At a glance
First Solar Inc is worth $19.57B, about 13 times its fiscal 2025 earnings. Revenue grew 24.1% to $5.22B in fiscal 2025, with 29.3% kept as profit; over 5 years it has grown 14.0% a year. It pays no dividend. The stock returned −31.8% over the past year with dividends reinvested and +8.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.1% in the 2020 crash (S&P 500: 33.7%) and 30.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 3 months after the lows.
The business in plain English
First Solar makes solar panels, called PV (photovoltaic) modules. It calls itself the world's largest maker of thin film modules and the largest module maker of any kind in the Western Hemisphere. Most solar panels are made from crystalline silicon. First Solar instead coats glass with a thin layer of cadmium telluride (CdTe), which uses roughly 2% to 3% as much semiconductor material. Its supply chain does not rely on Chinese crystalline silicon, and it has sold more than 93 GW (gigawatts) of modules.
Its business centers on supplying modules to customers that build solar power systems. Those customers often fund projects with loans and tax equity (money from investors who use the projects' tax credits), so interest rates affect demand. First Solar makes modules in Ohio, Alabama and Louisiana, plus Malaysia, Vietnam and India. Its 10-K, filed February 24, 2026, said a sixth US plant was expected to start in the second half of 2026. It also receives financial benefits from US tax incentives under the Inflation Reduction Act, as amended by the One Big Beautiful Bill Act of 2025.
In fiscal 2025, which ended December 31, 2025, revenue rose 24.1% to $5.22 billion and net income reached $1.53 billion. Its operating margin, the share of revenue left after production and running costs, was 30.6%.
Price history
The interactive chart needs JavaScript.
FSLR -31.8% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.23B, down 22.8% from a year earlier, and net income was $571.1M (+25.2%).
- For fiscal 2025, revenue was $5.22B (+24.1% year over year; +14.0% a year from FY2020 to FY2025) with a 29.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.0% good |
|---|---|
| Operating margin | 30.6% good |
| Free cash flow margin | 22.7% good |
| Return on equity (FY2025) | 16% good |
| Return on assets (FY2025) | 11.5% good |
| Net cash (cash minus debt) | $1.52B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.71B | $398.4M | $-379.5M |
| FY2021 | $2.92B | $468.7M | $-302.7M |
| FY2022 | $2.62B | $-44.2M | $-30.2M |
| FY2023 | $3.32B | $830.8M | $-784.5M |
| FY2024 | $4.21B | $1.29B | $-308.1M |
| FY2025 | $5.22B | $1.53B | $1.19B |
Valuation snapshot
| Market value | $19.57B |
|---|---|
| P/E ratio | 12.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
First Solar’s market value went from $3.33B at the end of 2016 to $19.57B on Nov 2, 2026, about 5.9 times as much; since the end of 2025 it is down 30%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $19.57B | -30.2% |
| 2025 | $28.03B | +48.6% |
| 2024 | $18.87B | +2.5% |
| 2023 | $18.41B | +15.3% |
| 2022 | $15.97B | +72.3% |
| 2021 | $9.27B | -11.6% |
| 2020 | $10.48B | +77.7% |
| 2019 | $5.90B | +32.6% |
| 2018 | $4.45B | -36.9% |
| 2017 | $7.05B | +111.5% |
| 2016 | $3.33B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FSLR price data to Nov 2, 2026 | -30.3% | -31.8% | +7.2% | +8.9% | +16.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -30.3% |
| 2025 | +48.2% |
| 2024 | +2.3% |
| 2023 | +15.0% |
| 2022 | +71.9% |
| 2021 | -11.9% |
| 2020 | +76.8% |
| 2019 | +31.8% |
| 2018 | -37.1% |
| 2017 | +110.4% |
| 2016 | -51.4% |
| 2015 | +48.0% |
| 2014 | -18.4% |
| 2013 | +77.1% |
| 2012 | -8.6% |
| 2011 | -74.1% |
| 2010 | -3.9% |
| 2009 | -1.9% |
| 2008 | -48.4% |
| 2007 | +795.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 21% over that stretch · deepest drop along the way 72%, back to its old high 210.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.4% over that stretch · deepest drop along the way 49.1%, back to its old high 3.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 43.2% over that stretch · deepest drop along the way 30.7%, back to its old high 2.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 9 sales ($3.8M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Jason E. Dymbort General Counsel and Secretary | sell (plan) | $923K |
| Aug 3, 2026 | Michael Koralewski Chief Supply Chain Officer | sell (plan) | $788K |
| Aug 3, 2026 | Michael Koralewski Chief Supply Chain Officer | sell (plan) | $763K |
| Aug 3, 2026 | Markus Gloeckler Chief Technology Officer | sell (plan) | $572K |
| Aug 4, 2026 | Markus Gloeckler Chief Technology Officer | sell (plan) | $206K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.8% | Jun 30, 2026 |
| Vanguard Capital Management | 7.3% | Mar 31, 2026 |
| G1 Execution Services, LLC | 7% | Jun 30, 2026 |
| Citadel Securities GP LLC | 6% | Oct 8, 2026 |
| SIG Brokerage, LP | 5.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.32% | Mar 31, 2026 |
| Capital Ventures International | 5.3% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| JANE STREET GROUP, LLC | 5.1% | Jun 30, 2026 |
| JPMORGAN CHASE & CO | 5.1% | Dec 31, 2024 |
| JPMORGAN CHASE & CO. | 3.2% | Jan 31, 2025 |
| FMR LLC | 1.7% | Mar 31, 2026 |
ETFs with the most weight in FSLR
| TAN Invesco Solar ETF | 11.33% |
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 8.45% |
| CTEC Global X CleanTech ETF | 6.92% |
| VCLN Virtus Duff & Phelps Clean Energy ETF | 5.79% |
| ICLN iShares Global Clean Energy ETF | 5.44% |
| PWER Macquarie Energy Transition ETF | 5.19% |
| ACES ALPS Clean Energy ETF | 4.98% |
| FXN First Trust Energy AlphaDEX Fund | 4.87% |
What could go wrong
- Few suppliers for tellurium and key inputs. Cadmium telluride, tellurium, substrate glass (the base sheet) and some customized manufacturing equipment come from one or a few suppliers. If a supplier fails to deliver, production could stall and customer deliveries could slip.
- Reliance on US tax incentives and trade policy. First Solar receives financial benefits from US tax incentives under the Inflation Reduction Act, as amended in 2025. If those benefits differ from its assumptions, or subsidies and tariffs change, demand and profits could fall.
- Large customers can cancel contracts. Customers ending contracts, in part or in full, have already reduced First Solar's net sales. Losing a large customer, or customers failing to honor their contracts, could cut sales significantly again.
- Price pressure from crystalline silicon rivals. It competes with many crystalline silicon panel makers. When global supply outruns demand, rivals may price near or below their own costs, pulling down module prices and First Solar's sales and margins.
- Warranty costs and technology falling behind. First Solar warrants module power output for up to 30 years. Quality problems could bring costly damages and warranty claims, and delays in improving its cadmium telluride technology could leave its modules uncompetitive.
- Higher interest rates can slow orders. Customers finance solar projects with borrowed money and tax equity, which is investment tied to the projects' tax credits. Higher rates or scarcer capital make projects harder to fund, which could reduce demand and module prices.
Recent events
- Quarterly results released; Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released
For income and retirement investors
First Solar pays no dividend. It spent nothing on dividends or share buybacks from FY2021 through FY2025, and its share count rose 1.1% between October 29, 2021 and July 24, 2026. For an income investor, that means no cash payouts. Any return depends on the share price, and drawing income would mean trimming shares. Free cash flow, the cash left after capital spending, was negative every year from FY2020 to FY2024 during a stretch of factory building, then turned positive at $1.19 billion in FY2025.
The price has swung sharply in downturns. During the 2008 financial crisis it fell 72%, from May 16 to November 20, 2008, and did not regain that high until June 3, 2026. In the 2020 COVID crash it dropped 49% but recovered by July 14, 2020. In the 2022 bear market it fell 31%, then recovered by July 29, 2022. Like any single stock, First Solar carries more risk than a diversified fund.
Questions investors ask
How does First Solar make money?
First Solar makes money by manufacturing solar panels, called PV modules, and supplying them to customers that build solar power systems. Its panels use thin film cadmium telluride (CdTe) instead of crystalline silicon and are made in Ohio, Alabama, Louisiana, Malaysia, Vietnam and India, without relying on Chinese crystalline silicon supply chains. In fiscal 2025, which ended December 31, 2025, revenue was $5.22 billion and net income was $1.53 billion. It also receives financial benefits from US tax incentives.
Does First Solar pay a dividend?
No. First Solar does not pay a dividend and spent nothing on dividends or share buybacks from FY2021 through FY2025. That means the stock provides no regular cash income, and any return comes from changes in the share price. Its 10-K says the company funds factory expansion mainly from cash generated by its operations. As of June 30, 2026, it held $1.73 billion in cash and investments against $37.6 million of total debt.
What is First Solar's P/E ratio?
First Solar's price-to-earnings (P/E) ratio was 12.4 as of October 28, 2026, based on fiscal 2025 earnings. P/E shows how many dollars investors pay for each dollar of yearly profit. Diluted earnings were $14.21 per share in fiscal 2025, and the company's market value was about $18.9 billion on October 28, 2026. Earnings have been uneven: First Solar lost $0.41 per share in fiscal 2022, then earned $7.74 in fiscal 2023 and $12.02 in fiscal 2024.
How volatile is First Solar stock?
Very volatile. As of October 28, 2026, its one-year beta was 1.78, meaning it has tended to move about 1.78 times as much as the broad market. Its one-year volatility, a measure of how widely the price swings, was 53.5%. The shares were down 32.5% year to date and 26.4% over one year. They fell 60% from peak to trough within the prior three years, and 96.2% in their worst-ever decline. Still, the price rose 15.8% a year on average over the 10 years to that date.
Which ETFs hold First Solar stock?
First Solar is held by 208 ETFs. The funds that give it the largest weights are mostly clean energy funds: Invesco Solar ETF (TAN) at 11.33% of assets, First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN) at 8.45%, Global X CleanTech ETF (CTEC) at 6.92% and iShares Global Clean Energy ETF (ICLN) at 5.44%. With weights that large, First Solar's price moves noticeably affect those funds. Among large shareholders, BlackRock reported owning 11.8% as of June 30, 2026.