First Solar (FSLR) Stock Analysis

November 11, 2026

This is a peer-relative look at First Solar (FSLR): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Semiconductors & Semiconductor Equipment peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for First Solar (FSLR)
Profile Item	FSLR
Name	First Solar Inc.
Country/Region	United States
GICS Sector	Information Technology
GICS Industry Group	Semiconductors & Semiconductor Equipment
GICS Industry	Semiconductors & Semiconductor Equipment
GICS Sub-Industry	Semiconductors
Market Capitalization	21.62 billion USD
Currency	USD
Exchange	Nasdaq
Listing Date	November 17, 2006
Security Type	Common Stock

Price Performance

Cumulative Growth

FSLR

GSPC

First Solar (FSLR) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for First Solar (FSLR) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for First Solar (FSLR) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

First Solar (FSLR) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: FSLR	Industry group median
Total Return (1Y)	-28.81%	35.06%
Total Return (3Y, Annualized)	12.86%	22.14%
Total Return (5Y, Annualized)	10.80%	7.43%

Risk Profile

Drawdown History

FSLR

GSPC

First Solar (FSLR) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for First Solar (FSLR) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

First Solar (FSLR) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: FSLR	Industry group median
Volatility (1Y, Annualized)	52.55%	73.97%
Beta (5Y)	1.67	1.84
Max Drawdown (5Y)	-59.97%	-64.62%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. FSLR is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

First Solar (FSLR) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: FSLR	Industry group median
Sharpe Ratio (1Y)	-0.63	0.42
Sortino Ratio (1Y)	-0.85	0.61

Profitability

ROE (TTM)

First Solar (FSLR) posts ROE of 18.71%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

FSLR

Semiconductors & Semiconductor Equipment industry group

18.71%

Group distribution

Max: 52.82%
Q3: 22.26%
FSLR: 18.71%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

Largest peers

NVDA: 117.21%
SKHY: 92.54%
MU: 88.26%
AVGO: 44.25%
TSM: 41.86%
FSLR: 18.71%
AMD: 11.96%

Where First Solar (FSLR) stands on ROE within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

First Solar (FSLR) keeps 37.12% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

FSLR

Semiconductors & Semiconductor Equipment industry group

37.12%

Group distribution

Max: 63.80%
FSLR: 37.12%
Q3: 28.36%
Median: 11.44%
Q1: 0.90%
Min: -37.77%

Largest peers

SKHY: 70.27%
MU: 63.80%
NVDA: 63.66%
TSM: 51.12%
AVGO: 42.94%
FSLR: 37.12%
AMD: 16.77%

Where First Solar (FSLR) stands on net margin within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

First Solar (FSLR) turns 44.37% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

FSLR

Semiconductors & Semiconductor Equipment industry group

44.37%

Group distribution

Max: 58.66%
FSLR: 44.37%
Q3: 30.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

Largest peers

MU: 80.68%
SKHY: 79.66%
NVDA: 66.24%
TSM: 58.66%
AVGO: 54.31%
FSLR: 44.37%
AMD: 21.17%

Where First Solar (FSLR) stands on operating margin within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

First Solar (FSLR) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: FSLR	Industry group median
ROE (TTM)	18.71%	10.58%
ROA (TTM)	8.60%	4.85%
Net Margin (TTM)	37.12%	11.44%
Operating Margin (TTM)	44.37%	15.91%
Gross Margin (TTM)	49.25%	49.36%

Growth

Revenue Growth

First Solar (FSLR) grew revenue 24.09%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

First Solar (FSLR): Revenue Growth across different time periods, set against Semiconductors & Semiconductor Equipment industry-group medians.

EPS Growth

First Solar (FSLR) grew earnings per share 18.22%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

First Solar (FSLR): EPS Growth across different time periods, set against Semiconductors & Semiconductor Equipment industry-group medians.

Growth Metrics

First Solar (FSLR) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: FSLR	Industry group median
Revenue Growth (YoY)	24.09%	9.64%
Revenue Growth (3Y CAGR)	25.84%	0.00%
EPS Growth (YoY)	18.22%	4.90%
EPS Growth (3Y CAGR)	--	-7.71%

Financial Strength

Current Ratio (MRQ)

First Solar (FSLR) has current ratio of 2.57, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

FSLR

Semiconductors & Semiconductor Equipment industry group

2.57

Group distribution

Max: 10.33
Q3: 5.62
Median: 3.33
FSLR: 2.57
Q1: 2.35
Min: 1.03

Largest peers

SKHY: 26.88
NVDA: 4.59
MU: 3.31
AMD: 2.73
FSLR: 2.57
TSM: 2.51
AVGO: 2.50

Where First Solar (FSLR) stands on current ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

First Solar (FSLR) has debt-to-equity ratio of 0.03, in the lower-leverage quartile for its industry. Borrowing is modest relative to equity compared with most peers, which can leave more flexibility through a cycle.

FSLR

Semiconductors & Semiconductor Equipment industry group

0.03

Group distribution

Max: 1.46
Q3: 0.65
Median: 0.27
Q1: 0.04
FSLR: 0.03
Min: 0.00

Largest peers

AVGO: 0.60
NVDA: 0.17
AMD: 0.13
TSM: 0.12
SKHY: 0.05
MU: 0.04
FSLR: 0.03

Where First Solar (FSLR) stands on debt-to-equity ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

First Solar (FSLR) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: FSLR	Industry group median
Current Ratio (MRQ)	2.57	3.33
Debt / Equity (MRQ)	0.03	0.27
Net Debt / EBITDA	-0.52	-0.36

Dividends

Dividend Yield (TTM)

First Solar (FSLR) pays no dividend, leaving dividend yield at 0.00% this period. Shareholders may still receive value through reinvestment or buybacks, but there is no dividend income to compare here.

FSLR

Semiconductors & Semiconductor Equipment industry group

0.00%

Group distribution

Max: 1.37%
Q3: 0.65%
FSLR: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

SKHY: 2,118.64%
TSM: 1.70%
AVGO: 0.89%
NVDA: 0.15%
MU: 0.09%
FSLR: 0.00%
AMD: 0.00%

Where First Solar (FSLR) stands on dividend yield within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

First Solar (FSLR) paid no earnings out as dividends this period, leaving payout ratio at 0.00%. There is no dividend payout to size against earnings.

FSLR

Semiconductors & Semiconductor Equipment industry group

0.00%

Group distribution

Max: 49.64%
Q3: 21.71%
FSLR: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

AVGO: 32.44%
TSM: 24.46%
NVDA: 3.54%
MU: 0.71%
FSLR: 0.00%
SKHY: 0.00%
AMD: 0.00%

Where First Solar (FSLR) stands on payout ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

First Solar (FSLR) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: FSLR	Industry group median
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

First Solar (FSLR) trades at P/E ratio of 11.63, in the cheaper earnings-multiple quartile for its industry. Investors are paying less for each dollar of TTM earnings than they usually pay for comparable businesses.

FSLR

Semiconductors & Semiconductor Equipment industry group

11.63

Group distribution

Max: 110.34
Q3: 66.81
Median: 37.02
Q1: 23.96
FSLR: 11.63
Min: 8.12

Largest peers

AMD: 95.95
AVGO: 37.51
TSM: 24.33
NVDA: 23.60
FSLR: 11.63
MU: 9.28
SKHY: 8.12

Where First Solar (FSLR) stands on P/E ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

First Solar (FSLR) trades at 4.31 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

FSLR

Semiconductors & Semiconductor Equipment industry group

4.31

Group distribution

Max: 21.42
Q3: 12.27
Median: 5.76
FSLR: 4.31
Q1: 2.73
Min: 0.00

Largest peers

AMD: 16.21
AVGO: 15.73
NVDA: 14.88
MU: 5.86
FSLR: 4.31
TSM: 0.39
SKHY: 0.00

Where First Solar (FSLR) stands on P/S ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

First Solar (FSLR) trades at 1.99 on P/B ratio, in the lower book-value quartile for its industry. Investors are paying less for the balance-sheet equity than they pay for most peers, with returns on that equity still central to the read.

FSLR

Semiconductors & Semiconductor Equipment industry group

1.99

Group distribution

Max: 14.06
Q3: 7.44
Median: 4.29
Q1: 2.30
FSLR: 1.99
Min: 0.20

Largest peers

TSM: 71.65
NVDA: 19.68
AVGO: 14.06
AMD: 10.77
MU: 5.64
SKHY: 3.95
FSLR: 1.99

Where First Solar (FSLR) stands on P/B ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

First Solar (FSLR) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: FSLR	Industry group median
P/E Ratio (TTM)	11.63	37.02
P/S Ratio (TTM)	4.31	5.76
P/B Ratio (MRQ)	1.99	4.29
Free Cash Flow Yield (TTM)	3.18%	1.46%