What is the 13F Pro Quality Score for FSLR?

13F Pro ranks FIRST SOLAR, INC. (FSLR) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View FSLR's current score at https://13fpro.ai/research/FSLR (free sign-up required for the full ranking).

Where does 13F Pro source FSLR data?

All FIRST SOLAR, INC. fundamentals and ownership data come directly from SEC EDGAR. FIRST SOLAR, INC. files with the SEC under CIK 1274494. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is FSLR in?

FIRST SOLAR, INC. (FSLR) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

What drives FSLR's revenue?

Per FIRST SOLAR, INC.'s latest 10-Q filed with the SEC on 2026-04-30, the biggest revenue drivers are: Solar module sales ($1,044.2M, +23.6% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/FSLR.

What are FSLR's largest expenses?

FIRST SOLAR, INC.'s latest 10-Q reports these as the largest expense items: Cost of sales ($558.1M, +11.6% YoY); Research and development ($66.9M, +27.8% YoY); Selling, general and administrative ($65.3M, +22.9% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is FSLR research updated on 13F Pro?

FSLR's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

FIRST SOLAR, INC.(FSLR)Stock Analysis

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13F Pro Quality Score

73.8/100

Rank #178 of 2,879 stocksTOP 10%

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

84.3/100

Profitability

87.7/100

Balance Sheet

86.8/100

Earnings Quality

80.1/100

Free Cash Flow

24.2/100

Institutional Flow

65.5/100

Revenue Scale

76.7/100

Dilution Risk

79.8/100

FSLR Stock Analysis & AI Quality Score

AI stock analysis and institutional research for FIRST SOLAR, INC. (FSLR), a Technology sector company. 13F Pro's AI-powered ranking engine scores FSLR at 73.8/100 on a 32-signal composite quality model, placing it at rank #178 of 2,879 stocks — the top 10% of the AI-ranked universe. FSLR scores in the top quartile across profitability (87.7), balance sheet strength (86.8), revenue growth (84.3). Areas of concern include free cash flow (24.2), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), FIRST SOLAR, INC. reports quarterly revenue of $1.0B, net income of $346.6M, an operating margin of 33.1%. Top institutional holders of FSLR by reported 13-F value include BlackRock,, VANGUARD CAPITAL MANAGEMENT, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. FSLR trades on the Nasdaq exchange and files with the SEC under CIK 1274494. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FSLR daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for FIRST SOLAR, INC. directly from SEC EDGAR. FIRST SOLAR, INC.'s 13F Pro composite quality score has ranged between 8 and 87 since 2021, currently 73.8 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

✦

Fun facts about FIRST SOLAR, INC.

Quirks, history, and lore behind FSLR — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. clean energy company · mid-cap · listed on Nasdaq · headquartered in Arizona.
2
The Numbers
Annual revenue around $3–4 billion, with margins that swing wildly on polysilicon prices and government policy — when subsidies align, profits can be surprisingly fat.
3
The History
Founded in the late 1990s, it was spun out of a larger industrial company and built its identity around a thin-film photovoltaic technology that most rivals abandoned.
4
The Secret
Unlike nearly every other solar panel maker, it manufactures almost entirely in the United States — which turned from a quirk into a massive competitive advantage once domestic content incentives kicked in.
5
The Lore
Its panels use cadmium telluride instead of silicon, making it the only major manufacturer to bet the whole company on that chemistry — and so far, the bet hasn't blown up.
6
The Giveaway
America's largest thin-film solar panel manufacturer, it powers utility-scale farms across the Southwest and trades under a ticker that's basically just solar spelled out.

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What's Driving FSLR's Business? Latest 10-Q Breakdown

✓ 32/32 datapoints verified

AI-extracted from FIRST SOLAR, INC.'s 10-Q filed 2026-04-30 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Net sales grew 23.6% YoY to $1.04B driven by 30.9% higher module volumes; gross margin expanded 5.8pp to 46.6% on lower logistics costs and higher Section 45X tax credit mix.

Biggest Revenue Drivers

Total revenue: $1,044.2M+23.6% YoY

Solar module sales$1,044.2M+23.6% YoY

30.9% increase in module volumes sold to third parties, partially offset by lower average sales price per watt from higher India sales mix.

Largest Expense Items

Cost of sales$558.1M+11.6% YoY

Higher module volumes and tariffs of $29.8M, offset by $117.9M Section 45X credits, $38.5M lower logistics costs, and $33.3M module cost reductions.

Research and development$66.9M+27.8% YoY

Higher spare parts costs, increased depreciation from R&D facilities, higher employee compensation, and increased utility charges.

Selling, general and administrative$65.3M+22.9% YoY

Purchases of renewable energy credits related to responsible solar manufacturing commitment.

Margins: Gross margin expanded 5.8 percentage points to 46.6% driven by lower logistics costs including detention and demurrage charges, and higher sales mix of modules qualifying for Section 45X advanced manufacturing production credit, partially offset by lower average sales price per watt.

Watch Items from the Filing

Series 7 module manufacturing defects affecting certain units may result in losses ranging $35M–$70M; company recorded $47M warranty liability as of March 31, 2026.
BP Solar/Lightsource contract dispute claims $384.6M termination payments; company recognized $61M revenue Q1 2026, disputes $175M counterclaims from Defendants.
H.R.1 enacted July 2025 severely limits Section 45X tax credit eligibility; China expanded rare-earth export controls; multiple tariff investigations underway on critical materials.
Contracted backlog of 47.9 GW modules ($14.4B transaction price) expected to recognize through 2030; 23.4 GW subject to technology improvement pricing adjustments up to $0.6B.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$1.0B

Net Income

Q1 2026

$346.6M

Free Cash Flow

Q1 2026

$-333.4M

Operating Margin

Q1 2026

33.1%

D/E Ratio

Q1 2026

0.04

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+24.1% YoY

$5.22BFY 2025

FY22 $2.62BFY23 $3.32BFY24 $4.21BFY25 $5.22B

Net Income

+18.3% YoY

$1.53BFY 2025

FY22 $-44.2MFY23 $830.8MFY24 $1.29BFY25 $1.53B

Operating Income

+14.5% YoY

$1.60BFY 2025

FY22 $-27.2MFY23 $857.3MFY24 $1.39BFY25 $1.60B

EPS (Diluted)

+18.2% YoY

$14.21FY 2025

FY22 $-0.41FY23 $7.74FY24 $12.02FY25 $14.21

Total Assets

+9.9% YoY

$13.32BFY 2025

FY22 $8.25BFY23 $10.37BFY24 $12.12BFY25 $13.32B

Total Debt

-18.2% YoY

$498.6MFY 2025

FY22 $184.3MFY23 $560.3MFY24 $609.8MFY25 $498.6M

Op. Cash Flow

+68.9% YoY

$2.06BFY 2025

FY22 $873.4MFY23 $602.3MFY24 $1.22BFY25 $2.06B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2020	FY 2019
Revenue	$5.22B +24.1%	$4.21B +26.7%	$3.32B +26.7%	$2.62B -3.4%	$2.71B -11.5%	$3.06B
Net Income	$1.53B +18.3%	$1.29B +55.5%	$830.8M +1981.0%	$-44.2M -111.1%	$398.4M +446.6%	$-114.9M
Operating Income	$1.60B +14.5%	$1.39B +62.7%	$857.3M +3247.5%	$-27.2M -108.6%	$317.5M +296.2%	$-161.8M
EPS (Diluted)	$14.21 +18.2%	$12.02 +55.3%	$7.74 +1987.8%	$-0.41 -111.0%	$3.73 +442.2%	$-1.09
Total Assets	$13.32B +9.9%	$12.12B +17.0%	$10.37B +25.6%	$8.25B +16.1%	$7.11B -5.4%	$7.52B
Total Debt	$498.6M -18.2%	$609.8M +8.8%	$560.3M +203.9%	$184.3M -34.0%	$279.2M -40.8%	$471.7M
Operating Cash Flow	$2.06B +68.9%	$1.22B +102.2%	$602.3M -31.0%	$873.4M +2252.8%	$37.1M -78.7%	$174.2M

AI Insight: FSLR Financial Trends

Strong underlying profitability masks volatile cash conversion and rising equity base.

• Net income grew 61% from Q2 2024 ($349M) to Q4 2025 ($521M), with operating margins stable near 32–34% through recent quarters.

• Total debt fell to $426M in Q1 2026, down 24% from $559M in Q2 2024, improving balance sheet flexibility.

• Operating cash flow remains highly cyclical: Q4 2025 reached $1,242M but Q1 2026 swung to -$215M, typical seasonal working capital swings.

⚠ Equity surged 36% from $7,255M (Q2 2024) to $9,879M (Q1 2026), signaling dilution or retained earnings buildup requiring clarification.

⚠ Q1 2026 revenue declined 38% sequentially from Q4 2025's $1,683M to $1,044M; track if spring seasonality or demand softening.

AI Insight: FSLR Ratio Trends

First Solar's profitability metrics collapsed in Q1 2026, with operating margin sliding to 33.1% and ROIC plummeting to 13.4%—the weakest quarter in the trailing dataset.

• Operating margin declined from 32.6% in Q4 2025 to 33.1% in Q1 2026; net profit margin surged to 33.2%, highest in dataset.

• ROIC fell to 13.4% in Q1 2026 from 21.8% in Q4 2025, marking the lowest return on invested capital in nine quarters.

• ROE contracted sharply to 14.0% in Q1 2026 versus 21.8% in Q4 2025; ROA dropped to 10.4% from 15.6%.

• Debt-to-equity improved to 0.04 in Q1 2026 from 0.05 in Q4 2025, continuing deleveraging trend.

⚠ ROIC deterioration across Q1 2026 marks first sub-15% reading since Q1 2025; assess if Q1 seasonality or structural headwind.

⚠ ROE and ROA weakness in Q1 2026 despite stable operating margins suggests asset or earnings quality pressures.

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Available Research

13F Pro tracks comprehensive data for FIRST SOLAR, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of FSLR

BlackRock, Inc.
$2.7B13,821,076 sh
VANGUARD CAPITAL MANAGEMENT LLC
$1.3B6,788,934 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$1.1B5,696,888 sh
SUSQUEHANNA INTERNATIONAL GROUP, LLP
$1.1B5,681,300 sh
SUSQUEHANNA INTERNATIONAL GROUP, LLP
$1.1B5,666,000 sh
STATE STREET CORP
$1.0B5,284,617 sh
JANE STREET GROUP, LLC
$975.3M4,944,100 sh
JANE STREET GROUP, LLC
$946.3M4,797,300 sh
CITADEL ADVISORS LLC
$772.2M3,914,500 sh
GEODE CAPITAL MANAGEMENT, LLC
$612.0M3,106,826 sh

Fund	Value	Shares
BlackRock, Inc.	$2.7B	13,821,076
VANGUARD CAPITAL MANAGEMENT LLC	$1.3B	6,788,934
VANGUARD PORTFOLIO MANAGEMENT LLC	$1.1B	5,696,888
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$1.1B	5,681,300
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$1.1B	5,666,000
STATE STREET CORP	$1.0B	5,284,617
JANE STREET GROUP, LLC	$975.3M	4,944,100
JANE STREET GROUP, LLC	$946.3M	4,797,300
CITADEL ADVISORS LLC	$772.2M	3,914,500
GEODE CAPITAL MANAGEMENT, LLC	$612.0M	3,106,826

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Is FSLR a good stock to buy?

13F Pro's AI-powered analysis of FIRST SOLAR, INC. (FSLR) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for FSLR are available on the FSLR stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own FSLR?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling FSLR. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of FIRST SOLAR, INC.'s investment landscape.