FIRST SOLAR INC (FSLR) Fundamental Analysis & Valuation

NASDAQ:FSLR • US3364331070

Current stock price

203.47 USD
+6.22 (+3.15%)
At close:
203 USD
-0.47 (-0.23%)
After Hours:

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.
  • In the past year FSLR had a positive cash flow from operations.
  • 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

  • With an excellent Return On Assets value of 11.47%, FSLR belongs to the best of the industry, outperforming 82.61% of the companies in the same industry.
  • 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.
  • Looking at the Return On Invested Capital, with a value of 11.40%, FSLR belongs to the top of the industry, outperforming 84.35% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital 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 Profit Margin of 29.28%. This is amongst the best in the industry. FSLR outperforms 87.83% of its industry peers.
  • In the last couple of years the Profit Margin of FSLR has grown nicely.
  • FSLR's Operating Margin of 30.59% is amongst the best of the industry. FSLR outperforms 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 in line with its industry peers.
  • 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

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so FSLR is destroying value.
  • FSLR has more 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 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 5.31. This indicates that FSLR is financially healthy and has little risk of bankruptcy at the moment.
  • FSLR has a Altman-Z score (5.31) which is in line with its industry peers.
  • 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.
  • With a decent Debt to FCF ratio value of 0.45, FSLR is doing good in the industry, outperforming 79.13% of the companies in the same industry.
  • FSLR has a Debt/Equity ratio of 0.03. This is a healthy value indicating a solid balance between debt and equity.
  • FSLR has a better Debt to Equity ratio (0.03) than 63.48% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF 0.45
Altman-Z 5.31
ROIC/WACC0.98
WACC11.6%
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 (2.67) which is comparable to the rest of the industry.
  • 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 of 2.35. This is comparable to the rest of the industry: FSLR outperforms 54.78% of 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

  • The Earnings Per Share has grown by an nice 14.14% 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 30.39% on average per year.
  • FSLR shows a strong growth in Revenue. In the last year, the Revenue has grown by 24.09%.
  • FSLR shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 14.00% yearly.
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

  • The Earnings Per Share is expected to grow by 15.46% on average over the next years. This is quite good.
  • FSLR is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 7.76% yearly.
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.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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

  • A Price/Earnings ratio of 14.32 indicates a correct valuation of FSLR.
  • 94.78% of the companies in the same industry are more expensive than FSLR, based on the Price/Earnings ratio.
  • Compared to an average S&P500 Price/Earnings ratio of 26.78, FSLR is valued a bit cheaper.
  • With a Price/Forward Earnings ratio of 11.28, the valuation of FSLR can be described as very reasonable.
  • 96.52% of the companies in the same industry are more expensive than FSLR, based on the Price/Forward Earnings ratio.
  • When comparing the Price/Forward Earnings ratio of FSLR to the average of the S&P500 Index (23.54), we can say FSLR is valued rather cheaply.
Industry RankSector Rank
PE 14.32
Fwd PE 11.28
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

  • FSLR's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. FSLR is cheaper than 96.52% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of FSLR indicates a rather cheap valuation: FSLR is cheaper than 93.91% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 18.42
EV/EBITDA 9.17
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.
  • The excellent 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 26.90% in the coming years.
PEG (NY)0.53
PEG (5Y)0.47
EPS Next 2Y29.15%
EPS Next 3Y26.9%

More info and screens

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 (4/10/2026, 8:26:09 PM)

After market: 203 -0.47 (-0.23%)

203.47

+6.22 (+3.15%)

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 Cap21.86B
Revenue(TTM)5.22B
Net Income(TTM)1.53B
Analysts73.88
Price Target250.81 (23.27%)
Short Float %7.65%
Short Ratio3.27
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 14.32
Fwd PE 11.28
P/S 4.19
P/FCF 18.42
P/OCF 10.63
P/B 2.29
P/tB 2.31
EV/EBITDA 9.17
EPS(TTM)14.21
EY6.98%
EPS(NY)18.04
Fwd EY8.87%
FCF(TTM)11.05
FCFY5.43%
OCF(TTM)19.14
OCFY9.41%
SpS48.57
BVpS88.77
TBVpS88
PEG (NY)0.53
PEG (5Y)0.47
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 5.31
F-Score7
WACC11.6%
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 14.32 and the Price/Book (PB) ratio is 2.29.


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.