First Solar, Inc. FSLR continues strengthening its manufacturing platform through sustained investments in property, plant and equipment (PP&E). As of March 31, 2026, the company reported $5.67 billion in net PP&E, reflecting continued investment in manufacturing facilities and production assets that support its long-term growth strategy.
FSLR's manufacturing infrastructure continued evolving during the first quarter. Construction in progress increased to $431.8 million as of March 31, 2026, up from $321.5 million as of Dec. 31, 2025, reflecting ongoing investments in production facilities and manufacturing projects. Machinery and equipment also jumped to $5.77 billion, highlighting the continued expansion of the company's production asset base.
First Solar's growing manufacturing assets strengthen its ability to support higher production volumes while improving operational efficiency across its manufacturing network. Investments in facilities, machinery and production equipment also provide the foundation for future capacity additions and enable the company to meet increasing customer demand for utility-scale solar modules. Continued capital investment demonstrates First Solar's long-term commitment to expanding its manufacturing footprint while enhancing operational capabilities.
A larger manufacturing asset base enhances production flexibility while supporting greater operating efficiency and future capacity expansion. As demand for domestically manufactured solar modules continues to grow, First Solar's ongoing investments in PP&E reinforce its long-term manufacturing strategy and competitive position.
Companies Expanding Manufacturing Assets
Solar companies continue investing in manufacturing assets to support long-term production growth. Enphase Energy, Inc. ENPH and Canadian Solar Inc. CSIQ are also expanding manufacturing capabilities through ongoing capital investments.
Enphase Energy reported $138.9 million in net property and equipment as of March 31, 2026 while investing $19.9 million in property and equipment during the first quarter to support manufacturing and product development.
Canadian Solar reported $3.47 billion in net property, plant and equipment as of March 31, 2026, up from $3.38 billion as of Dec. 31, 2025, reflecting continued investment in its manufacturing infrastructure.
Earnings Estimates for FSLR Stock
The Zacks Consensus Estimate for 2026 and 2027 earnings per share suggests year-over-year growth of 23.93% and 37.97%, respectively.
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FSLR Stock Trading at a Premium
First Solar is trading at a premium relative to the industry, with a forward 12-month price-to-sales of 4.3X compared with the industry average of 2.2X.
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FSLR Stock Price Performance
Over the past year, First Solar shares have jumped 35.9% compared with the industry’s 22.9% growth.
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FSLR’s Zacks Rank
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.
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First Solar, Inc. (FSLR): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).