First Solar, Inc.
This report evaluates manufacturing economics as contracted deliveries progress and U.S. production incentives eventually expire.
What we found.
Contracted production
The June backlog stood at 45.1 GW, with substantial U.S. production commitments extending through 2028.
The role of incentives
Future production-credit receipts accounted for 75.1% of the base enterprise valuation.
An enduring advantage
Maintaining differentiation requires manufacturing improvements and investment as domestic competition develops.
Read the full analysis.
The report’s base estimate was $143.34 per share at a 10% required return, compared with $209.03 on September 11, 2026. Supporting that reference market price required better operating economics than the base assumptions.
This page summarizes research published September 12, 2026. Figures and valuations reflect that report’s assumptions and reference dates, and may not be updated. Valuation estimates are not price targets or predictions. Read the full report for the analysis, assumptions, and disclosures.