First Solar Inc (FSLR) Fair Value & Analysis
Technology · US · Market cap $24.5B · ISIN US3364331070
What is First Solar Inc really worth?
First Solar Inc
FSLR · US
A solid business, trading 47% below our fair value of $392.12.
Strengths
Fair value as of: Aug 29, 2026
From 24 valuation models · updated 6 days ago
Share price −14.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case ($224.18). The market is more pessimistic than our downside scenario.
- Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range ($224.18 to $484.78) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range $61.40 – $318.25 · fair‑value band $224.18 – $484.78 · the $207.42 price screens below the $392.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.
Analysis
First Solar Inc (FSLR) currently trades at $207.42, while our model-based Fair Value estimate is $392.12, implying the stock looks roughly 47.1% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of $470.72 per share, and 21 of the 24 models we run sit above the $207.42 price. Bear case: the Asset-Based group reads lowest at $59.47, and 3 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, First Solar Inc generated revenue of $5.4B at a net margin of 30.7%. Revenue grew 23.6% year over year. It earns a return on equity of 18.4%. The balance sheet holds a net cash position of $2.3B. Fundamentals as of Aug 29, 2026
Our scenario range runs from $224.18 (bear case) to $484.78 (bull case); at $207.42, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 34% below its 52-week high and 53% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −33% fair-value upside, at 89%, FSLR screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $10.47 per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Growth Earnings ($470.72) versus Asset-Based ($59.47). Highest evidence: FCF DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 66 · Market factors (momentum, volatility) 27
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
First Solar, Inc., a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally. The company manufactures and sells PV solar modules with thin film semiconductor technology that provides conventional crystalline silicon PV solar modules.
Full company description
First Solar, Inc., a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally. The company manufactures and sells PV solar modules with thin film semiconductor technology that provides conventional crystalline silicon PV solar modules. It also designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. The company serves system developers, independent power producers, utilities, commercial and industrial companies, large corporate energy buyers, and other system owners and operators. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Phoenix, Arizona.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
First Solar Inc reported revenue of $5.2B in FY2025 versus $2.9B in FY2021, a compound +15.6%/yr. Reported net income was $1.5B in FY2025, compounding +34.4%/yr from FY2021.
of which total revenue +1.3 % · buybacks/dilution −0.6 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
Watch FSLR: get an alert when its fair value changes →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- First Solar (FSLR) Sold Off After the Tariffs. It’s the Solar Stock Built to Benefit From Them
- First Solar (FSLR) Looks Repriced As Policy Support Shapes A More Bullish Valuation View
Peer Group
Solar · 109 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Solar median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Solar stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Nextpower Inc NXT | $103.67 | $69.61 | −33% |
| Waaree Energies Limited WAAREEENER | ₹2,624 | ₹2,709 | +3% |
| Tongwei Co 600438 | ¥12.89 | ¥12.13 | −6% |
| Jinko Solar Co 688223 | ¥4.16 | ¥6.47 | +56% |
| Enphase Energy, Inc ENPH | $39.25 | $24.15 | −38% |
| CSI Solar Co 688472 | ¥10.28 | ¥6.76 | −34% |
| Hengdian Group 002056 | ¥21.53 | ¥31.86 | +48% |
| Premier Energies Limited PREMIERENE | ₹1,017 | ₹648.94 | −36% |
| Trina Solar Co 688599 | ¥12.77 | ¥7.97 | −38% |
| JA Solar Technology Co 002459 | ¥6.81 | ¥3.32 | −51% |
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