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Fairly valued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 177.94 Fair value 194.82 One-star price 213.29
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (177.94) to the one-star price (213.29).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 185.90 |
| Price - 12 month high | 320.67 |
| Price - 12 month low | 165.99 |
| Pricing date | 3 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 2.22 |
| Market capitalization | 20,906.16 |
| 12 Month High price date | 3 JUN 2026 |
| 12 Month Low price date | 26 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 2.34 |
| Price - 1 Day % Change | 2.11% |
| Price - 13 week price percent change | -20.12% |
| Price - 26 week price percent change | -12.19% |
| Price - 5 Day % Change | 5.72% |
| Price - 52 week price percent change | -30.04% |
| Price - YTD price percent change | -29.66% |
| Price % Change Month To Date | 6.47% |
| EPS excluding extraordinary items - most recent fiscal year | 14.210 |
| EPS excluding extraordinary items - trailing 12 month | 17.290 |
| EPS Normalized - most recent fiscal year | 14.383 |
| Revenue/share - most recent fiscal year | 48.536 |
| Revenue/share - trailing 12 month | 46.571 |
| Book value per share - most recent fiscal year | 88.883 |
| Book value per share - most recent quarter | 101.234 |
| Book value (tangible) per share - most recent fiscal year | 88.118 |
| Book value (tangible) per share - most recent quarter | 100.386 |
| Cash per share - most recent fiscal year | 26.125 |
| Cash per share - most recent quarter | 14.663 |
| Cash Flow per share - most recent fiscal year | 19.961 |
| Cash Flow per share - trailing 12 month | 23.139 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 22.583 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 14.250 |
| EPS Basic excluding extraordinary items - trailing 12 month | 17.330 |
| EPS including extraordinary items - most recent fiscal year | 14.250 |
| EPS including extraordinary items - trailing 12 month | 17.330 |
| Free Cash Flow per share - trailing 12 month | 17.507 |
| P/E excluding extraordinary items, most recent fiscal year | 11.25 |
| P/E Normalized, most recent fiscal year | 11.10 |
| Price to sales - most recent fiscal year | 4.18 |
| Price to Tangible Book - most fiscal year | 1.94 |
| Price to Free Cash Flow per Share - most recent fiscal year | 11.11 |
| Price to Cash Flow per share - trailing 12 month | 8.41 |
| Price to Book - most recent fiscal year | 1.92 |
| P/E excluding extraordinary items high, trailing 12 months | 21.84 |
| P/E excluding extraordinary items low, trailing 12 months | 10.09 |
| Net Debt, LFI | -1,299.10 |
| Net Debt, LFY | -2,200.03 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | 1,276.64 |
| LT debt/equity - most recent fiscal year | 4.42% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 6.87% |
| LT debt/equity - most recent quarter | 1.84% |
| Total debt/total equity - most recent quarter | 2.99% |
| Free Cash Flow - trailing 12 month | 1,884.94 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 5,219.38 |
| Revenue - trailing 12 month | 5,014.15 |
| EBITD - most recent fiscal year | 2,065.68 |
| EBITD - trailing 12 month | 2,431.43 |
| Earnings before taxes - most recent fiscal year | 1,580.91 |
| Earnings before taxes - trailing 12 month | 1,931.08 |
| Net Income available to common - most recent fiscal year | 1,528.23 |
| Net Income available to common - trailing 12 months | 1,861.13 |
| Earnings before taxes Normalized - most recent fiscal year | 1,600.14 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 17.52 |
| Net Profit Margin % - 1st historical fiscal year | 29.28% |
| Net Profit Margin % - trailing 12 month | 37.12% |
| Operating margin - 1st historical fiscal year | 30.59% |
| Operating margin - trailing 12 month | 37.69% |
| Pretax margin - trailing 12 month | 38.51% |
| Pretax margin - 1st historical fiscal year | 30.29% |
| Operating Margin - 5 year average | 18.95% |
| Pretax Margin - 5 year average | 22.10% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -1.16% |
| Free Operating Cash Flow/Revenue, TTM | 37.59% |
| Net Profit Margin - 5 year average | 19.88% |
| Return on average assets - most recent fiscal year | 11.96% |
| Return on average assets - trailing 12 month | 13.78% |
| Return on average equity - most recent fiscal year | 17.66% |
| Return on average equity - trailing 12 month | 18.75% |
| Return on average assets - 5 year average | 8.01% |
| Return on average equity - 5 year average | 11.68% |
| Net Income/employee - most recent fiscal year | 193,446.71 |
| Revenue/employee - most recent fiscal year | 660,680.51 |
| Revenue growth rate, 5 year | 14.00% |
| EPS growth rate, 5 year | 30.67% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 13.81% |
| Growth rate% - Revenue, 3 year | 25.84% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | 11.28% |
| Capital Spending growth rate, 5 year | 15.86% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 31.27% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
First Solar (FSLR), held in the Market Matters International Equities Portfolio, delivered a solid second-quarter result after market on Thursday, with earnings comfortably ahead of expectations and its contracted backlog extending through 2030. Shares were muted on Friday, but popped 10% overnight, making FSLR the strongest performer in the S&P 500 on Monday.
First Solar’s 1Q result released on Friday (1st May) was a solid one, with earnings ahead of expectations as stronger margins helped offset some of the tariff-related pressure hitting the sector.
The International Equities Strategy had a tough February, falling -8.67%, underperforming the MSCI World by -7.69%. No dressing that up - it was a poor month. Weakness has continued, with the portfolio down ~4.5% in March to date. A meaningful pullback, but within our levels of tolerance for a high conviction, growth-focused portfolio (and within historical ranges we’ve experienced in the past).
We’ve written extensively about energy demand in a new data heavy world. AI/data centres, electrification and on-shoring are all pushing baseload needs higher and tightening power markets. That’s fuelling renewed interest in nuclear, but it’s also catalysing on-site/commercial solar where economics, speed-to-deploy and energy security matter. FSLR sits squarely in that area: US-made, utility-scale capable, and increasingly leveraged to corporates that want price certainty and domestic supply.
First Solar posted another profitable quarter, but the tone of its guidance was more cautious, trimming the top end of revenue and shipment expectations despite strong execution in Q3.
It’s been a wild ride holding First Solar shares in recent times, however, recent news flow has been supportive, pushing shares sharply higher over the week.
It’s been a very choppy period for renewable companies to say the least, with FSLR feeling the impacts of tariffs, changes to proposed subsidies, and a high level of uncertainty around the political environment. They reported after market and the result was solid for the quarter, and bumped up their sales guidance for the full year. Shares were trading ~3% higher after hours.
Renewable stocks were in focus overnight after the House Republicans released a draft framework to extend President Trump's tax cuts, which would also overhaul President Joe Biden's climate law, eliminating or phasing out tax credits for renewables, forecast to save the government more than $560 billion on energy tax credits over 10 years. Important to recognise that this is just a first crack at reducing the amount given back to renewables companies to help fund Trump’s wider tax cuts, but it does show where the focus will be, and who the likely winners and losers are.
Plenty of pockets of the markets illustrated how relative performance can unfold into Christmas as risk regains the ascendancy. A couple of beaten-up stocks in our International Equities Portfolio ran hard overnight, including First Solar (FSLR US), YETI Holdings (YETI US), and The Trade Desk (TTD US), new wave of optimism washed through stocks, i.e. what trade war, what recession!
The American-based solar technology company reported quarterly earnings late on Tuesday that were lower than expected, and they downgraded FY25 guidance. While this was not a significant shock given the weakness in the shares leading into the result, with FSLR now trading on just 7x earnings, shares did react negatively.
MM remains long & bullish FSLR US ~$US230
MM remains long & bullish First Solar ~$US220.
MM remains long and bullish FSLR
MM remains and long and bullish FSLR
MM remains long & bullish FSLR US
MM remains cautiously bullish & long FSLR
MM remains long & bullish FSLR US, our preferred pick in the sector
MM is long and bullish on First Solar Inc (FSLR US)
MM remains long & Bullish FSLR US
MM are trimming FSLR US in the International Equities Portfolio, targeting a 4% portfolio holding
First Solar designs and manufactures solar photovoltaic panels, modules, and systems primarily for use in utility-scale projects. Its modules use cadmium telluride, rather than the crystalline silicon used by most of the industry to convert sunlight into electricity. The technology does not rely on Chinese crystalline silicon supply chains. Its primary manufacturing is in the US. It has additional factories in India, Malaysia, and Vietnam. Its primary markets are the US andIndia.
Performance for February & 4 stocks we like here and now
Recorder Friday 8th March
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