First Solar: Sold Out U.S. Solar Leader At An Attractive Discount

First Solar, Inc. is attractively discounted despite its strong balance sheet and long-term growth perspectives. FSLR's forward P/E multiples (5–10x) appear undervalued, but profitability is heavily dependent on U.S. tax credits. FSLR's 2026 outlook disappointed, with module sales guidance below consensus and EBITDA reliant on government incentives.