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FIRST SOLAR INC (FSLR) Stock Fundamental Analysis

NASDAQ:FSLR - Nasdaq - US3364331070 - Common Stock - Currency: USD

136.18  -5 (-3.54%)

Premarket: 138 +1.82 (+1.34%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to FSLR. FSLR was compared to 108 industry peers in the Semiconductors & Semiconductor Equipment industry. FSLR has an excellent profitability rating, but there are some minor concerns on its financial health. FSLR is evaluated to be cheap and growing strongly. This does not happen too often!


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

FSLR had positive earnings in the past year.
FSLR had a positive operating cash flow in the past year.
FSLR had positive earnings in 4 of the past 5 years.
FSLR had a positive operating cash flow in each of the past 5 years.
FSLR Yearly Net Income VS EBIT VS OCF VS FCFFSLR 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

FSLR has a Return On Assets of 10.66%. This is in the better half of the industry: FSLR outperforms 78.70% of its industry peers.
FSLR has a Return On Equity of 16.20%. This is in the better half of the industry: FSLR outperforms 77.78% of its industry peers.
The Return On Invested Capital of FSLR (10.96%) is better than 80.56% of its industry peers.
Industry RankSector Rank
ROA 10.66%
ROE 16.2%
ROIC 10.96%
ROA(3y)6.05%
ROA(5y)6.01%
ROE(3y)9.29%
ROE(5y)8.59%
ROIC(3y)N/A
ROIC(5y)N/A
FSLR Yearly ROA, ROE, ROICFSLR 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

FSLR has a Profit Margin of 30.72%. This is amongst the best in the industry. FSLR outperforms 93.52% of its industry peers.
In the last couple of years the Profit Margin of FSLR has grown nicely.
Looking at the Operating Margin, with a value of 33.13%, FSLR belongs to the top of the industry, outperforming 93.52% of the companies in the same industry.
FSLR's Operating Margin has improved in the last couple of years.
FSLR has a Gross Margin (44.17%) which is in line with its industry peers.
In the last couple of years the Gross Margin of FSLR has grown nicely.
Industry RankSector Rank
OM 33.13%
PM (TTM) 30.72%
GM 44.17%
OM growth 3Y30.14%
OM growth 5Y38.22%
PM growth 3Y24.2%
PM growth 5YN/A
GM growth 3Y20.94%
GM growth 5Y19.76%
FSLR Yearly Profit, Operating, Gross MarginsFSLR 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

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4

2. Health

2.1 Basic Checks

FSLR has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
FSLR has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, FSLR has more shares outstanding
The debt/assets ratio for FSLR has been reduced compared to a year ago.
FSLR Yearly Shares OutstandingFSLR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
FSLR Yearly Total Debt VS Total AssetsFSLR 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

FSLR has an Altman-Z score of 3.74. This indicates that FSLR is financially healthy and has little risk of bankruptcy at the moment.
With a Altman-Z score value of 3.74, FSLR perfoms like the industry average, outperforming 51.85% of the companies in the same industry.
A Debt/Equity ratio of 0.05 indicates that FSLR is not too dependend on debt financing.
With a Debt to Equity ratio value of 0.05, FSLR perfoms like the industry average, outperforming 53.70% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF N/A
Altman-Z 3.74
ROIC/WACC0.96
WACC11.45%
FSLR Yearly LT Debt VS Equity VS FCFFSLR 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 2.45 indicates that FSLR has no problem at all paying its short term obligations.
FSLR has a Current ratio of 2.45. This is comparable to the rest of the industry: FSLR outperforms 41.67% of its industry peers.
A Quick Ratio of 1.93 indicates that FSLR should not have too much problems paying its short term obligations.
FSLR's Quick ratio of 1.93 is in line compared to the rest of the industry. FSLR outperforms 46.30% of its industry peers.
Industry RankSector Rank
Current Ratio 2.45
Quick Ratio 1.93
FSLR Yearly Current Assets VS Current LiabilitesFSLR 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

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8

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 60.85% over the past year.
FSLR 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, FSLR shows a very strong growth in Revenue. The Revenue has grown by 26.75%.
FSLR shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.55% yearly.
EPS 1Y (TTM)60.85%
EPS 3Y56.95%
EPS 5Y52.9%
EPS Q2Q%12.31%
Revenue 1Y (TTM)26.75%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%30.68%

3.2 Future

The Earnings Per Share is expected to grow by 23.97% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 13.64% on average over the next years. This is quite good.
EPS Next Y71.03%
EPS Next 2Y54.05%
EPS Next 3Y39.05%
EPS Next 5Y23.97%
Revenue Next Year32.02%
Revenue Next 2Y26.21%
Revenue Next 3Y17.73%
Revenue Next 5Y13.64%

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.
FSLR Yearly Revenue VS EstimatesFSLR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2B 4B 6B 8B
FSLR Yearly EPS VS EstimatesFSLR 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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8

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 10.94, the valuation of FSLR can be described as very reasonable.
Based on the Price/Earnings ratio, FSLR is valued cheaply inside the industry as 94.44% of the companies are valued more expensively.
FSLR's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 29.98.
The Price/Forward Earnings ratio is 6.40, which indicates a rather cheap valuation of FSLR.
Based on the Price/Forward Earnings ratio, FSLR is valued cheaper than 100.00% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.66, FSLR is valued rather cheaply.
Industry RankSector Rank
PE 10.94
Fwd PE 6.4
FSLR Price Earnings VS Forward Price EarningsFSLR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

91.67% of the companies in the same industry are more expensive than FSLR, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 7.29
FSLR Per share dataFSLR 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.
FSLR has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as FSLR's earnings are expected to grow with 39.05% in the coming years.
PEG (NY)0.15
PEG (5Y)0.21
EPS Next 2Y54.05%
EPS Next 3Y39.05%

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0

5. Dividend

5.1 Amount

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

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FIRST SOLAR INC

NASDAQ:FSLR (2/28/2025, 8:00:00 PM)

Premarket: 138 +1.82 (+1.34%)

136.18

-5 (-3.54%)

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 Change4.51%
Ins Owners6.81%
Ins Owner Change0.96%
Market Cap14.58B
Analysts82.67
Price Target276.18 (102.81%)
Short Float %6.08%
Short Ratio2.94
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)1
Avg EPS beat(2)-9.57%
Min EPS beat(2)-23.86%
Max EPS beat(2)4.72%
EPS beat(4)3
Avg EPS beat(4)1.99%
Min EPS beat(4)-23.86%
Max EPS beat(4)18.48%
EPS beat(8)6
Avg EPS beat(8)3.69%
EPS beat(12)8
Avg EPS beat(12)-27.74%
EPS beat(16)10
Avg EPS beat(16)-20.53%
Revenue beat(2)1
Avg Revenue beat(2)-8.9%
Min Revenue beat(2)-19.01%
Max Revenue beat(2)1.21%
Revenue beat(4)3
Avg Revenue beat(4)-0.43%
Min Revenue beat(4)-19.01%
Max Revenue beat(4)10.87%
Revenue beat(8)4
Avg Revenue beat(8)-5.32%
Revenue beat(12)5
Avg Revenue beat(12)-8.28%
Revenue beat(16)6
Avg Revenue beat(16)-7.27%
PT rev (1m)0.16%
PT rev (3m)-2.53%
EPS NQ rev (1m)-27.31%
EPS NQ rev (3m)-26.49%
EPS NY rev (1m)0.1%
EPS NY rev (3m)-0.04%
Revenue NQ rev (1m)-17.69%
Revenue NQ rev (3m)-18.45%
Revenue NY rev (1m)-0.16%
Revenue NY rev (3m)-0.28%
Valuation
Industry RankSector Rank
PE 10.94
Fwd PE 6.4
P/S 3.47
P/FCF N/A
P/OCF 11.97
P/B 1.83
P/tB 1.85
EV/EBITDA 7.29
EPS(TTM)12.45
EY9.14%
EPS(NY)21.29
Fwd EY15.64%
FCF(TTM)-2.88
FCFYN/A
OCF(TTM)11.38
OCFY8.35%
SpS39.29
BVpS74.52
TBVpS73.74
PEG (NY)0.15
PEG (5Y)0.21
Profitability
Industry RankSector Rank
ROA 10.66%
ROE 16.2%
ROCE 13.87%
ROIC 10.96%
ROICexc 13.34%
ROICexgc 13.48%
OM 33.13%
PM (TTM) 30.72%
GM 44.17%
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 0.05
Debt/FCF N/A
Debt/EBITDA 0.22
Cap/Depr 360.35%
Cap/Sales 36.28%
Interest Coverage 250
Cash Conversion 67.02%
Profit Quality N/A
Current Ratio 2.45
Quick Ratio 1.93
Altman-Z 3.74
F-Score6
WACC11.45%
ROIC/WACC0.96
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)60.85%
EPS 3Y56.95%
EPS 5Y52.9%
EPS Q2Q%12.31%
EPS Next Y71.03%
EPS Next 2Y54.05%
EPS Next 3Y39.05%
EPS Next 5Y23.97%
Revenue 1Y (TTM)26.75%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%30.68%
Revenue Next Year32.02%
Revenue Next 2Y26.21%
Revenue Next 3Y17.73%
Revenue Next 5Y13.64%
EBIT growth 1Y57.3%
EBIT growth 3Y46.92%
EBIT growth 5Y47.27%
EBIT Next Year96.74%
EBIT Next 3Y40.61%
EBIT Next 5Y25.91%
FCF growth 1Y60.73%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y102.24%
OCF growth 3Y72.43%
OCF growth 5Y47.54%