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

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

140.4  -4.54 (-3.13%)

Fundamental Rating

5

1FSLR gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 51 industry peers in the Semiconductors & Semiconductor Equipment industry. Both the profitability and the financial health of 1FSLR get a neutral evaluation. Nothing too spectacular is happening here. 1FSLR is growing strongly while it also seems undervalued. This is an interesting combination


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

1FSLR had positive earnings in the past year.
1FSLR had a positive operating cash flow in the past year.
1FSLR had positive earnings in 4 of the past 5 years.
1FSLR had a positive operating cash flow in each of the past 5 years.
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 2024 0 500M -500M 1B

1.2 Ratios

Looking at the Return On Assets, with a value of 10.44%, 1FSLR is in the better half of the industry, outperforming 64.71% of the companies in the same industry.
The Return On Equity of 1FSLR (15.45%) is comparable to the rest of the industry.
Looking at the Return On Invested Capital, with a value of 10.57%, 1FSLR is in line with its industry, outperforming 56.86% of the companies in the same industry.
Industry RankSector Rank
ROA 10.44%
ROE 15.45%
ROIC 10.57%
ROA(3y)6.05%
ROA(5y)6.01%
ROE(3y)9.29%
ROE(5y)8.59%
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 2024 0 5 -5 10 15

1.3 Margins

1FSLR has a better Profit Margin (29.72%) than 86.27% of its industry peers.
1FSLR's Profit Margin has improved in the last couple of years.
1FSLR's Operating Margin of 32.25% is amongst the best of the industry. 1FSLR outperforms 86.27% of its industry peers.
1FSLR's Operating Margin has improved in the last couple of years.
1FSLR has a Gross Margin (43.61%) which is comparable to the rest of the industry.
In the last couple of years the Gross Margin of 1FSLR has grown nicely.
Industry RankSector Rank
OM 32.25%
PM (TTM) 29.72%
GM 43.61%
OM growth 3Y30.14%
OM growth 5Y38.22%
PM growth 3Y24.2%
PM growth 5YN/A
GM growth 3Y20.94%
GM growth 5Y19.76%
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 2024 0 10 -10 20 30 40

4

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so 1FSLR is destroying value.
1FSLR has about the same amout of shares outstanding than it did 1 year ago.
The number of shares outstanding for 1FSLR has been increased compared to 5 years ago.
The debt/assets ratio for 1FSLR has been reduced compared to a year ago.
1FSLR.MI Yearly Shares Outstanding1FSLR.MI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 2024 2B 4B 6B 8B 10B

2.2 Solvency

An Altman-Z score of 4.26 indicates that 1FSLR is not in any danger for bankruptcy at the moment.
The Altman-Z score of 1FSLR (4.26) is comparable to the rest of the industry.
A Debt/Equity ratio of 0.04 indicates that 1FSLR is not too dependend on debt financing.
The Debt to Equity ratio of 1FSLR (0.04) is better than 86.27% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.04
Debt/FCF N/A
Altman-Z 4.26
ROIC/WACC0.92
WACC11.51%
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 2024 0 2B 4B 6B

2.3 Liquidity

A Current Ratio of 1.93 indicates that 1FSLR should not have too much problems paying its short term obligations.
With a Current ratio value of 1.93, 1FSLR is not doing good in the industry: 64.71% of the companies in the same industry are doing better.
A Quick Ratio of 1.39 indicates that 1FSLR should not have too much problems paying its short term obligations.
The Quick ratio of 1FSLR (1.39) is worse than 62.75% of its industry peers.
Industry RankSector Rank
Current Ratio 1.93
Quick Ratio 1.39
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 2024 1B 2B 3B 4B 5B

7

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 27.88% over the past year.
1FSLR shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 52.90% yearly.
Looking at the last year, 1FSLR shows a quite strong growth in Revenue. The Revenue has grown by 19.42% in the last year.
Measured over the past years, 1FSLR shows a small growth in Revenue. The Revenue has been growing by 6.55% on average per year.
EPS 1Y (TTM)27.88%
EPS 3Y56.95%
EPS 5Y52.9%
EPS Q2Q%-11.36%
Revenue 1Y (TTM)19.42%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%6.35%

3.2 Future

1FSLR is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 21.87% yearly.
The Revenue is expected to grow by 11.30% on average over the next years. This is quite good.
EPS Next Y22.82%
EPS Next 2Y35.98%
EPS Next 3Y29.19%
EPS Next 5Y21.87%
Revenue Next Year20.38%
Revenue Next 2Y20.88%
Revenue Next 3Y17.88%
Revenue Next 5Y11.3%

3.3 Evolution

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
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
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

7

4. Valuation

4.1 Price/Earnings Ratio

1FSLR is valuated correctly with a Price/Earnings ratio of 13.45.
Based on the Price/Earnings ratio, 1FSLR is valued cheaper than 94.12% of the companies in the same industry.
1FSLR is valuated cheaply when we compare the Price/Earnings ratio to 27.30, which is the current average of the S&P500 Index.
1FSLR is valuated cheaply with a Price/Forward Earnings ratio of 7.12.
Based on the Price/Forward Earnings ratio, 1FSLR is valued cheaply inside the industry as 96.08% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 21.76. 1FSLR is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 13.45
Fwd PE 7.12
1FSLR.MI Price Earnings VS Forward Price Earnings1FSLR.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, 1FSLR is valued a bit cheaper than the industry average as 68.63% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 9.39
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.
The decent profitability rating of 1FSLR may justify a higher PE ratio.
1FSLR's earnings are expected to grow with 29.19% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.59
PEG (5Y)0.25
EPS Next 2Y35.98%
EPS Next 3Y29.19%

0

5. Dividend

5.1 Amount

1FSLR does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

FIRST SOLAR INC

BIT:1FSLR (7/9/2025, 7:00:00 PM)

140.4

-4.54 (-3.13%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)04-29 2025-04-29/amc
Earnings (Next)07-24 2025-07-24/amc
Inst Owners97.29%
Inst Owner ChangeN/A
Ins Owners5.37%
Ins Owner ChangeN/A
Market Cap15.06B
Analysts81.78
Price Target177.75 (26.6%)
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)0
Avg EPS beat(2)-23.63%
Min EPS beat(2)-23.86%
Max EPS beat(2)-23.4%
EPS beat(4)2
Avg EPS beat(4)-6.01%
Min EPS beat(4)-23.86%
Max EPS beat(4)18.48%
EPS beat(8)6
Avg EPS beat(8)8.47%
EPS beat(12)7
Avg EPS beat(12)-30.04%
EPS beat(16)10
Avg EPS beat(16)-20.76%
Revenue beat(2)1
Avg Revenue beat(2)-0.07%
Min Revenue beat(2)-1.34%
Max Revenue beat(2)1.21%
Revenue beat(4)2
Avg Revenue beat(4)-3.48%
Min Revenue beat(4)-19.01%
Max Revenue beat(4)5.22%
Revenue beat(8)4
Avg Revenue beat(8)-2.34%
Revenue beat(12)5
Avg Revenue beat(12)-5.12%
Revenue beat(16)5
Avg Revenue beat(16)-7.52%
PT rev (1m)2.37%
PT rev (3m)-20.84%
EPS NQ rev (1m)-4.07%
EPS NQ rev (3m)-36.64%
EPS NY rev (1m)0.02%
EPS NY rev (3m)-18.24%
Revenue NQ rev (1m)-1.33%
Revenue NQ rev (3m)-18.72%
Revenue NY rev (1m)0.39%
Revenue NY rev (3m)-8.04%
Valuation
Industry RankSector Rank
PE 13.45
Fwd PE 7.12
P/S 4.13
P/FCF N/A
P/OCF 51.39
P/B 2.15
P/tB 2.17
EV/EBITDA 9.39
EPS(TTM)10.44
EY7.44%
EPS(NY)19.71
Fwd EY14.04%
FCF(TTM)-7.79
FCFYN/A
OCF(TTM)2.73
OCFY1.95%
SpS33.98
BVpS65.35
TBVpS64.69
PEG (NY)0.59
PEG (5Y)0.25
Profitability
Industry RankSector Rank
ROA 10.44%
ROE 15.45%
ROCE 14.09%
ROIC 10.57%
ROICexc 11.63%
ROICexgc 11.74%
OM 32.25%
PM (TTM) 29.72%
GM 43.61%
FCFM N/A
ROA(3y)6.05%
ROA(5y)6.01%
ROE(3y)9.29%
ROE(5y)8.59%
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 3Y23.05%
ROICexcg growth 5Y27.37%
ROICexc growth 3Y23.15%
ROICexc growth 5Y27.62%
OM growth 3Y30.14%
OM growth 5Y38.22%
PM growth 3Y24.2%
PM growth 5YN/A
GM growth 3Y20.94%
GM growth 5Y19.76%
F-Score6
Asset Turnover0.35
Health
Industry RankSector Rank
Debt/Equity 0.04
Debt/FCF N/A
Debt/EBITDA 0.2
Cap/Depr 287.4%
Cap/Sales 30.98%
Interest Coverage 250
Cash Conversion 18.69%
Profit Quality N/A
Current Ratio 1.93
Quick Ratio 1.39
Altman-Z 4.26
F-Score6
WACC11.51%
ROIC/WACC0.92
Cap/Depr(3y)381.88%
Cap/Depr(5y)306.48%
Cap/Sales(3y)37.52%
Cap/Sales(5y)29.28%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)27.88%
EPS 3Y56.95%
EPS 5Y52.9%
EPS Q2Q%-11.36%
EPS Next Y22.82%
EPS Next 2Y35.98%
EPS Next 3Y29.19%
EPS Next 5Y21.87%
Revenue 1Y (TTM)19.42%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%6.35%
Revenue Next Year20.38%
Revenue Next 2Y20.88%
Revenue Next 3Y17.88%
Revenue Next 5Y11.3%
EBIT growth 1Y23.68%
EBIT growth 3Y46.92%
EBIT growth 5Y47.27%
EBIT Next Year47.81%
EBIT Next 3Y36.37%
EBIT Next 5Y24.25%
FCF growth 1Y-586.56%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-64.99%
OCF growth 3Y72.43%
OCF growth 5Y47.54%