First Solar (F3A.DE) Stock Analysis & Winston Score

First Solar makes solar panels and builds large solar power plants. Its main product is a thin-film solar panel that uses a material called cadmium telluride instead of the silicon most competitors use. It sells mostly to utility companies and large energy developers who build power plants, not to homeowners. First Solar earns money by selling its panels and by designing and building complete solar projects for customers. It operates mainly in the United States, which is also where most of its manufacturing is based — a meaningful advantage given U.S. policies that favor domestically made solar equipment, including tax credits under the Inflation Reduction Act. The company's thin-film technology and U.S.-based manufacturing give it a different cost structure than Asian competitors who dominate the broader solar market. The key risk is that changes to U.S. energy policy or trade rules could reduce the subsidies and tariff protections that currently support its competitive position.