Valued at a market cap of $22.2 billion, First Solar (FSLR) is America’s leading solar panel manufacturer.
The global shift toward renewable energy continues to accelerate as solar energy increasingly outperforms all other sources of energy. According to IRENA, in 2024, solar power was on average about 41% cheaper than the cheapest fossil fuel power.
At the forefront of this transformation stands First Solar, which has established itself as the leading U.S.-based solar manufacturer, utilizing proprietary cadmium telluride technology.
FSLR stock presents a compelling investment opportunity that combines strong financial performance with a significant impact on clean energy infrastructure.
FSLR stock benefits from strong fundamentals and policy tailwinds, having achieved $1.1 billion in Q2 revenue with earnings per share of $3.18, exceeding guidance expectations.
First Solar stock has a Ziggma score of 98 and ranks in the top percentile in terms of growth, profitability, valuation, and financial health.
First Solar Stock Profile: Engineering Excellence in Clean Energy Technology
First Solar’s business segments include utility-scale solar module manufacturing and technology development across domestic and international facilities.
The firm’s manufacturing portfolio centers on cadmium telluride thin-film solar panels and associated technologies used in utility-scale installations.
First Solar operates advanced manufacturing facilities in Alabama, Louisiana, Ohio, Malaysia, Vietnam, and India, with a combined capacity exceeding 14 gigawatts.
The technology segment focuses on next-generation solar innovations, including improvements to the CuRe technology platform and the development of perovskite semiconductors.
Rather than slow down, analysts project FSLR’s revenue to grow exponentially over the next two years.
In the June quarter, First Solar reported revenue of $1.1 billion. It ended Q2 with a contracted backlog of 61.9 gigawatts valued at $18.5 billion.
The company maintains strong liquidity with $1.2 billion in cash and marketable securities.
FSLR stock has demonstrated consistent operational excellence, with gross margins of 46% in Q2, up from 42.5% in the last 12 months.
FSLR Stock: Sustainability Leadership in Clean Energy Innovation
First Solar is an impact leader across various verticals, including climate action and clean water access. The solar manufacturer addresses climate challenges by providing domestically-manufactured clean energy solutions that reduce dependence on foreign supply chains.
Corporate governance ensures environmental considerations are integrated throughout product development and manufacturing operations. This systematic approach helps embed sustainability into core business decisions while maintaining competitive manufacturing efficiency.
The company’s thin-film technology demonstrates a measurable environmental impact, delivering up to five times the energy return on investment compared to crystalline silicon panels manufactured in China. This approach reduces lifecycle carbon emissions while supporting the objectives of energy independence.
First Solar actively pursues environmental stewardship through resource conservation initiatives, achieving a near doubling of water recycling volumes for two consecutive years and diverting 88% of waste from disposal.
Product innovation focuses on developing technologies that maximize energy generation efficiency while minimizing environmental impact, supporting global decarbonization efforts through domestically produced renewable energy infrastructure.
The Bull Case for First Solar Stock
First Solar has consistently delivered strong financial performance while expanding domestic manufacturing capacity and technological capabilities.
Revenue Growth: Q2 sales reached $1.1 billion, driven by strong demand for U.S.-manufactured modules and a favorable product mix.
Strong Profitability: Gross margin of 46% reflects operational excellence and manufacturing tax credit benefits
Valuation: FSLR’s valuation score is 98, reflecting an attractive valuation of 13.5x next year’s earnings, particularly when factoring in 27% projected earnings growth.
Market Leadership: First Solar maintains a dominant U.S. manufacturing position with proprietary thin-film technology and expanding capacity
First Solar’s growth strategy centers on multiple expansion opportunities. It continues to expand its domestic capacity, with the completion of the Louisiana facility expected in October 2025, which will bring total U.S. nameplate capacity to over 14 gigawatts by 2026 – still just a fraction of the 61 gigawatts backlog.
Technology development represents another strong growth driver, with CuRe platform improvements delivering enhanced energy profiles and manufacturability. The new perovskite development line in Perrysburg demonstrates progress toward commercializing next-generation solar technology.
Policy tailwinds provide significant competitive advantages following recent reconciliation legislation. New FEOC restrictions severely limit Chinese manufacturers’ access to U.S. manufacturing tax credits, while domestic content requirements incentivize procurement of American-made products.
First Solar’s positive impact extends beyond financial metrics, as the company’s core mission involves advancing American energy independence through domestic clean energy manufacturing.
Management maintains full-year 2025 guidance, with net sales expected to be between $4.9 billion and $5.7 billion, and earnings per share of $13.50 to $16.50. The guidance incorporates recent tariff developments while reflecting strong demand for U.S.-manufactured products through 2028.
Conclusion: A Driving Force in the Planet’s Clean Energy Future
As America’s leading solar manufacturer, FSLR stock is positioned to benefit from continued renewable energy expansion while supporting domestic energy security objectives worldwide.
Analysts tracking FSLR stock forecast revenue to increase from $4.2 billion in 2024 to $7.4 billion in 2029. During this period, adjusted earnings are expected to grow from $12 per share to $32 per share.
If FSLR stock is priced at 15x forward earnings, which is a reasonable valuation, it should more than double within the next four years.
Given the company’s strategic position and policy tailwinds, FSLR stock represents compelling value for investors seeking exposure to growth in clean energy.
FAQs
What is the market cap of First Solar stock?
First Solar stock is valued at a market cap of $23.5 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.