First Solar, Inc. (FSLR)

First Solar's stock experienced notable events and fluctuations in the past six months. The stock saw a blistering rally since March 2025, driven by optimism around U.S. utility-scale solar demand, Inflation Reduction Act (IRA)-driven manufacturing tailwinds, and a broader rotation into clean-energy beneficiaries. In the third quarter of 2025, First Solar reported record module shipments and announced a new solar module finishing line in the United States. Following its Q3 2025 earnings call on October 30, 2025, the company's stock price jumped over 15%. In early January 2026, First Solar's shares experienced a significant decline after a senior Jefferies analyst downgraded the company to Hold from Buy due to concerns about limited visibility into 2026 bookings, reduced policy tailwinds, margin pressure from logistics costs, and potential facility underutilization. Despite these recent headwinds, some analysts, like Bank of America and Guggenheim, raised their price targets on First Solar in January 2026, maintaining a Buy rating. The stock was trading at $238.48 per share as of January 9, 2026, an increase of 26.02% from January 10, 2025.

The solar industry experiences peak seasons during spring and summer due to longer days and abundant sunshine, making solar installations more attractive. Conversely, fall and winter are considered off-peak seasons, with shorter days and less sunlight reducing immediate interest in solar investments. For First Solar specifically, its revenue has shown seasonality, with the last quarter of each year historically generating significantly higher revenue than other quarters. However, recent analyst commentary in January 2026 also noted that historically, FSLR has lost an average of 1.20% in February, indicating a potential seasonal dip in stock performance.

First Solar, Inc. is an American manufacturer of solar panels, specializing in photovoltaic (PV) solar energy solutions. The company operates within the Technology sector and the Semiconductors industry, focusing on photovoltaics and solar energy. First Solar designs, manufactures, and sells PV solar modules, primarily utilizing a proprietary thin-film semiconductor technology that employs cadmium telluride (CdTe). First Solar is the largest PV solar module manufacturer in the Western Hemisphere and the world leader in thin-film solar panel technology. The company's residual business operations include project development activities, operations and maintenance services, and the sale of PV solar power systems to third-party customers. First Solar serves a diverse customer base, including developers and operators of systems, utilities, independent power producers, and commercial and industrial companies. The company also provides end-of-life panel recycling at its manufacturing facilities. In 2023, First Solar acquired Evolar, a European company specializing in perovskite technology, and is developing a Perovskite-on-CdTe tandem cell with commercial deployment targeted for 2027-2029.

First Solar maintains a strong global presence with manufacturing facilities and offices across several key regions. Its manufacturing operations are located in the United States (Ohio, Alabama, and Louisiana), India, Malaysia, and Vietnam. The company's U.S. manufacturing footprint is expanding, with new facilities in Alabama (opened September 2024) and Louisiana (inaugurated November 2025). By the end of 2026, First Solar expects to have over 14 GW of domestic capacity in the United States. The company also has offices in Mexico, Germany (for recycling), and Singapore. The U.S. remains its primary market, with a significant manufacturing and sales presence also in India and Southeast Asia.

First Solar generally maintains a strong brand reputation, particularly as a leader in thin-film solar technology and a key player in American solar manufacturing. The company's focus on U.S.-based production and its cadmium telluride panel technology have positioned it favorably, especially in light of tariffs on solar imports from China and Southeast Asia. The company's commitment to end-of-life panel recycling also contributes positively to its reputation. In 2024, First Solar communicated that an audit had discovered the use of forced labor in a Malaysian factory that produces parts for the company. Recent news in late 2025 and early 2026 indicates some challenges to its reputation related to market demand and policy tailwinds. Concerns about limited booking visibility for 2026 and de-bookings (customer cancellations) have been highlighted by analysts.

First Solar, Inc. has a diverse ownership structure, with a significant portion held by institutional investors. Approximately 84.83% of the company's stock is held by institutional owners. Major institutional shareholders include Vanguard Group Inc., BlackRock, Inc., State Street Corp, FMR Llc, Geode Capital Management, LLC, Morgan Stanley, and Wellington Management Group LLP. Of John T. Walton Estate is noted as the largest individual First Solar shareholder, owning 14.86 million shares, representing 13.84% of the company. Other individual insiders include Lukas T. Walton and Michael J. Ahearn.