# First Solar Inc. (FSLR) fundamentals

Data as of 2026-11-04. NASDAQ, United States. Sector: Technology / Semiconductors & Chip Equipment. Price $185.90, market value $20.0 billion.

## Valuation
- **P/E (trailing): 10.8×** (5-yr avg 18.8×, 3-yr avg 18.4×). First Solar Inc. trades at 10.8× trailing earnings, well below its own five-year average of 18.8×: cheap by its own standards. The Technology median in the September 2026 study was 32.1×. Forward P/E is 8.1×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.44**. A PEG of 0.44 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 4.0×**. Each dollar of revenue is priced at 4.0×.
- **Price / book: 1.8×**. The shares trade at 1.8× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 7.1×**. Enterprise value is 7.1× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 1.2%** (5-yr avg -1.0%). Free cash flow equals 1.2% of the market value, above its five-year average of -1.0%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 9.3%**. The inverse of the P/E: 9.3% of the price is earned each year.

## Profitability
- **Gross margin: 49.3%**. First Solar Inc. keeps 49.3% of revenue after the direct cost of what it sells.
- **Operating margin: 37.7%**. 37.7% of revenue is left after running the business, an exceptional level.
- **Net margin: 29.3%**. 29.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 16.0%**. 16.0% on shareholders' equity is solid.
- **Return on invested capital: 20.6%**. Return on all capital, debt included, is 20.6%: comfortably above what that capital costs.
- **Return on assets: 14.0%**. Each dollar of assets produces 14.0% of profit.

## Growth
- **Revenue growth (1 yr): 24.1%** (3-yr 25.8%/yr, 5-yr 14.0%/yr). Revenue grew 24.1% over the last year, against 14.0% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 18.2%** (5-yr 30.7%/yr). Earnings per share rose 18.2%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.05**. Debt is 0.05 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. First Solar Inc. holds more cash than debt.
- **Current ratio: 2.67** (quick 2.67). Current assets cover the next year's liabilities 2.67 times.
- **Altman Z-score: 5.30**. A Z-score of 5.30 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend: none**. First Solar Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (30 analysts). 30 analysts cover First Solar Inc.; the consensus is buy, with an average price target of $274.24 (+48% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -31.8%** (YTD -30.3%, 3-mo -21.8%). The shares are down 31.8% over twelve months including dividends.
- **From 52-week high: -42.1%** (12.1% above the low). Trading 42% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): 1.79** (volatility 54%). Beta of 1.79 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=FSLR · Page: https://foliofundamentals.com/stocks/fslr

Not investment advice.