A Health Score of 10.0 doesn't happen often. Out of the roughly 3,900 stocks Stoxcraft tracks, only a small handful ever touch the ceiling, and First Solar (FSLR) just got there.
What earns a perfect Health Score
Health Score measures fundamental strength relative to sector peers, and First Solar's balance sheet backs up the number. The company closed its most recent year with $9.5 billion in total equity against just $499 million in total debt, a cash flow to debt ratio above 4x. Its Altman Z-Score of 6.34 sits deep in safe territory, and a Piotroski Score of 8 out of 9 confirms the fundamentals are clean across the board.
Compare that to the rest of the Solar industry Stoxcraft covers: the next-best Health Score belongs to Nextpower at 7.9, more than two points behind. Names like Sunrun (2.0), JinkoSolar (1.1), and Canadian Solar (0.5) sit far closer to the bottom of the group.
Why the Risk Score still sits at 8.4
Health Score and Risk Score aren't the same question, and First Solar answers them differently. The Risk Score stays elevated at 8.4, among the highest in Stoxcraft's coverage, meaning this is still a volatile name by almost any measure.
The stock carries a beta of 1.75 and a standard deviation near 30, both well above the market average. Shares are still 33% below their 52-week high of $320.95, and the past quarter alone brought a near 17% drawdown. A perfect balance sheet doesn't cancel out a stock that can swing hard in either direction within weeks. Solar policy headlines, tariff news, and utility-scale demand shifts all move this name harder than most.
Analysts, for what it's worth, still see room to run: the average price target sits at $265.38, roughly 24% above the current price near $214. But entry timing here doesn't look especially urgent right now. The setup reads as neutral rather than a clear buy or sell signal.
What it means for solar investors in 2026
A perfect Health Score is a statement about the balance sheet, not a prediction about the stock price. First Solar has the fundamentals to survive a rough patch that would sink weaker solar names, but the Risk Score is the reminder that financially strong and low volatility are two different things.
For anyone building a solar position, First Solar's setup right now looks like a tank build with a glass jaw: outstanding defense on the balance sheet, but still exposed to the same sector-wide swings as everyone else. The Health Score says the company can take a hit. The Risk Score says don't be surprised if it does.
