5.8x | -87% |
| FY2011 Q3 | Sep 30 2011 | $63.21 | $6.08 | 10.4x | -77% |
| FY2011 Q2 | - | $132.27 | $5.87 | 22.5x | -51% |
| FY2011 Q1 | - | $160.84 | $7.01 | 22.9x | -50% |
| FY2010 Q4 | Dec 31 2010 | $130.14 | $7.68 | 16.9x | -63% |
| FY2010 Q3 | Sep 25 2010 | $147.09 | $7.55 | 19.5x | -57% |
| FY2010 Q2 | Jun 26 2010 | $119.26 | $7.30 | 16.3x | -64% |
| FY2010 Q1 | Mar 27 2010 | $116.50 | $7.57 | 15.4x | -66% |
| FY2009 Q4 | - | $135.40 | $7.56 | 17.9x | -61% |
| FY2009 Q3 | Sep 30 2009 | $152.86 | $7.51 | 20.4x | -55% |
| FY2009 Q2 | Jul 31 2009 | $154.39 | $6.92 | 22.3x | -51% |
| FY2009 Q1 | - | $132.70 | $5.66 | 23.4x | -49% |
| FY2008 Q4 | Dec 31 2008 | $137.96 | $4.24 | 32.5x | -29% |
| FY2008 Q3 | Sep 27 2008 | $207.13 | $3.43 | 60.4x | +32% |
| FY2008 Q2 | Jun 28 2008 | $266.25 | $2.81 | 94.8x | +107% |
| FY2008 Q1 | Mar 29 2008 | $228.68 | $2.54 | 90.0x | +97% |
| FY2007 Q4 | Dec 31 2007 | $267.14 | $2.04 | 131.0x | +186% |
| FY2007 Q3 | Sep 29 2007 | $117.74 | $1.37 | 85.9x | +88% |
Average P/E for displayed period: 45.7x
Full Stock Analysis
Deep dive into FSLR consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
19+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
FSLR — Frequently Asked Questions
Quick answers to the most common questions about buying FSLR stock.
What is FSLR's P/E ratio?
First Solar, Inc. (FSLR) trailing twelve-month P/E ratio is 18.1x, based on TTM diluted EPS of $15.47. The 5-year average P/E is 60.2x and the historical range spans 10.8x to 558.8x.
Is FSLR stock overvalued or undervalued?
FSLR trades at 18.1x P/E, below its 5-year average of 60.2x. At the 40th percentile of its historical range (10.8x–558.8x), the stock is priced at a discount to its own history.
Is FSLR stock expensive?
No, FSLR is not expensive on a historical basis. The current P/E of 18.1x is below the 5-year average of 60.2x and sits at the 40th percentile of its valuation range.
What is FSLR's historical P/E range?
Over the past 5 years, FSLR's P/E ratio has ranged from 10.8x to 558.8x, with a median of 20.1x and an average of 60.2x. The current P/E of 18.1x places the stock at the 40th percentile of this range. Full historical data spans 2007–2026.
How does FSLR's P/E compare to the S&P 500?
FSLR trades at 18.1x P/E versus the S&P 500 median of 24.4x. The 26% discount to the market suggests lower growth expectations or perceived higher risk.
How does FSLR's valuation compare to Energy peers?
First Solar, Inc. P/E of 18.1x compares to the Energy sector median of 15.5x. The premium reflects expected growth above peers or stronger fundamentals. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is FSLR's PEG ratio?
FSLR PEG ratio is 0.59, based on a P/E of 18.1x and EPS growth of 18.2%. A PEG below 1.0 indicates the valuation is supported by the earnings growth rate — typically considered attractive.
What is FSLR's earnings yield?
FSLR earnings yield is 5.51%, the inverse of its 18.1x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.