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TickerFSLR
SectorSolar
Mkt cap$23.6B
EV / EBITDA9.2×
PostureHigh Velocity
Composite78/100
LensTarget-side
SE-Cluster Research·Issuer Brief·Q2 2026CIK 1274494

First Solar, Inc.

FSLRHIGH VELOCITYFILING INTENSITY

First Solar, Inc. reads as High Velocity (composite 78/100); pressure / disclosure signals dominate the posture this cycle.

Lens

Disclosed M&A capital (2023–2025)

$36M

new

vs N/A in 2020–2022

Disclosed transactions

1

new

1/3 active fiscal years in window

Buyer archetype

Consistent Strategic Buyer

Meaningful spend appears across repeat years.

Composite score

78

/100

High Velocity dominates · Filing Intensity

Financial snapshot
Revenue$5.4B
EBITDA$2.3B
Enterprise value$21.7B
EV / Revenue4.0×
EV / EBITDA9.2×
P/EN/A
Cash$2.4B
Total debt$237M
as of 2026-05-10
§ I·SE-Cluster Issuer Brief

Behavioral posture, nine reads.

Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.

Active Acquirer

32/100

Companies actively deploying disclosed capital into M&A

  • $802M disclosed buyer spend
  • Filed within 26d

Buyer Cadence

44/100

Buyer-side companies with recent filing activity

  • Filed within 26d
  • 8 acquisition-history signals
  • 230 8-Ks

Target Probability

24/100

Issuers showing target-side patterns from filings

  • 14 activism filings

Spin/Carve

0/100

Issuers showing spin-off, carve-out, or sum-of-parts posture

  • 14 activism filings

Pressure Watch

52/100

Issuers facing activism, governance, or control pressure

  • 14 activism filings
  • Latest activism 1.5y ago

Distress Watch

18/100

Issuers showing financial-distress filing patterns

  • 14 activism filings

Restatement Risk

0/100

Issuers with accounting-integrity flags from filings

Capital Velocity

Dominant
78/100

Issuers with the highest filing-activity intensity

  • 230 8-Ks
  • Filed within 26d
  • 5 form types

Quiet Power

0/100

Large issuers with low signal volume and clean disclosure cadence

  • Enterprise value $21.7B
  • 10-Q 26d ago
  • Quiet signals
§ II·SE-Cluster Issuer Brief

Capital cadence.

Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.

16
17
18
19
20
21
22
23
24
25

Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $36M · Peak count: 1

FYDisclosed buysDisclosed spendAvg ticketAudited tier
2025N/AN/AN/AN/A
2024N/AN/AN/AN/A
20231$36M$36MN/A
2022N/AN/AN/AN/A
2021N/AN/AN/AN/A
2020N/AN/AN/AN/A
§ III·SE-Cluster Issuer Brief

Strategy posture.

The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.

Archetype mix

  • Technology Acquisition
    33%
  • Bolt On
    33%
  • Geographic Expansion
    33%
§ V·SE-Cluster Issuer Brief

Market context.

No SE-Cluster rollup market matched this issuer's sector or M&A footprint.

The issuer is not visible as a top acquirer in any of the active rollup markets.

§ VI·SE-Cluster Issuer Brief

Buyer landscape.

Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.

Likely buyers

No public buyers surface as a strong target-side fit on current signal.

Likely sellers / divestiture partners

No reciprocal divestiture / strategic-alternatives matches identified.

§ VII·SE-Cluster Issuer Brief

Filing activity & signal stream.

Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.

Filing cadence

  • 10-K (annual)202026-02-24
  • 10-Q (quarterly)602026-04-30
  • 8-K (event)2302026-04-30
  • Proxy / DEF 14A432026-04-02
  • Activism (13D / DFAN / PREC)142024-12-10

Signals on file

  • elevated

    Activism on file

    2024-12-10

    14 activist filings on file (13D, DFAN14A, PREC14A series).

§ VIII·SE-Cluster Issuer Brief

Audited corpus.

No audited record on file for this CIK in the current v6 corpus.

This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.

First Solar, Inc.: Issuer Brief | SE-Cluster