TacticScaleWhat First Solar Does & How It Makes Money (FSLR)
Updated October 2026 · reflects First Solar's latest reported financials
US maker of thin-film solar panels for large-scale power projects. It earns revenue by manufacturing and selling cadmium telluride thin-film PV modules to system developers, independent power producers, utilities, and commercial and corporate energy buyers.
How First Solar makes money
It earns revenue by manufacturing and selling cadmium telluride thin-film PV modules to system developers, independent power producers, utilities, and commercial and corporate energy buyers.
What First Solar does
First Solar, Inc. is a Phoenix, Arizona-based solar technology company founded in 1999. It designs, manufactures and sells photovoltaic modules built on cadmium telluride thin-film semiconductor technology, which is an alternative to conventional crystalline silicon panels. It operates in the United States, France, India, Chile and other international markets. Its customers include system developers, independent power producers, utilities, commercial and industrial companies, and large corporate energy buyers. That customer base means its business is closely tied to large solar power projects. The company was known as First Solar Holdings, Inc. until 2006.
Products & services
- Cadmium telluride (CdTe) thin-film PV solar modules
- Thin-film photovoltaic solar panels
- PV solar energy solutions for utility-scale projects
What is First Solar worth?
On an owner-earnings DCF, First Solar's most-likely value is about $298 versus a recent price near $178 (68% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$142) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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