First Solar's Reliance On 45x Tax Credit Triggers Risks As Backlog Tapers [Seeking Alpha]
First Solar, Inc. (FSLR)
Last first solar, inc. earnings: 2/20 04:05 pm
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US:NASDAQ Investor Relations:
investor.firstsolar.com/investor-relations
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Source: Seeking Alpha
Their gross margins are heavily reliant on Section 45x tax credits, with the staged phase out after 2029 triggering significant gross margin compression risks. The silver lining to FSLR's investment thesis will be the strong free cash flow generation and the richer balance sheet, despite the ongoing capex investments. The stock trades at FY2026 EV/Sales of 4.70x, near its 5Y mean/sector median, with much of the upside potential seemingly priced in after the outsized H2'25 rally. Combined with the potential volatility from the elevated short interest ratio and the ongoing regulatory/permitting challenges, FSLR does not offer a compelling risk/reward at current levels. Justin Paget/DigitalVision via Getty Images I previously covered First Solar, Inc. FSLR ) in November 2025, discussing why I was downgrading the stock to a Hold then, with the overly done stock price rally already triggering a reduced margin of This article was written by Analyst's Disclosure: I/we have no
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FSLR
News
- First Solar (FSLR) had its price target lowered by Evercore Inc from $241.00 to $212.00.MarketBeat
- Jim Cramer on First Solar: “We Gotta Wait Another Quarter for That One” [Yahoo! Finance]Yahoo! Finance
- First Solar Expands US Manufacturing Footprint And Tests Long Term Demand [Yahoo! Finance]Yahoo! Finance
- First Solar (FSLR) had its "hold" rating reaffirmed by Glj Research. They now have a $207.82 price target on the stock, down from $314.43.MarketBeat
- INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of First Solar, Inc. - FSLRGlobeNewswire
FSLR
Earnings
- 2/24/26 - Miss
FSLR
Sec Filings
- 3/4/26 - Form 144
- 3/4/26 - Form 144
- 3/4/26 - Form 144
- FSLR's page on the SEC website