First Solar, Inc. received a Sell rating due to mounting operational risks. The company maintains a low book-to-bill ratio of 0.42. A diminishing backlog and rising inventory levels signal a fragile order book.
First Solar reported a negative operating cash flow of $216 million in the first quarter of 2026. Government subsidies currently inflate the company's reported earnings. The normalized forward P/E ratio may rise significantly as these federal incentives phase out.