Is First Solar (NASDAQ:FSLR) a buy in 2026?

Where FSLR is headed

By the end of 2027, First Solar will likely be producing over 14 GW of cadmium telluride panels annually across its Ohio, Alabama, Louisiana, and India factories, with the vast majority of U.S.-destined modules qualifying for the full domestic content bonus under the Inflation Reduction Act. That distinction matters enormously. Chinese crystalline silicon dumped through Southeast Asian intermediaries faces a gauntlet of anti-circumvention tariffs and AD/CVD duties that has only intensified through 2025 and into 2026. First Solar doesn't just avoid those tariffs; it collects a per-watt premium from developers who need made-in-America panels to capture tax credit adders. The company's 2025 10-K hints at policy headwinds, but that language is largely about uncertainty around the pace of IRA implementation, not about the fundamental advantage being eroded. With a $1.5 billion unsecured revolving facility freshly upsized, FSLR has the balance sheet flexibility to fund capacity expansion without dilution and without meaningful leverage (debt-to-equity sits at a negligible 6%).