First Solar (FSLR) Faces Interest Rate Pressure Despite Strong Margins and Backlog, Ariel Global Fund Says

What happened: Ariel Global Fund's Q3 2026 letter said First Solar (FSLR) fell during the quarter as higher long-term interest rates weighed on renewable energy stocks and sentiment weakened after the company pursued patent claims in Why it matters: Ariel said operating results stayed strong, with gross margin expanding, EPS higher, full-year guidance maintained and backlog extending through the end of the decade. The firm argued the market still treats First Solar as a rate-sensitive clean energy company and overlooks its position as the only U.S. solar module manufacturer at scale.

Ariel Global Fund's Q3 2026 letter said First Solar (FSLR) fell during the quarter as higher long-term interest rates weighed on renewable energy stocks and sentiment weakened after the company pursued patent claims in

Ariel said operating results stayed strong, with gross margin expanding, EPS higher, full-year guidance maintained and backlog extending through the end of the decade. The firm argued the market still treats First Solar as a rate-sensitive clean energy company and overlooks its position as the only U.S. solar module manufacturer at scale.