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FSLR vs. CSIQ: U.S. Thin-Film Leader or Global Volume Player?
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Key Takeaways
CSIQ expands from modules into global solar plants and advanced energy-storage projects.
Canadian Solar's new German storage contract boosts its shift toward grid solutions and services.
FSLR grows capacity with new AI-enabled U.S. facilities and added module finishing lines.
With the rising demand for solar energy, investors are showing heightened interest in companies positioned at the center of the solar value chain. Two notable players are First Solar (FSLR - Free Report) and Canadian Solar (CSIQ - Free Report) . While both are leaders in the clean-energy ecosystem, they operate in different segments and offer distinct competitive advantages.
As global industries accelerate their shift toward cleaner and more sustainable energy sources, solar power has emerged as one of the fastest-growing solutions. This momentum is reflected in the rapid expansion of solar photovoltaic (PV) installations across residential, commercial and utility-scale markets worldwide. Governments are offering incentives, corporations are prioritizing decarbonization, and consumers are increasingly adopting renewable technologies — all of which are fueling the surge in solar deployment.
The Case for FSLR Stock
First Solar is aggressively expanding its manufacturing capacity to capture growing global solar demand. In the third quarter of 2025, it produced 3.6 gigawatt (GW) and sold 5.3 GW of modules, with total nameplate capacity reaching 23.5 GW across facilities in the United States, India, Malaysia and Vietnam. The company is also adding a new 3.7 GW U.S. module finishing line, set to begin operations in late 2026. These expansions are expected to strengthen its global presence and support future revenue growth.
First Solar’s new $1.1 billion AI-enabled manufacturing facility in Louisiana is a major strategic boost for the company. The plant adds 3.5 GW of annual capacity, strengthening First Solar’s rapidly expanding U.S. manufacturing footprint and supporting rising demand for its Series 7 modules. Its advanced AI systems improve quality control and operational efficiency, helping lower costs and increase production yields. The facility also uses U.S.-sourced materials and avoids dependence on Chinese supply chains, enhancing supply-chain security and aligning with U.S. clean-energy policy incentives.
The Case for CSIQ Stock
Canadian Solar is a vertically integrated clean-energy company known primarily for manufacturing high-quality crystalline silicon solar panels used in residential, commercial and utility-scale installations worldwide. Beyond module production, the company has expanded into broader energy infrastructure by developing large-scale solar power plants and advanced energy-storage projects. This combination of manufacturing expertise and project-development capabilities allows Canadian Solar to participate across multiple stages of the solar value chain — from supplying modules to building and operating end-to-end renewable-energy assets.
In November 2025, CSIQ secured a German battery energy storage system contract, reflecting the company's strategic pivot toward becoming a full-fledged energy-storage and grid-solutions provider. This will help diversify and stabilize revenues and build long-term service-based income. This contract will also enhance the company's credibility for securing additional projects worldwide and position it to benefit from the accelerating global energy-transition push toward renewables and storage.
Let's compare the stocks' fundamentals to determine which one is a better investment option at present.
How Do Zacks Estimates Compare for FSLR & CSIQ?
The Zacks Consensus Estimate for First Solar’s 2025 earnings per share (EPS) indicates a decrease of 3.25% and the same for 2026 EPS implies an increase of 3.06% in the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Canadian Solar’s 2025 and 2026 EPS indicates an increase of 18.94% and 61.5%, respectively, in the past 60 days.
Image Source: Zacks Investment Research
Debt Position of FSLR & CSIQ
Currently, total debt to capital for First Solar is 5.8% compared with Canadian Solar’s 60.41%.
FSLR & CSIQ’s Price Performance
In the past six months, shares of FSLR and CSIQ have risen 64.8% and 149.5%, respectively.
Valuation for FSLR & CSIQ
FSLR shares trade at a forward 12-month Price/Sales (P/S F12M) multiple of 4.56 compared with CSIQ’s P/S F12M of 0.22.
FSLR & CSIQ: Which Is a Better Choice Now?
Both companies supply large-scale solar installations globally, but they approach the market with different technologies, manufacturing footprints and strategic priorities. Canadian Solar strives for scale, diversified geographies, and a wider clean-energy ecosystem that includes utility and storage projects, whereas First Solar concentrates on high-efficiency thin-film and U.S.-based production.
However, our choice at the moment is Canadian Solar, given its better price performance, and earnings growth than First Solar.
Image: Bigstock
FSLR vs. CSIQ: U.S. Thin-Film Leader or Global Volume Player?
Key Takeaways
With the rising demand for solar energy, investors are showing heightened interest in companies positioned at the center of the solar value chain. Two notable players are First Solar (FSLR - Free Report) and Canadian Solar (CSIQ - Free Report) . While both are leaders in the clean-energy ecosystem, they operate in different segments and offer distinct competitive advantages.
As global industries accelerate their shift toward cleaner and more sustainable energy sources, solar power has emerged as one of the fastest-growing solutions. This momentum is reflected in the rapid expansion of solar photovoltaic (PV) installations across residential, commercial and utility-scale markets worldwide. Governments are offering incentives, corporations are prioritizing decarbonization, and consumers are increasingly adopting renewable technologies — all of which are fueling the surge in solar deployment.
The Case for FSLR Stock
First Solar is aggressively expanding its manufacturing capacity to capture growing global solar demand. In the third quarter of 2025, it produced 3.6 gigawatt (GW) and sold 5.3 GW of modules, with total nameplate capacity reaching 23.5 GW across facilities in the United States, India, Malaysia and Vietnam. The company is also adding a new 3.7 GW U.S. module finishing line, set to begin operations in late 2026. These expansions are expected to strengthen its global presence and support future revenue growth.
First Solar’s new $1.1 billion AI-enabled manufacturing facility in Louisiana is a major strategic boost for the company. The plant adds 3.5 GW of annual capacity, strengthening First Solar’s rapidly expanding U.S. manufacturing footprint and supporting rising demand for its Series 7 modules. Its advanced AI systems improve quality control and operational efficiency, helping lower costs and increase production yields. The facility also uses U.S.-sourced materials and avoids dependence on Chinese supply chains, enhancing supply-chain security and aligning with U.S. clean-energy policy incentives.
The Case for CSIQ Stock
Canadian Solar is a vertically integrated clean-energy company known primarily for manufacturing high-quality crystalline silicon solar panels used in residential, commercial and utility-scale installations worldwide. Beyond module production, the company has expanded into broader energy infrastructure by developing large-scale solar power plants and advanced energy-storage projects. This combination of manufacturing expertise and project-development capabilities allows Canadian Solar to participate across multiple stages of the solar value chain — from supplying modules to building and operating end-to-end renewable-energy assets.
In November 2025, CSIQ secured a German battery energy storage system contract, reflecting the company's strategic pivot toward becoming a full-fledged energy-storage and grid-solutions provider. This will help diversify and stabilize revenues and build long-term service-based income. This contract will also enhance the company's credibility for securing additional projects worldwide and position it to benefit from the accelerating global energy-transition push toward renewables and storage.
Let's compare the stocks' fundamentals to determine which one is a better investment option at present.
How Do Zacks Estimates Compare for FSLR & CSIQ?
The Zacks Consensus Estimate for First Solar’s 2025 earnings per share (EPS) indicates a decrease of 3.25% and the same for 2026 EPS implies an increase of 3.06% in the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Canadian Solar’s 2025 and 2026 EPS indicates an increase of 18.94% and 61.5%, respectively, in the past 60 days.
Image Source: Zacks Investment Research
Debt Position of FSLR & CSIQ
Currently, total debt to capital for First Solar is 5.8% compared with Canadian Solar’s 60.41%.
FSLR & CSIQ’s Price Performance
In the past six months, shares of FSLR and CSIQ have risen 64.8% and 149.5%, respectively.
Valuation for FSLR & CSIQ
FSLR shares trade at a forward 12-month Price/Sales (P/S F12M) multiple of 4.56 compared with CSIQ’s P/S F12M of 0.22.
FSLR & CSIQ: Which Is a Better Choice Now?
Both companies supply large-scale solar installations globally, but they approach the market with different technologies, manufacturing footprints and strategic priorities. Canadian Solar strives for scale, diversified geographies, and a wider clean-energy ecosystem that includes utility and storage projects, whereas First Solar concentrates on high-efficiency thin-film and U.S.-based production.
However, our choice at the moment is Canadian Solar, given its better price performance, and earnings growth than First Solar.
Canadian Solar carries a Zacks Rank #2 (Buy) and First Solar has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.