First Solar Inc
FSLR - Insider Information
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Earnings Call Q2 2026
July 30, 2026 - AI Summary
Strong quarter; margins expanded sharply (good)
- Q2’26 net sales: ~$1.06B (-4% YoY), driven mainly by lower termination-related revenue (from terminations recognized in the prior year period), partially offset by higher module volumes sold.
- Gross margin: ~57% (+12 pp YoY), primarily from an estimated ~$89M net IEPA tariff benefit, better mix of modules qualifying for Section 45X, and lower logistics costs (though there was offset from higher duties/tariffs and higher over-the-road freight due to capacity/diesel volatility).
- Adjusted EBITDA: $644M, above the high end of previously guided Q2 range; margin ~61%.
- Net income: $423M (+24% YoY).
- Balance sheet: $1.7B net cash (within long-term targeted cash range $1.5B–$2B).
Backlog and bookings remain solid but policy-driven (good with some caution)
- Contracted backlog (6/30/26): 45.1 GW, $13.6B aggregate transaction value (excluding technology adjusters), deliveries extending through 2030.
- U.S. gross bookings since last call: ~1.9 GW at ~$0.36/W (inclusive of applicable technology adjusters).
- Indian market (short-cycle book/bill): ~1.1 GW bookings in H1 at ~$0.20/W; guidance assumes India production is largely sold domestically.
- Important new project context (surprising/positive): Cypress Creek’s Steel River Energy Center (Arkansas) began construction; First Solar modules are in backlog, with ~1.6 GW generation plus 1.9 GWh storage at phase 1, and expansion expected.
Outlook maintained; Q3 and full-year guidance include tariff/frieght moving parts (watch items for investors)
- Full-year 2026 guidance reaffirmed (unchanged), but with updated assumptions:
- Net tariff impact: ~60% ($80M).
- Incorporates net IEPA recovery and assumes Section 301/“3.0.1” tariffs of zero in H2.
- Offsets include expectations for changes in production start-up expense vs R&D expense and incremental freight driven by delivery-location mix.
- Q3’26 expectations: volumes sold 3.9–4.5 GW; adjusted EBITDA $625M–$775M.
- Key investor takeaway: Management is not revising guidance, but tariff/logistics/IEPA recovery estimates remain a meaningful swing factor.
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$-15.22
107.8% downside
Current Fair Value
107.8% downsideOvervalued by 107.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $20.90 Billion |
|---|---|
| Enterprise Value | $20.48 Billion |
| Earnings per Share | $14.25 |
| Beta | 1.79 |
| Outstanding Shares | 107,472,000 |
Return
| Return on Equity | 18.03% |
|---|---|
| Return on Assets | 13.90% |
| Return on Invested Capital | 17.16% |
Valuation & Multiples
| P/E Ratio | 10.07 |
|---|---|
| PEG | 39.88 |
| Price to Sales | 4.23 |
| Price to Book Ratio | 2.03 |
| Enterprise Value to Revenue | 4.08 |
| Enterprise Value to EBIT | 10.58 |
| Enterprise Value to Net Income | 11 |
| Total Debt to Enterprise | 0.06 |
| Debt to Equity | 0.12 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$4.67
Consensus analyst estimateRevenue Estimate
$1.29 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 23, 2027
EPS Estimate
$5.27
Consensus analyst estimateRevenue Estimate
$1.48 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 63.74% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.24%▼ 88.50% |
|---|---|
| Total Invested | $991.06M▼ 95.79% |
| Investors Holding | 324▼ 778.00% |
About First Solar Inc
6,400 employees
CEO: Mark Widmar
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar solutions, which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternati...