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FIRST SOLAR INC (FSLR) Stock Fundamental Analysis

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

127.98  +3.6 (+2.89%)

After market: 128.5 +0.52 (+0.41%)

Fundamental Rating

6

Taking everything into account, FSLR scores 6 out of 10 in our fundamental rating. FSLR was compared to 109 industry peers in the Semiconductors & Semiconductor Equipment industry. FSLR has an excellent profitability rating, but there are some minor 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.


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 better Return On Assets (10.66%) than 79.82% of its industry peers.
FSLR has a better Return On Equity (16.20%) than 79.82% of its industry peers.
FSLR has a Return On Invested Capital of 10.96%. This is amongst the best in the industry. FSLR outperforms 81.65% 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

Looking at the Profit Margin, with a value of 30.72%, FSLR belongs to the top of the industry, outperforming 92.66% of the companies in the same industry.
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 92.66% of the companies in the same industry.
In the last couple of years the Operating Margin of FSLR has grown nicely.
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 just above the Cost of Capital (WACC), which means it is creating some 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
Compared to 1 year ago, FSLR has an improved debt to assets ratio.
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

An Altman-Z score of 3.62 indicates that FSLR is not in any danger for bankruptcy at the moment.
FSLR has a Altman-Z score (3.62) which is comparable to the rest of the industry.
A Debt/Equity ratio of 0.05 indicates that FSLR is not too dependend on debt financing.
FSLR's Debt to Equity ratio of 0.05 is in line compared to the rest of the industry. FSLR outperforms 55.96% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF N/A
Altman-Z 3.62
ROIC/WACC1
WACC10.93%
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

FSLR has a Current Ratio of 2.45. This indicates that FSLR is financially healthy and has no problem in meeting its short term obligations.
With a Current ratio value of 2.45, FSLR is not doing good in the industry: 62.39% of the companies in the same industry are doing better.
A Quick Ratio of 1.93 indicates that FSLR should not have too much problems paying its short term obligations.
FSLR has a Quick ratio (1.93) which is comparable to the rest of the industry.
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.
Measured over the past years, FSLR shows a very strong growth in Earnings Per Share. The EPS has been growing by 52.90% on average per year.
FSLR shows a strong growth in Revenue. In the last year, the Revenue has grown by 26.75%.
The Revenue has been growing slightly by 6.55% on average over the past years.
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 22.13% on average over the next years. This is a very strong growth
FSLR is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 12.27% yearly.
EPS Next Y49.96%
EPS Next 2Y45.32%
EPS Next 3Y33.34%
EPS Next 5Y22.13%
Revenue Next Year30.75%
Revenue Next 2Y25.28%
Revenue Next 3Y19.43%
Revenue Next 5Y12.27%

3.3 Evolution

Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past 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.
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
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

A Price/Earnings ratio of 10.28 indicates a reasonable valuation of FSLR.
FSLR's Price/Earnings ratio is rather cheap when compared to the industry. FSLR is cheaper than 88.99% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 28.29, FSLR is valued rather cheaply.
A Price/Forward Earnings ratio of 6.85 indicates a rather cheap valuation of FSLR.
FSLR's Price/Forward Earnings ratio is rather cheap when compared to the industry. FSLR is cheaper than 98.17% of the companies in the same industry.
FSLR is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.08, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 10.28
Fwd PE 6.85
FSLR Price Earnings VS Forward Price EarningsFSLR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

85.32% 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 6.82
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.
The decent profitability rating of FSLR may justify a higher PE ratio.
FSLR's earnings are expected to grow with 33.34% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.21
PEG (5Y)0.19
EPS Next 2Y45.32%
EPS Next 3Y33.34%

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0

5. Dividend

5.1 Amount

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

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FIRST SOLAR INC

NASDAQ:FSLR (4/17/2025, 8:23:12 PM)

After market: 128.5 +0.52 (+0.41%)

127.98

+3.6 (+2.89%)

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 Change0.22%
Ins Owners6.81%
Ins Owner Change0.89%
Market Cap13.72B
Analysts82.73
Price Target246.68 (92.75%)
Short Float %7.57%
Short Ratio2.79
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)-3.02%
PT rev (3m)-11.75%
EPS NQ rev (1m)-1.25%
EPS NQ rev (3m)-39.43%
EPS NY rev (1m)-12.31%
EPS NY rev (3m)-12.16%
Revenue NQ rev (1m)-1.82%
Revenue NQ rev (3m)-27.14%
Revenue NY rev (1m)-0.66%
Revenue NY rev (3m)-1.17%
Valuation
Industry RankSector Rank
PE 10.28
Fwd PE 6.85
P/S 3.26
P/FCF N/A
P/OCF 11.27
P/B 1.72
P/tB 1.74
EV/EBITDA 6.82
EPS(TTM)12.45
EY9.73%
EPS(NY)18.67
Fwd EY14.59%
FCF(TTM)-2.87
FCFYN/A
OCF(TTM)11.36
OCFY8.87%
SpS39.22
BVpS74.39
TBVpS73.62
PEG (NY)0.21
PEG (5Y)0.19
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 3.62
F-Score6
WACC10.93%
ROIC/WACC1
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 Y49.96%
EPS Next 2Y45.32%
EPS Next 3Y33.34%
EPS Next 5Y22.13%
Revenue 1Y (TTM)26.75%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%30.68%
Revenue Next Year30.75%
Revenue Next 2Y25.28%
Revenue Next 3Y19.43%
Revenue Next 5Y12.27%
EBIT growth 1Y57.3%
EBIT growth 3Y46.92%
EBIT growth 5Y47.27%
EBIT Next Year73.35%
EBIT Next 3Y39.64%
EBIT Next 5Y24.98%
FCF growth 1Y60.73%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y102.24%
OCF growth 3Y72.43%
OCF growth 5Y47.54%