First Solar shows that building world-class solar technology and delivering strong investor returns aren’t competing goals—they’re mutually reinforcing.
As the global energy system races toward electrification, First Solar is one of the few companies positioned to meet both climate needs and economic demand.
Revenue hit $1.5 billion in Q3 with EPS of $4.24, beating expectations, while the company continues to accelerate the transition to domestically-produced clean energy. With solar now 41% cheaper than the cheapest fossil fuels, First Solar stands at the center of one of the most transformative—and societally essential—shifts of our time.
First Solar Stock Profile: Engineering the Backbone of America’s Solar Infrastructure
First Solar is the leading U.S.-based solar manufacturer, specializing in cadmium telluride thin-film technology, a differentiated platform engineered for utility-scale installations. Unlike competitors reliant on China-centric crystalline silicon supply chains, First Solar designs, develops, and manufactures in the U.S. and allied countries.
The company operates advanced manufacturing facilities in Alabama, Louisiana, Ohio, India, Malaysia, and Vietnam, representing over 14 GW of production capacity. Its technology division focuses on next-generation advancements—including CuRe platform upgrades and perovskite semiconductor development.
Demand for First Solar’s modules is accelerating. The company ended Q3 with a 53 GW contracted backlog valued at $16.4 billion, while reporting $1.6 billion in June-quarter revenue and maintaining $2 billion in cash with minimal leverage (0.1x debt/equity).
With utility-scale solar poised to be one of the fastest-growing sources of global power generation, First Solar is the core infrastructure enabling the clean energy transition.
Financial Strength: High Margins, Strong Liquidity, and Expanding Capacity
First Solar’s operating performance continues to outperform expectations, earning the company a Ziggma Score of 98—placing it in the top percentile across growth, profitability, valuation, and financial health.
Key Financial Highlights
✔️ Q3 revenue: $1.5B, beating guidance
✔️ EBITDA margin: 69%, up from 62.5% a year earlier
✔️ Cash & marketable securities: $2B
✔️ Debt/equity ratio: 0.1x
✔️ Backlog: 53 GW, supporting multi-year visibility
First Solar’s cost discipline, tax credit benefits, and proprietary technology result in some of the strongest margins in global renewable manufacturing.
And momentum is building. Revenue is projected to nearly double over the next two years as new U.S. factories come online and domestic content incentives expand the addressable market.
Positive Impact: Accelerating Decarbonization and Strengthening Energy Independence
Few companies deliver as direct and measurable an environmental impact as First Solar.
Core Impact Drivers
✔️Climate action: Thin-film modules generate up to 5x the energy return of silicon panels from China and have significantly lower lifecycle emissions.
✔️ Energy independence: Domestic production reduces dependence on volatile foreign supply chains.
✔️ Water & waste leadership: Water recycling nearly doubled for two straight years; 88% of waste diverted from disposal.
The company’s technology also supports the scaling of renewable energy needed to power new energy-intensive sectors—most notably AI. As Princeton’s ZERO Lab and other researchers highlight, renewables are the fastest way to meet surging AI electricity demand while reducing strain on the grid.
Grid transformation is unavoidable—and First Solar is essential to it.
✔️ Nearly 80% of planned new power plants are renewable.
✔️Solar and wind remain the cheapest and fastest grid additions.
✔️ Batteries + solar offer significant interconnection advantages, potentially cutting wait times by up to five years.
First Solar fits squarely into an impact portfolio: its core business is climate-critical, its supply chain is ethical and transparent, and its technology reduces emissions across the entire energy ecosystem.
The Investment Thesis: Technology Leadership, Policy Tailwinds, and Multi-Year Visibility
Several structural factors position First Solar for durable value creation:
1. A Dominant U.S. Manufacturing Position
Expanding capacity in Louisiana (2025 completion) will bring U.S. nameplate output above 14 GW by 2026—yet this still covers only a portion of its 61 GW+ demand pipeline.
2. Proprietary Technology Edge
Cadmium telluride thin-film panels outperform in hot climates and have lower carbon intensity.
CuRe platform and perovskite R&D expand long-term efficiency and cost advantages.
3. Powerful Policy Tailwinds
FEOC rules restrict Chinese competitors from U.S. tax credits.
Domestic content requirements incentivize utilities to source American-made panels—directly benefiting First Solar.
4. High Profitability and Efficient Capital Use
EBITDA margins of 69% and industry-leading cost structures support strong reinvestment and expansion.
5. Massive Multi-Year Backlog
The 53 GW, $16.4B backlog provides revenue clarity through 2028 and beyond.
The Investment Thesis: Technology Leadership, Policy Tailwinds, and Multi-Year Visibility
Why First Solar Belongs in Impact-Aligned Growth Portfolios
First Solar represents the rare mix of:
- Top-tier financial quality (Ziggma Score: 98)
- Industry leadership in clean energy manufacturing
- Structural demand from electrification, AI, and decarbonization
- Policy support boosting domestic producers for years to come
- Quantifiable climate impact with low-carbon, high-efficiency technology
Analysts expect revenue to rise from $4.21B in 2024 to $7.1B in 2029, with EPS surging from $12 to $33.20 over the same period.
If priced at 17× forward earnings, FSLR could double as earnings compound.
As America’s leading solar manufacturer, First Solar offers one of the purest ways to invest in the future of clean energy—where global decarbonization and shareholder value creation move forward together.
This is precisely what a “Good Stock” looks like:
impact at scale + technology leadership + long-term financial strength.
FAQs
What is the market cap of First Solar stock?
First Solar stock is valued at a market cap of $27 billion.
Does FSLR stock pay shareholders a dividend?
No, FSLR stock does not pay shareholders a dividend in 2025.
Is FSLR stock a good buy?
Given its growth estimates, First Solar stock remains a compelling investment right now.
Disclaimer: We believe the information contained in this text to be reliable but do not warrant its accuracy or completeness. Opinions, estimates, and investment strategies and views expressed in this document constitute our judgment based on current market conditions available data and are subject to change without notice. Please consider your full financial situation prior to making an investment decision.