First Solar, Inc. · FSLR · FY2025 Q4 · Calendar Q1 2026
First Solar Maintains Outlook as Technology and Capacity Plans Advance
The current evidence supports a constructive operating case: management reported strong results, maintained its outlook and continued investing in U.S. capacity and differentiated technology. The case remains conditional on pricing, policy stability, utilization and backlog execution.
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What changed
Versus the prior quarter, the narrative shifted from lowered guidance and BP-related debookings toward maintained outlook, record full-year execution and clearer progress on U.S. capacity and the CURE and perovskite roadmaps. The main unresolved issues remain trade exposure, utilization and contract risk.
Guidance delta
Management maintained its outlook, while continuing capacity expansion and technology deployment plans.
Key takeaways
- Management described a strong operating year and a robust backlog while maintaining its outlook.
- The current quarter emphasized U.S. manufacturing expansion, CURE rollout and perovskite development.
- Trade policy, pricing, factory utilization and backlog execution remain the central investor tests.
Management priorities
- Ramp U.S. manufacturing capacity and the South Carolina finishing line.
- Deploy CURE across the manufacturing footprint and advance the perovskite pilot line.
- Manage liquidity, policy exposure and factory utilization while evaluating capital allocation.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| GLJ Research | Buy | Buy | Maintain | Sep 22, 2026 |
| BMO Capital | Outperform | Market Perform | Upgrade | Aug 27, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 26, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 26, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 18, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Aug 17, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 7, 2026 |
| Guggenheim | Buy | Buy | Maintain | Aug 3, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 3, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jul 31, 2026 |
| Bernstein | Underperform | Underperform | Maintain | Jul 31, 2026 |
| Roth Capital | Buy | Buy | Maintain | Jul 24, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 14, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 10, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 15, 2026 |
| UBS | Buy | Buy | Maintain | Jun 11, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | May 5, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 7, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Feb 25, 2026 |
| HSBC | Hold | Buy | Downgrade | Feb 25, 2026 |
| Baird | Neutral | Outperform | Downgrade | Feb 25, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jan 22, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 31, 2025 |
| Keybanc | Underweight | Underweight | Maintain | Oct 31, 2025 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 31, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | May 19, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | May 13, 2025 |
| Oppenheimer | Perform | Outperform | Downgrade | Apr 30, 2025 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 21, 2025 |
| Roth MKM | Buy | Buy | Maintain | Feb 26, 2025 |
| Seaport Global | Buy | Neutral | Upgrade | Jan 16, 2025 |
| Janney Montgomery Scott | Buy | Neutral | Upgrade | Oct 29, 2024 |
| DZ Bank | Buy | Hold | Upgrade | Aug 1, 2024 |
| Pickering Energy Partners | Outperform | Neutral | Upgrade | Sep 8, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 28, 2023 |
| Daiwa Capital | Outperform | Outperform | Maintain | Dec 23, 2022 |
| Raymond James | Market Perform | Underperform | Upgrade | Jan 4, 2022 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jun 25, 2021 |
| JMP Securities | Outperform | Outperform | Maintain | Feb 10, 2021 |
| CFRA | Hold | Hold | Maintain | May 8, 2020 |
| Cascend | Buy | Buy | Maintain | Feb 21, 2020 |
| Argus | Buy | Hold | Upgrade | Dec 4, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Jun 25, 2018 |
| Vertical Research | Sell | Buy | Downgrade | Jun 7, 2018 |
| Vertical Group | Sell | Buy | Downgrade | Jun 7, 2018 |
| Standpoint Research | Accumulate | Hold | Upgrade | Mar 7, 2018 |
| Needham | Buy | Hold | Upgrade | Oct 27, 2017 |
| Axiom Capital | Buy | Hold | Upgrade | Jul 19, 2017 |
| Macquarie | Neutral | Outperform | Downgrade | Nov 23, 2016 |
| Avondale Partners | Underperform | Market Perform | Downgrade | Nov 17, 2016 |
| Janney Capital | Neutral | Buy | Downgrade | Nov 3, 2016 |
| Piper Jaffray | Neutral | Neutral | Maintain | Oct 10, 2016 |
| Williams Capital | Buy | Buy | Maintain | Sep 30, 2016 |
| Stifel Nicolaus | Buy | Buy | Maintain | Dec 10, 2015 |
| Stifel | Buy | Buy | Maintain | Dec 10, 2015 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Aug 5, 2015 |
| Northland Securities | Market Perform | Underperform | Upgrade | Feb 25, 2015 |
| Northland Capital Markets | Market Perform | Underperform | Upgrade | Feb 25, 2015 |
| Standpoint | Buy | Hold | Upgrade | Jan 6, 2015 |
| Brean Capital | Buy | Buy | Maintain | Apr 21, 2014 |
| FBR Capital | Perform | Market Perform | Maintain | Feb 19, 2014 |
| Maxim Group | Hold | Sell | Upgrade | Jun 24, 2013 |
| DNB Markets | Hold | Sell | Upgrade | Mar 12, 2013 |
| Pacific Crest | Underperform | Sector Perform | Downgrade | Feb 22, 2013 |
| Cantor Fitzgerald | Hold | Buy | Downgrade | Nov 2, 2012 |
| Canaccord Genuity | Hold | Hold | Maintain | Nov 2, 2012 |
| ThinkEquity | Hold | Sell | Upgrade | Aug 2, 2012 |
| Wellington Shields | Buy | Buy | Maintain | Jul 23, 2012 |
| PiperJaffray | Neutral | Neutral | Maintain | May 4, 2012 |
| DBN Markets | Buy | Hold | Upgrade | May 4, 2012 |
| Wunderlich Securities | Sell | Hold | Downgrade | Apr 18, 2012 |
| Wunderlich | Sell | Sell | Maintain | Apr 18, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 18, 2012 |
| Collins Stewart | Neutral | Buy | Downgrade | Feb 10, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $172.97. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| GLJ Research | Analyst unavailable | $250 | $200.78 | +44.5% | Sep 22, 2026 |
| Piper Sandler | Analyst unavailable | $260 | $213.25 | +50.3% | Sep 9, 2026 |
| BMO Capital | Ameet Thakkar | $265 | $205.93 | +53.2% | Aug 27, 2026 |
| Deutsche Bank | Analyst unavailable | $299 | $206.82 | +72.9% | Aug 26, 2026 |
| Morgan Stanley | Analyst unavailable | $323 | $217.85 | +86.7% | Aug 18, 2026 |
| Evercore ISI | Nicholas Amicucci | $218 | $225.56 | +26.0% | Aug 17, 2026 |
| Mizuho Securities | Maheep Mandloi | $324 | $226.77 | +87.3% | Aug 13, 2026 |
| Robert W. Baird | Ben Kallo | $318 | $239.33 | +83.8% | Aug 11, 2026 |
| Jefferies | Analyst unavailable | $228 | $249.96 | +31.8% | Aug 7, 2026 |
| Jefferies | Julien Dumoulin-Smith | $196 | $234.25 | +13.3% | Aug 3, 2026 |
| Jefferies | Analyst unavailable | $280 | $232.73 | +61.9% | Aug 3, 2026 |
| Guggenheim | Analyst unavailable | $282 | $238.64 | +63.0% | Aug 3, 2026 |
| Wells Fargo | Analyst unavailable | $300 | $206.01 | +73.4% | Jul 31, 2026 |
| Bernstein | Sunaina Ocalan | $197 | $206.01 | +13.9% | Jul 31, 2026 |
| Mizuho Securities | Maheep Mandloi | $237 | $206.01 | +37.0% | Jul 31, 2026 |
| Jefferies | Julian Dumoulin-Smith | $207 | $205.31 | +19.7% | Jul 21, 2026 |
| Truist Financial | Analyst unavailable | $249 | $221.03 | +44.0% | Jul 13, 2026 |
| Susquehanna | Analyst unavailable | $270 | $228.5 | +56.1% | Jul 10, 2026 |
| Morgan Stanley | Analyst unavailable | $245 | $224.3 | +41.6% | Jul 9, 2026 |
| Deutsche Bank | Analyst unavailable | $272 | $233.06 | +57.3% | Jul 6, 2026 |
| Wells Fargo | Analyst unavailable | $320 | $224.57 | +85.0% | Jul 6, 2026 |
| Mizuho Securities | Analyst unavailable | $300 | $267.31 | +73.4% | Jun 15, 2026 |
| GLJ Research | Gordon Johnson | $315 | $273.67 | +82.1% | May 27, 2026 |
| UBS | Analyst unavailable | $290 | $208.79 | +67.7% | May 4, 2026 |
| Evercore ISI | Nicholas Amicucci | $219 | $209.52 | +26.6% | May 4, 2026 |
| Barclays | Christine Cho | $213 | $192.49 | +23.1% | Apr 21, 2026 |
| Susquehanna | Analyst unavailable | $250 | $197.25 | +44.5% | Apr 9, 2026 |
| Jefferies | Julian Dumoulin-Smith | $205 | $210.12 | +18.5% | Feb 26, 2026 |
| Deutsche Bank | Corinne Blanchard | $245 | $210.12 | +41.6% | Feb 25, 2026 |
| HSBC | Analyst unavailable | $211 | $212.3 | +22.0% | Feb 25, 2026 |
| RBC Capital | Christopher Dendrinos | $236 | $207.28 | +36.4% | Feb 25, 2026 |
| Mizuho Securities | Maheep Mandloi | $326 | $226.24 | +88.5% | Feb 11, 2026 |
| BMO Capital | Market Perform | $263 | $249.41 | +52.0% | Jan 29, 2026 |
| RBC Capital | Analyst unavailable | $258 | $241.61 | +49.2% | Jan 20, 2026 |
| Guggenheim | Analyst unavailable | $312 | $241.5 | +80.4% | Jan 8, 2026 |
| Deutsche Bank | Analyst unavailable | $300 | $241.54 | +73.4% | Jan 7, 2026 |
| GLJ Research | Gordon Johnson | $314.43 | $265.7 | +81.8% | Nov 4, 2025 |
| Barclays | Analyst unavailable | $279 | $266.94 | +61.3% | Nov 3, 2025 |
| UBS | Jon Windham | $330 | $266.94 | +90.8% | Nov 3, 2025 |
| Morgan Stanley | David Arcaro | $275 | $249.13 | +59.0% | Oct 31, 2025 |
| KeyBanc | Sophie Karp | $150 | $254.64 | -13.3% | Oct 31, 2025 |
| Roth Capital | Philip Shen | $300 | $254.64 | +73.4% | Oct 31, 2025 |
| Jefferies | Julian Dumoulin-Smith | $269 | $249.13 | +55.5% | Oct 31, 2025 |
| BMO Capital | Ameet Thakkar | $273 | $233.58 | +57.8% | Oct 31, 2025 |
| Goldman Sachs | Brian Lee | $316 | $233.58 | +82.7% | Oct 31, 2025 |
| Needham | Analyst unavailable | $286 | $223.08 | +65.3% | Oct 22, 2025 |
| Morgan Stanley | David Arcaro | $253 | $244.4 | +46.3% | Oct 16, 2025 |
| Susquehanna | Analyst unavailable | $273 | $225.91 | +57.8% | Oct 13, 2025 |
| Evercore ISI | Analyst unavailable | $240 | $229.57 | +38.8% | Oct 6, 2025 |
| Jefferies | Analyst unavailable | $260 | $224.82 | +50.3% | Oct 2, 2025 |
| Guggenheim | Joseph Osha | $287 | $202.28 | +65.9% | Aug 22, 2025 |
| UBS | Analyst unavailable | $275 | $186.84 | +59.0% | Aug 5, 2025 |
| Jefferies | Julien Dumoulin-Smith | $194 | $171.93 | +12.2% | Jul 15, 2025 |
| UBS | Jon Windham | $255 | $156.21 | +47.4% | May 14, 2025 |
| GLJ Research | Gordon Johnson | $172.37 | $126.57 | -0.3% | May 1, 2025 |
| Morgan Stanley | Andrew Percoco | $223 | $131.1 | +28.9% | Apr 23, 2025 |
| Piper Sandler | Analyst unavailable | $205 | $122.45 | +18.5% | Apr 21, 2025 |
| Truist Financial | Analyst unavailable | $245 | $127.57 | +41.6% | Apr 1, 2025 |
| Deutsche Bank | Analyst unavailable | $265 | $151.95 | +53.2% | Feb 27, 2025 |
| Seaport Global | Tom Curran | $274 | $186.82 | +58.4% | Jan 16, 2025 |
| Daiwa | Jonathan Kees | $210 | $202.92 | +21.4% | Dec 19, 2024 |
| RBC Capital | Christopher Dendrinos | $280 | $197.52 | +61.9% | Oct 30, 2024 |
| BMO Capital | Ameet Thakkar | $260 | $197.5 | +50.3% | Oct 30, 2024 |
| Piper Sandler | Kashy Harrison | $245 | $187.61 | +41.6% | Oct 30, 2024 |
| Susquehanna | Biju Perincheril | $252 | $188.47 | +45.7% | Oct 30, 2024 |
| Mizuho Securities | Maheep Mandloi | $257 | $186.72 | +48.6% | Oct 30, 2024 |
| Goldman Sachs | Brian Lee | $279 | $199.67 | +61.3% | Oct 30, 2024 |
| Bank of America Securities | Dimple Gosal | $269 | $199.67 | +55.5% | Oct 30, 2024 |
| Evercore ISI | Sean Morgan | $278 | $199.67 | +60.7% | Oct 30, 2024 |
| Janney Montgomery | Sean Milligan | $260 | $203.62 | +50.3% | Oct 29, 2024 |
| Citigroup | Vikram Bagri | $254 | $196.25 | +46.8% | Oct 22, 2024 |
| Roth Capital | Philip Shen | $280 | $205.15 | +61.9% | Oct 15, 2024 |
| Truist Financial | Jordan Levy | $300 | $241.72 | +73.4% | Sep 26, 2024 |
| Jefferies | Julian Dumoulin-Smith | $271 | $212.74 | +56.7% | Sep 3, 2024 |
| Barclays | Christine Cho | $290 | $218.5 | +67.7% | Aug 2, 2024 |
| Piper Sandler | Kashy Harrison | $250 | $215.99 | +44.5% | Jul 31, 2024 |
| BMO Capital | Ameet Thakkar | $286 | $218.1 | +65.3% | Jul 31, 2024 |
| Susquehanna | Biju Perincheril | $285 | $216.73 | +64.8% | Jul 3, 2024 |
| Robert W. Baird | Ben Kallo | $307 | $222.71 | +77.5% | Jul 2, 2024 |
| Oppenheimer | Colin Rusch | $325 | $294.53 | +87.9% | Jun 12, 2024 |
| Robert W. Baird | Ben Kallo | $344 | $279.8 | +98.9% | Jun 11, 2024 |
| BMO Capital | Ameet Thakkar | $311 | $267.34 | +79.8% | Jun 10, 2024 |
| Goldman Sachs | Brian Lee | $302 | $271.76 | +74.6% | Jun 3, 2024 |
| Roth Capital | Philip Shen | $320 | $276.74 | +85.0% | May 31, 2024 |
| Mizuho Securities | Maheep Mandloi | $274 | $278.19 | +58.4% | May 30, 2024 |
| RBC Capital | Chris Dendrinos | $315 | $280.16 | +82.1% | May 29, 2024 |
| UBS | Jon Windham | $350 | $280.16 | +102.3% | May 29, 2024 |
| Piper Sandler | Kashy Harrison | $219 | $202.38 | +26.6% | May 21, 2024 |
| UBS | Jon Windham | $270 | $196.34 | +56.1% | May 21, 2024 |
| Barclays | Christine Cho | $228 | $186.97 | +31.8% | May 15, 2024 |
| Oppenheimer | Colin Rusch | $271 | $177.58 | +56.7% | May 2, 2024 |
| Morgan Stanley | Andrew Percoco | $248 | $177.58 | +43.4% | May 2, 2024 |
| Jefferies | Dushyant Ailani | $211 | $177.58 | +22.0% | May 2, 2024 |
| UBS | Jon Windham | $252 | $177.58 | +45.7% | May 2, 2024 |
| Goldman Sachs | Brian Lee | $268 | $177.58 | +54.9% | May 2, 2024 |
| Morgan Stanley | Sean Morgan | $232 | $177.58 | +34.1% | May 2, 2024 |
| Morgan Stanley | Sean Morgan | $227 | $176.28 | +31.2% | Apr 23, 2024 |
| Wells Fargo | Michael Blum | $250 | $174.29 | +44.5% | Apr 19, 2024 |
| Goldman Sachs | Brian Lee | $275 | $148.06 | +59.0% | Feb 28, 2024 |
| RBC Capital | Christopher Dendrinos | $195 | $158.24 | +12.7% | Feb 14, 2024 |
| Piper Sandler | Kashy Harrison | $235 | $142.84 | +35.9% | Nov 1, 2023 |
| Loop Capital Markets | Ameet Thakkar | $237 | $175.23 | +37.0% | Sep 14, 2023 |
| BMO Capital | Ameet Thakkar | $237 | $170.5 | +37.0% | Sep 14, 2023 |
| Morgan Stanley | Andrew Percoco | $198 | $198.4 | +14.5% | Jul 28, 2023 |
| Loop Capital Markets | Ameet Thakkar | $204 | $192.26 | +17.9% | Jul 10, 2023 |
| Oppenheimer | Colin Rusch | $222 | $181.26 | +28.3% | Apr 28, 2023 |
| Deutsche Bank | Corinne Blanchard | $230 | $211.26 | +33.0% | Apr 13, 2023 |
| Goldman Sachs | Brian Kinstlinger | $260 | $210.11 | +50.3% | Mar 3, 2023 |
| Morgan Stanley | Analyst unavailable | $194 | $160 | +12.2% | Jan 10, 2023 |
| Wells Fargo | Analyst unavailable | $188 | $145.46 | +8.7% | Jan 6, 2023 |
| Daiwa | Analyst unavailable | $175 | $156.75 | +1.2% | Dec 23, 2022 |
| Goldman Sachs | Analyst unavailable | $231 | $155.09 | +33.5% | Dec 20, 2022 |
| J.P. Morgan | Analyst unavailable | $190 | $171.43 | +9.8% | Nov 28, 2022 |
| Deutsche Bank | Analyst unavailable | $180 | $153.63 | +4.1% | Nov 15, 2022 |
| Barclays | Christine Cho | $162 | $148.39 | -6.3% | Nov 1, 2022 |
| UBS | Jon Windham | $140 | $133.02 | -19.1% | Oct 28, 2022 |
| Wolfe Research | Steve Fleishman | $170 | $131.18 | -1.7% | Oct 28, 2022 |
| Morgan Stanley | Analyst unavailable | $146 | $131.05 | -15.6% | Sep 22, 2022 |
| Goldman Sachs | Brian Lee | $172 | $134.8 | -0.6% | Sep 7, 2022 |
| Piper Sandler | Kashy Harrison | $120 | $117.96 | -30.6% | Aug 15, 2022 |
| Morgan Stanley | Analyst unavailable | $54 | $64.82 | -68.8% | Jun 13, 2022 |
| Roth Capital | Analyst unavailable | $85 | $73.64 | -50.9% | Apr 29, 2022 |
| Robert W. Baird | Ben Kallo | $91 | $67.37 | -47.4% | Mar 3, 2022 |
| Cowen & Co. | Jeff Osborne | $90 | $69.51 | -48.0% | Mar 2, 2022 |
| Evercore ISI | Sean Morgan | $92 | $69.51 | -46.8% | Mar 2, 2022 |
| Citigroup | J.B. Lowe | $70 | $69.51 | -59.5% | Mar 2, 2022 |
| Wolfe Research | Steve Fleishman | $65 | $69.51 | -62.4% | Mar 2, 2022 |
| Wells Fargo | Michael Blum | $88 | $70.39 | -49.1% | Feb 8, 2022 |
| Barclays | Moses Sutton | $112 | $107.14 | -35.2% | Nov 23, 2021 |
| GLJ Research | Gordon Johnson | $152.9 | $107.14 | -11.6% | Nov 23, 2021 |
| Stephens | Gail Nicholson | $102 | $84.51 | -41.0% | Jun 24, 2021 |
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Start freeCompany context
Snapshot as of publicationFirst Solar, Inc. is a global provider of photovoltaic (PV) solar energy solutions, operating in numerous international markets including the United States, Japan, France, Canada, India, and Australia. The company's primary activity involves the engineering, manufacturing, and sale of cadmium telluride solar modules, which are designed to convert solar radiation directly into electricity. Its clientele is broad, serving system developers and operators, utility companies, independent power producers, commercial and industrial businesses, and various other system owners. Founded in 1999, the firm is based in Tempe, Arizona, and underwent a name change in 2006 from its former designation, First Solar Holdings, Inc.
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T03:41:01.105353+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T03:41:01.102157+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.