# First Solar, Inc. (FSLR)

> Source: Nexqual · https://nexqual.com/FSLR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, First Solar, Inc. (FSLR), nexqual.com/FSLR" · informational, not investment advice.

**Price:** USD 171.25 (-2.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 174.82 · day 168.63–172.85 · 52w 168.6–320.95 · market cap $18.4B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.38B, net income $1.75B (32.5% margin), free cash flow $1.50B (SEC filings).
- Valuation: P/E 10.5x (avg 18.5x at the last 3 fiscal year-ends), EV/EBITDA 7.0x, net cash $1.69B.
- 1 of 80 tracked superinvestors hold FSLR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 28 Form 4 filings, $15.5M; 12 not under a Rule 10b5-1 plan ($1.0M); 14 by opportunistic insiders (5 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -25.2% vs S&P 500 +14.9%; 5Y +61.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 4.64, revenue estimate $1.29B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.92B | $2.62B | $3.32B | $4.21B | $5.22B | $5.38B |
| Gross profit | $730M | $69.9M | $1.30B | $1.86B | $2.12B | — |
| Operating income | $587M | -$27.2M | $857M | $1.39B | $1.60B | $1.81B |
| Net income | $469M | -$44.2M | $831M | $1.29B | $1.53B | $1.75B |
| EPS (diluted) | $4.38 | -$0.41 | $7.74 | $12.02 | $14.21 | — |
| Free cash flow | -$303M | -$30.2M | -$785M | -$308M | $1.19B | $1.50B |
| Gross margin | 25.0% | 2.7% | 39.2% | 44.2% | 40.6% | — |
| Operating margin | 20.1% | -1.0% | 25.8% | 33.2% | 30.6% | 33.6% |
| Net margin | 16.0% | -1.7% | 25.0% | 30.7% | 29.3% | 32.5% |
| Revenue growth | +7.8% | -10.4% | +26.7% | +26.7% | +24.1% | — |
| Cash + short-term investments | $1.83B | $2.58B | $2.10B | $1.79B | $2.86B | — |
| Total debt | $247M | $185M | $560M | $610M | $499M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.5x · P/S 3.4x · EV/EBITDA 7.0x · EV/Sales 3.1x · P/FCF 12.3x · P/B 1.8x · FCF yield 8.15% · Earnings yield 9.49% · Net cash $1.69B · EV $16.7B
P/E at fiscal year-ends: Dec 2025 18.4x, Dec 2024 14.7x, Dec 2023 22.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold FSLR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 0.57% | $57.2M | Reduced -10.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
16 of 28 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Gloeckler Markus | Chief Technology Officer | 800 | $139K | 13.7% | Yes (adopted May 4, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | Gloeckler Markus | Chief Technology Officer | 800 | $160K | 12% | Yes (adopted May 4, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17 | Sloan Samantha L. | EVP, Corporate Affairs | 127 | $28K | 5.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Dymbort Jason E. | General Counsel and Secretary | 3,700 | $923K | 39.7% | Yes (adopted May 12, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03…2026-08-04 | Gloeckler Markus | Chief Technology Officer | 4,254 | $955K | 39% | Yes (adopted May 4, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03 | Koralewski Michael | Chief Supply Chain Officer | 7,000 | $1.6M | 47.8% | Yes (adopted May 4, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Buehler Patrick James | Chief Product Officer | 3,000 | $906K | 40.5% | Yes (adopted March 4, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-28 | Stockdale Caroline | Chief People and Comm. Officer | 10,628 | $2.9M | 30.9% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-22…2026-05-26 | Widmar Mark R | Chief Executive Officer | 7,172 | $1.9M | 8.1% | Yes (adopted November 6, 2025) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-21 | Verma Kuntal Kumar | Chief Manufacturing Officer | 582 | $146K | 10.5% | Yes (adopted November 26, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-21 | Widmar Mark R | Chief Executive Officer | 4,815 | $1.2M | 5.1% | Yes (adopted November 6, 2025) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-11…2026-05-13 | Widmar Mark R | Chief Executive Officer | 11,226 | $2.6M | 10.7% | Yes (adopted November 6, 2025) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-11…2026-05-13 | Verma Kuntal Kumar | Chief Manufacturing Officer | 3,671 | $850K | 39.8% | Yes (adopted November 26, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Verma Kuntal Kumar | Chief Manufacturing Officer | 270 | $59K | 2.8% | Yes (adopted November 26, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Theurer Nathan B. | VP - Global Controller and CAO | 31 | $7K | 100% | Yes (adopted May 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-06 | Dymbort Jason E. | General Counsel and Secretary | 228 | $50K | 2.4% | Yes (adopted November 13, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Antoun Georges | Chief Commercial Officer | 566 | $122K | 2.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Bradley Alexander R. | Chief Financial Officer | 498 | $107K | 1.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Koralewski Michael | Chief Supply Chain Officer | 215 | $46K | 1.4% | No | Too little history (no open-market trades in 2023) |
| 2026-05-05 | Buehler Patrick James | Chief Product Officer | 235 | $51K | 3.1% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | JP Morgan | Target lowered | Overweight | $256 → $252 |
| 2026-10-15 | Barclays | Target lowered | Overweight | $279 → $259 |
| 2026-10-14 | Morgan Stanley | Target raised | Overweight | $323 → $326 |
| 2026-10-12 | Truist Securities | Upgrade | Hold → Buy | $229 → $270 |
| 2026-10-08 | Goldman Sachs | Target lowered | Buy | $310 → $272 |
| 2026-09-30 | Piper Sandler | Target lowered | Overweight | $260 → $251 |
| 2026-09-28 | Keybanc | Upgrade | Underweight → Sector Weight |  |
| 2026-09-22 | GLJ Research | Target lowered | Buy | $315 → $250 |
| 2026-09-09 | Piper Sandler | Initiated | Overweight | $260 |
| 2026-08-27 | BMO Capital | Upgrade | Market Perform → Outperform | $237 → $263 |
| 2026-08-26 | Deutsche Bank | Target raised | Buy | $272 → $299 |
| 2026-08-26 | Argus Research | Reiterated | Buy | $275 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -25.2% | +61.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -25.3% | +10.0% |
| Volatility (annualized) | 54.6% | 54.3% |
| Max drawdown | -46.2% (Jun 2026→Oct 2026) | -54.5% (May 2024→Apr 2025) |

## Peers (Solar)
NXT (Nextpower Inc.) USD 77.63 -5.06% · ENPH (Enphase Energy, Inc.) USD 31.35 -2.00% · SEDG (SolarEdge Technologies, Inc.) USD 32.94 -0.75% · RUN (Sunrun Inc.) USD 7.7 +1.05% · SHLS (Shoals Technologies Group, Inc.) USD 7.73 -2.83% · CSIQ (Canadian Solar Inc.) USD 9.22 -6.21%

## More
Full page: https://nexqual.com/FSLR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $4.99B | 95.7% | +27.9% |
| India | $195.6M | 3.7% | -3.0% |
| Allotherforeigncountries | $22.8M | 0.4% | -65.1% |
| France | $6.3M | 0.1% | -81.7% |
| Total revenue | $5.22B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 11%, 10% of revenue from unnamed direct customers (10-K, filed 2026-02-24).

## Company outlook (8-K filed 2026-07-30)

- "Guidance • Net sales of $1.06 billion, a decrease of 4% year-over-year • Net income per diluted share of $3.92, an increase of 23% year-over-year • Adjusted EBITDA 1 of $644 million • Gross and net cash balance of $1.7 billion • Contracted sales backlog of 45.1 GW as of June 30, 2026 PHOENIX, Arizona, July 30, 2026 – First Solar, Inc."
- "(Nasdaq: FSLR) (the "Company"), America's leading PV solar technology and manufacturing company, today announced financial results for the second quarter ended June 30, 2026 and reaffirmed its 2026 guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.64 | $5.19 | -10.7% | $1.29B | 22 |
| Next quarter (ends 2026-12-31) | $5.63 | $5.98 | -5.8% | $1.62B | 22 |
| Current fiscal year (ends 2026-12-31) | $17.46 | $17.35 | +0.6% | $5.03B | 31 |
| Next fiscal year (ends 2027-12-31) | $23.42 | $23.24 | +0.8% | $5.94B | 31 |