First Solar, Inc.

NasdaqGS:FSLR Stock Report

Market Cap: US$20.4b

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 ($195.56) is trading below our estimate of fair value ($398.78)

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 Ratio16.8x
EarningsUS$1.25b
Market CapUS$20.39b

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 Average39.6x
MPWR Monolithic Power Systems
66x22.1%US$28.0b
GFS GlobalFoundries
31.6x22.7%US$22.8b
ON ON Semiconductor
16.1x14.9%US$27.6b
MCHP Microchip Technology
44.8x31.0%US$33.8b
FSLR First Solar
16.8x28.2%US$20.4b

Price-To-Earnings vs Peers: FSLR is good value based on its Price-To-Earnings Ratio (16.8x) compared to the peer average (39.6x).

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
TOYO TOYO
4.7xn/aUS$146.46m
SQNS Sequans Communications
1.5x-156.5%US$64.23m
No more companies available in this PE range
FSLR 16.8xIndustry Avg. 30.6xNo. of Companies9PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FSLR is good value based on its Price-To-Earnings Ratio (16.8x) compared to the US Semiconductor industry average (30.6x).

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 Ratio16.8x
Fair PE Ratio36x

Price-To-Earnings vs Fair Ratio: FSLR is good value based on its Price-To-Earnings Ratio (16.8x) compared to the estimated Fair Price-To-Earnings Ratio (36x).

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$195.56
US$272.34
+39.3%
13.0%US$360.00US$190.00n/a32
Nov ’25US$204.94
US$275.77
+34.6%
11.8%US$360.00US$190.00n/a32
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$170.00n/a25
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
Nov ’23US$148.57
US$159.33
+7.2%
18.6%US$233.00US$75.00US$142.8421

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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