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Valued at a market cap of $17.4 billion, First Solar, Inc. (FSLR) is a leading global provider of solar energy solutions specializing in advanced photovoltaic (PV) technology. Headquartered in Tempe, Arizona, First Solar designs and manufactures high-efficiency thin-film solar modules that drive sustainable energy adoption across utility-scale, commercial, and industrial applications.
Shares of First Solar have underperformed the broader market over the past 52 weeks. FSLR has gained 7.5% over this time frame, while the broader S&P 500 Index ($SPX) has gained 20.7%. In 2025, the stock is down 7.6%, compared to SPX’s 3.1% increase on a YTD basis.
However, zooming in further, FSLR has outpaced the Invesco Solar ETF’s (TAN) decline of 24.7% over the past 52 weeks.
On Jan. 21, First Solar's shares dropped 6.6% as solar stocks declined following former President Donald Trump's announcement to end certain renewable energy incentives. His statement, which included revoking the Green New Deal and the electric vehicle mandate, raised concerns about the future policy landscape for clean energy, weighing on investor sentiment across the sector.
First Solar's shares fell over 1% following its Q3 earnings release on Oct. 29. The company reported $887.7 million in revenue, marking a 10.8% year-over-year increase but missed analyst expectations by 17.6%. Net income per share amounted to $2.91.
FSLR is expected to release its fiscal Q4 earnings results after the market closes on Tuesday, Feb. 25. For fiscal 2024, which ended in December, analysts anticipate a 68.6% year-over-year growth in FSLR’s EPS to $13.05. Moreover, the company’s earnings surprise history is mixed. It surpassed analysts’ bottom-line estimates in three of the past four quarters while missing on one other occasion.
FSLR stock has a consensus “Strong Buy” rating overall. Among the 33 analysts covering the stock, 26 recommend a “Strong Buy,” two advise a “Moderate Buy,” and five suggest a “Hold” rating.
The configuration has been almost stable over the past few months.
Today, Mizuho upgraded First Solar to “Outperform,” raising its price target to $259 from $218, citing an improved sales outlook post-2026 and a competitive advantage through its efficient TOPCon technology over U.S. rivals.
FSLR’s mean price target of $272.64 represents a premium of 67.4% to current price levels. The Street-high target of $360 suggests an ambitious potential upside of 121%.
