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FIRST SOLAR INC (FSLR) Stock Fundamental Analysis

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

167.39  +1.38 (+0.83%)

After market: 167.39 0 (0%)

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 concerns on its financial health. FSLR is growing strongly while it also seems undervalued. This is an interesting combination


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year FSLR was profitable.
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.
In the past 5 years FSLR always reported a positive cash flow from operatings.
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 0 500M -500M 1B

1.2 Ratios

FSLR has a better Return On Assets (10.91%) than 75.93% of its industry peers.
The Return On Equity of FSLR (16.44%) is better than 75.93% of its industry peers.
FSLR has a Return On Invested Capital of 10.87%. This is amongst the best in the industry. FSLR outperforms 80.56% of its industry peers.
Industry RankSector 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
FSLR Yearly ROA, ROE, ROICFSLR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 -5 10

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 95.37% of its industry peers.
In the last couple of years the Operating Margin of FSLR has grown nicely.
With a Gross Margin value of 46.54%, FSLR perfoms like the industry average, outperforming 54.63% 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 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%
FSLR Yearly Profit, Operating, Gross MarginsFSLR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 -10 20 30

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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.
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 is higher compared to a year ago.
FSLR Yearly Shares OutstandingFSLR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 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 2B 4B 6B 8B 10B

2.2 Solvency

An Altman-Z score of 4.30 indicates that FSLR is not in any danger for bankruptcy at the moment.
FSLR has a Altman-Z score (4.30) which is comparable to the rest of the industry.
FSLR has a Debt/Equity ratio of 0.05. This is a healthy value indicating a solid balance between debt and equity.
Looking at the Debt to Equity ratio, with a value of 0.05, FSLR is in line with its industry, outperforming 54.63% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF N/A
Altman-Z 4.3
ROIC/WACC0.76
WACC14.35%
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 0 2B 4B 6B

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.
With a Current ratio value of 2.14, FSLR is not doing good in the industry: 70.37% of the companies in the same industry are doing better.
A Quick Ratio of 1.44 indicates that FSLR should not have too much problems paying its short term obligations.
FSLR's Quick ratio of 1.44 is on the low side compared to the rest of the industry. FSLR is outperformed by 71.30% of its industry peers.
Industry RankSector Rank
Current Ratio 2.14
Quick Ratio 1.44
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 1B 2B 3B 4B

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8

3. Growth

3.1 Past

FSLR shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 172.62%, which is quite impressive.
FSLR shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 41.80% yearly.
The Revenue has grown by 21.76% in the past year. This is a very strong growth!
FSLR shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 8.14% yearly.
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

Based on estimates for the next years, FSLR will show a very strong growth in Earnings Per Share. The EPS will grow by 35.40% on average per year.
FSLR is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 16.88% yearly.
EPS Next Y74.24%
EPS Next 2Y65.72%
EPS Next 3Y56.55%
EPS Next 5Y35.4%
Revenue Next Year20.55%
Revenue Next 2Y26.19%
Revenue Next 3Y24.29%
Revenue Next 5Y16.88%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2B 4B 6B 8B
FSLR Yearly EPS VS EstimatesFSLR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 0 10 20 30

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8

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 13.89, which indicates a correct valuation of FSLR.
89.81% of the companies in the same industry are more expensive than FSLR, based on the Price/Earnings ratio.
The average S&P500 Price/Earnings ratio is at 28.51. FSLR is valued rather cheaply when compared to this.
Based on the Price/Forward Earnings ratio of 7.87, the valuation of FSLR can be described as very cheap.
Based on the Price/Forward Earnings ratio, FSLR is valued cheaply inside the industry as 98.15% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 93.88. FSLR is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 13.89
Fwd PE 7.87
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 cheaper than 87.96% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 9.81
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.
FSLR's earnings are expected to grow with 56.55% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.19
PEG (5Y)0.33
EPS Next 2Y65.72%
EPS Next 3Y56.55%

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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 (1/30/2025, 8:00:00 PM)

After market: 167.39 0 (0%)

167.39

+1.38 (+0.83%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)10-29 2024-10-29/amc
Earnings (Next)02-20 2025-02-20/amc
Inst Owners89.81%
Inst Owner Change0.01%
Ins Owners5.3%
Ins Owner Change-0.42%
Market Cap17.92B
Analysts81.7
Price Target279.52 (66.99%)
Short Float %8.22%
Short Ratio3.06
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)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)-1.51%
PT rev (3m)-6.63%
EPS NQ rev (1m)0%
EPS NQ rev (3m)9%
EPS NY rev (1m)0%
EPS NY rev (3m)-2.61%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)7.65%
Revenue NY rev (1m)0.05%
Revenue NY rev (3m)-6.43%
Valuation
Industry RankSector Rank
PE 13.89
Fwd PE 7.87
P/S 4.65
P/FCF N/A
P/OCF 18.51
P/B 2.36
P/tB 2.39
EV/EBITDA 9.81
EPS(TTM)12.05
EY7.2%
EPS(NY)21.26
Fwd EY12.7%
FCF(TTM)-5.52
FCFYN/A
OCF(TTM)9.04
OCFY5.4%
SpS35.97
BVpS70.93
TBVpS70.12
PEG (NY)0.19
PEG (5Y)0.33
Profitability
Industry RankSector 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 RankSector 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 4.3
F-Score6
WACC14.35%
ROIC/WACC0.76
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 Y74.24%
EPS Next 2Y65.72%
EPS Next 3Y56.55%
EPS Next 5Y35.4%
Revenue 1Y (TTM)21.76%
Revenue growth 3Y6.97%
Revenue growth 5Y8.14%
Sales Q2Q%10.81%
Revenue Next Year20.55%
Revenue Next 2Y26.19%
Revenue Next 3Y24.29%
Revenue Next 5Y16.88%
EBIT growth 1Y196.01%
EBIT growth 3Y39.91%
EBIT growth 5Y85.72%
EBIT Next Year134.36%
EBIT Next 3Y69.62%
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