Logo image of FSLR

FIRST SOLAR INC (FSLR) Stock Fundamental Analysis

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

185.03  +14.51 (+8.51%)

After market: 185.17 +0.14 (+0.08%)

Fundamental Rating

5

Taking everything into account, FSLR scores 5 out of 10 in our fundamental rating. FSLR was compared to 110 industry peers in the Semiconductors & Semiconductor Equipment industry. FSLR scores excellent on profitability, but there are concerns on its financial health. FSLR has both an excellent growth and valuation score. This means it is growing and it is still cheap. This is a rare combination!


Dividend Valuation Growth Profitability Health

Quickly go to:

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.
Each year in the past 5 years FSLR had a positive operating cash flow.
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

Looking at the Return On Assets, with a value of 10.44%, FSLR belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
FSLR has a Return On Equity of 15.45%. This is in the better half of the industry: FSLR outperforms 78.18% of its industry peers.
Looking at the Return On Invested Capital, with a value of 11.13%, FSLR belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
Industry RankSector Rank
ROA 10.44%
ROE 15.45%
ROIC 11.13%
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

The Profit Margin of FSLR (29.72%) is better than 90.91% of its industry peers.
In the last couple of years the Profit Margin of FSLR has grown nicely.
FSLR's Operating Margin of 32.25% is amongst the best of the industry. FSLR outperforms 92.73% of its industry peers.
In the last couple of years the Operating Margin of FSLR has grown nicely.
With a Gross Margin value of 43.61%, FSLR perfoms like the industry average, outperforming 46.36% of the companies in the same industry.
In the last couple of years the Gross Margin of FSLR 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%
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

More info and screens

3

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 about the same amount of shares outstanding.
The number of shares outstanding for FSLR has been increased compared to 5 years ago.
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

FSLR has an Altman-Z score of 4.61. This indicates that FSLR is financially healthy and has little risk of bankruptcy at the moment.
FSLR's Altman-Z score of 4.61 is in line compared to the rest of the industry. FSLR outperforms 58.18% of its industry peers.
A Debt/Equity ratio of 0.04 indicates that FSLR is not too dependend on debt financing.
FSLR has a Debt to Equity ratio of 0.04. This is comparable to the rest of the industry: FSLR outperforms 60.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.04
Debt/FCF N/A
Altman-Z 4.61
ROIC/WACC0.99
WACC11.29%
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 1.93. This is a normal value and indicates that FSLR is financially healthy and should not expect problems in meeting its short term obligations.
With a Current ratio value of 1.93, FSLR is not doing good in the industry: 78.18% of the companies in the same industry are doing better.
FSLR has a Quick Ratio of 1.39. This is a normal value and indicates that FSLR is financially healthy and should not expect problems in meeting its short term obligations.
FSLR's Quick ratio of 1.39 is on the low side compared to the rest of the industry. FSLR is outperformed by 77.27% of its industry peers.
Industry RankSector Rank
Current Ratio 1.93
Quick Ratio 1.39
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

More info and screens

7

3. Growth

3.1 Past

FSLR shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 27.88%, which is quite impressive.
The Earnings Per Share has been growing by 52.90% on average over the past years. This is a very strong growth
The Revenue has grown by 19.42% in the past year. This is quite good.
FSLR shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.55% yearly.
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

FSLR is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 21.87% yearly.
FSLR is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 11.30% yearly.
EPS Next Y22.05%
EPS Next 2Y35.34%
EPS Next 3Y29.91%
EPS Next 5Y21.87%
Revenue Next Year20.48%
Revenue Next 2Y20.81%
Revenue Next 3Y17.83%
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.
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

More info and screens

7

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 15.17, FSLR is valued correctly.
89.09% of the companies in the same industry are more expensive than FSLR, based on the Price/Earnings ratio.
FSLR's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.45.
A Price/Forward Earnings ratio of 8.11 indicates a reasonable valuation of FSLR.
Based on the Price/Forward Earnings ratio, FSLR is valued cheaper than 100.00% of the companies in the same industry.
FSLR's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 21.90.
Industry RankSector Rank
PE 15.17
Fwd PE 8.11
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

FSLR's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. FSLR is cheaper than 87.27% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 10.62
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 29.91% in the coming years.
PEG (NY)0.69
PEG (5Y)0.29
EPS Next 2Y35.34%
EPS Next 3Y29.91%

More info and screens

0

5. Dividend

5.1 Amount

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

More info and screens

FIRST SOLAR INC

NASDAQ:FSLR (7/3/2025, 7:29:25 PM)

After market: 185.17 +0.14 (+0.08%)

185.03

+14.51 (+8.51%)

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 Change7.6%
Ins Owners5.37%
Ins Owner Change0.69%
Market Cap19.84B
Analysts80.87
Price Target204.1 (10.31%)
Short Float %10.39%
Short Ratio1.95
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)4.38%
PT rev (3m)-19.76%
EPS NQ rev (1m)-2.93%
EPS NQ rev (3m)-35.88%
EPS NY rev (1m)-0.61%
EPS NY rev (3m)-28.64%
Revenue NQ rev (1m)-0.66%
Revenue NQ rev (3m)-18.17%
Revenue NY rev (1m)0.47%
Revenue NY rev (3m)-8.46%
Valuation
Industry RankSector Rank
PE 15.17
Fwd PE 8.11
P/S 4.66
P/FCF N/A
P/OCF 57.97
P/B 2.42
P/tB 2.45
EV/EBITDA 10.62
EPS(TTM)12.2
EY6.59%
EPS(NY)22.8
Fwd EY12.32%
FCF(TTM)-9.1
FCFYN/A
OCF(TTM)3.19
OCFY1.73%
SpS39.69
BVpS76.35
TBVpS75.58
PEG (NY)0.69
PEG (5Y)0.29
Profitability
Industry RankSector Rank
ROA 10.44%
ROE 15.45%
ROCE 14.09%
ROIC 11.13%
ROICexc 12.25%
ROICexgc 12.36%
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 4.61
F-Score6
WACC11.29%
ROIC/WACC0.99
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 Y22.05%
EPS Next 2Y35.34%
EPS Next 3Y29.91%
EPS Next 5Y21.87%
Revenue 1Y (TTM)19.42%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%6.35%
Revenue Next Year20.48%
Revenue Next 2Y20.81%
Revenue Next 3Y17.83%
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%