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First Solar

No base rate yet — FSLR has 2 graded prints on the record, and the bar is 3.PowerWebsite
Ticker
FSLR
Beat
energy
Size
Public Company
Revenue
$1.2B
as of Sep 2026
Cash
$1.6B
as of Sep 2026
Researched · Fresh
1 day ago

The best-run solar manufacturer on earth, but ~$1.6B of FY25's $1.5B net income is a US tax credit — you are not buying a module company, you are buying a leveraged, policy-dated bet that the 45X subsidy and the domestic-content wall hold through 2032.

Orbit · who it trades with and competes with
8 on the rings · 3 trade · 5 rival
9 mentions across our dossiers
Focus · Energy
First Solar
FSLR · public
No published house view
Trades with
Competes with
Next prints in its web
Links · 8 companies · 3 trade · 5 rival
“- Renewables equipment — wind turbines (Vestas, Siemens Gamesa, GE Vernova), PV modules (multiple Chinese + First Solar for US), batteries (BESS cells from CATL / LG / Chinese suppliers).”Engie · TRADE · from Engie’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

FSLR · weekly close
174.40 USD+1.4%
Friday 30 Oct 2026 · last 52 Fridays 171.99–306.79
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 800 sh · 1 filing, Form 4 · 1 Oct 2026
  2. Short interest: 11,595,120 sh · 5.83 days to cover, FINRA · settled 15 Oct 2026
  3. Insiders bought, 90 days: 2,822 sh · 9 filings, Form 4 · 30 Sept 2026
  4. Next print: in 114 days, Scheduled · 25 Feb 2027, scheduled
174.40USD+1.4%energy +1.0%FSLR · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 1 Oct 2026
1 filing · 800 shares
Insiders bought, last 90 daysSEC Form 4 · newest 30 Sept 2026
9 filings · 2,822 shares
Shares sold shortFINRA · settled 15 Oct 2026
11,595,120 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
5.83
see the whole series
Financials

The reported figures

Revenue · quarterly
$1.2B
latest, Q3 ’26 · 12 periods stored
Filed · primary
Q3 ’26
$1.2B USD
as of 30 Sept 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
First Solar, quarterly figures held, Q4 ’23 to Q3 ’26
PeriodAs ofRevenueGross marginOperating marginFree cash flowCapexCashNet debtShares outstandingGradingSource
Q4 ’2331 Dec 2023$1.2B USD—34.3% share of revenue$214M USD$347M USD$1.9B USD——Filed · primarysec.gov
Q1 ’2431 Mar 2024$794M USD—30.6% share of revenue-$146M USD$413M USD$1.7B USD—107.0M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$1.0B USD—36.9% share of revenue-$172M USD$365M USD$1.7B USD—107.0M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$888M USD—36.3% share of revenue-$488M USD$434M USD$1.0B USD—107.1M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$1.5B USD—30.2% share of revenue$497M USD$314M USD$1.6B USD——Filed · primarysec.gov
Q1 ’2531 Mar 2025$845M USD40.8% share of revenue26.2% share of revenue-$814M USD$206M USD$891M USD-$366M USD107.2M sharesFiled · primary10-q-2025-q1
Q2 ’2530 Jun 2025$1.1B USD45.6% share of revenue33.0% share of revenue-$139M USD$288M USD$1.2B USD-$576M USD107.2M sharesFiled · primary10-q-2025-q2
Q3 ’2530 Sept 2025$1.6B USD38.3% share of revenue29.2% share of revenue$1.1B USD$204M USD$2.0B USD-$1.5B USD107.3M sharesFiled · primary10-q-2025-q3
Q4 ’2531 Dec 2025$1.7B USD—32.6% share of revenue$1.1B USD$172M USD$2.8B USD——Filed · primarysec.gov
Q1 ’2631 Mar 2026$1.0B USD46.6% share of revenue33.1% share of revenue-$333M USD$119M USD$2.4B USD-$2.0B USD107.5M sharesFiled · primary10-q-2026-q1
Q2 ’2630 Jun 2026$1.1B USD57.3% share of revenue42.6% share of revenue-$306M USD$161M USD$1.7B USD-$1.7B USD107.5M sharesFiled · primary10-q-2026-q2
Q3 ’2630 Sept 2026$1.2B USD—44.4% share of revenue-$198M USD$155M USD$1.6B USD—107.5M sharesFiled · primarysec.gov

First Solar’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ4 ’23 – Q3 ’26
$1.2B-23% vs Q3 ’25

Q3 ’26 · as of Sep 2026

Revenue Q4 ’23: $1.2B, as of Dec 2023Revenue Q1 ’24: $794M, as of Mar 2024Revenue Q2 ’24: $1.0B, as of Jun 2024Revenue Q3 ’24: $888M, as of Sep 2024Revenue Q4 ’24: $1.5B, as of Dec 2024Revenue Q1 ’25: $845M, as of Mar 2025Revenue Q2 ’25: $1.1B, as of Jun 2025Revenue Q3 ’25: $1.6B, as of Sep 2025Revenue Q4 ’25: $1.7B, as of Dec 2025Revenue Q1 ’26: $1.0B, as of Mar 2026Revenue Q2 ’26: $1.1B, as of Jun 2026Revenue Q3 ’26: $1.2B, as of Sep 2026
Operating margin · quarterlyQ4 ’23 – Q3 ’26
44.4%+15.1 pts vs Q3 ’25

Q3 ’26 · as of Sep 2026

Operating margin Q4 ’23: 34.3%, as of Dec 2023Operating margin Q1 ’24: 30.6%, as of Mar 2024Operating margin Q2 ’24: 36.9%, as of Jun 2024Operating margin Q3 ’24: 36.3%, as of Sep 2024Operating margin Q4 ’24: 30.2%, as of Dec 2024Operating margin Q1 ’25: 26.2%, as of Mar 2025Operating margin Q2 ’25: 33.0%, as of Jun 2025Operating margin Q3 ’25: 29.2%, as of Sep 2025Operating margin Q4 ’25: 32.6%, as of Dec 2025Operating margin Q1 ’26: 33.1%, as of Mar 2026Operating margin Q2 ’26: 42.6%, as of Jun 2026Operating margin Q3 ’26: 44.4%, as of Sep 2026
Free cash flow · quarterlyQ4 ’23 – Q3 ’26
-$198M

Q3 ’26 · as of Sep 2026

Free cash flow Q4 ’23: $214M, as of Dec 2023Free cash flow Q1 ’24: -$146M, as of Mar 2024Free cash flow Q2 ’24: -$172M, as of Jun 2024Free cash flow Q3 ’24: -$488M, as of Sep 2024Free cash flow Q4 ’24: $497M, as of Dec 2024Free cash flow Q1 ’25: -$814M, as of Mar 2025Free cash flow Q2 ’25: -$139M, as of Jun 2025Free cash flow Q3 ’25: $1.1B, as of Sep 2025Free cash flow Q4 ’25: $1.1B, as of Dec 2025Free cash flow Q1 ’26: -$333M, as of Mar 2026Free cash flow Q2 ’26: -$306M, as of Jun 2026Free cash flow Q3 ’26: -$198M, as of Sep 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ4 ’23 – Q3 ’26
$1.6B

Q3 ’26 · as of Sep 2026

Cash Q4 ’23: $1.9B, as of Dec 2023Cash Q1 ’24: $1.7B, as of Mar 2024Cash Q2 ’24: $1.7B, as of Jun 2024Cash Q3 ’24: $1.0B, as of Sep 2024Cash Q4 ’24: $1.6B, as of Dec 2024Cash Q1 ’25: $891M, as of Mar 2025Cash Q2 ’25: $1.2B, as of Jun 2025Cash Q3 ’25: $2.0B, as of Sep 2025Cash Q4 ’25: $2.8B, as of Dec 2025Cash Q1 ’26: $2.4B, as of Mar 2026Cash Q2 ’26: $1.7B, as of Jun 2026Cash Q3 ’26: $1.6B, as of Sep 2026Debt Q1 ’25: $525M, as of Mar 2025Debt Q2 ’25: $578M, as of Jun 2025Debt Q3 ’25: $555M, as of Sep 2025Debt Q1 ’26: $426M, as of Mar 2026Debt Q2 ’26: $37.6M, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ1 ’24 – Q3 ’26
107.5M+0.4% since Q1 ’24

Q3 ’26 · as of Sep 2026

Shares outstanding Q1 ’24: 107.0M, as of Mar 2024Shares outstanding Q2 ’24: 107.0M, as of Jun 2024Shares outstanding Q3 ’24: 107.1M, as of Sep 2024Shares outstanding Q1 ’25: 107.2M, as of Mar 2025Shares outstanding Q2 ’25: 107.2M, as of Jun 2025Shares outstanding Q3 ’25: 107.3M, as of Sep 2025Shares outstanding Q1 ’26: 107.5M, as of Mar 2026Shares outstanding Q2 ’26: 107.5M, as of Jun 2026Shares outstanding Q3 ’26: 107.5M, as of Sep 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-11-02editorial noteCapex figure revised: $279.8M → $434.7MCapex moved from $279.8M (deep-dive-2026-08-10.md) to $434.7M (deep-dive-2026-11-02.md).dossier
2026-11-02editorial noteMargin figure revised: 57.3% → 57.9%Margin moved from 57.3% (deep-dive-2026-08-10.md) to 57.9% (deep-dive-2026-11-02.md).dossier
2026-10-29filing10-Q: Q3 2026, net sales $1.23bnNet sales $1,230.9m vs $1,594.9m; net income $571.1m vs $455.9m; diluted EPS $5.30 vs $4.24. Nine-month net sales $3,331.4m.agent:company-events · SEC EDGAR 10-Q
2026-10-29guidance8-K: Q3 2026 results, net sales $1.23bn, $500m buyback authorizedQ3 2026 net sales $1,230.9m (down 23% YoY), net income $571.1m, diluted EPS $5.30; board authorized share repurchase up to $500m; 2026 net sales guidance $4.6-$4.9bn (prior $4.9-$5.2bn).agent:company-events · SEC EDGAR 8-K
2026-10-15filingFirst Solar Schedule 13G: Citadel entities report 5.0% stakeEvent date 2026-09-30: Citadel Securities group entities report 5,375,954 shares (5.0% of 107,469,788 outstanding); Kenneth Griffin reports 5,409,576 (5.0%).agent:company-events · SEC EDGAR SC 13G
2026-08-10editorial noteVerdict changed: The best-run solar manufacturer on earth, but ~$1.6B of FY25's $1.5B net income is a US tax credit — you are not buying a module company, you are buying a leveraged, policy-dated bet…Before (deep-dive-2026-06-20.md): The best-run solar manufacturer on earth, but ~$1.6B of FY25's $1.5B net income is a US tax credit — you are not buying a module company, you are buying a leveraged, policy-dated bet that the 45X subsidy and the domestic-content wall hold through 2032. After (deep-dive-2026-08-10.md): The subsidy thesis just got a second leg — a $0.38/W federal module price floor from the Aug 6 Section 232 proclamation now sits ABOVE First Solar's own $0.36/W booking ASP — but the same quarter shows the backlog shrinking 5 GW, $650M of 45X credit stuck on the balance sheet instead of in the bank, 1.8 GW of Southeast Asian capacity idle at ~$30M/quarter, and a securities class action alleging management understated exactly that.dossier
dossier age
1 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 20 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-08-10), 477 words, 20 filing mentions
  2. The dossier: What held, 78 words, no filing mention
Research

The First Solar dossier

The verdict

The subsidy thesis just got a second leg — a $0.38/W federal module price floor from the Aug 6 Section 232 proclamation now sits ABOVE First Solar's own $0.36/W booking ASP — but the same quarter shows the backlog shrinking 5 GW, $650M of 45X credit stuck on the balance sheet instead of in the bank, 1.8 GW of Southeast Asian capacity idle at ~$30M/quarter, and a securities class action alleging management understated exactly that.

Primary sources

SEC filings

Earnings calls

Source documents — open to read in full

Refresh delta (since 2026-08-10)

  1. Q3 2026 (actuals): net sales $1,230.9M against $1,594.9M in Q3 2025 (−23%), "driven primarily by a decrease in the volume of modules sold to third parties"; gross profit $713.1M against $610.7M; operating income $546.1M; net income $571.1M; diluted EPS $5.30 against $4.24; adjusted EBITDA $744M against $671M [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3]. Produced 4.3 GW and sold 4.1 GW, against 3.6 GW produced and 5.3 GW sold a year earlier [Form 10-QThe quarterly version of the annual report. Lighter, and not audited. Q3]. Gross margin 57.9%.
  2. The 45X credit again exceeded net income. Income-related government grants cut Q3 cost of sales by $638.0M (Q3 2025: $396.3M); nine months $1,500.5M against net income of $1,340.3M [10-Q Q3, government grants note]. Gross profit before that credit was $75.1M, a 6.1% margin.
  3. Grants receivable kept growing. Government grants receivable stood at $286.9M current plus $1,588.0M noncurrent at 2026-09-30, against $499.6M plus $125.6M at 2025-12-31 [10-Q Q3, balance sheet]; total $1,874.9M. The prior dossier had $1,263.3M at 2026-06-30. The only 2026 cash from 45X named in the 10-Q is $95.2M (residual on the October 2025 sale) and $117.6M from Treasury on 2024 credits; no 2026 credit-sale agreement is described [10-Q Q3].
  4. Cash: nine-month operating cash flow −$402.7M (2025: +$815.2M); Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $434.7M [8-K Q3, cash flow]; nine-month Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. −$837.4M. Net cash $1.5B at 2026-09-30 against $2.4B at 2025-12-31; gross cash $1.6B [8-K Q3]. The company says IEEPA refunds for "substantially all remaining claims" were received in Q3 [10-Q Q3].
  5. 2026 guidance cut on volume and sales (guidance): volume sold 16.0–17.0 GW (was 17.0–18.2); net sales $4.6–4.9B (was $4.9–5.2B); adjusted EBITDA $2.55–2.75B (was $2.6–2.8B); capex $0.6–0.8B (was $0.8–1.0B). Gross profit $2.4–2.6B, opex and net cash $1.7–2.3B are unchanged. Assumed 45X credits $2.07–2.19B (was $2.10–2.19B); underutilization $110–120M [8-K Q3]. Q4 guide: 4.3–5.3 GW sold, adjusted EBITDA $643–843M [8-K Q3]. Net cash at 2026-09-30 ($1.5B) sits below the unchanged year-end range.
  6. $500M buyback authorised, no expiry, effective immediately [8-K 8.01; 8-K Q3].
  7. Backlog 44.0 GW / $13.5B at 2026-09-30, down from 45.1 GW / $13.6B at 2026-06-30; 20.0 GW carries technology price adjusters (was 21.6 GW) [10-Q Q3].
  8. ITC case being withdrawn. After the Section 232 proclamation, First Solar moved on 2026-09-17 to terminate its ITC proceeding without prejudice; the ALJ granted it in an initial determination on 2026-09-30; respondents petitioned the ITC for review on 2026-10-07 [10-Q Q3]. The prior seed lists a 337-TA-1494 hearing in February 2027 as a catalyst.
  9. Section 232 terms confirmed in the 10-Q: effective 2026-12-04, minimum import prices of $0.38/W modules and $0.22/W cells, plus a 15% duty on polysilicon derivatives [10-Q Q3].
  10. Litigation widened: a second derivative suit (Bradley Walkup, EDNY) was filed 2026-08-24; the parties asked the court to consolidate the derivative actions [10-Q Q3]. The 10-Q still names the risk that international underutilization "may lead to potential impairment" [10-Q Q3]; no impairment is reported in the parts read.

What held

  • Policy is still the earnings: the 45X benefit exceeded net income in Q3 and in the nine months (fact 2).
  • The credit is still not turning into cash: the receivable grew again and operating cash flow is negative for the year (facts 3–4).
  • The book is still shrinking slowly (fact 7). The Section 232 floor is still set for 2026-12-04 (fact 9).
  • Gross-profit guidance held even as volume and sales guidance fell (fact 5).

How our view changed

3 dossiers

Every dossier we have written on First Solar, newest first.

  1. current

    The subsidy thesis just got a second leg — a $0.38/W federal module price floor from the Aug 6 Section 232 proclamation now sits ABOVE First Solar's o…

  2. The subsidy thesis just got a second leg — a $0.38/W federal module price floor from the Aug 6 Section 232 proclamation now sits ABOVE First Solar's o…

  3. The best-run solar manufacturer on earth, but ~$1.6B of FY25's $1.5B net income is a US tax credit

Research trail

The research around First Solar

Covered in the Knowledge Base

Energy & Power

Company details

IndustryEnergy
SizePublic Company
WebsiteVisit First Solar

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5 names

Where First Solar sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.