| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 74 | 12.9x | 17.8x | Top tier | |
Growth | 70 | 23.8% | 7.1% | Top tier | |
Quality | 76 | 17.3% | 4.5% | Top tier | |
Safety | 92 | — | 2.6x | Top tier | |
Capital Return | 85 | — | 2.12% | Top tier | |
Momentum | 47 | 21.9% | 2.9% | Around median | |
Sentiment | 68 | 24 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
First Solar develops, manufactures, and recycles solar modules primarily intended for large utility-scale projects, and generates its revenue from module sales under long-term supply contracts, alongside contractual technology adjustments such as CuRe. The industrial platform relies on integrated U.S. factories, a finishing line in South Carolina, and international production capacity in Malaysia and Vietnam; it prioritizes production allocation to U.S. factories, followed by the South Carolina line, then international facilities, with the aim of meeting domestic-content requirements and improving productivity and margins. As of June 30, 2026, the contract backlog stood at 45.1 gigawatts with a total contractual value of $13.6 billion, with deliveries extending through 2030, while approximately 41 gigawatts of the backlog includes some form of domestic-content requirements.
In Q2 fiscal year 2026, First Solar recorded net revenue of $1.06 billion, down approximately 4% year over year, despite higher module sales volume, due to lower customer contract-termination revenue compared with the corresponding period. Gross profit was approximately $605 million, and gross margin expanded to approximately 57% from about 45% in Q2 fiscal year 2025, supported by a net benefit of $89 million related to IEPA tariffs, a higher mix of modules eligible for Section 45X credits, and lower logistics costs. Net income increased 24% to $422.6 million, or $3.92 per share, while adjusted EBITDA reached approximately $644 million at a 61% margin, compared with operating expenses of $155 million that included $76 million for research and development.
For fiscal year 2025, the company generated revenue of $5.2 billion, gross profit of $2.1 billion, and net income of $1.5 billion, or $14.21 per share. In the first half of fiscal year 2026, cumulative global sales of First Solar modules exceeded 100 gigawatts, with U.S. factories operating at high utilization rates and achieving record first-half sales volume. The company also ended Q2 fiscal year 2026 with net cash of $1.7 billion, after first-half capital expenditures of $280 million focused on the South Carolina facility and technology investments.
The average analyst price target is $272.73, within a range of $197 to $324, with a consensus rating of “Buy”; the average is approximately 15% below the 52-week range high of $320.95, while the highest target slightly exceeds that high. The $127 spread between the lowest and highest targets reveals significant divergence in assessments of the impact of trade policy and the sustainability of margins and bookings, and the data does not provide a valid earnings multiple that can be used as an additional valuation anchor.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
As of June 30, 2026, the contract backlog stood at approximately 45.1 gigawatts with a value of $13.6 billion, with deliveries extending through 2030. Approximately 41 gigawatts of this backlog includes domestic-content requirements, aligning with the company’s U.S. manufacturing network. The integrated U.S. fleet also remained largely booked through 2028, and the company recorded approximately 1.9 gigawatts of additional U.S. bookings at an average of $0.36 per watt including technology adjustments.
The company generated net revenue of $1.06 billion and gross profit of approximately $605 million in Q2 fiscal year 2026. Gross margin was approximately 57%, up about 12 percentage points year over year, while adjusted EBITDA reached $644 million at a 61% margin. Net income increased 24% to $422.6 million, and earnings per share reached $3.92, exceeding expectations by $1.11.
On August 7, 2026, the Trump administration announced 15% tariffs and minimum prices for imports of polysilicon derivatives, including wafers and solar modules. Analysts viewed First Solar as potentially benefiting through greater pricing power and support for domestic manufacturing, particularly with Chinese companies controlling more than 90% of the global supply of polysilicon and its derivatives. However, the size of the benefit depends on implementation details, because management warned on July 30, 2026, that exemptions or quotas could reduce the intended impact of Section 232.
Automated analysis for informational purposes only — not investment advice.
Management said CuRe performance exceeded its expectations in high-volume manufacturing in Perrysburg and in field data across multiple climates. In Q2 fiscal year 2026, the company began sending the first customer notices related to CuRe adjustments, but it expects a limited effect on average selling price in fiscal year 2026 because of contractual notice periods. The Series 6-sized Perovskite pilot line is targeting operational readiness in the first half of fiscal year 2027, while research and development expenses reached $76 million in Q2 fiscal year 2026.
On July 30, 2026, management cited three announced projects with Cypress Creek, Terogen, and Pattern with combined capacity of approximately 5 gigawatts, half of which is directly linked to Google’s needs. The first phase of the Steel River Energy Center in Arkansas includes approximately 1.6 gigawatts of solar capacity and 1.9 gigawatt-hours of storage. Management believes data-center projects prioritize delivery certainty and reliability, two factors First Solar relies on in marketing its modules and long-term contracts.
Q2 fiscal year 2026 revenue declined by approximately 4% to $1.06 billion despite higher module volume, due to lower contract-termination revenue compared with the corresponding period. The Southeast Asia facilities incur approximately $30 million per quarter in underutilization costs, while the decision regarding approximately 1.8 gigawatts of integrated capacity depends on trade-policy outcomes and demand. The company also faces higher commodity and ground transportation costs, while operating cash outflows reached $360 million and capital expenditures totaled $280 million during the first half of fiscal year 2026.
