AES vs FSLR: How The AES Corporation and First Solar Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: AES is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AES and FSLR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AES and FSLR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

The AES Corporation is a global electricity company that operates across four segments: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies. It owns or operates a generation fleet of roughly 34,740 megawatts spanning solar, wind, hydro, energy storage, gas, and legacy coal, and it distributes power to about 2.7 million utility customers. A key growth engine has been its renewables development pipeline, with a signed power purchase agreement backlog of about 12.6 gigawatts (around 5.6 GW under construction) as of March 2026, much of it tied to surging electricity demand from AI and cloud data centers. The company has been executing a coal exit while leaning into contracted clean generation and its regulated US utilities.

Full AES guide

First Solar is one of the largest solar panel manufacturers in the United States and the leading maker of thin-film solar modules. Unlike most competitors that use crystalline silicon, First Solar uses a cadmium telluride (CdTe) thin-film technology that it developed and manufactures at scale. This gives it a differentiated cost structure, strong performance in hot and humid climates, and a supply chain largely independent of the Chinese silicon ecosystem. The company sells utility-scale solar modules primarily to large developers and power producers building solar farms, mainly in the US, India, and other markets. First Solar makes money by manufacturing and selling these modules, and its US-based production qualifies for domestic manufacturing incentives. Headquartered in Tempe, Arizona, First Solar has expanded capacity aggressively across Ohio, Alabama, Louisiana, and India. It benefits from policy support for domestic clean energy manufacturing and from buyers seeking non-Chinese solar supply.

Full FSLR guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AES drivers: Pending $15.00 cash acquisition; Renewables backlog and data-center demand.
• FSLR drivers: Domestic manufacturing incentives; Differentiated thin-film technology.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The largest risk is deal-specific: a delay, regulatory block, or renegotiation of the $15.00 cash acquisition would remove the price support the stock currently enjoys. For FSLR, first Solar's fortunes are closely tied to policy, particularly US clean energy manufacturing incentives, which could change with political shifts.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AES if you believe its drivers more; FSLR if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AES and FSLR guides.

AES. AES trades around the $15.00 cash offer, so headline multiples (a trailing P/E near the low teens and a forward P/E that looks low on 2026 estimates) matter less than the fixed deal price and the odds and timing of a close. The high debt load, roughly $31 billion, is typical of a capital-intensive utility but is a key reason the enterprise value (around $33 billion) is far larger than the equity value. Figures are approximate and drawn from mid-2026 filings and market data.

FSLR. First Solar is valued as a profitable, policy-advantaged solar manufacturer with substantial contracted backlog. Investors weigh strong current margins and incentive support against the cyclicality and pricing pressure of the broader solar industry. The valuation reflects both the durability of its domestic manufacturing position and sensitivity to policy and trade developments.

Headline figures (approximate, July 2026): AES shows revenue (ttm) ~$12.6B, q1 2026 revenue ~$3.18B (+9% YoY), market cap ~$10.7B, acquisition price $15.00/share cash; FSLR shows revenue (ttm) ~$4 to 5 billion, operating margin ~high teens to mid-twenties percent, net income (ttm) ~$1 billion or more, contracted backlog ~tens of gigawatts, multi-year.

AES and FSLR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AES and FSLR exposure against your real portfolio. It is not an investment adviser.