3 models fit First Solar Inc. Common Stock and they disagree: 1 of 3 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Silver62
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionFirst Solar Inc. Common Stock (FSLR)
Fair value (3 models)
$234
ACCE price target
$225
Rating
Undervalued
Horizon
12 months
Fair value published on 20 Oct 2026, 16:04 CEST; previously $343 since 16 Oct 2026, 00:00 CEST.
ACCE price target published on 15 Oct 2026, 00:00 CEST; previously $268 since 18 Apr 2026, 00:00 CEST.
Rating published on 20 Oct 2026, 16:04 CEST.
Price used: $172 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
26.5% below
+36.1% to fair value
ACCE score
60
out of 100
Analysts
75% buy
36 covering
P/E
10.6x
forward 8.3x
1-year return
-24.9%
Dividend yield
0.00%
First Solar Inc. Common Stock in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
First Solar makes thin-film cadmium telluride photovoltaic modules at factories in the US, Malaysia and Vietnam, and sells them mainly to utility-scale solar developers, which keeps it a manufacturer of panels rather than a project developer. Its structural edge is cost and policy: the company runs high-margin, non-silicon technology with a 42.6% operating margin and a 44.0% gross margin, while the US manufacturing and domestic content incentives in the Inflation Reduction Act give it a protected position in American utility solar. The near-term question is whether volume recovers after revenue declined 3.7%, since the margin profile only matters if shipments stabilise. The stock trades at 11.0 times trailing earnings and 8.3 times forward earnings, a sizeable gap that implies the market expects earnings to fall before any recovery, and an 18.5% return on equity confirms the business is currently profitable. Our score of 58/100 and the absence of index membership suggest the name is cheap for a reason, so it merits a deeper look focused on order backlog and tariff exposure rather than on the multiple alone.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Revenue decline amid valuation disconnect
Revenue fell 3.7% YoY while stock trades at 11.0x P/E and 3.6x P/S.
high
ACCE score collapse
Score dropped 20 points in 90 days (79 to 59), driven by Growth component falling to 35. Magnitude of deterioration warrants scrutiny of underlying drivers.
moderate
Insider selling with no offsetting buys
$2.07M in insider sales over last 10 disclosures and zero buys. Modest in absolute terms but directional signal during a period of score weakness.
moderate
Short interest elevated relative to sector
12.8% short interest is material. Combined with revenue headwinds and score collapse, suggests bears have identified structural concerns worth monitoring.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
The company generated $1.6B in free cash flow last year and trades at an 8.4% free cash flow yield.
Net margin of 32.5% and ROE of 18.5% demonstrate pricing power and efficient capital deployment despite near-term revenue headwinds.
Why it could disappoint
Revenue fell 3.7% year over year, signaling near-term demand weakness in utility-scale solar module markets.
Current share price implies only 5.1% annual cash flow growth over the next five years, leaving little margin for error.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 29, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where FSLR's valuation models land
Price
$171.99
Model fair value
$234
Model range
$168 to $312
Fair value $234
Price $172
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
SEDG revenue fell 64% and ENPH sits 31% below its peak, while NEE and FSLR kept growing. How the major solar and clean-energy stocks compare on fundamentals in 2026.