Skip to content
P Pitch Archive Stock pitches across investing competitions
← Winter 2015

First Solar, Inc.

FSLR pitch short Kirill Aleksandrov ’15

Thesis

First Solar is facing significant headwinds due to increasing competition in the solar industry and potential regulatory changes that could impact its profitability. The company's reliance on government incentives and its inability to maintain market share against lower-cost competitors raise concerns about its future earnings potential.

Did it work?

worked confidence: high

The pitch was a short on First Solar, and the reported price performance of -312.1% over roughly 11.5 years represents a dramatic decline in the stock, strongly aligned with the bearish direction of the thesis. The stated concerns — competitive pressure from lower-cost rivals, dependence on government incentives, and eroding market share — are consistent with a sustained multi-year deterioration in the shares. With the full horizon long elapsed and the return direction decisively favoring the short, the thesis played out.