FIRST SOLAR INC (FSLR) Fundamental Analysis & Valuation

NASDAQ:FSLR • US3364331070

Current stock price

197.1 USD
-3.25 (-1.62%)
Last:

This FSLR fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. FSLR Profitability Analysis

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M -500M 1B 1.5B 2B

1.2 Ratios

  • FSLR has a better Return On Assets (11.47%) than 82.61% of its industry peers.
  • With an excellent Return On Equity value of 16.02%, FSLR belongs to the best of the industry, outperforming 80.87% of the companies in the same industry.
  • FSLR has a Return On Invested Capital of 11.40%. This is amongst the best in the industry. FSLR outperforms 84.35% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for FSLR is in line with the industry average of 10.70%.
  • The last Return On Invested Capital (11.40%) for FSLR is above the 3 year average (10.03%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 11.47%
ROE 16.02%
ROIC 11.4%
ROA(3y)10.05%
ROA(5y)7.19%
ROE(3y)14.88%
ROE(5y)10.35%
ROIC(3y)10.03%
ROIC(5y)N/A
FSLR Yearly ROA, ROE, ROICFSLR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 -5 10 15

1.3 Margins

  • FSLR has a better Profit Margin (29.28%) than 87.83% of its industry peers.
  • FSLR's Profit Margin has improved in the last couple of years.
  • The Operating Margin of FSLR (30.59%) is better than 90.43% of its industry peers.
  • FSLR's Operating Margin has improved in the last couple of years.
  • FSLR has a Gross Margin (40.62%) which is comparable to the rest of the industry.
  • FSLR's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 30.59%
PM (TTM) 29.28%
GM 40.62%
OM growth 3YN/A
OM growth 5Y20.72%
PM growth 3YN/A
PM growth 5Y14.79%
GM growth 3Y102.73%
GM growth 5Y10.1%
FSLR Yearly Profit, Operating, Gross MarginsFSLR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20 30 40

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6

2. FSLR Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), FSLR is destroying value.
  • FSLR has more shares outstanding than it did 1 year ago.
  • FSLR has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for FSLR has been reduced compared to a year ago.
FSLR Yearly Shares OutstandingFSLR Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
FSLR Yearly Total Debt VS Total AssetsFSLR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

2.2 Solvency

  • FSLR has an Altman-Z score of 5.26. This indicates that FSLR is financially healthy and has little risk of bankruptcy at the moment.
  • The Altman-Z score of FSLR (5.26) is comparable to the rest of the industry.
  • The Debt to FCF ratio of FSLR is 0.45, which is an excellent value as it means it would take FSLR, only 0.45 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 0.45, FSLR is in the better half of the industry, outperforming 79.13% of the companies in the same industry.
  • A Debt/Equity ratio of 0.03 indicates that FSLR is not too dependend on debt financing.
  • FSLR's Debt to Equity ratio of 0.03 is fine compared to the rest of the industry. FSLR outperforms 63.48% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF 0.45
Altman-Z 5.26
ROIC/WACC0.98
WACC11.66%
FSLR Yearly LT Debt VS Equity VS FCFFSLR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B 6B 8B

2.3 Liquidity

  • FSLR has a Current Ratio of 2.67. This indicates that FSLR is financially healthy and has no problem in meeting its short term obligations.
  • FSLR has a Current ratio of 2.67. This is comparable to the rest of the industry: FSLR outperforms 42.61% of its industry peers.
  • FSLR has a Quick Ratio of 2.35. This indicates that FSLR is financially healthy and has no problem in meeting its short term obligations.
  • FSLR has a Quick ratio (2.35) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 2.67
Quick Ratio 2.35
FSLR Yearly Current Assets VS Current LiabilitesFSLR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. FSLR Growth Analysis

3.1 Past

  • FSLR shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 14.14%, which is quite good.
  • Measured over the past years, FSLR shows a very strong growth in Earnings Per Share. The EPS has been growing by 30.39% on average per year.
  • FSLR shows a strong growth in Revenue. In the last year, the Revenue has grown by 24.09%.
  • The Revenue has been growing by 14.00% on average over the past years. This is quite good.
EPS 1Y (TTM)14.14%
EPS 3YN/A
EPS 5Y30.39%
EPS Q2Q%32.6%
Revenue 1Y (TTM)24.09%
Revenue growth 3Y25.84%
Revenue growth 5Y14%
Sales Q2Q%11.15%

3.2 Future

  • FSLR is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 15.46% yearly.
  • The Revenue is expected to grow by 7.76% on average over the next years.
EPS Next Y26.95%
EPS Next 2Y29.15%
EPS Next 3Y26.9%
EPS Next 5Y15.46%
Revenue Next Year1.77%
Revenue Next 2Y9.14%
Revenue Next 3Y9.53%
Revenue Next 5Y7.76%

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 decreasing.
FSLR Yearly Revenue VS EstimatesFSLR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2B 4B 6B
FSLR Yearly EPS VS EstimatesFSLR Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 0 10 20 30

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9

4. FSLR Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 13.87, which indicates a correct valuation of FSLR.
  • Based on the Price/Earnings ratio, FSLR is valued cheaply inside the industry as 94.78% of the companies are valued more expensively.
  • The average S&P500 Price/Earnings ratio is at 27.18. FSLR is valued slightly cheaper when compared to this.
  • With a Price/Forward Earnings ratio of 10.93, the valuation of FSLR can be described as very reasonable.
  • FSLR's Price/Forward Earnings ratio is rather cheap when compared to the industry. FSLR is cheaper than 97.39% 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 37.96.
Industry RankSector Rank
PE 13.87
Fwd PE 10.93
FSLR Price Earnings VS Forward Price EarningsFSLR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, FSLR is valued cheaply inside the industry as 96.52% of the companies are valued more expensively.
  • 93.91% of the companies in the same industry are more expensive than FSLR, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 17.84
EV/EBITDA 9.01
FSLR Per share dataFSLR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

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 an outstanding profitability rating, which may justify a higher PE ratio.
  • FSLR's earnings are expected to grow with 26.90% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.51
PEG (5Y)0.46
EPS Next 2Y29.15%
EPS Next 3Y26.9%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. FSLR Dividend Analysis

5.1 Amount

  • FSLR does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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FSLR Fundamentals: All Metrics, Ratios and Statistics

FIRST SOLAR INC

NASDAQ:FSLR (4/14/2026, 2:59:51 PM)

197.1

-3.25 (-1.62%)

Chartmill FA Rating
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)02-24
Earnings (Next)04-23
Inst Owners99.63%
Inst Owner Change0.06%
Ins Owners5.31%
Ins Owner Change-0.07%
Market Cap21.18B
Revenue(TTM)5.22B
Net Income(TTM)1.53B
Analysts73.88
Price Target250.81 (27.25%)
Short Float %7.34%
Short Ratio3.33
Dividend
Industry RankSector Rank
Dividend Yield 0%
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)-5.1%
Min EPS beat(2)-7.93%
Max EPS beat(2)-2.26%
EPS beat(4)1
Avg EPS beat(4)-4.01%
Min EPS beat(4)-23.4%
Max EPS beat(4)17.54%
EPS beat(8)4
Avg EPS beat(8)-1.01%
EPS beat(12)7
Avg EPS beat(12)1.12%
EPS beat(16)9
Avg EPS beat(16)-21.81%
Revenue beat(2)2
Avg Revenue beat(2)2.87%
Min Revenue beat(2)0.18%
Max Revenue beat(2)5.57%
Revenue beat(4)3
Avg Revenue beat(4)2.2%
Min Revenue beat(4)-1.34%
Max Revenue beat(4)5.57%
Revenue beat(8)6
Avg Revenue beat(8)0.89%
Revenue beat(12)7
Avg Revenue beat(12)-2.82%
Revenue beat(16)8
Avg Revenue beat(16)-5.66%
PT rev (1m)-10.9%
PT rev (3m)-8.92%
EPS NQ rev (1m)-0.51%
EPS NQ rev (3m)-34.18%
EPS NY rev (1m)-2.98%
EPS NY rev (3m)-21.52%
Revenue NQ rev (1m)0.28%
Revenue NQ rev (3m)-16.89%
Revenue NY rev (1m)-2.58%
Revenue NY rev (3m)-16.06%
Valuation
Industry RankSector Rank
PE 13.87
Fwd PE 10.93
P/S 4.06
P/FCF 17.84
P/OCF 10.3
P/B 2.22
P/tB 2.24
EV/EBITDA 9.01
EPS(TTM)14.21
EY7.21%
EPS(NY)18.04
Fwd EY9.15%
FCF(TTM)11.05
FCFY5.61%
OCF(TTM)19.14
OCFY9.71%
SpS48.57
BVpS88.77
TBVpS88
PEG (NY)0.51
PEG (5Y)0.46
Graham Number168.47
Profitability
Industry RankSector Rank
ROA 11.47%
ROE 16.02%
ROCE 14.43%
ROIC 11.4%
ROICexc 15.36%
ROICexgc 15.52%
OM 30.59%
PM (TTM) 29.28%
GM 40.62%
FCFM 22.75%
ROA(3y)10.05%
ROA(5y)7.19%
ROE(3y)14.88%
ROE(5y)10.35%
ROIC(3y)10.03%
ROIC(5y)N/A
ROICexc(3y)12.92%
ROICexc(5y)N/A
ROICexgc(3y)13.06%
ROICexgc(5y)N/A
ROCE(3y)12.69%
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5Y21.96%
ROICexc growth 3YN/A
ROICexc growth 5Y22.1%
OM growth 3YN/A
OM growth 5Y20.72%
PM growth 3YN/A
PM growth 5Y14.79%
GM growth 3Y102.73%
GM growth 5Y10.1%
F-Score7
Asset Turnover0.39
Health
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF 0.45
Debt/EBITDA 0.15
Cap/Depr 164.37%
Cap/Sales 16.67%
Interest Coverage 250
Cash Conversion 96.76%
Profit Quality 77.69%
Current Ratio 2.67
Quick Ratio 2.35
Altman-Z 5.26
F-Score7
WACC11.66%
ROIC/WACC0.98
Cap/Depr(3y)324.99%
Cap/Depr(5y)303.58%
Cap/Sales(3y)31.58%
Cap/Sales(5y)29.54%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)14.14%
EPS 3YN/A
EPS 5Y30.39%
EPS Q2Q%32.6%
EPS Next Y26.95%
EPS Next 2Y29.15%
EPS Next 3Y26.9%
EPS Next 5Y15.46%
Revenue 1Y (TTM)24.09%
Revenue growth 3Y25.84%
Revenue growth 5Y14%
Sales Q2Q%11.15%
Revenue Next Year1.77%
Revenue Next 2Y9.14%
Revenue Next 3Y9.53%
Revenue Next 5Y7.76%
EBIT growth 1Y14.57%
EBIT growth 3YN/A
EBIT growth 5Y37.62%
EBIT Next Year60.69%
EBIT Next 3Y35.28%
EBIT Next 5Y18.19%
FCF growth 1Y485.37%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y68.89%
OCF growth 3Y33.05%
OCF growth 5Y123.24%

FIRST SOLAR INC / FSLR Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for FIRST SOLAR INC?

ChartMill assigns a fundamental rating of 7 / 10 to FSLR.


Can you provide the valuation status for FIRST SOLAR INC?

ChartMill assigns a valuation rating of 9 / 10 to FIRST SOLAR INC (FSLR). This can be considered as Undervalued.


What is the profitability of FSLR stock?

FIRST SOLAR INC (FSLR) has a profitability rating of 8 / 10.


Can you provide the PE and PB ratios for FSLR stock?

The Price/Earnings (PE) ratio for FIRST SOLAR INC (FSLR) is 13.87 and the Price/Book (PB) ratio is 2.22.


What is the expected EPS growth for FIRST SOLAR INC (FSLR) stock?

The Earnings per Share (EPS) of FIRST SOLAR INC (FSLR) is expected to grow by 26.95% in the next year.