Latest revenue
$1.04B
as of 2026-03-31
Latest net income
$346.6M
as of 2026-03-31
Net margin
33.2%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $27.71B
- Enterprise value
- $25.81B
- P/E (trailing)
- 18.1×
- Forward P/E
- —
- P/B
- 2.80×
- Dividend yield
- 0.0%
- 52-wk high
- $285.99
- 52-wk low
- $135.50
- Beta
- —
- Shares out
- 107.5M
5-year trend
What this company does
First Solar designs and manufactures thin-film cadmium telluride solar panels for utility-scale power plants, operating factories across the US and abroad. The company earns revenue almost entirely by selling these modules to solar project developers and utilities, with Q1 2026 sales hitting $1.04 billion and net income jumping 65% year-over-year to $347 million. First Solar is riding a major US manufacturing expansion fueled by Inflation Reduction Act tax credits, reflected in $823 million of government grants receivable on the balance sheet.
Generated from FSLR's filing dated 2026-02-24
Key risks
- Heavy dependence on IRA Section 45X tax credits: government grants receivable ballooned to $823M (current+noncurrent) from $625M, exposing earnings to policy reversal risk
- Negative operating cash flow of $215M in Q1 2026 despite $347M net income, driven by $145M inventory build and $205M grants receivable growth
- Deferred revenue declined to $1.79B from $1.82B with $223M long-term portion drop, signaling potential backlog conversion or customer pushout risk
Generated from FSLR's filing dated 2026-02-24
Profitability
Gross margin
40.6%
8.0%Operating margin
30.6%
7.7%Net margin
29.3%
4.7%Return on equity
16.0%
1.1%Return on assets
11.5%
7.7%Leverage
Debt / equity
0.40×
23.7%Long-term debt / equity
0.03×
36.7%Debt / assets
28.4%
17.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.04B | +23.6% | $346.6M | +65.4% | 33.2% |
Q4 2025 2025-12-31 | $1.68B | +11.1% | $520.9M | +32.5% | 31.0% |
Q3 2025 2025-09-30 | $1.59B | +79.7% | $455.9M | +45.7% | 28.6% |
Q2 2025 2025-06-30 | $1.10B | +8.6% | $341.9M | -2.1% | 31.2% |
Q1 2025 2025-03-31 | $844.6M | +6.4% | $209.5M | -11.4% | 24.8% |
Q4 2024 2024-12-31 | $1.51B | — | $393.1M | — | 26.0% |
Q3 2024 2024-09-30 | $887.7M | +10.8% | $313.0M | +16.6% | 35.3% |
Q2 2024 2024-06-30 | $1.01B | +24.6% | $349.4M | +104.8% | 34.6% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Semiconductors & Related Devices · SIC 3674
Your notes
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Insider activity
Insider buying
$0
Insider selling
$41.3M
Net activity
−$41.3M
Distinct insiders
13
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns FSLR
Institutional value
$11.06B
Total shares held
58.8M
Distinct holders
680
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 13.8M | $2.73B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 6.8M | $1.34B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 5.7M | $1.12B | — | New |
| 4 | Invesco Ltd. | 2.7M | $524.1M | — | New |
| 5 | JPMORGAN CHASE & CO | 2.3M | $425.6M | — | New |
| 6 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.4M | $283.1M | — | New |
| 7 | DIMENSIONAL FUND ADVISORS LP | 1.3M | $257.4M | — | New |
| 8 | UBS Group AG | 1.2M | $237.9M | — | New |
| 9 | Pictet Asset Management Holding SA | 1.1M | $224.5M | — | New |
| 10 | DEUTSCHE BANK AG\ | 1.1M | $217.0M | — | New |
| 11 | Bank of New York Mellon Corp | 708.2K | $139.7M | — | New |
| 12 | Mirova US LLC | 698.6K | $137.8M | — | New |
| 13 | HSBC HOLDINGS PLC | 667.0K | $131.5M | — | New |
| 14 | Robeco Schweiz AG | 645.7K | $127.4M | — | New |
| 15 | Legal & General Group Plc | 601.3K | $118.6M | — | New |
| 16 | VANGUARD FIDUCIARY TRUST CO | 599.2K | $118.2M | — | New |
| 17 | Nuveen, LLC | 459.8K | $90.7M | — | New |
| 18 | Capital Research Global Investors | 406.9K | $80.3M | — | New |
| 19 | LOS ANGELES CAPITAL MANAGEMENT LLC | 376.5K | $74.3M | — | New |
| 20 | BNP PARIBAS FINANCIAL MARKETS | 372.4K | $73.5M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Operating cash flow was negative $215M despite $347M net income—when does working capital, especially the $675M government grants receivable, actually convert to cash?
- 2
Deferred revenue dropped $234M sequentially to $1.79B; is this signaling customer pushouts or contract cancellations in your 2026-2027 backlog?
- 3
Gross margin expanded to 46.5% from 40.8%—how much was IRA Section 45X credits, and what's the margin absent policy support?
Refreshed when FSLR files a new report · last from 2026-02-24