FSLR vs NEE: How First Solar and NextEra Energy 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: FSLR 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. FSLR and NEE 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 FSLR and NEE 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.

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

NextEra Energy runs two very different businesses under one holding company. Florida Power & Light is a regulated electric utility serving roughly twelve million people across Florida; it earns an authorized return on the capital it invests in poles, wires, generation, and storage, so its profit grows as it grows its rate base, which expanded about ~8.8% year over year in early 2026. NextEra Energy Resources (NEER) is the competitive arm and the world's largest generator of electricity from wind and solar; it develops, builds, and operates clean-energy and battery-storage projects, selling power and capacity largely under long-term contracts to utilities, corporations, and data-center customers. The regulated utility provides steady, rate-regulated cash flow while the resources segment supplies higher-growth, contracted renewables and storage development.

Full NEE guide

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

• FSLR drivers: Domestic manufacturing incentives; Differentiated thin-film technology.
• NEE drivers: Record renewables and storage backlog; Data-center and AI power demand.

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: First Solar's fortunes are closely tied to policy, particularly US clean energy manufacturing incentives, which could change with political shifts. For NEE, nextEra is highly capital-intensive and carries substantial debt to fund construction, which makes it sensitive to interest rates: higher rates raise its borrowing costs and tend to compress the valuations investors assign to utility and renewable-growth stocks.

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 FSLR if you believe its drivers more; NEE 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 FSLR and NEE guides.

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.

NEE. As of late June 2026, NEE traded near the high-$80s per share with a market cap around ~$184B to ~$186B. The forward P/E of roughly ~23x sits below its own five-year average closer to ~27x but at a premium to several utility peers, a gap the market ties to its ~33 GW backlog and growth profile. Figures are approximate, drawn from the Q1 2026 release and public market data, and move with the share price.

Headline figures (approximate, early 2026): 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; NEE shows revenue (ttm) ~$27.9B, adjusted eps guidance (fy2026) ~$3.92 to ~$4.02, dividend yield ~2.7%, adjusted eps growth target ~8%-plus per year through 2032.

FSLR and NEE 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 FSLR and NEE exposure against your real portfolio. It is not an investment adviser.