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FIRST SOLAR INC (1FSLR.MI) Stock Fundamental Analysis

BIT:1FSLR - Euronext Milan - US3364331070 - Common Stock - Currency: EUR

126.48  -25.84 (-16.96%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to 1FSLR. 1FSLR was compared to 58 industry peers in the Semiconductors & Semiconductor Equipment industry. 1FSLR has only an average score on both its financial health and profitability. An interesting combination arises when we look at growth and value: 1FSLR is growing strongly while it also seems undervalued.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year 1FSLR was profitable.
In the past year 1FSLR had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: 1FSLR reported negative net income in multiple years.
In the past 5 years 1FSLR always reported a positive cash flow from operatings.
1FSLR.MI Yearly Net Income VS EBIT VS OCF VS FCF1FSLR.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M -500M 1B

1.2 Ratios

The Return On Assets of 1FSLR (10.91%) is comparable to the rest of the industry.
1FSLR has a Return On Equity (16.44%) which is comparable to the rest of the industry.
1FSLR has a Return On Invested Capital of 10.32%. This is comparable to the rest of the industry: 1FSLR outperforms 53.70% of its industry peers.
Industry RankSector Rank
ROA 10.91%
ROE 16.44%
ROIC 10.32%
ROA(3y)4.6%
ROA(5y)3.58%
ROE(3y)6.51%
ROE(5y)4.9%
ROIC(3y)N/A
ROIC(5y)N/A
1FSLR.MI Yearly ROA, ROE, ROIC1FSLR.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 -5 10

1.3 Margins

Looking at the Profit Margin, with a value of 32.41%, 1FSLR belongs to the top of the industry, outperforming 94.44% of the companies in the same industry.
1FSLR's Profit Margin has improved in the last couple of years.
The Operating Margin of 1FSLR (34.49%) is better than 92.59% of its industry peers.
In the last couple of years the Operating Margin of 1FSLR has grown nicely.
The Gross Margin of 1FSLR (46.54%) is comparable to the rest of the industry.
1FSLR's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 34.49%
PM (TTM) 32.41%
GM 46.54%
OM growth 3Y30.79%
OM growth 5Y71.74%
PM growth 3Y19.43%
PM growth 5Y31.24%
GM growth 3Y16.01%
GM growth 5Y17.53%
1FSLR.MI Yearly Profit, Operating, Gross Margins1FSLR.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 -10 20 30

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4

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), 1FSLR is destroying value.
1FSLR has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, 1FSLR has more shares outstanding
1FSLR has a worse debt/assets ratio than last year.
1FSLR.MI Yearly Shares Outstanding1FSLR.MI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M 100M
1FSLR.MI Yearly Total Debt VS Total Assets1FSLR.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B 10B

2.2 Solvency

1FSLR has an Altman-Z score of 4.22. This indicates that 1FSLR is financially healthy and has little risk of bankruptcy at the moment.
1FSLR has a Altman-Z score (4.22) which is comparable to the rest of the industry.
A Debt/Equity ratio of 0.05 indicates that 1FSLR is not too dependend on debt financing.
1FSLR has a Debt to Equity ratio of 0.05. This is amongst the best in the industry. 1FSLR outperforms 81.48% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF N/A
Altman-Z 4.22
ROIC/WACC0.9
WACC11.43%
1FSLR.MI Yearly LT Debt VS Equity VS FCF1FSLR.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2B 4B 6B

2.3 Liquidity

A Current Ratio of 2.14 indicates that 1FSLR has no problem at all paying its short term obligations.
With a Current ratio value of 2.14, 1FSLR perfoms like the industry average, outperforming 44.44% of the companies in the same industry.
A Quick Ratio of 1.44 indicates that 1FSLR should not have too much problems paying its short term obligations.
1FSLR has a Quick ratio (1.44) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 2.14
Quick Ratio 1.44
1FSLR.MI Yearly Current Assets VS Current Liabilites1FSLR.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

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8

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 172.62% over the past year.
1FSLR shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 41.80% yearly.
1FSLR shows a strong growth in Revenue. In the last year, the Revenue has grown by 21.76%.
The Revenue has been growing by 8.14% on average over the past years. This is quite good.
EPS 1Y (TTM)172.62%
EPS 3Y27.1%
EPS 5Y41.8%
EPS Q2Q%34%
Revenue 1Y (TTM)21.76%
Revenue growth 3Y6.97%
Revenue growth 5Y8.14%
Sales Q2Q%10.81%

3.2 Future

Based on estimates for the next years, 1FSLR will show a very strong growth in Earnings Per Share. The EPS will grow by 35.23% on average per year.
Based on estimates for the next years, 1FSLR will show a quite strong growth in Revenue. The Revenue will grow by 16.80% on average per year.
EPS Next Y73.66%
EPS Next 2Y65.86%
EPS Next 3Y56.28%
EPS Next 5Y35.23%
Revenue Next Year20.43%
Revenue Next 2Y26.09%
Revenue Next 3Y24.25%
Revenue Next 5Y16.8%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
1FSLR.MI Yearly Revenue VS Estimates1FSLR.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2B 4B 6B 8B
1FSLR.MI Yearly EPS VS Estimates1FSLR.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 10 20 30

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7

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 11.00, which indicates a very decent valuation of 1FSLR.
Compared to the rest of the industry, the Price/Earnings ratio of 1FSLR indicates a somewhat cheap valuation: 1FSLR is cheaper than 79.63% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 29.35. 1FSLR is valued rather cheaply when compared to this.
A Price/Forward Earnings ratio of 6.22 indicates a rather cheap valuation of 1FSLR.
94.44% of the companies in the same industry are more expensive than 1FSLR, based on the Price/Forward Earnings ratio.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.10, 1FSLR is valued rather cheaply.
Industry RankSector Rank
PE 11
Fwd PE 6.22
1FSLR.MI Price Earnings VS Forward Price Earnings1FSLR.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, 1FSLR is valued a bit cheaper than the industry average as 61.11% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 9.49
1FSLR.MI Per share data1FSLR.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
1FSLR has a very decent profitability rating, which may justify a higher PE ratio.
1FSLR's earnings are expected to grow with 56.28% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.15
PEG (5Y)0.26
EPS Next 2Y65.86%
EPS Next 3Y56.28%

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0

5. Dividend

5.1 Amount

No dividends for 1FSLR!.
Industry RankSector Rank
Dividend Yield N/A

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FIRST SOLAR INC

BIT:1FSLR (3/3/2025, 7:00:00 PM)

126.48

-25.84 (-16.96%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)02-25 2025-02-25/amc
Earnings (Next)04-29 2025-04-29/amc
Inst Owners93.02%
Inst Owner ChangeN/A
Ins Owners6.81%
Ins Owner ChangeN/A
Market Cap13.54B
Analysts82.67
Price Target258.58 (104.44%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)11.6%
Min EPS beat(2)4.72%
Max EPS beat(2)18.48%
EPS beat(4)4
Avg EPS beat(4)8.39%
Min EPS beat(4)1.73%
Max EPS beat(4)18.48%
EPS beat(8)7
Avg EPS beat(8)13.68%
EPS beat(12)9
Avg EPS beat(12)-24.62%
EPS beat(16)10
Avg EPS beat(16)-19.93%
Revenue beat(2)1
Avg Revenue beat(2)-6.9%
Min Revenue beat(2)-19.01%
Max Revenue beat(2)5.22%
Revenue beat(4)2
Avg Revenue beat(4)-4.18%
Min Revenue beat(4)-19.01%
Max Revenue beat(4)10.87%
Revenue beat(8)3
Avg Revenue beat(8)-5.56%
Revenue beat(12)4
Avg Revenue beat(12)-8.64%
Revenue beat(16)5
Avg Revenue beat(16)-8.41%
PT rev (1m)1.13%
PT rev (3m)-8.4%
EPS NQ rev (1m)-1.2%
EPS NQ rev (3m)-1.59%
EPS NY rev (1m)-0.33%
EPS NY rev (3m)-0.37%
Revenue NQ rev (1m)-0.66%
Revenue NQ rev (3m)-1.58%
Revenue NY rev (1m)-0.09%
Revenue NY rev (3m)-0.44%
Valuation
Industry RankSector Rank
PE 11
Fwd PE 6.22
P/S 3.68
P/FCF N/A
P/OCF 14.65
P/B 1.87
P/tB 1.89
EV/EBITDA 9.49
EPS(TTM)11.5
EY9.09%
EPS(NY)20.32
Fwd EY16.07%
FCF(TTM)-5.27
FCFYN/A
OCF(TTM)8.63
OCFY6.82%
SpS34.33
BVpS67.7
TBVpS66.93
PEG (NY)0.15
PEG (5Y)0.26
Profitability
Industry RankSector Rank
ROA 10.91%
ROE 16.44%
ROCE 13.76%
ROIC 10.32%
ROICexc 11.88%
ROICexgc 12%
OM 34.49%
PM (TTM) 32.41%
GM 46.54%
FCFM N/A
ROA(3y)4.6%
ROA(5y)3.58%
ROE(3y)6.51%
ROE(5y)4.9%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3Y21.04%
ROICexcg growth 5Y63.6%
ROICexc growth 3Y21.13%
ROICexc growth 5Y63.94%
OM growth 3Y30.79%
OM growth 5Y71.74%
PM growth 3Y19.43%
PM growth 5Y31.24%
GM growth 3Y16.01%
GM growth 5Y17.53%
F-Score6
Asset Turnover0.34
Health
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF N/A
Debt/EBITDA 0.23
Cap/Depr 401.11%
Cap/Sales 40.5%
Interest Coverage 250
Cash Conversion 56.38%
Profit Quality N/A
Current Ratio 2.14
Quick Ratio 1.44
Altman-Z 4.22
F-Score6
WACC11.43%
ROIC/WACC0.9
Cap/Depr(3y)331.06%
Cap/Depr(5y)299.49%
Cap/Sales(3y)31.59%
Cap/Sales(5y)26.39%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)172.62%
EPS 3Y27.1%
EPS 5Y41.8%
EPS Q2Q%34%
EPS Next Y73.66%
EPS Next 2Y65.86%
EPS Next 3Y56.28%
EPS Next 5Y35.23%
Revenue 1Y (TTM)21.76%
Revenue growth 3Y6.97%
Revenue growth 5Y8.14%
Sales Q2Q%10.81%
Revenue Next Year20.43%
Revenue Next 2Y26.09%
Revenue Next 3Y24.25%
Revenue Next 5Y16.8%
EBIT growth 1Y196.01%
EBIT growth 3Y39.91%
EBIT growth 5Y85.72%
EBIT Next Year133.77%
EBIT Next 3Y69.54%
EBIT Next 5Y41.56%
FCF growth 1Y28.83%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y1732.48%
OCF growth 3Y153.2%
OCF growth 5YN/A