First Solar
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 silico…
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.Priced within the modelled range
5-year outlook: Not shown because confidence is low: no second model to compare.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Showing the FCFF (steady state) you selected on the company card, using 17.66% growth, 3.25% terminal growth and 11.5% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 17.66%, discount rate 11.50%, terminal growth 3.25% (sector defaults). See a worked example.
Blended growth assumption: 17.7% (sector default 8.5%, own revenue history 15.6%, analyst revenue consensus 23.3%).
Analyst consensus expects revenue growth of 23.3% a year; the growth assumption used is 17.7%.
Adjust assumptions
Show the recommended model instead
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — USD 267.28 (+36.2%)
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EPS-based Gordon proxy
— USD 177.86 (-9.3%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— USD 267.28 (+36.2%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— USD 159.60 (-18.6%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— not applicable
Not used: Cannot be computed: EBITDA is missing, zero or negative.
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Fade DCF (10-year growth fade)
— USD 264.00 (+34.6%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— USD 192.86 (-1.7%)
Not used: Used only when cash-flow models land far below the price; here they do not.
| Bear USD 131.57 | -49.1% |
| Base USD 159.60 | -22.9% |
| Bull USD 205.58 | 4.6% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 73 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 4 of 5 years profitable | 16 / 20 |
| Cash generation | free cash flow positive in 2 of 5 years | 8 / 20 |
| Growth | revenue +17.6% a year | 20 / 20 |
Peers in Information Technology
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| FSLR (this company) | USD 195.20 | 26.3% | 11.3 | 1.9 | – | 73 |
| SMCI Supermicro | USD 28.63 | 47.6% | 9.0 | 1.4 | – | 60 |
| ADBE Adobe Inc. | USD 240.53 | 45.0% | 12.9 | 8.0 | – | 100 |
| SNDK Sandisk | USD 899.06 | 42.5% | 6.6 | 7.1 | – | 76 |
| INTU Intuit | USD 348.50 | 33.1% | 20.8 | 5.0 | 1.4% | 100 |
| IT Gartner | USD 194.70 | 32.3% | 12.9 | – | – | 92 |
| HPQ HP Inc. | USD 29.42 | 31.7% | 11.1 | – | 4.0% | 64 |
| GIB-A.TO CGI Inc. | CAD 115.51 | 26.9% | 13.9 | 2.4 | 0.6% | 90 |
| CRM Salesforce | USD 218.67 | 18.0% | 18.6 | 4.7 | 0.8% | 100 |
| Peer median | 12.9 | 4.8 | ||||
Annual financial statement
Saved annual report · Fiscal year 2025 · SEC EDGAR annual filings · period ended 31 Dec 2025
| Revenue | USD 5,219,376,000 |
|---|---|
| EBITDA | USD |
| EBIT | USD 1,596,864,000 |
| Net income | USD 1,528,229,000 |
| Free cash flow | USD 1,187,230,000 |
| Capital expenditures | USD -869,875,000 |
| Debt | USD 498,572,000 |
| Cash | USD 2,803,514,000 |
| Working capital | USD 3,774,730,000 |
| Shares outstanding | 107,537,000 |