First Solar, Inc. — Intrinsic Value & Fair Price

FSLR

NASDAQEnergySolarCIK 0001274494firstsolar.comAbout FSLR

Last close · Oct 16, 2026172.64−6.17 (−3.45%)

Market cap$18.6B

Model value · DCF · Perpetuity growth · 5y

127.83

First Solar closed at $172.64 — overvalued by 35% vs model.

102.81the model's range178.31

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models

34.80 – 298.97

Wall St. target

270.00 36% below

Above model, 1y

17 of 20 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $172.64 · as of Oct 17, 2026

DCF · Perpetuity growth · 5yused102.81 – 178.31127.8335% overvalued DCF · Perpetuity growth · 10y121.20 – 210.16151.0114% overvalued DCF · EBITDA exit · 5y201.36 – 403.38294.1741% undervalued DCF · EBITDA exit · 10y185.11 – 384.00270.1536% undervalued P/E · own history242.05 – 412.80296.4642% undervalued PEG—298.9742% undervalued EV/EBITDA · peers—267.3335% undervalued EV/Revenue · peers34.27 – 6,662.2334.80396% overvalued Wall St. consensus target—270.0036% below Cost of capital (WACC)—11.35%—

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input.

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How it is valued

Valued asCyclical

High revenue growth (~25% recent)High profitability (29% net margin)Highly cyclical earningsStrong FCF yield (6.4%)

What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for cyclical companies

P/E

12.1×

EV / EBITDA

7.5×

FCF yield

6.4%

Dividend yield, TTM

0.00%

Beta

1.79

Cost of capital (WACC)

11.35%

On the lists: #36 Lowest P/E · #2 Near 52-week lows · #24 Worst performing this year

Full financials

Superinvestors

13F · Q2 2026

John RogersAriel Investments, LLC$57.2M SorosSoros Fund Management LLC$926,143

All 2 holders

Analyst actions

third-party, quoted

10-16Jefferies · target199.00

10-15Barclays · target259.00

10-14Morgan Stanley · target326.00

10-12Truist Securities · “Buy” from “Hold”upgrade

Ratings, targets and estimates

Recent

filings, insider trades and key news

09-30Form 4 · AAhearn Michael J · 422 sh@ 0.00 09-30Form 4 · APOST WILLIAM J · 300 sh@ 0.00 09-30Form 4 · ASTEBBINS PAUL H · 300 sh@ 0.00 09-30Form 4 · ASweeney Michael T · 300 sh@ 0.00 09-30Form 4 · AGeorge Anita M. · 300 sh@ 0.00 07-3010-QQuarterly report

47 filings · 40 insider transactions

Comparable companies

by business, not by industry label

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The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just FSLR. No account.

About First Solar

First Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the engineering, manufacturing, and sale of cadmium telluride solar modules, which are designed to convert solar radiation directly into electricity. Its clientele is broad, serving system developers and operators, utility companies, independent power producers, commercial and industrial businesses, and various other system owners. Founded in 1999, the firm is based in Tempe, Arizona, and underwent a name change in 2006 from its former designation, First Solar Holdings, Inc.

CEO: Mark R. Widmar
Headquarters: Phoenix, AZ
Employees: 7,900
IPO: 2006-11-17

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.