First Solar (FSLR): Pullback Creates an Attractive Entry Point
FSLR has fallen from its June high of $320.95 to around $210, while the company has maintained its 2026 guidance.
First Solar (FSLR)
Entry price in report: $210
Current price (September 11, 2026): $206.62
Target: $255
Stop-loss: $185
Horizon: November 9, 2026
Investment thesis
First Solar maintained its 2026 guidance after Q2 and continues expanding manufacturing capacity in the United States. The company also has a substantial contracted backlog extending through 2030, providing relatively strong visibility into future shipments and revenue.
Its competitive position remains differentiated by its cadmium telluride thin-film technology. Unlike most global solar manufacturers, First Solar is not dependent on the crystalline-silicon supply chain, a large part of which is concentrated in Asia. This technological difference has become increasingly important amid the expansion of U.S. manufacturing and stronger trade protection.
Q2 results remained strong. Revenue was approximately $1.06 billion, while net income rose to $423 million from $342 million a year earlier. EPS increased to $3.92 from $3.18, and adjusted EBITDA reached $644 million. First Solar maintained its full-year 2026 outlook for revenue of $4.9–5.2 billion and adjusted EBITDA of $2.6–2.8 billion.
The main issue remains the pace of new bookings. Backlog declined to 45.1 GW as of June 30, but after Q2 the company reported around 1.9 GW of new U.S. bookings, with more than 2 GW subject to conditions and roughly another 2 GW under active negotiations.
At around $210, FSLR trades at approximately 7.7x 2026 EV/EBITDA. The $255 target corresponds to roughly 9.5x 2026 EV/EBITDA and 7.8x 2027 EV/EBITDA.
Key catalyst: Q3 earnings expected in late October. The market will be watching new bookings and confirmation of full-year guidance.
Main risks: weaker new-order growth, changes in government support, international capacity utilization, and competition from lower-cost silicon modules.
Report recommendation: BUY
FSLR has fallen from its June high of $320.95 to around $210, while the company has maintained its 2026 guidance.
First Solar (FSLR)
Entry price in report: $210
Current price (September 11, 2026): $206.62
Target: $255
Stop-loss: $185
Horizon: November 9, 2026
Investment thesis
First Solar maintained its 2026 guidance after Q2 and continues expanding manufacturing capacity in the United States. The company also has a substantial contracted backlog extending through 2030, providing relatively strong visibility into future shipments and revenue.
Its competitive position remains differentiated by its cadmium telluride thin-film technology. Unlike most global solar manufacturers, First Solar is not dependent on the crystalline-silicon supply chain, a large part of which is concentrated in Asia. This technological difference has become increasingly important amid the expansion of U.S. manufacturing and stronger trade protection.
Q2 results remained strong. Revenue was approximately $1.06 billion, while net income rose to $423 million from $342 million a year earlier. EPS increased to $3.92 from $3.18, and adjusted EBITDA reached $644 million. First Solar maintained its full-year 2026 outlook for revenue of $4.9–5.2 billion and adjusted EBITDA of $2.6–2.8 billion.
The main issue remains the pace of new bookings. Backlog declined to 45.1 GW as of June 30, but after Q2 the company reported around 1.9 GW of new U.S. bookings, with more than 2 GW subject to conditions and roughly another 2 GW under active negotiations.
At around $210, FSLR trades at approximately 7.7x 2026 EV/EBITDA. The $255 target corresponds to roughly 9.5x 2026 EV/EBITDA and 7.8x 2027 EV/EBITDA.
Key catalyst: Q3 earnings expected in late October. The market will be watching new bookings and confirmation of full-year guidance.
Main risks: weaker new-order growth, changes in government support, international capacity utilization, and competition from lower-cost silicon modules.
Report recommendation: BUY
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.