First Solar, Inc.

NasdaqGS:FSLR Stock Report

Market Cap: US$20.2b

First Solar Valuation

Is FSLR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FSLR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FSLR ($184.27) is trading below our estimate of fair value ($452.32)

Significantly Below Fair Value: FSLR is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FSLR?

Key metric: As FSLR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FSLR. This is calculated by dividing FSLR's market cap by their current earnings.
What is FSLR's PE Ratio?
PE Ratio15.8x
EarningsUS$1.25b
Market CapUS$20.16b

Price to Earnings Ratio vs Peers

How does FSLR's PE Ratio compare to its peers?

The above table shows the PE ratio for FSLR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average38.3x
MPWR Monolithic Power Systems
67.2x21.6%US$30.6b
GFS GlobalFoundries
31.6x22.5%US$24.2b
ON ON Semiconductor
15.7x14.7%US$28.8b
MCHP Microchip Technology
38.6x31.7%US$31.3b
FSLR First Solar
15.8x27.5%US$20.2b

Price-To-Earnings vs Peers: FSLR is good value based on its Price-To-Earnings Ratio (15.8x) compared to the peer average (38.3x).

Price to Earnings Ratio vs Industry

How does FSLR's PE Ratio compare vs other companies in the US Semiconductor Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SQNS Sequans Communications
1.7x-156.5%US$73.98m
MMAT.Q Meta Materials
n/an/aUS$6.00
No more companies available in this PE range
FSLR 15.8xIndustry Avg. 30.7xNo. of Companies11PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FSLR is good value based on its Price-To-Earnings Ratio (15.8x) compared to the US Semiconductor industry average (30.7x).

Price to Earnings Ratio vs Fair Ratio

What is FSLR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FSLR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.8x
Fair PE Ratio35.1x

Price-To-Earnings vs Fair Ratio: FSLR is good value based on its Price-To-Earnings Ratio (15.8x) compared to the estimated Fair Price-To-Earnings Ratio (35.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FSLR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$184.27
US$272.22
+47.7%
13.3%US$360.00US$190.00n/a33
Dec ’25US$199.27
US$274.36
+37.7%
13.1%US$360.00US$190.00n/a33
Nov ’25US$204.94
US$277.26
+35.3%
12.0%US$360.00US$190.00n/a33
Oct ’25US$240.66
US$286.62
+19.1%
14.2%US$368.00US$190.00n/a32
Sep ’25US$227.37
US$285.03
+25.4%
14.2%US$368.00US$190.00n/a31
Aug ’25US$218.50
US$282.93
+29.5%
15.2%US$368.00US$190.00n/a31
Jul ’25US$222.71
US$283.90
+27.5%
16.6%US$356.00US$185.00n/a29
Jun ’25US$271.76
US$255.18
-6.1%
17.8%US$356.00US$182.00n/a29
May ’25US$177.58
US$226.07
+27.3%
15.7%US$359.00US$182.00n/a31
Apr ’25US$171.87
US$222.64
+29.5%
16.9%US$359.00US$170.00n/a29
Mar ’25US$158.05
US$222.77
+40.9%
17.2%US$359.00US$170.00n/a28
Feb ’25US$147.89
US$226.16
+52.9%
15.6%US$326.00US$170.00n/a27
Jan ’25US$172.28
US$228.09
+32.4%
15.2%US$326.00US$170.00n/a26
Dec ’24US$160.29
US$229.82
+43.4%
15.0%US$326.00US$170.00US$199.2725
Nov ’24US$142.84
US$235.71
+65.0%
12.9%US$326.00US$185.00US$204.9424
Oct ’24US$161.59
US$244.44
+51.3%
13.5%US$330.00US$185.00US$240.6623
Sep ’24US$186.37
US$245.60
+31.8%
14.3%US$332.00US$180.00US$227.3722
Aug ’24US$202.68
US$243.02
+19.9%
14.7%US$332.00US$180.00US$218.5023
Jul ’24US$190.09
US$223.70
+17.7%
11.9%US$277.00US$185.00US$222.7122
Jun ’24US$208.74
US$225.25
+7.9%
11.6%US$277.00US$185.00US$271.7622
May ’24US$180.85
US$219.11
+21.2%
11.1%US$272.00US$170.00US$177.5825
Apr ’24US$217.50
US$211.69
-2.7%
12.5%US$260.00US$160.00US$171.8724
Mar ’24US$195.68
US$192.82
-1.5%
19.1%US$260.00US$75.00US$158.0522
Feb ’24US$180.15
US$181.30
+0.6%
19.4%US$233.00US$75.00US$147.8923
Jan ’24US$149.79
US$168.87
+12.7%
18.8%US$233.00US$75.00US$172.2823
Dec ’23US$168.54
US$164.82
-2.2%
17.6%US$233.00US$75.00US$160.2922

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 04:45
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

First Solar, Inc. is covered by 88 analysts. 39 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Anders RosenlundABG Sundal Collier
Adam KropArdour Capital Investments, LLC
James FontanelliArete Research Services LLP