Demand and volumepositive · 4 filings
“As a result of various market opportunities and increased domestic demand for our products, we recently commenced operations at our fifth manufacturing facility in the United States.”10-Q · Apr 30, 2026 ↗
First Solar, Inc.
FSLR
Market read
First Solar, Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 12 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
What changed
- Revenue increased 23.6% versus the comparable filing period.
- Operating cash flow covered only -0.62x net income.
Company+3.1% todayVolume comparison unavailable
Market group0 of 12 activeSpeculative Industrial Tech · unavailable
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Decline in interest expense for Q2 and YTD 2026 attributed primarily to prepayment of the India Credit Facility.
Invalidation: The isolated read changes if FSLR's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 12 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 23.6% versus the comparable filing period.
- Operating margin improved 6.9 percentage points.
- Net income increased 65.4% versus the comparable filing period.
Evidence that challenges
- Operating cash flow covered only -0.62x net income.
What would clarify the read
- Decline in interest expense for Q2 and YTD 2026 attributed primarily to prepayment of the India Credit Facility.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements106
Verified relationships4
Evidence supporting the case
- Latest annual revenue changed +24.1% year over year.
- Operating cash flow covered net income at 1.35x in the latest annual period.
- Demand and volume has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Operating margin changed -2.6 percentage points in the latest annual period.
- Net margin changed -1.4 percentage points in the latest annual period.
- Tariffs and trade policy has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 42% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 51% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
207.096m+3.4%12m+2.0%24m-3.5%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$2.9B+7.8%$4.38+0.2%
2022-12-31$2.6B-10.4%$-0.41-0.3%
2023-12-31$3.3B+26.7%$7.74+0.8%
2024-12-31$4.2B+26.7%$12.02+0.1%
2025-12-31$5.2B+24.1%$14.21+0.0%
What management says matters
Persistent and emerging business drivers
Legal and regulatory exposurenegative · 4 filings
“Accordingly, due to the uncertainty surrounding the multiple decisions and appeals, as of March 31, 2026, we recorded a $ 21.8 million accrued litigation payable included in “Other current liabilities” in our condensed consolidated balance sheet.”10-Q · Apr 30, 2026 ↗
Product pipeline and R&Dmixed · 4 filings
“The following table shows research and development expense for the years ended December 31, 2025, 2024, and 2023: Years Ended Change (Dollars in thousands) 2025 2024 2023 2025 over 2024 2024 over 2023 Research and development $ 233,421 $ 191,375 $ 152,307 $ 4…”10-K · Feb 24, 2026 ↗
Tariffs and trade policynegative · 4 filings
“This increase was primarily driven by (i) higher costs of $186.8 million due to an increase in the volume of modules sold and (ii) higher tariffs and duties of $29.8 million.”10-Q · Apr 30, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 4.3× · EV/sales 3.8×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
209.45+3.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 09:30 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for FSLR. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-04-30 against the comparable filing from 2025-04-29.
OperationsconstructiveEvidence score +4
liquiditycautiousEvidence score -1
valuationpremium
What improved
- Revenue increased 23.6% versus the comparable filing period.
- Operating margin improved 6.9 percentage points.
- Net income increased 65.4% versus the comparable filing period.
What weakened
- Operating cash flow covered only -0.62x net income.
Filing receipts
“The following table shows research and development expense for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, (Dollars in thousands) 2026 2025 Three Month Change Research and development $ 66,944 $ 52,389 $ 14,555 27.8 % % of net sales 6.4 % 6.2 % Research and development expense for the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025 primarily due to (i) higher costs related to spare parts purchases as well as higher depreciation expense resulting from our continued investments in R&D facilities and equipment, (ii) higher employee compensation expense resulting from an increase in headcount , and (iii) higher utili...”
“The following table shows selling, general and administrative expense for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, (Dollars in thousands) 2026 2025 Three Month Change Selling, general and administrative $ 65,331 $ 53,164 $ 12,167 22.9 % % of net sales 6.3 % 6.3 % Selling, general and administrative expense for the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025 primarily due to purchases of renewable energy credits related to our commitment to responsible solar manufacturing.”
“This increase was partially offset by (iii) a higher volume of modules sold qualifying for the advanced manufacturing production credit under Section 45X of the IRC, which decreased cost of sales by $117.9 million; (iv) decreased logistics costs of $38.5 million, which included lower detention and demurrage charges; and (v) module cost reductions, which decreased cost of sales by $33.3 million.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind FSLR
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BILLBILL Holdings, Inc.partnerApr 30, 2026 ▾
“ams and initiatives and the incentives they provide may diminish the market for future solar energy off-take agreements, slow the retirement of aging fossil fuel plants, including the retirements of coal generation plants, and reduce the ability for solar pro…”
JPMJPMorgan Chase & Co.lenderApr 30, 2026 ▾
“In February 2026, we entered into a new credit agreement with several financial institutions as lenders and JPMorgan Chase Bank, N.A.”
Depended on by
TET1 Energy Inc.competitorMar 31, 2026 ▾
“See Item 1A.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
FSLR is currently a Follower in the organic co-movement group Speculative Industrial Tech. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.