---
title: First Solar (FSLR) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/fslr
ticker: FSLR
as_of: 2026-10-17
sector: Energy
industry: Solar
---
# First Solar (FSLR)

First Solar (FSLR) closed at $172.64 on Oct 16, 2026, overvalued by 35% vs its model value of $127.83 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $172.64 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $127.83 |
| Price vs model | overvalued by 35% vs model |
| Range of that model | $102.81 – $178.31 |
| Market value | $18.6B |
| P/E (fiscal 2025) | 12.1 |
| Net margin (fiscal 2025) | 29.3% |
| Free cash flow (fiscal 2025) | $1.2B |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 1.79 |
| Cost of capital (WACC) | 11.35% |
| Business classification | Cyclical (High revenue growth (~25% recent), High profitability (29% net margin), Highly cyclical earnings, Strong FCF yield (6.4%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Lowest P/E | #36 | 12.1× | https://sweetvaluelab.com/lists/lowest-pe |
| Near 52-week lows | #2 | +0.3% | https://sweetvaluelab.com/lists/near-52-week-lows |
| Worst performing this year | #24 | −33.9% | https://sweetvaluelab.com/lists/worst-performing-this-year |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $127.83 | $102.81 | $178.31 |
| DCF · Perpetuity growth · 10y | cross check | $151.01 | $121.20 | $210.16 |
| DCF · EBITDA exit · 5y | cross check | $294.17 | $201.36 | $403.38 |
| DCF · EBITDA exit · 10y | cross check | $270.15 | $185.11 | $384.00 |
| P/E · peers | cross check | $0.00 | $0.00 | $0.00 |
| P/E · own history | cross check | $296.46 | $242.05 | $412.80 |
| PEG | sanity check | $298.97 | $298.97 | $298.97 |
| EV/EBITDA · peers | cross check | $267.33 | $267.33 | $267.33 |
| EV/Revenue · peers | cross check | $34.80 | $34.27 | $6,662.23 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 9 open-market sales ($3.8M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | Ahearn Michael J | Director | Grant / award | 422 | $0 |
| Sep 30, 2026 | POST WILLIAM J | Director | Grant / award | 300 | $0 |
| Sep 30, 2026 | STEBBINS PAUL H | Director | Grant / award | 300 | $0 |
| Sep 30, 2026 | Sweeney Michael T | Director | Grant / award | 300 | $0 |
| Sep 30, 2026 | George Anita M. | Director | Grant / award | 300 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1274494/000127449426000170/fslr-20260630.htm |
| Jul 30, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1274494/000127449426000169/fslr-20260730.htm |
| May 15, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/1274494/000127449426000138/fslr-20260513.htm |
| Apr 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1274494/000127449426000109/fslr-20260331.htm |
| Apr 30, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1274494/000127449426000108/fslr-20260430.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| John Rogers | 2026-06-30 | 242,450 | $57.2M |
| Soros | 2026-06-30 | 3,925 | $926,143 |

2 tracked managers in all.

## About

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.

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Source: https://sweetvaluelab.com/stocks/fslr (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.