First Solar, Inc. (FSLR)

Over the past six months, First Solar's stock has demonstrated strong performance, climbing over 63% and reaching a new 52-week high of $248.22 by late October 2025. The stock's year-to-date increase of nearly 35% significantly outpaced the S&P 500, attributed to supportive policy environments, investor enthusiasm for clean energy, and strong business fundamentals. Positive analyst coverage and numerous upgrades have further bolstered investor confidence. In July 2025, First Solar raised its annual sales forecast, anticipating higher product prices due to additional tariffs on foreign-made panels. The maintenance of 45x credits for solar production was viewed as a positive for First Solar. The company is also expected to report strong Q3 2025 results on October 30, with projected sales up 74% and earnings climbing 46% year-over-year.

First Solar primarily targets the utility-scale solar market, which is characterized by projects with much longer lead times compared to residential or commercial solar installations, resulting in less short-term volatility in demand. First Solar benefits from long-term demand visibility, with its utility-scale projects often designed years in advance. The company's U.S. production facilities are reportedly sold out through 2028, indicating a stable and predictable long-term demand pipeline rather than significant short-term seasonal fluctuations. First Solar's business model and long-term contracts mitigate the direct impact of short-term seasonality on its sales and production planning.

First Solar, Inc. is a leading American solar technology company specializing in the design, manufacture, and sale of photovoltaic (PV) solar modules and comprehensive energy solutions. The company operates in the rapidly expanding renewable energy sector, specifically the photovoltaics industry, and is known for its innovative rigid thin-film solar modules that utilize cadmium telluride (CdTe) as a semiconductor. First Solar provides end-to-end solutions for solar power systems, encompassing engineering, procurement, and construction (EPC) services, as well as operations and maintenance (O&M) services. The company's vertically integrated manufacturing process uses 98% less semiconductor material than conventional crystalline silicon solar panels, resulting in a lower carbon footprint, water footprint, and faster energy payback time. First Solar also offers end-of-life panel recycling at its manufacturing facilities.

Headquartered in Tempe, Arizona, First Solar has a significant global market presence. The company has manufacturing facilities in the United States, including three in Ohio and a new facility in Alabama that became operational in September 2024. A plant is currently under construction in Louisiana, expected to come online in late 2025, which will boost the company's domestic capacity to over 14 GW by 2026. Internationally, First Solar operates production lines in Vietnam, Malaysia, and India. In 2021, the company announced plans for a new manufacturing facility in Tamil Nadu, India, with operations anticipated to begin in the second half of 2023. While early sales were concentrated in Germany, First Solar has since expanded its reach into other key markets, including the U.S., India, and China. Its key geographic markets for sales and installations also include France, Japan, and Chile.

First Solar's brand reputation has remained strong over the past year, underpinned by its robust financial health and impressive gross profit margins. The company is recognized for its commitment to sustainability and innovation, which has been instrumental in securing long-term contracts. Its proprietary Cadmium Telluride (Cad-Tel) thin-film technology provides independence from the Chinese crystalline silicon industry supply chain. Furthermore, First Solar's products comply with the Uyghur Forced Labor Prevention Act, reinforcing its ethical standing. Significant investments in a largely domestic supply chain for critical components are seen as a competitive advantage and contribute positively to its brand image. Being the only U.S.-headquartered company among the world's ten largest solar manufacturers that does not use crystalline silicon and does not manufacture in China further distinguishes its brand.

First Solar has a broad ownership base, with 1660 institutional owners and shareholders collectively holding 122,194,882 shares. Institutional investors own approximately 52.86% of the company's stock, while insiders hold about 0.43%, and public companies and individual investors account for 46.71%. Major institutional shareholders include Vanguard Group Inc, BlackRock, Inc., Susquehanna International Group, Llp, Jane Street Group, Llc, State Street Corp, Price T Rowe Associates Inc /md/, Citadel Advisors Llc, Geode Capital Management, LLC, FMR LLC, and Viking Global Investors LP. Lazard Freres Gestion S.A.S. notably increased its stake by 77.3% in the second quarter of 2025. The majority of institutional ownership originates from the United States.