What Drives First Solar's Long-Term Solar Module Competitiveness? – zacks.com

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Adarsh Jaiswal
JKS FSLR CSIQ
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First Solar, Inc. (FSLR Free Report) focuses primarily on the design, production and sale of advanced thin-film cadmium telluride (CdTe) photovoltaic modules. It is one of the largest global manufacturers of thin-film solar modules and the leading U.S.-headquartered producer in this segment, with manufacturing facilities located in the United States, India, Malaysia and Vietnam.

The company’s product portfolio includes its Series 6 Plus and Series 7 modules, which are largely supplied to utility-scale developers, independent power producers, and large commercial and industrial customers. The Series 7 modules feature a larger form factor and are produced through an integrated manufacturing platform intended to streamline installation and support cost efficiency. 

First Solar operates a vertically integrated production process that allows it to oversee semiconductor fabrication, module assembly and quality assurance within its facilities. This structure supports operational consistency, throughput management and cost control on a per-watt basis.

FSLR continues to increase its domestic manufacturing capacity, supported by U.S. clean energy policies and steady demand for utility-scale solar installations. A meaningful portion of its revenues is generated in the United States, where interest in domestically produced modules remains stable. At the same time, First Solar maintains ongoing investments in research and development, including initiatives focused on next-generation thin-film and tandem technologies, aimed at improving module efficiency and supporting long-term competitiveness.
Manufacturing investments and policy support are strengthening scale and cost efficiency in the solar module segment. Other solar module manufacturers operating under similar investment and demand trends are discussed below.

Canadian Solar Inc. (CSIQ Free Report) continues to invest in expanding and optimizing its global manufacturing footprint, supporting the production and supply of crystalline silicon solar modules to utility-scale and commercial customers worldwide.

JinkoSolar Holding Co. Ltd. (JKS Free Report) is prioritizing manufacturing capacity enhancements and operational improvements, reinforcing its position as a major global supplier of crystalline silicon solar modules across international markets.
The Zacks Consensus Estimate for 2026 earnings per share indicates an increase of 58.82% year over year. FSLR’s long-term (three to five years) earnings growth rate is 33.5%.
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First Solar is trading at a discount relative to the industry, with a forward 12-month price-to-earnings of 9.22X compared with the industry average of 17.4X.
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In the past six months, FSLR shares have risen 22.4% compared with the industry’s 43.8% growth.
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First Solar currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
JinkoSolar Holding Company Limited (JKS) – free report >>
First Solar, Inc. (FSLR) – free report >>
Canadian Solar Inc. (CSIQ) – free report >>
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