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Technology · NASDAQ: FSLR

First Solar: how the business works

First Solar makes thin-film solar panels in the US and Asia and sells them to the builders and owners of solar power plants, with net sales of $5.22 billion in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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First Solar, Inc. · Phoenix, Arizona

Updated for Q3 FY2026 · checked

Net sales, FY2025
$5.22B
Net income, FY2025 (costs lowered by $1.61B of US tax credits)
$1.53B
Modules sold, FY2025
17.5 GW
Contracted backlog, Sep 30, 2026
44.0 GW
Employees, Dec 31, 2025 (about)
7,900

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

First Solar in 5 points

  1. 1 · What it sells

    First Solar makes thin-film solar panels for solar power plants, selling 17.5 GW of them for net sales of $5.22 billion in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, customers in the US paid 95.7% of First Solar's net sales, India 3.7%, France 0.1% and all other countries 0.4%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, First Solar kept $28.83 as net income, after $1,606.7 million of US tax credits lowered cost of sales, and operating income was $1,596.9 million.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    First Solar reports one segment, solar modules, and Section 45X tax credits made up 75.8% of its FY2025 gross profit of $2,120.3 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    First Solar's contracted backlog was 44.0 GW on Sep 30, 2026, down from 78.3 GW at Dec 31, 2023, while it sold 17.5 GW of modules in FY2025.

    More: the one thing to watch

Sources: From First Solar's FY2025 and FY2023 10-Ks, the Q3 FY2026 10-Q and the Q3 FY2026 earnings release · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of First Solar's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

First Solar · FY2025

Receipt for every $100

Where $100 of First Solar's money went in FY2025
Cost of sales, after tax credits$58.5
Research and development$4.4
Selling, general and administrative$3.8
Interest, currency losses and other costs$1.8
Starting up new factories$1.6
Income tax$1.0
Kept as net income$28.8
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (net sales $5,219.4 million + interest income $81.8 million = $5,301.2 million): each line = line ÷ $5,301.2 million × 100. Cost of sales is shown after $1,606.7 million of Section 45X tax credits, as First Solar reports it.

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Sources (1)
Next: The business in one line

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02The business in one line

What does First Solar do?

Solar power plant developers, utilities and power producers pay First Solar for solar panels; most of the money goes on making them, a US manufacturing tax credit lowers that cost, and $28.83 of every $100 that came in during FY2025 was left as net income.

  • Customers in the US paid 95.7% of FY2025 net sales, and two customers paid 11% and 10%: the FY2025 10-K names Silicon Ranch Corporation and NextEra Energy as each 10% or more.
  • Section 45X manufacturing tax credits of $1,606.7 million lowered FY2025 cost of sales, more than the year's net income of $1,528.2 million.
Next: Who pays it

03Who pays it

Who pays First Solar?

  • United States

    96%

    of revenue

    95.7% of FY2025 net sales, or $4,994.7 million, up from $3,187.6 million in FY2023.

  • India

    4%

    of revenue

    3.7% of FY2025 net sales, or $195.6 million, up from $10.9 million in FY2023.

  • France

    0%

    of revenue

    0.1% of FY2025 net sales, or $6.3 million, down from $68.3 million in FY2023.

  • All other countries

    0%

    of revenue

    0.4% of FY2025 net sales, or $22.8 million.

  • United States96%
  • India4%
  • France0%
  • All other countries0%

Customer concentration

Shares are by the country of invoicing, because First Solar gives no split by type of customer (Cityfort calculation from the FY2025 10-K). The 10-K names developers, independent power producers, utilities and companies buying power as customers. Silicon Ranch Corporation and NextEra Energy each paid 10% or more of FY2025 net sales; the 10-K lists them at 11% and 10% without saying which is which. No customer reached 10% in FY2024.

Largest customer
11%
Sources (1)
Next: Why it makes money

04Why it makes money

Why does First Solar make money?

Each module made in the US earns a federal tax credit when it is sold, and First Solar counts that credit as lower cost.

Section 45X credits were $1,606.7 million in FY2025, 75.8% of gross profit of $2,120.3 million. Gross profit per $100 of net sales went from $25.0 in FY2021 to $40.6 in FY2025. The Q3 FY2026 10-Q says gross margin rose to 57.9% from 38.3% a year earlier mainly because more modules sold qualified for the credit and the price per watt was higher.

Gross profit per $100 of net sales

$25.0$40.6

FY2021 to FY2025

  1. A developer signs a multi-year module contract, often with a prepayment
  2. Factories in the US and Asia make thin-film modules
  3. US-made modules earn the Section 45X credit when sold
  4. The credit lowers cost of sales, and First Solar sells it for cash or claims a refund
  5. Cash pays for more US factories, which earn more credits

↺ Step 5 feeds back into step 1.

Sources (3)
Next: How has it done

05The numbers · Consolidated · US$

How has First Solar done?

Revenue

$5.2BFY2025

Net sales fell to $2,619.3 million in FY2022, while First Solar was selling its project businesses, then rose each year to $5,219.4 million in FY2025; Q3 FY2026 net sales were $1,230.9 million, down 22.8% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$2.9B
FY2022$2.6B
FY2023$3.3B
FY2024$4.2B
FY2025$5.2B
Q3 FY2024$888M
Q4 FY2024$1.5B
Q1 FY2025$845M
Q2 FY2025$1.1B
Q3 FY2025$1.6B
Q4 FY2025$1.7B
Q1 FY2026$1.0B
Q2 FY2026$1.1B
Q3 FY2026$1.2B

Net profit

$1.5BFY2025

Net income went from a $44.2 million loss in FY2022 to $1,528.2 million in FY2025; FY2021 and FY2022 include gains of $147.3 million and $253.5 million from selling businesses, and every year from FY2023 includes Section 45X credits.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$469M$4.38
FY2022−$44.2M−$0.41
FY2023$831M$7.74
FY2024$1.3B$12.02
FY2025$1.5B$14.21
Q3 FY2024$313M$2.91
Q4 FY2024$393M$3.65
Q1 FY2025$210M$1.95
Q2 FY2025$342M$3.18
Q3 FY2025$456M$4.24
Q4 FY2025$521M$4.84
Q1 FY2026$347M$3.22
Q2 FY2026$423M$3.92
Q3 FY2026$571M$5.30

Profit kept per $100 of revenue

$29.3FY2025

Net income was $29.3 per $100 of net sales in FY2025 and $46.4 in Q3 FY2026, with Section 45X credits counted as lower cost of sales in both.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202116.0%29.0%
FY2022−1.7%9.3%
FY202325.0%35.1%
FY202430.7%43.2%
FY202529.3%40.7%

Free cash flow

$1.2BFY2025

Free cash flow was negative from FY2021 to FY2024 while First Solar built factories and turned positive at $1,187.2 million in FY2025; in the first nine months of FY2026 it was minus $837.4 million (Cityfort calculation from the Q3 FY2026 earnings release), when the company reported lower proceeds from selling tax credits and lower cash receipts from module sales.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$238M$540M−$303M
FY2022$873M$904M−$30.2M
FY2023$602M$1.4B−$785M
FY2024$1.2B$1.5B−$308M
FY2025$2.1B$870M$1.2B
See all yearly numbers
First Solar annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$2.9B$847M$469M$4.38$238M$540M−$303M
FY2022$2.6B$243M−$44.2M−$0.41$873M$904M−$30.2M
FY2023$3.3B$1.2B$831M$7.74$602M$1.4B−$785M
FY2024$4.2B$1.8B$1.3B$12.02$1.2B$1.5B−$308M
FY2025$5.2B$2.1B$1.5B$14.21$2.1B$870M$1.2B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31). Net profit is the share belonging to the company's owners.

Download First Solar's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (18)
Next: What they said, and what happened

06Who runs it

Who runs First Solar, and did they deliver?

  • Mark R. Widmar

    Chief Executive Officer and director · since 2016

    CEO since July 2016; joined in April 2011 as Chief Financial Officer. His 2025 total pay was $8,138,605. The proxy's CEO pay ratio was 194 to 1, against a median employee's $42,006.

  • Alexander R. Bradley

    Chief Financial Officer

    His 2025 total pay was $2,915,503.

  • Michael J. Ahearn

    Chair of the Board · since 2000

    A director since 2000 and CEO from August 2000 to September 2009. The Chair and CEO roles are separate.

  • Nathan Theurer

    Chief Accounting Officer · since 2025

    Appointed effective Jan 6, 2025.

What they said, and what happened

1 missed · 1 delivered · 2 too early to tell

  1. Said on Feb 25, 2025

    First Solar's Q4 FY2024 earnings release guided to FY2025 net sales of $5.3 billion to $5.8 billion and diluted earnings per share of $17.00 to $20.00.

    What happened

    FY2025 net sales were $5.22 billion and diluted EPS $14.21. First Solar cut the ranges on Apr 29, 2025, citing tariffs, to $4.5 billion to $5.5 billion and $12.50 to $17.50.

    Missed

  2. Said on Oct 30, 2025

    First Solar's Q3 FY2025 earnings release guided to FY2025 net sales of $4.95 billion to $5.20 billion, diluted EPS of $14.00 to $15.00 and year-end net cash of $1.6 billion to $2.1 billion.

    What happened

    FY2025 net sales were $5.22 billion, diluted EPS $14.21 and net cash $2.4 billion, as First Solar stated them.

    Delivered

  3. Said on Feb 24, 2026

    First Solar's Q4 FY2025 earnings release guided to FY2026 net sales of $4.9 billion to $5.2 billion and module sales of 17.0 GW to 18.2 GW.

    What happened

    The year is not over. On Oct 29, 2026 First Solar cut the ranges to $4.6 billion to $4.9 billion and 16.0 GW to 17.0 GW. It sold 11.6 GW in the first nine months (Cityfort calculation from the Q1 FY2026 to Q3 FY2026 10-Qs).

    Too early to tell

  4. Said on Oct 29, 2026

    The Q3 FY2026 10-Q says First Solar expects the second phase of its South Carolina plant in mid-2027 and CuRe production at its India plant in Q1 2027.

    What happened

    Both dates are in 2027. The plant's first phase began commercial production in September 2026.

    Too early to tell
Sources (12)
Next: What could go wrong

07What could go wrong

What could go wrong for First Solar?

  • Regulation

    Profits lean on one US tax credit

    Section 45X credits of $1,606.7 million exceeded First Solar's FY2025 net income of $1,528.2 million. The FY2025 10-K says that if these financial benefits vary significantly from its assumptions, its business, financial condition and results of operations could be adversely affected.

    Watch Section 45X credits recognized each quarter, and any change to the credit in US tax law.

  • Cash and liquidity

    Tax credit cash arrives later

    Operating cash flow was minus $402.7 million in the first nine months of FY2026. The 10-Q points to lower cash from module sales, lower proceeds from selling tax credits and higher supplier payments. Noncurrent government grants receivable reached $1,588.0 million.

    Watch An 8-K on a sale of 2026 credits, or refunds received, and the receivable in each 10-Q.

  • Demand

    Shrinking backlog and contract terminations

    Contracted backlog fell from 78.3 GW at Dec 31, 2023 to 44.0 GW on Sep 30, 2026. The 10-K lists the loss of large customers or contract terminations as a risk, and two customers paid 11% and 10% of FY2025 net sales.

    Watch Backlog in GW and dollars in each 10-Q, and new contract terminations.

  • Competition

    Competition from crystalline silicon makers

    The FY2025 10-K says it faces intense competition from crystalline silicon module makers, most of them linked to China, and that the industry may have periods of structural imbalance between global module supply and demand that result in periods of pricing volatility.

    Watch Average selling price per watt; the Q3 FY2026 10-Q says estimated payments to customers tied to tariff refunds lowered it by 1.4% in the first nine months.

  • Execution

    Product quality and warranty costs

    A manufacturing issue may affect about two-thirds of Series 7 modules sold before Dec 31, 2024. At Sep 30, 2026 First Solar estimated future losses of about $40 million to $65 million and recorded a $46 million warranty liability within that range.

    Watch Warranty liability and any new product issue in the 10-Q notes.

  • Regulation

    Trade policy and tariffs

    The 10-K says tariffs and trade remedies can create barriers or reduce demand. First Solar cut its FY2025 guidance on Apr 29, 2025, citing tariffs.

    Watch Tariff changes on modules and inputs, and the outcome of its USITC patent petition filed Feb 24, 2026.

  • Raw-material prices

    Few suppliers for key materials

    Cadmium telluride, tellurium and substrate glass come from a single supplier or a few, and some equipment is sole-sourced, according to the FY2025 10-K.

    Watch Supply disruptions or cost changes named in the 10-Q.

  • Legal

    Shareholder lawsuits

    A securities class action filed in June 2026 alleges misleading statements about the effect of tariffs, and derivative suits followed. First Solar disputes them and says it cannot estimate any loss.

    Watch Court rulings and any accrual in the 10-Q legal note.

Sources (5)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Net sales rose from $2,619.3 million in FY2022 to $5,219.4 million in FY2025, and net income from a $44.2 million loss to $1,528.2 million.
  • Q3 FY2026 net income was $571.1 million, up from $455.9 million a year earlier, and diluted EPS was $5.30 against $4.24.
  • First Solar had net cash of $1,516.4 million on Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 earnings release), with $107.7 million of debt.
  • Free cash flow was $1,187.2 million in FY2025, after negative free cash flow in each year from FY2021 to FY2024.
  • The first phase of its South Carolina plant began commercial production in September 2026, adding to its plants in Ohio, Alabama and Louisiana.

What critics point to

  • Section 45X credits of $1,606.7 million were larger than FY2025 net income of $1,528.2 million, and $638.0 million in Q3 FY2026 was larger than that quarter's $571.1 million.
  • Contracted backlog fell from 78.3 GW at Dec 31, 2023 to 44.0 GW on Sep 30, 2026.
  • Q3 FY2026 net sales fell 22.8% to $1,230.9 million, and First Solar cut its FY2026 net sales guidance to $4.6 billion to $4.9 billion on Oct 29, 2026.
  • Operating cash flow was minus $402.7 million in the first nine months of FY2026, while noncurrent government grants receivable reached $1,588.0 million.
  • FY2025 diluted EPS of $14.21 was below the $17.00 to $20.00 range First Solar gave in February 2025.
Next: What to watch next

09What to watch next

What should you watch next at First Solar?

Next event

Q4 FY2026 results

Date not announced yet.

  • Turning 2026 tax credits into cash

    Noncurrent government grants receivable were $1,588.0 million on Sep 30, 2026, up from $125.6 million at Dec 31, 2025. The filings read show no sale of 2026 Section 45X credits yet.

  • Backlog

    Contracted backlog was 44.0 GW, with a $13.5 billion transaction price, on Sep 30, 2026, down from 50.1 GW at Dec 31, 2025.

  • Q4 FY2026 against guidance

    First Solar said in its Q3 FY2026 earnings release (Oct 29, 2026) that it expects 4.3 GW to 5.3 GW of Q4 module sales and adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales., a company measure, of $643 million to $843 million.

  • South Carolina and the buyback

    The Q3 FY2026 10-Q (Oct 29, 2026) says the company expects the South Carolina plant's second phase in mid-2027. The $500 million repurchase program authorized on Oct 29, 2026 has no expiry date.

Next: Key facts

10Key facts

Key facts about First Solar

What does First Solar do?
First Solar designs, makes and sells thin-film solar panels (modules) built on cadmium telluride, mainly for large solar power plants. First Solar had FY2025 net sales of $5,219.4 million, sold 17.5 GW of modules that year and had about 7,900 employees at Dec 31, 2025.
How does First Solar make money, and what is its business model?
First Solar's business model is selling solar modules under multi-year contracts, often with customer prepayments, and earning a US Section 45X tax credit on modules made in the US. In FY2025, First Solar's $1,606.7 million of Section 45X credits were booked as lower cost of sales, against net sales of $5,219.4 million.
Is First Solar profitable?
First Solar's FY2025 net income was $1,528.2 million, up from $1,292.0 million in FY2024, and its operating income was $1,596.9 million. Both include $1,606.7 million of Section 45X tax credits booked as lower cost of sales. First Solar's Q3 FY2026 net income was $571.1 million, up from $455.9 million a year earlier.
What is First Solar's revenue by segment?
First Solar reports one operating segment, solar modules, from 2025, so there is no segment split. By customer country, First Solar's FY2025 net sales were $4,994.7 million from the United States, $195.6 million from India, $6.3 million from France and $22.8 million from all other countries.
Who are First Solar's customers?
First Solar sells to solar project developers, independent power producers, utilities, commercial and industrial companies and large corporate energy buyers. In FY2025, Silicon Ranch Corporation and NextEra Energy each paid First Solar 10% or more of net sales (the 10-K lists two customers at 11% and 10% without saying which is which), and customers in the US paid 95.7%.
Who owns First Solar?
First Solar's largest reported holder is BlackRock with 11.8% of shares (Jun 30, 2026). Vanguard Capital Management reported 7.30% and Vanguard Portfolio Management 5.32% (Mar 31, 2026), and Susquehanna entities 7.0% (Jun 30, 2026). First Solar's officers and directors as a group held 0.39% on Mar 19, 2026 (Cityfort calculation from the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more).
What are First Solar's Series 6 Plus and Series 7 modules?
First Solar's two module lines are Series 6 Plus, about 4 feet by 6 feet, and Series 7, about 4 feet by 7 feet. At the end of 2025 their average power output was 464 watts and 532 watts, according to First Solar's FY2025 10-K.
What is the Section 45X credit at First Solar?
Section 45X is a US tax credit for making clean energy components such as solar modules in the US. First Solar books it as a reduction of cost of sales when modules are sold: $659.7 million in FY2023, $1,009.5 million in FY2024 and $1,606.7 million in FY2025, which was 75.8% of FY2025 gross profit.
How big is First Solar's backlog?
First Solar had 44.0 GW of contracted future module sales on Sep 30, 2026, with an aggregate transaction price of $13.5 billion. First Solar's backlog was 78.3 GW at Dec 31, 2023 and 50.1 GW at Dec 31, 2025.
Does First Solar pay a dividend?
First Solar has never paid a dividend, according to its FY2025 10-K. On Oct 29, 2026, First Solar's board authorized a share repurchase program for up to $500 million, with no expiry date.
Sources (10)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

11What it sells

11What it sells

What does First Solar sell?

First Solar makes solar panels, which it calls modules, that turn sunlight into electricity. Most go into large solar power plants. It sold 17.5 GW of modules in FY2025 and says it has sold more than 93 GW worldwide.

  • Series 7 modules

    Large thin-film modules, about 4 feet by 7 feet, with average power output of 532 watts at the end of 2025. They are made in the US and abroad.

  • Series 6 Plus modules

    Thin-film modules about 4 feet by 6 feet, with average power output of 464 watts at the end of 2025.

  • Section 45X tax credits

    Modules made in the US earn a Section 45X tax credit. First Solar sells these credits to other companies for cash, for example its 2024 credits to Visa Inc. at about $0.955 per $1.00 of credit.

What it does

  • Does: Makes solar modules from cadmium telluride, a thin-film material, instead of the crystalline silicon most panel makers use.
  • Does: Runs factories in Ohio, Alabama, Louisiana and South Carolina, plus Malaysia, Vietnam and India.
  • Does: Signs contracts for module deliveries years ahead, through 2030 in its backlog.

What it does not do

  • Does not: Build or run solar power plants: it sold its US project development business in 2021 and its Japan project business in 2022.
  • Does not: Sell electricity: its customers own the power plants.
  • Does not: Report its total factory capacity in the 10-K or 10-Q used for this page.
Sources (3)
12How the money flows

12How the money flows · FY2025

How does money flow through First Solar?

Money in

  • Net sales of solar modules$5.2B
  • Interest income$81.8M

The company

First Solar

$5.3B came in

Money out

  • Cost of sales (after $1,606.7M of Section 45X credits)$3.1B
  • Selling, general and administrative$204M
  • Research and development$233M
  • Starting up new factories$86.3M
  • Interest, currency losses and other costs$97.7M
  • Income tax$52.7M
  • Net income$1.5B
  1. Customers paid First Solar $5,219.4 million for solar modules in FY2025.
  2. Cost of sales was $3,099.0 million, after $1,606.7 million of Section 45X credits that First Solar counts as lower cost.
  3. Selling and administration, research and starting up new factories took $523.5 million, leaving operating income of $1,596.9 million.
  4. Interest income added $81.8 million, while interest, currency losses and other costs took $97.7 million.
  5. Income tax was $52.7 million, leaving net income of $1,528.2 million.
Sources (1)
13What it needs to run

13What it needs to run

What does First Solar need to run?

  • Factories

    Plants in Perrysburg and Lake Township, Ohio, Trinity, Alabama, Iberia Parish, Louisiana and Gaffney, South Carolina, plus Kulim, Malaysia, Ho Chi Minh City, Vietnam and Tamil Nadu, India. Property, plant and equipment was $5,675.8 million at Dec 31, 2025.

  • Special raw materials

    Cadmium telluride, tellurium and substrate glass come from a single supplier or a few. Some production equipment is also sole-sourced, according to the FY2025 10-K.

  • US tax credits

    Section 45X pays about 17 cents a watt for modules fully made in the US and about 7 cents for modules started abroad and finished in the US, according to the Q3 FY2026 10-Q.

  • Customer prepayments

    Deferred revenue, money customers paid before delivery, was $1,597.5 million on Sep 30, 2026, down from $2,039.8 million at Dec 31, 2024.

  • A workforce

    About 7,900 associates at Dec 31, 2025, most of them in the US, Malaysia, India and Vietnam.

Sources (3)
14Competitors and what protects it

14Competitors and what protects it

Who does First Solar compete with?

First Solar's FY2025 10-K says its primary competition is crystalline silicon module makers, most of them linked to China, and gives no market shares. The companies below are ones First Solar's own filings name in its TOPCon patent cases.

  • JinkoSolar

    A crystalline silicon module maker. First Solar sued it in Feb 2025, alleging its TOPCon solar products sold in the US infringe a First Solar patent; JinkoSolar counterclaimed that the patent is not valid.

  • Canadian Solar

    A crystalline silicon module maker that First Solar sued in May 2025 over TOPCon solar products, alleging patent infringement.

  • Trina Solar

    One of 10 groups, with JA Solar and Hanwha QCells, named in First Solar's Feb 24, 2026 USITC petition over imported TOPCon solar products.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • US manufacturing and tax credits4 of 5

    Plants in Ohio, Alabama and Louisiana earned $1,606.7 million of Section 45X credits in FY2025. Long-lived assets in the US were $4,392.6 million of $5,897.6 million at Dec 31, 2025.

  • Contracted backlog3 of 5

    44.0 GW of contracted sales on Sep 30, 2026, against 17.5 GW sold in FY2025. It was 78.3 GW at Dec 31, 2023.

  • Different technology3 of 5

    Its cadmium telluride thin-film process differs from crystalline silicon, and it holds patents it is enforcing in court and at the USITC.

Weak spot

Reliance on one US tax credit

Section 45X credits of $1,606.7 million exceeded FY2025 net income of $1,528.2 million. The 10-K lists changes to these incentives as a risk to its results.

Sources (3)
15Where growth could come from

15Where growth could come from

Where could First Solar's growth come from?

First Solar said in its Q3 FY2026 earnings release (Oct 29, 2026) that it expects FY2026 module sales of 16.0 GW to 17.0 GW, net sales of $4.6 billion to $4.9 billion and adjusted EBITDA, a company measure, of $2.55 billion to $2.75 billion. On Feb 24, 2026 the ranges were 17.0 GW to 18.2 GW, $4.9 billion to $5.2 billion and $2.6 billion to $2.8 billion. It kept gross profit guidance of $2.4 billion to $2.6 billion, which assumes $2.07 billion to $2.19 billion of Section 45X credits.
Management statement, Oct 29, 2026. Reported as a statement, not our forecast.

  • South Carolina plant

    New

    First phase producing since Sep 2026

    The Q3 FY2026 10-Q says the first phase of the Gaffney plant began commercial production in September 2026, and the company expects the second phase in mid-2027. The 10-K says US expansion adds about 4 GW.

    Status: New, recently announced.

  • Section 45X credits

    Working

    $638.0M in Q3 FY2026

    Up from $396.3 million in Q3 FY2025, as more of the volume sold was made in the US. Gross margin was 57.9% against 38.3% a year earlier.

    Status: Working, on track against what the company said.

  • Backlog

    Behind

    44.0 GW, Sep 30, 2026

    Down from 53.7 GW a year earlier and 78.3 GW at Dec 31, 2023. The 10-Q says First Solar terminated supply agreements with BP Solar and Lightsource in 2025 after, it alleges, they refused to pay; the case is in court.

    Status: Behind, behind the company's own plan.

  • CuRe technology

    Early

    One Ohio plant converted, H1 2026

    CuRe is First Solar's updated cell process. The Q3 FY2026 10-Q says the India plant is to start CuRe production in Q1 2027.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (6)
16The company's own measures (non-GAAP)

16The company's own measures · FY2025 and Q3 FY2026, as each row says

What do First Solar's own measures show?

Adjusted (non-GAAP) figures, backlog and volumes are the company's own measures, shown next to the official (GAAP) number.

  • Official (GAAP): Net income, FY2025

    $1.5B

    Company's own measure: Adjusted EBITDA, FY2025

    $2.4B

    First Solar's measure starts from net income, so it keeps the Section 45X credits. It removes interest and tax, and adds back depreciation, currency and other costs, stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, the discount on credits sold ($66.8 million), idle factory costs ($72.7 million) and factory start-up costs ($77.2 million). First reported in February 2026.

  • Official (GAAP): Net income, Q3 FY2026

    $571M

    Company's own measure: Adjusted EBITDA, Q3 FY2026

    $744M

    Same definition. It was $671.5 million in Q3 FY2025; First Solar states an adjusted EBITDA margin of 60% for Q3 FY2026.

  • Official (GAAP): Aggregate transaction price of those contracts (10-Q revenue note), Sep 30, 2026

    $13.5B

    Company's own measure: Contracted backlog, Sep 30, 2026

    44 GW

    Module volume under signed contracts for delivery through 2030. It leaves out Indian contracts without secured payment and possible price adjustments. It was 53.7 GW and $16.4 billion a year earlier.

  • Official (GAAP): Net sales, FY2025

    $5.2B

    Company's own measure: Modules sold, FY2025

    17.5 GW

    Volume sold as First Solar reports it, up from 14.1 GW in FY2024. It produced 16.1 GW in FY2025.

  • Official (GAAP): Cash and cash equivalents, Sep 30, 2026

    $1.6B

    Company's own measure: Net cash as First Solar defines it, Sep 30, 2026

    $1.5B

    The company's net cash counts cash, restricted cash and marketable securities, minus debt. It stated $2.4 billion at Dec 31, 2025.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (6)
17Financial strength and debt

17Financial strength · Sep 30, 2026

How much debt does First Solar have?

On Sep 30, 2026, First Solar held $1,624.1 million of cash and marketable securities against $107.7 million of debt, all short-term loans of its Indian subsidiary.
  • Total debt$108M
  • Cash and investments$1.6B
  • Net cash (cash minus debt)$1.5B
  • Net worth (shareholders' money)$10.9B
Debt to equity
0.01×
$ of debt for every $1 of shareholders' money
  • Net cash of $1,516.4 million is cash and cash equivalents of $1,576.0 million plus marketable securities of $48.1 million, minus debt of $107.7 million (Cityfort calculation from the Q3 FY2026 earnings release). First Solar states net cash of $1.5 billion on its own definition, which also counts restricted cash.
  • Net cash on the same basis was $2,356.8 million at Dec 31, 2025 (Cityfort calculation from the FY2025 10-K).
  • Noncurrent government grants receivable, where First Solar records Section 45X credits not yet sold or refunded, rose to $1,588.0 million on Sep 30, 2026 from $125.6 million at Dec 31, 2025.
  • A $1.5 billion unsecured revolving credit facility from February 2026 had no drawings shown in the Q3 FY2026 10-Q debt table. The US government-backed India credit facility was repaid in May 2026.
  • Restricted marketable securities of $202.5 million, set aside for module collection and recycling, are left out of cash here. Lease liabilities ($180.9 million operating, $36.4 million finance) are not counted as debt.
Sources (4)
18Who owns it

18Who owns it · ownership as of Mar 19, 2026

Who owns First Solar?

First Solar has one class of common stock, with one vote per share. Officers and directors as a group (19 people) held 423,164 shares on Mar 19, 2026, 0.39% of the 107,450,760 shares at that record date (Cityfort calculation from the 2026 proxy statement). FMR LLC, listed in the proxy at 6.1%, reported 1.7% at Mar 31, 2026.
Officers and directors (as a group), shares
0.4%
Share classes
First Solar share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (107,481,151 shares on Oct 23, 2026 (10-Q cover), up from 107,309,794 at Dec 31, 2025 and 107,060,281 at Dec 31, 2024.)107.51Public and institutions––Yes
Holders of 5% or more
First Solar holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.11.8%–Jul 28, 2026S36, S2012,659,898 shares at Jun 30, 2026, from its Schedule 13G/A. The 2026 proxy listed BlackRock at 10.4%.
Vanguard Capital Management7.3%–Apr 29, 2026S32, S31, S207,836,039 shares (7.30%) at Mar 31, 2026, from its Schedule 13G. The Vanguard Group reported 0% after an internal realignment on Mar 13, 2026; the proxy had listed it at 12.8%. The Vanguard rows are separate filers and are not added together.
Susquehanna entities (SIG)7.0%–Aug 14, 2026S357,518,532 shares at Jun 30, 2026, from its Schedule 13G/A.
Citadel Securities entities6.0%–Oct 15, 2026S396,422,545 shares at Oct 8, 2026, from its Schedule 13G/A.
Vanguard Portfolio Management5.3%–Apr 29, 2026S335,710,409 shares at Mar 31, 2026, from its Schedule 13G.
State Street Corporation5.2%–Aug 7, 2026S375,581,776 shares at Jun 30, 2026, from its Schedule 13G.
Jane Street Group, LLC5.1%–Aug 13, 2026S385,502,994 shares at Jun 30, 2026, from its Schedule 13G.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did First Solar's insiders report trading?

First Solar's insiders made 105 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 151 sales (151,008 shares) in the open market or privately (codes P and S).

72 of the 151 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 119 other share transactions (M: 69, A: 45, F: 4, G: 1).

They also report 80 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 270 transactions
First Solar's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Gloeckler MarkusChief Technology OfficerOct 1, 2026S800 D$174.005,042CheckedForm 4, filed Oct 2, 2026
MORGAN CURTIS ADirectorSep 30, 2026A300 A$0.00523Not checkedForm 4, filed Oct 2, 2026
RENDUCHINTALA VENKATA S MDirectorSep 30, 2026A300 A$0.002,433Not checkedForm 4, filed Oct 2, 2026
Wright Norman L.DirectorSep 30, 2026A300 A$0.005,309Not checkedForm 4, filed Oct 2, 2026
KRO LISA ADirectorSep 30, 2026A300 A$0.004,899 (indirect: By Trust)Not checkedForm 4, filed Oct 2, 2026
George Anita M.DirectorSep 30, 2026A300 A$0.005,471Not checkedForm 4, filed Oct 2, 2026
Sweeney Michael TDirectorSep 30, 2026A300 A$0.0014,625Not checkedForm 4, filed Oct 2, 2026
STEBBINS PAUL HDirectorSep 30, 2026A300 A$0.0016,250 (indirect: By Stebbins Family Trust)Not checkedForm 4, filed Oct 2, 2026
POST WILLIAM JDirectorSep 30, 2026A300 A$0.0027,685 (indirect: By Post Family Trust)Not checkedForm 4, filed Oct 2, 2026
Ahearn Michael JDirectorSep 30, 2026A422 A$0.0066,479Not checkedForm 4, filed Oct 2, 2026
Sloan Samantha L.EVP, Corporate AffairsSep 1, 2026M469 A$0.002,487Not checkedForm 4, filed Sep 3, 2026
Sloan Samantha L.EVP, Corporate AffairsSep 1, 2026F134 D$199.652,353Not checkedForm 4, filed Sep 3, 2026
Gloeckler MarkusChief Technology OfficerSep 1, 2026S800 D$200.005,842CheckedForm 4, filed Sep 2, 2026
Sloan Samantha L.EVP, Corporate AffairsAug 17, 2026S127 D$222.952,018Not checkedForm 4, filed Aug 18, 2026
Sloan Samantha L.EVP, Corporate AffairsAug 14, 2026M437 A$0.002,145Not checkedForm 4, filed Aug 18, 2026
Dymbort Jason E.General Counsel and SecretaryAug 11, 2026S3,700 D$249.385,624CheckedForm 4, filed Aug 12, 2026
Ahearn Michael JDirectorAug 4, 2026G44,584 DSee filing66,057Not checkedForm 4, filed Aug 5, 2026
Gloeckler MarkusChief Technology OfficerAug 4, 2026S829 D$248.006,642CheckedForm 4, filed Aug 5, 2026
Koralewski MichaelChief Supply Chain OfficerAug 3, 2026S3,500 D$218.0211,142CheckedForm 4, filed Aug 5, 2026
Koralewski MichaelChief Supply Chain OfficerAug 3, 2026S3,500 D$225.007,642CheckedForm 4, filed Aug 5, 2026
Gloeckler MarkusChief Technology OfficerAug 3, 2026S800 D$222.0010,096CheckedForm 4, filed Aug 5, 2026
Gloeckler MarkusChief Technology OfficerAug 3, 2026S2,625 D$218.027,471CheckedForm 4, filed Aug 5, 2026
Wright Norman L.DirectorJun 30, 2026A223 A$0.005,009Not checkedForm 4, filed Jul 1, 2026
RENDUCHINTALA VENKATA S MDirectorJun 30, 2026A223 A$0.002,133Not checkedForm 4, filed Jul 1, 2026
Sweeney Michael TDirectorJun 30, 2026A223 A$0.0014,325Not checkedForm 4, filed Jul 1, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of First Solar's Form 4 filings on EDGAR.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (11)
19What it does with profit

19What it does with profit

What does First Solar do with its profit?

First Solar has never paid a dividend, and its FY2025 10-K says it does not expect to pay one for the foreseeable future. The filings read do not report any shares bought under the new program yet.

  • Buyback · Oct 29, 2026

    The board authorized a First Solar share repurchase program for up to $500 million of common stock, with no expiry date.

Sources (2)
20Governance signals

20Governance signals

What do First Solar's governance filings show?

Auditor
PricewaterhouseCoopers LLP
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy reports that First Solar used a consultancy, SSA, for permitting at its India plant; the husband of director Anita Marangoly George is an SSA director. A family member of Ms. George was employed by First Solar and paid about $134,000 in 2025.
Credit rating
No public credit rating found in a search of rating agency sites on Nov 7, 2026

Flags to know about

  • disclosure · Feb 24, 2026

    Tax credits are counted inside cost of sales

    First Solar books Section 45X credits as a reduction of cost of sales: $1,606.7 million in FY2025, more than net income of $1,528.2 million, and $638.0 million in Q3 FY2026, against net income of $571.1 million.

  • other · Oct 29, 2026

    Securities class action and derivative suits

    A class action filed in June 2026 in the Eastern District of New York alleges misleading statements about the effect of tariffs, for a class period of Feb 26, 2025 to Feb 24, 2026. Related derivative suits followed. The Q3 FY2026 10-Q says First Solar disputes the claims and cannot estimate any loss.

  • other · Oct 29, 2026

    Series 7 manufacturing issue

    The FY2025 10-K says about two-thirds of Series 7 modules sold before Dec 31, 2024 may be affected by a manufacturing issue. The Q3 FY2026 10-Q estimates future losses of about $40 million to $65 million and records a $46 million warranty liability within that range at Sep 30, 2026.

  • other · Oct 29, 2026

    Customer contract terminations in court

    In a Sep 30, 2025 complaint in New York state court, First Solar alleges that BP Solar Holding LLC and its affiliate Lightsource Renewable Energy Trading, LLC breached supply agreements by refusing to pay amounts owed. First Solar says it then terminated the agreements, which triggered $384.6 million of termination payments, of which it recognized $61.0 million as revenue. The defendants deny the claims and counterclaim for $175 million plus the return of $15 million of credit support; First Solar says the counterclaims have no legal basis.

  • disclosure

    What the filings do not break out

    The 10-K and 10-Q used for this page do not state total factory capacity in gigawatts, or revenue by type of customer.

Sources (4)
21What the market paid

21What the market paid · price as of Nov 5, 2026

What did the market pay for First Solar on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: a $195.76 Nasdaq closing price, from Nasdaq's historical price table for FSLR. Other closes in the same table: $176.89 on Oct 29, 2026, the day Q3 results came out after the close, and $174.40 on Oct 30. Market value = $195.76 × 107,481,151 shares (10-Q cover, Oct 23, 2026) = $21,040.5 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). P/E, the price divided by the last four quarters' diluted earnings per share, is 11.3: $195.76 ÷ $17.28 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases); those earnings include Section 45X credits. P/B, market value divided by stockholders' equity of $10,880.7 million on Sep 30, 2026, is 1.9.

Share price
$195.76
Market value (market cap)
$21.0B
P/E
11.3×
P/B
1.9×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 107.48 million ($195.76 × 107.48 million shares ≈ $21.0B). Source: Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025)

Source: FSLR historical prices, Oct 20 to Nov 5, 2026 (Nasdaq historical table; FSLR is listed on Nasdaq); Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Q4 and full-year 2025 earnings release with 2026 guidance (8-K Exhibit 99.1) and 3 more

Sources (9)
22How it got here

22How it got here

How did First Solar get here?

  1. 2021

    Business-model change

    US project business sold

    First Solar sold its US project development business to Leeward and its North American operations and maintenance business, booking $147.3 million of net gains on sales of businesses in FY2021.

  2. 2022

    Crisis

    A loss year, and the last project business sold

    First Solar sold its Japan project business to PAG and reported a FY2022 net loss of $44.2 million, with gross profit of $69.9 million on $2,619.3 million of net sales.

  3. 2023

    Business-model change

    First Section 45X credits

    First Solar booked $659.7 million of Section 45X credits in FY2023 and net income rose to $830.8 million. Its backlog reached 78.3 GW at year end.

  4. 2024

    Milestone

    Tax credits sold to Visa

    In December 2024 First Solar agreed to sell its 2024 Section 45X credits to Visa Inc.; it sold $857.2 million of credits for $818.6 million.

  5. 2025

    Crisis

    Guidance cut and contract terminations

    First Solar cut its FY2025 guidance on Apr 29, 2025, citing tariffs. On Sep 30, 2025 First Solar sued BP Solar and Lightsource, alleging they refused to pay under supply agreements, and says it terminated those agreements.

  6. 2025

    Milestone

    Net sales reach $5.22 billion

    FY2025 net sales were $5,219.4 million and free cash flowCash from operations minus spending on buildings and equipment. Learn more $1,187.2 million, the first positive year on this page, which starts in FY2021. It sold its 2025 credits in three deals from June to October 2025.

  7. 2026

    Milestone

    New credit line and patent petition

    In February 2026 First Solar signed a $1.5 billion unsecured revolving credit facility and filed a USITC petition against 10 groups over imported TOPCon solar products.

  8. 2026

    Milestone

    South Carolina plant and a buyback program

    The first phase of the Gaffney, South Carolina plant began commercial production in September 2026, and on Oct 29, 2026 the board authorized a $500 million share repurchase program.

Sources (12)

23Sources and changes

Where every number on this page comes from

Sources (38 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2024
  4. S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2023
  5. S5Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  6. S6Form 10-Q, Q2 2026 (quarter ended Jun 30, 2026) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
  7. S7Form 10-Q, Q1 2026 (quarter ended Mar 31, 2026) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  8. S8Form 10-Q, Q3 2025 (quarter ended Sep 30, 2025) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
  9. S9Form 10-Q, Q2 2025 (quarter ended Jun 30, 2025) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
  10. S10Form 10-Q, Q1 2025 (quarter ended Mar 31, 2025) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
  11. S11Q3 2026 earnings release (8-K Exhibit 99.1) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  12. S12Q2 2026 earnings release (8-K Exhibit 99.1) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
  13. S13Q1 2026 earnings release (8-K Exhibit 99.1) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  14. S14Q4 and full-year 2025 earnings release with 2026 guidance (8-K Exhibit 99.1) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
  15. S15Q3 2025 earnings release (8-K Exhibit 99.1) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
  16. S16Q2 2025 earnings release (8-K Exhibit 99.1) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
  17. S17Q1 2025 earnings release with revised 2025 guidance (8-K Exhibit 99.1) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
  18. S18Q4 and full-year 2024 earnings release with 2025 guidance (8-K Exhibit 99.1) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2025
  19. S19Q3 2024 earnings release (8-K Exhibit 99.1) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2024
  20. S202026 proxy statement (DEF 14A) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 2, 2026
  21. S21Form 8-K filed Oct 29, 2026 (Items 2.02, 8.01: $500 million share repurchase program) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  22. S22Form 8-K filed Feb 19, 2026 (Items 1.01, 1.02, 2.03: $1.5 billion revolving credit agreement) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 19, 2026
  23. S23Form 8-K filed Dec 12, 2024 (Item 1.01: Section 45X tax credit transfer agreements with Visa Inc.) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 12, 2024
  24. S24Form 8-K filed Feb 20, 2025, Exhibit 99.1 (final sale of 2024 Section 45X tax credits) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2025
  25. S25Form 8-K filed Jun 24, 2025 (Item 8.01: Section 45X tax credit transfer agreement) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 24, 2025
  26. S26Form 8-K filed Jul 30, 2025 (Item 8.01: Section 45X tax credit transfer agreement) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2025
  27. S27Form 8-K filed Oct 21, 2025 (Item 8.01: Section 45X tax credit transfer agreements) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2025
  28. S28Form 8-K filed Jan 10, 2025 (Item 5.02: Chief Accounting Officer appointment) · First Solar, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 10, 2025
  29. S31Schedule 13G/A by The Vanguard Group, filed Mar 26, 2026 (0% as of Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  30. S32Schedule 13G by Vanguard Capital Management, filed Apr 29, 2026 (7.30% as of Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  31. S33Schedule 13G by Vanguard Portfolio Management, filed Apr 29, 2026 (5.32% as of Mar 31, 2026) · Vanguard Portfolio Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  32. S34Schedule 13G/A by FMR LLC, filed May 6, 2026 (1.7% as of Mar 31, 2026) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
  33. S35Schedule 13G/A by Susquehanna entities (SIG), filed Aug 14, 2026 (7.0% as of Jun 30, 2026) · Susquehanna entities (SIG) (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
  34. S36Schedule 13G/A by BlackRock, Inc., filed Jul 28, 2026 (11.8% as of Jun 30, 2026) · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 28, 2026
  35. S37Schedule 13G by State Street Corporation, filed Aug 7, 2026 (5.2% as of Jun 30, 2026) · State Street Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
  36. S38Schedule 13G by Jane Street Group, LLC, filed Aug 13, 2026 (5.1% as of Jun 30, 2026) · Jane Street Group, LLC (SEC EDGAR) · Tier 1: company or exchange filing · Aug 13, 2026
  37. S39Schedule 13G/A by Citadel Securities entities, filed Oct 15, 2026 (6.0% as of Oct 8, 2026) · Citadel Securities entities (SEC EDGAR) · Tier 1: company or exchange filing · Oct 15, 2026
  38. S40FSLR historical prices, Oct 20 to Nov 5, 2026 (Nasdaq historical table; FSLR is listed on Nasdaq) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.