First Solar Inc (FSLR) fair value: what the stock is really worth
We calculate from audited financials what First Solar Inc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
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Technology · US · Market cap $22.9B · ISIN US3364331070
At a glance
FSFirst Solar IncFSLR · US
Price$213.25
Fair Value$392.12
Upside+83.9%
Quality65/100
A solid business, trading 46% below our fair value of $392.12.
As of Sep 6, 2026, the fair value of First Solar Inc is $392.12 per share against a price of $213.25, so the fair value sits 84% above the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +14.0 %/yr)
✓Highly profitable · 30.7% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (11/14)
✓Wide moat 84/100
Evidence: HighRange $224.18 to $484.78
Fair value as of: Sep 6, 2026
From 24 valuation models · updated 4 days ago
Share price −14.7% over the past month.
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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 Sep 6, 2026.
How to read this chart
60‑month range $61.40 – $318.25 · fair‑value band $224.18 – $484.78 · the $213.25 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 Sep 6, 2026.
First Solar Inc (FSLR) currently trades at $213.25, while our model-based Fair Value estimate is $392.12, implying the stock looks roughly 45.6% 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 $213.25 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 Sep 6, 2026
Scenario range: $224.18 (bear) to $484.78 (bull), the price of $213.25 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 32% below its 52-week high and 57% 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 84%, FSLR screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then ($10.72 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
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Key figures & financial health
P/E ratio13.8
P/S ratio4.03P/E × margin
EPS (TTM)$15.49price ÷ EPS = P/E 13.8
Net margin29.3%FY2025
Return on equity18.4%TTM
Return on assets (EBIT)8.0%avg 5y
More key figures
Profitability
Operating margin33.1%TTM
Growth
Revenue (TTM)$5.4BTTM
Revenue growth (YoY)+23.6%3y avg +25.8%
EPS growth (YoY)+65.1%
Balance sheet & cash flow
Free cash flow$1.2BFY2025
Net cash$2.3BFY2025
Figures from reported company fundamentals · as of Sep 6, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality65/100
Of which business quality 66
· Market factors (momentum, volatility) 30
Profitability56
Margins and returns on capital today
Quality Growth54
Are margins and returns improving?
Cashflow72
Earnings quality: real cash, not paper profit
Fin. Strength94
Balance sheet, leverage, solvency risk
Investment14
Disciplined investing over empire-building
Low Volatility10
Calm price path (market factor)
Momentum42
Price trend over the last 3–12 months (market factor)
52W Momentum34
Distance to the 52-week high (market factor)
Net Issuance80
Buybacks instead of dilution
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.
Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$5.2B
Latest YoY
+24.1%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+25.8%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.0%
Avg. revenue growth/yr (23Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+49.7%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
+38.9%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+38.9%
Dividend yield0.0%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 28.5% vs 10Y 11.3%, picking up
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11.7% (2020) → 32.3% (2025) · rising
Worst earnings drop158% (2022) (loss year, drop beyond 100%) · in USD
Revenue+15.6%/yr
FY21$2.9B
FY22$2.6B
FY23$3.3B
FY24$4.2B
FY25$5.2B
Net income+34.4%/yr
FY21$469M
FY22−$44.2M
FY23$831M
FY24$1.3B
FY25$1.5B
Character of growth · EPS growth decomposed (2014-2025)+9.3 % p.a.
Revenue per share+0.7 %
of which total revenue +1.3 % · buybacks/dilution −0.6 %
EBIT margin+7.6 %
Tax rate+0.0 %
Residual (interest, one-offs)+0.8 %
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).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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
Quality Score65 · Top 25%
Fair Value upside+92% · Top 25%
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)31% · Top 25%
Operating margin (TTM)33% · Top 25%
Growth and dividend
Revenue growth24% · Above median
Balance sheet
Debt / equity0.03× · Lowest 25%
Valuation Multiples vs Solar median · lower = cheaper
P/E (TTM)13.8× · Cheapest 25%
P/B2.57× · Pricier than median
P/S (TTM)4.52× · Priciest 25%
P/FCF20.6× · Priciest 25%
EV/EBITDA9.7× · Pricier than median
PEG0.60× · Cheaper than median
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must First Solar Inc deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+7.2 % per year
Achieved revenue growth, 5 years+14.0 % p.a.
Sector median revenue growth+8.2 %
FCF yield on price5.18 %
Discount rate (WACC) in the models10.5 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
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.
This stockSector peers
VALUE100· sector 8
FUTURE100· sector 0
PAST74· sector 0
HEALTH99· sector 86
DIVIDEND0· sector 27
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Solar stocks, each showing price versus our Fair Value estimate (as of Sep 6, 2026).
Is First Solar Inc (FSLR) overvalued or undervalued?
As of Sep 6, 2026, our model estimates a fair value of $392.12 versus a price of $213.25, about +84% upside (undervalued).
What is the fair value of FSLR?
Our model-based fair value for First Solar Inc is $392.12 (as of Sep 6, 2026), built from audited fundamentals. The current price: $213.25.
What is the quality score of FSLR?
First Solar Inc has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Solar Inc (FSLR)?
Our model-based price target is the fair value of $392.12 (as of Sep 6, 2026) from 24 valuation models. Cautious scenario $224.18, optimistic scenario $484.78. It is a calculation from audited fundamentals, not an analyst target.
What is the First Solar Inc stock forecast for 2026?
Our models put fair value at $392.12, about +84% upside versus a price of $213.25 (undervalued). Cautious scenario $224.18, optimistic scenario $484.78. The calculation is refreshed regularly with new filings.
What is the revenue of First Solar Inc (FSLR)?
First Solar Inc reported trailing-twelve-month revenue of about $5.4B (latest available figure, as of Sep 6, 2026).
What is the net profit margin of FSLR?
The net profit margin of First Solar Inc is about 30.7%, meaning it keeps roughly 30.7% of revenue as net income. Based on the latest reported figures.
What growth is priced into First Solar Inc (FSLR)?
For today's price to be fair in a discounted-cash-flow model, First Solar Inc would have to grow free cash flow by +7.2 % per year for ten years (discount rate 10.5 %, then 2 % perpetual growth). Over the last 5 years revenue grew +14.0 % per year. As of Sep 6, 2026.
What discount rate (WACC) does the fair value of FSLR use?
Our models discount First Solar Inc at 10.5 %: a base by market capitalisation (large), damped by beta 1.56, country premium for USA. The same rate applies in all 26 models.
What is the intrinsic value of First Solar Inc (FSLR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Solar Inc it is $392.12 per share (as of Sep 6, 2026), against a price of $213.25. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is First Solar Inc stock overvalued or undervalued in 2026?
As of Sep 6, 2026, FSLR trades below its calculated fair value: price $213.25, fair value $392.12, a gap of about +84% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FSLR?
No. The price is what the market pays today ($213.25); the fair value is what the company's own numbers justify ($392.12). For First Solar Inc the two are $178.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Solar Inc worth?
The market values First Solar Inc at about $22.9B (market capitalisation, as of Sep 6, 2026). Per share that is $213.25; our models calculate a fair value of $392.12 per share.
What do the bullish and bearish scenarios say about FSLR?
Our models span a range for First Solar Inc: cautious scenario $224.18, base $392.12, optimistic $484.78 per share (as of Sep 6, 2026, price $213.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FSLR?
First Solar Inc trades at a price-to-earnings ratio of 13.8 (as of Sep 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $392.12 is built from several models across several years. Other multiples: PEG 0.6, P/B 2.6, P/S 4.5, EV/EBITDA 9.7.
What is the PEG ratio of FSLR?
The PEG ratio of First Solar Inc is 0.60 (P/E divided by earnings growth, as of Sep 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of First Solar Inc (FSLR)?
Balance-sheet figures for First Solar Inc (as of Sep 6, 2026): return on equity 18.4%, debt of 0.03 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is FSLR from its 52-week high?
First Solar Inc trades at $213.25, about 32% below its 52-week high of $313.75 and 57% above the low of $135.50 (as of Sep 6, 2026). Distance from the high says nothing about value: that is what the fair value of $392.12 is for.
Which stocks are comparable to First Solar Inc?
From the same area (Technology) we also value Nextpower Inc, Waaree Energies Limited, Tongwei Co, Jinko Solar Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Solar Inc stock attractive at the current price?
The data as of Sep 6, 2026: price $213.25, calculated fair value $392.12 (+84%), Quality Score 65/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FSLR calculated?
We run First Solar Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $392.12, with the spread shown as a cautious and an optimistic scenario.
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First Solar Inc
FSLR · US