FIRST SOLAR INC (FSLR)
US3364331070 - Common Stock
Taking everything into account, FSLR scores 6 out of 10 in our fundamental rating. FSLR was compared to 108 industry peers in the Semiconductors & Semiconductor Equipment industry. While FSLR belongs to the best of the industry regarding profitability, there are concerns on its financial health. An interesting combination arises when we look at growth and value: FSLR is growing strongly while it also seems undervalued.
1. Profitability
1.1 Basic Checks
FSLR had positive earnings in the past year.
In the past year FSLR had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: FSLR reported negative net income in multiple years.
Each year in the past 5 years FSLR had a positive operating cash flow.
1.2 Ratios
FSLR has a Return On Assets of 10.91%. This is in the better half of the industry: FSLR outperforms 76.85% of its industry peers.
FSLR's Return On Equity of 16.44% is fine compared to the rest of the industry. FSLR outperforms 76.85% of its industry peers.
FSLR has a better Return On Invested Capital (10.87%) than 81.48% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 10.91% | ||
| ROE | 16.44% | ||
| ROIC | 10.87% |
ROA(3y)4.6%
ROA(5y)3.58%
ROE(3y)6.51%
ROE(5y)4.9%
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
Looking at the Profit Margin, with a value of 32.41%, FSLR belongs to the top of the industry, outperforming 93.52% of the companies in the same industry.
In the last couple of years the Profit Margin of FSLR has grown nicely.
The Operating Margin of FSLR (34.49%) is better than 94.44% of its industry peers.
FSLR's Operating Margin has improved in the last couple of years.
The Gross Margin of FSLR (46.54%) is comparable to the rest of the industry.
In the last couple of years the Gross Margin of FSLR has grown nicely.
| Industry Rank | Sector 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%
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.
Compared to 1 year ago, FSLR has more shares outstanding
The number of shares outstanding for FSLR has been increased compared to 5 years ago.
FSLR has a worse debt/assets ratio than last year.
2.2 Solvency
FSLR has an Altman-Z score of 4.47. This indicates that FSLR is financially healthy and has little risk of bankruptcy at the moment.
FSLR's Altman-Z score of 4.47 is in line compared to the rest of the industry. FSLR outperforms 57.41% of its industry peers.
A Debt/Equity ratio of 0.05 indicates that FSLR is not too dependend on debt financing.
The Debt to Equity ratio of FSLR (0.05) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.05 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 4.47 |
ROIC/WACC0.7
WACC15.48%
2.3 Liquidity
FSLR has a Current Ratio of 2.14. This indicates that FSLR is financially healthy and has no problem in meeting its short term obligations.
FSLR has a worse Current ratio (2.14) than 68.52% of its industry peers.
A Quick Ratio of 1.44 indicates that FSLR should not have too much problems paying its short term obligations.
With a Quick ratio value of 1.44, FSLR is not doing good in the industry: 69.44% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.14 | ||
| Quick Ratio | 1.44 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 172.62% over the past year.
The Earnings Per Share has been growing by 41.80% on average over the past years. This is a very strong growth
FSLR shows a strong growth in Revenue. In the last year, the Revenue has grown by 21.76%.
Measured over the past years, FSLR shows a quite strong growth in Revenue. The Revenue has been growing by 8.14% on average per year.
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
The Earnings Per Share is expected to grow by 35.40% on average over the next years. This is a very strong growth
Based on estimates for the next years, FSLR will show a quite strong growth in Revenue. The Revenue will grow by 16.88% on average per year.
EPS Next Y74.09%
EPS Next 2Y65.9%
EPS Next 3Y56.49%
EPS Next 5Y35.4%
Revenue Next Year20.74%
Revenue Next 2Y26.27%
Revenue Next 3Y24.31%
Revenue Next 5Y16.88%
3.3 Evolution
The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
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.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 15.14, which indicates a correct valuation of FSLR.
Based on the Price/Earnings ratio, FSLR is valued cheaper than 90.74% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.73. FSLR is valued slightly cheaper when compared to this.
The Price/Forward Earnings ratio is 8.56, which indicates a very decent valuation of FSLR.
97.22% of the companies in the same industry are more expensive than FSLR, based on the Price/Forward Earnings ratio.
The average S&P500 Price/Forward Earnings ratio is at 22.83. FSLR is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.14 | ||
| Fwd PE | 8.56 |
4.2 Price Multiples
89.81% of the companies in the same industry are more expensive than FSLR, based on the Enterprise Value to EBITDA ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 10.43 |
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 FSLR may justify a higher PE ratio.
A more expensive valuation may be justified as FSLR's earnings are expected to grow with 56.49% in the coming years.
PEG (NY)0.2
PEG (5Y)0.36
EPS Next 2Y65.9%
EPS Next 3Y56.49%
5. Dividend
5.1 Amount
FSLR does not give a dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | N/A |
FIRST SOLAR INC
NASDAQ:FSLR (12/20/2024, 8:13:07 PM)
After market: 182.5 +0.11 (+0.06%)182.39
+6.51 (+3.7%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)
Earnings (Next)
Inst Owners85.09%
Inst Owner Change-6.64%
Ins Owners10.46%
Ins Owner Change-0.41%
Market Cap19.53B
Analysts81.7
Price Target283.82 (55.61%)
Short Float %6.27%
Short Ratio2.08
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | N/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)-4.5%
PT rev (3m)-4.78%
EPS NQ rev (1m)-0.4%
EPS NQ rev (3m)9%
EPS NY rev (1m)-0.12%
EPS NY rev (3m)-2.69%
Revenue NQ rev (1m)-0.92%
Revenue NQ rev (3m)7.65%
Revenue NY rev (1m)-0.19%
Revenue NY rev (3m)-6.26%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.14 | ||
| Fwd PE | 8.56 | ||
| P/S | 5.07 | ||
| P/FCF | N/A | ||
| P/OCF | 20.17 | ||
| P/B | 2.57 | ||
| P/tB | 2.6 | ||
| EV/EBITDA | 10.43 |
EPS(TTM)12.05
EY6.61%
EPS(NY)21.3
Fwd EY11.68%
FCF(TTM)-5.52
FCFYN/A
OCF(TTM)9.04
OCFY4.96%
SpS35.97
BVpS70.93
TBVpS70.12
PEG (NY)0.2
PEG (5Y)0.36
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 10.91% | ||
| ROE | 16.44% | ||
| ROCE | 13.76% | ||
| ROIC | 10.87% | ||
| ROICexc | 12.51% | ||
| ROICexgc | 12.64% | ||
| 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 Rank | Sector 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 | 4.47 |
F-Score6
WACC15.48%
ROIC/WACC0.7
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 Y74.09%
EPS Next 2Y65.9%
EPS Next 3Y56.49%
EPS Next 5Y35.4%
Revenue 1Y (TTM)21.76%
Revenue growth 3Y6.97%
Revenue growth 5Y8.14%
Sales Q2Q%10.81%
Revenue Next Year20.74%
Revenue Next 2Y26.27%
Revenue Next 3Y24.31%
Revenue Next 5Y16.88%
EBIT growth 1Y196.01%
EBIT growth 3Y39.91%
EBIT growth 5Y85.72%
EBIT Next Year132.71%
EBIT Next 3Y70.13%
EBIT Next 5Y40.19%
FCF growth 1Y28.83%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y1732.48%
OCF growth 3Y153.2%
OCF growth 5YN/A