First Solar, Inc. (FSLR) stock — is it a good business?

First Solar, Inc. (FSLR) stock — is it a good business? — InspectStocks

Just reported

Q3 2026 results

From First Solar's results release of October 29, 2026; its quarterly report has since been filed.

Revenue
Actual
$1.23B
-23% y/y
+17% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$5.30
+25% y/y
+35% q/q
Guided
—
No guide given
Operating income, GAAP
Actual
$546.1M
+17% y/y
+21% q/q
Guided
—
No guide given

Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.

How it makes money

Sales of CdTe solar modules100%

Shares of revenue are estimates for nine months ended September 30, 2026, not figures from a filing.

Competes with

JKSJinkoSolar Holding Co., Ltd.
F
Size
$508.1M
Margin
-5.1%
CSIQCanadian Solar Inc.
F
Size
$680.5M
Margin
-3.7%
601012LONGi Green Energy Technology Co., Ltd.

What it sells3

Series 6 Plus
A glass solar panel that uses thin layers of CdTe to generate electricity from sunlight.
Series 7
A larger glass solar panel with a steel back rail designed to make installation faster.
Module collection and recycling
A service that collects eligible First Solar panels at the end of their use and recovers materials for reuse.

Who buys it5

Solar project developers and independent power producers that buy modules for projects they build or own.
Utilities that buy modules for solar power plants.
Commercial and industrial companies that buy modules for their electricity projects.

Show 2 more

System owners and operators that buy modules for large solar installations.
Silicon Ranch Corporation and NextEra Energy, both of which accounted for at least 10% of module-business net sales (2025, high).

What it stands on, and what could break it

What the business leans on

1The business depends on supplies of tellurium and other materials used in CdTe modules; some key materials and components come from a limited number of suppliers.
2United States sales made up 95.7% of geographic net sales (2025, high), making demand and trade rules in that market important to the business.
3Federal and state incentives, tax-credit rules, and tariffs can affect the cost of solar projects and the demand and prices for First Solar modules.
4Two customers, Silicon Ranch Corporation and NextEra Energy, each accounted for at least 10% of module-business net sales (2025, high).

What could go wrong

1Crystalline-silicon manufacturers compete intensely on price, and excess global panel supply can push selling prices down.
2Changes to tax incentives, domestic-content rules, and tariffs can alter customer demand and the cost or eligibility of modules made across First Solar’s manufacturing network.
3Manufacturing issues affecting some Series 7 modules have caused premature power loss and increased warranty claims, potentially bringing further costs and customer concerns.

Full financial statements →

About First Solar, Inc.

First Solar makes solar panels using cadmium telluride (CdTe), a thin-film material that turns sunlight into electricity. It sells mainly to project developers, utilities, and other buyers of large solar power systems, with most sales in the United States. It also offers recycling for its panels at the end of their useful life.

Head office: Tempe, Arizona
Founded: 1999
Employees: Approximately 7,900 (December 31, 2025, high)
Listed on: NASDAQ
Financial year ends: December 31

Built from First Solar, Inc.’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.

Just reported

Q3 2026 results

From First Solar's results release of October 29, 2026; its quarterly report has since been filed.

Revenue
Actual
$1.23B
-23% y/y
+17% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$5.30
+25% y/y
+35% q/q
Guided
—
No guide given
Operating income, GAAP
Actual
$546.1M
+17% y/y
+21% q/q
Guided
—
No guide given

Keep exploring

The themes First Solar is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.

The theme it is part of

Highest-graded in Solar

Graded A or B and worth $2B or more: A first, then the largest.

Grade rose recently in Technology

Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.

How it makes money

Sales of CdTe solar modules100%

Shares of revenue are estimates for nine months ended September 30, 2026, not figures from a filing.

Competes with

JKSJinkoSolar Holding Co., Ltd.
F
Size
$508.1M
Margin
-5.1%
CSIQCanadian Solar Inc.
F
Size
$680.5M
Margin
-3.7%
601012LONGi Green Energy Technology Co., Ltd.

What it sells3

Series 6 Plus
A glass solar panel that uses thin layers of CdTe to generate electricity from sunlight.
Series 7
A larger glass solar panel with a steel back rail designed to make installation faster.
Module collection and recycling
A service that collects eligible First Solar panels at the end of their use and recovers materials for reuse.

Who buys it5

Solar project developers and independent power producers that buy modules for projects they build or own.
Utilities that buy modules for solar power plants.
Commercial and industrial companies that buy modules for their electricity projects.

Show 2 more

System owners and operators that buy modules for large solar installations.
Silicon Ranch Corporation and NextEra Energy, both of which accounted for at least 10% of module-business net sales (2025, high).

What it stands on, and what could break it

What the business leans on

1The business depends on supplies of tellurium and other materials used in CdTe modules; some key materials and components come from a limited number of suppliers.
2United States sales made up 95.7% of geographic net sales (2025, high), making demand and trade rules in that market important to the business.
3Federal and state incentives, tax-credit rules, and tariffs can affect the cost of solar projects and the demand and prices for First Solar modules.
4Two customers, Silicon Ranch Corporation and NextEra Energy, each accounted for at least 10% of module-business net sales (2025, high).

What could go wrong

1Crystalline-silicon manufacturers compete intensely on price, and excess global panel supply can push selling prices down.
2Changes to tax incentives, domestic-content rules, and tariffs can alter customer demand and the cost or eligibility of modules made across First Solar’s manufacturing network.
3Manufacturing issues affecting some Series 7 modules have caused premature power loss and increased warranty claims, potentially bringing further costs and customer concerns.

Full financial statements →

About First Solar, Inc.

Head office: Tempe, Arizona
Founded: 1999
Employees: Approximately 7,900 (December 31, 2025, high)
Listed on: NASDAQ
Financial year ends: December 31

Q3 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

How it makes money

Competes with

What it sells3

Who buys it5

What it stands on, and what could break it

What the business leans on

What could go wrong

About First Solar, Inc.

Q3 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

Keep exploring

The theme it is part of

Highest-graded in Solar

Grade rose recently in Technology

How it makes money

Competes with

What it sells3

Who buys it5

What it stands on, and what could break it

What the business leans on

What could go wrong

About First Solar, Inc.

First Solar, Inc.

Keep exploring

The theme it is part of

Highest-graded in Solar

Grade rose recently in Technology

Solar & clean energy

Growth & cash — 3 of 5

Business trend

Share price and grade over time

Q3 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

How it makes money

Competes with

What it sells3

Who buys it5

What it stands on, and what could break it

What the business leans on

What could go wrong

About First Solar, Inc.

Q3 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

Keep exploring

The theme it is part of

Highest-graded in Solar

Grade rose recently in Technology

How it makes money

Competes with

What it sells3

Who buys it5

What it stands on, and what could break it

What the business leans on

What could go wrong

About First Solar, Inc.

First Solar, Inc.

Past performance

Keep exploring

The theme it is part of

Highest-graded in Solar

Grade rose recently in Technology

Solar & clean energy

Growth & cash — 3 of 5

Business trend

Share price and grade over time