Does First Solar Stock Lead the Pack?
First Solar’s (FSLR) stock has seen positive returns as of January 7, 2026, but how does it truly stack against peers navigating the evolving solar landscape? A closer look reveals robust operating profitability and a moderate valuation. However, revenue growth lags some rivals, and free cash flow remains challenged, indicating potential headwinds amidst competitive pressures.
- FSLR’s 31.3% operating margin, highest among peers, stems from its utility-scale focus, proprietary thin-film tech, and US IRA tax credits.
- FSLR’s 15.4% revenue growth, driven by utility-scale demand, lags ENPH’s faster expansion in the residential microinverter/battery market.
- FSLR stock gained 21.9% (PE 20.6), a measured return amid residential solar peers RUN, SEDG, CSIQ showing higher volatility and stronger gains.
Here’s how First Solar stacks up across size, valuation, and profitability versus key peers.
| FSLR | RUN | ENPH | SEDG | CSIQ | |
|---|---|---|---|---|---|
| Market Cap ($ Bil) | 25.9 | 4.0 | 4.5 | 1.8 | 1.5 |
| Revenue ($ Bil) | 4.3 | 2.3 | 1.5 | 1.0 | 5.9 |
| PE Ratio | 20.6 | -1.6 | 23.2 | -3.2 | 92.4 |
| LTM Revenue Growth | 15.4% | 13.8% | 21.0% | 2.4% | -4.5% |
| LTM Operating Margin | 31.3% | -15.4% | 13.7% | -45.1% | -0.3% |
| LTM FCF Margin | -21.7% | -158.0% | 14.4% | 6.0% | -29.4% |
| 12M Market Return | 21.9% | 52.7% | -52.8% | 73.5% | 65.7% |
For more details on First Solar, read Buy or Sell FSLR Stock. Below we compare FSLR’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| FSLR | 15.4% | 26.7% | 26.7% | -10.4% |
| RUN | 13.8% | -9.8% | -2.7% | 44.2% |
| ENPH | 21.0% | -41.9% | -1.7% | 68.7% |
| SEDG | 2.4% | -69.7% | -4.3% | 58.4% |
| CSIQ | -4.5% | -21.3% | 1.9% | 41.5% |
Operating Margin Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| FSLR | 31.3% | 33.1% | 26.7% | -10.7% |
| RUN | -15.4% | -28.1% | -36.3% | -28.5% |
| ENPH | 13.7% | 6.8% | 20.1% | 19.3% |
| SEDG | -45.1% | -163.8% | 2.4% | 9.2% |
| CSIQ | -0.3% | -0.5% | 6.0% | 4.8% |
PE Ratio Comparison
| LTM | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| FSLR | 20.6 | 21.6 | 22.7 | -415.6 |
| RUN | -1.6 | -1.4 | -1.2 | 23.9 |
| ENPH | 23.2 | 42.2 | 21.3 | 45.0 |
| SEDG | -3.2 | -0.9 | 22.4 | 55.0 |
| CSIQ | 92.4 | 43.9 | 2.7 | 7.0 |
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