First Solar
Builds cadmium-telluride thin-film solar modules for utility-scale power projects.
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Profile
Designs and manufactures Series 6 Plus and Series 7 cadmium-telluride thin-film solar modules, with recycling services for end-of-life products. Most modules go to U.S. utility-scale projects, and results are closely tied to domestic manufacturing tax credits, trade policy, and a concentrated base of large customers.
Designs, manufactures, and sells Series 6 Plus and Series 7 photovoltaic modules built on cadmium-telluride thin-film semiconductor technology. A vertically integrated, continuous-flow process turns coated glass into finished modules, while research programs target module efficiency, durability, and manufacturing productivity. Recycling services recover glass and semiconductor material from end-of-life modules.
Manufacturing spans the United States, Malaysia, Vietnam, and India, with most modules sold to customers developing U.S. projects. Sales are concentrated among utility-scale system developers, independent power producers, utilities, and large energy users. Results depend on module pricing, long-term customer contracts, limited-source raw materials, and continued U.S. manufacturing and project tax incentives shaped by energy and trade policy.
Company facts
Categories
Key statistics
Year to date −25.5% · Average volume (30d) 2.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Raymond James | Initiate | Market Perform | |||
| Aug 27, 2026 | H.C. Wainwright | Initiate | Buy | |||
| Aug 27, 2026 | Deutsche Bank | Downgrade | Buy | Hold | ||
| Aug 27, 2026 | BMO Capital | Downgrade | Outperform | Market Perform | $263 | $265 |
| Aug 27, 2026 | Citigroup | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $2.90 | $3.92 | +35.2% | $1.06B | $1.06B | −0.6% | +2.44% |
| Apr 30, 2026Q1 FY26 | $3.03 | $3.22 | +6.3% | $1.03B | $1.04B | +0.9% | +4.86% |
| Feb 24, 2026Q4 FY25 | $5.14 | $4.84 | −5.8% | $1.57B | $1.68B | +7.3% | −13.61% |
| Oct 30, 2025Q3 FY25 | $4.24 | $4.24 | 0.0% | $1.58B | $1.59B | +1.2% | +14.28% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $844.6M | $1.10B | $1.59B | $1.68B | $1.04B | $1.06B | |
| Gross profit | $344.4M | $499.9M | $610.7M | $665.3M | $486.1M | $605.0M | |
| Operating income | $221.2M | $361.6M | $466.1M | $547.9M | $345.3M | $450.4M | |
| Net income | $209.5M | $341.9M | $455.9M | $520.9M | $346.6M | $422.6M | |
| Diluted EPS | $1.95 | $3.18 | $4.24 | $4.84 | $3.22 | $3.92 | |
| Gross margin | 40.8% | 45.6% | 38.3% | 39.5% | 46.6% | 57.3% | |
| Operating margin | 26.2% | 33.0% | 29.2% | 32.6% | 33.1% | 42.6% |
Fiscal years (4-quarter sums)FY21 $2.92B · FY22 $2.62B · FY23 $3.32B · FY24 $4.21B · FY25 $5.22B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.73B · Total debt $194.0M · Total assets $13.39B · Shareholders' equity $10.32B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 107.47M · Float 101.63M · 94.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 14.03M | 13.05% | 13F | Aug 7, 2026 |
| Mary Wilkie Ebrahimi | 6.88M | 6.42% | 13D | Dec 10, 2024 |
| Vanguard Capital Management LLC | 6.84M | 6.36% | 13F | Aug 13, 2026 |
| SIG Brokerage, LP | 6.36M | 5.90% | 13G | May 15, 2025 |
| Capital Ventures International | 5.72M | 5.30% | 13G | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Samantha L. Sloan | officer: EVP, Corporate Affairs | −127 | $222.95 |
| Aug 11, 2026 | Jason E. Dymbort | officer: General Counsel and Secretary | −3,700 | $249.38 |
| Aug 3, 2026 | Michael Koralewski | officer: Chief Supply Chain Officer | −7,000 | $221.51 |
| Aug 4, 2026 | Markus Gloeckler | officer: Chief Technology Officer | −829 | $248.00 |
| Aug 3, 2026 | Markus Gloeckler | officer: Chief Technology Officer | −3,425 | $218.95 |
Peers
- JinkoSolar (ADR)
World's largest c-Si module maker; primary US utility-scale procurement rival.
- Canadian Solar
c-Si module maker + US utility-scale developer; record 8.1 GW to US in 2025.
- Enphase Energy
Residential microinverter leader; competes on distributed solar economics.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| First Solar | $205.40 | +0.47% | $21.97B | 12.6 | 9.7 | 4.1 | −3.7% |
| JinkoSolar (ADR) | $13.54 | −0.22% | $177.3M | — | — | 0.0 | −27.7% |
| Canadian Solar | $13.10 | −0.19% | $892.2M | — | — | 0.2 | −28.7% |
| Enphase Energy | $37.35 | +0.24% | $4.92B | 37.3 | 19.0 | 3.7 | −19.6% |
| Median | 37.3 | 19.0 | 0.2 | −27.7% |