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FIRST SOLAR INC (1FSLR.MI) Stock Fundamental Analysis

BIT:1FSLR - Euronext Milan - US3364331070 - Common Stock - Currency: EUR

157.24  +5.2 (+3.42%)

Fundamental Rating

5

Overall 1FSLR gets a fundamental rating of 5 out of 10. We evaluated 1FSLR against 60 industry peers in the Semiconductors & Semiconductor Equipment industry. 1FSLR has only an average score on both its financial health and profitability. 1FSLR is growing strongly while it also seems undervalued. This is an interesting combination


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

1FSLR had positive earnings in the past year.
1FSLR had a positive operating cash flow in the past year.
Of the past 5 years 1FSLR 4 years were profitable.
Each year in the past 5 years 1FSLR had a positive operating cash flow.
1FSLR.MI Yearly Net Income VS EBIT VS OCF VS FCF1FSLR.MI 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

1FSLR's Return On Assets of 9.78% is fine compared to the rest of the industry. 1FSLR outperforms 65.00% of its industry peers.
With a Return On Equity value of 14.71%, 1FSLR perfoms like the industry average, outperforming 60.00% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 9.82%, 1FSLR is in line with its industry, outperforming 58.33% of the companies in the same industry.
Industry RankSector Rank
ROA 9.78%
ROE 14.71%
ROIC 9.82%
ROA(3y)6.05%
ROA(5y)6.01%
ROE(3y)9.29%
ROE(5y)8.59%
ROIC(3y)N/A
ROIC(5y)N/A
1FSLR.MI Yearly ROA, ROE, ROIC1FSLR.MI 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

With an excellent Profit Margin value of 28.95%, 1FSLR belongs to the best of the industry, outperforming 85.00% of the companies in the same industry.
1FSLR's Profit Margin has improved in the last couple of years.
Looking at the Operating Margin, with a value of 31.35%, 1FSLR belongs to the top of the industry, outperforming 81.67% of the companies in the same industry.
1FSLR's Operating Margin has improved in the last couple of years.
1FSLR has a Gross Margin (42.76%) which is in line with its industry peers.
1FSLR's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 31.35%
PM (TTM) 28.95%
GM 42.76%
OM growth 3Y30.14%
OM growth 5Y38.22%
PM growth 3Y24.2%
PM growth 5YN/A
GM growth 3Y20.94%
GM growth 5Y19.76%
1FSLR.MI Yearly Profit, Operating, Gross Margins1FSLR.MI 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

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so 1FSLR is destroying value.
1FSLR has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, 1FSLR has more shares outstanding
Compared to 1 year ago, 1FSLR has an improved debt to assets ratio.
1FSLR.MI Yearly Shares Outstanding1FSLR.MI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
1FSLR.MI Yearly Total Debt VS Total Assets1FSLR.MI 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 4.29 indicates that 1FSLR is not in any danger for bankruptcy at the moment.
1FSLR has a Altman-Z score (4.29) which is in line with its industry peers.
1FSLR has a Debt/Equity ratio of 0.09. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of 1FSLR (0.09) is better than 75.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.09
Debt/FCF N/A
Altman-Z 4.29
ROIC/WACC0.87
WACC11.25%
1FSLR.MI Yearly LT Debt VS Equity VS FCF1FSLR.MI 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

1FSLR has a Current Ratio of 1.90. This is a normal value and indicates that 1FSLR is financially healthy and should not expect problems in meeting its short term obligations.
The Current ratio of 1FSLR (1.90) is worse than 68.33% of its industry peers.
A Quick Ratio of 1.41 indicates that 1FSLR should not have too much problems paying its short term obligations.
1FSLR has a Quick ratio of 1.41. This is in the lower half of the industry: 1FSLR underperforms 65.00% of its industry peers.
Industry RankSector Rank
Current Ratio 1.9
Quick Ratio 1.41
1FSLR.MI Yearly Current Assets VS Current Liabilites1FSLR.MI 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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7

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 8.30% over the past year.
Measured over the past years, 1FSLR shows a very strong growth in Earnings Per Share. The EPS has been growing by 52.90% on average per year.
1FSLR shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 15.39%.
Measured over the past years, 1FSLR shows a small growth in Revenue. The Revenue has been growing by 6.55% on average per year.
EPS 1Y (TTM)8.3%
EPS 3Y56.95%
EPS 5Y52.9%
EPS Q2Q%-2.15%
Revenue 1Y (TTM)15.39%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%8.58%

3.2 Future

The Earnings Per Share is expected to grow by 21.87% on average over the next years. This is a very strong growth
Based on estimates for the next years, 1FSLR will show a quite strong growth in Revenue. The Revenue will grow by 11.30% on average per year.
EPS Next Y22.82%
EPS Next 2Y35.98%
EPS Next 3Y29.19%
EPS Next 5Y21.87%
Revenue Next Year21.04%
Revenue Next 2Y21.17%
Revenue Next 3Y18.1%
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.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
1FSLR.MI Yearly Revenue VS Estimates1FSLR.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2B 4B 6B
1FSLR.MI Yearly EPS VS Estimates1FSLR.MI 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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7

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 15.10, the valuation of 1FSLR can be described as correct.
1FSLR's Price/Earnings ratio is rather cheap when compared to the industry. 1FSLR is cheaper than 83.33% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.48, 1FSLR is valued a bit cheaper.
With a Price/Forward Earnings ratio of 7.96, the valuation of 1FSLR can be described as very cheap.
95.00% of the companies in the same industry are more expensive than 1FSLR, based on the Price/Forward Earnings ratio.
When comparing the Price/Forward Earnings ratio of 1FSLR to the average of the S&P500 Index (34.04), we can say 1FSLR is valued rather cheaply.
Industry RankSector Rank
PE 15.1
Fwd PE 7.96
1FSLR.MI Price Earnings VS Forward Price Earnings1FSLR.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, 1FSLR is valued a bit cheaper than the industry average as 68.33% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 10.32
1FSLR.MI Per share data1FSLR.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

1FSLR's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
1FSLR has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as 1FSLR's earnings are expected to grow with 29.19% in the coming years.
PEG (NY)0.66
PEG (5Y)0.29
EPS Next 2Y35.98%
EPS Next 3Y29.19%

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0

5. Dividend

5.1 Amount

No dividends for 1FSLR!.
Industry RankSector Rank
Dividend Yield N/A

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FIRST SOLAR INC

BIT:1FSLR (7/29/2025, 7:00:00 PM)

157.24

+5.2 (+3.42%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)07-31 2025-07-31/amc
Earnings (Next)10-27 2025-10-27/amc
Inst Owners97.05%
Inst Owner ChangeN/A
Ins Owners5.37%
Ins Owner ChangeN/A
Market Cap16.86B
Analysts81.78
Price Target187.76 (19.41%)
Short Float %N/A
Short RatioN/A
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)-2.93%
Min EPS beat(2)-23.4%
Max EPS beat(2)17.54%
EPS beat(4)2
Avg EPS beat(4)-6.25%
Min EPS beat(4)-23.86%
Max EPS beat(4)17.54%
EPS beat(8)6
Avg EPS beat(8)2.86%
EPS beat(12)8
Avg EPS beat(12)1.19%
EPS beat(16)10
Avg EPS beat(16)-22.2%
Revenue beat(2)1
Avg Revenue beat(2)1.53%
Min Revenue beat(2)-1.34%
Max Revenue beat(2)4.39%
Revenue beat(4)2
Avg Revenue beat(4)-3.69%
Min Revenue beat(4)-19.01%
Max Revenue beat(4)4.39%
Revenue beat(8)4
Avg Revenue beat(8)-3.08%
Revenue beat(12)5
Avg Revenue beat(12)-4.82%
Revenue beat(16)6
Avg Revenue beat(16)-7.24%
PT rev (1m)5.63%
PT rev (3m)-9.5%
EPS NQ rev (1m)-3.67%
EPS NQ rev (3m)-20.29%
EPS NY rev (1m)0%
EPS NY rev (3m)-18.1%
Revenue NQ rev (1m)8.11%
Revenue NQ rev (3m)-0.84%
Revenue NY rev (1m)0.54%
Revenue NY rev (3m)-7.16%
Valuation
Industry RankSector Rank
PE 15.1
Fwd PE 7.96
P/S 4.52
P/FCF N/A
P/OCF 65.72
P/B 2.3
P/tB 2.32
EV/EBITDA 10.32
EPS(TTM)10.41
EY6.62%
EPS(NY)19.76
Fwd EY12.57%
FCF(TTM)-7.55
FCFYN/A
OCF(TTM)2.39
OCFY1.52%
SpS34.77
BVpS68.42
TBVpS67.76
PEG (NY)0.66
PEG (5Y)0.29
Profitability
Industry RankSector Rank
ROA 9.78%
ROE 14.71%
ROCE 13.61%
ROIC 9.82%
ROICexc 11.04%
ROICexgc 11.14%
OM 31.35%
PM (TTM) 28.95%
GM 42.76%
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-Score3
Asset Turnover0.34
Health
Industry RankSector Rank
Debt/Equity 0.09
Debt/FCF N/A
Debt/EBITDA 0.41
Cap/Depr 255.41%
Cap/Sales 28.58%
Interest Coverage 250
Cash Conversion 16.17%
Profit Quality N/A
Current Ratio 1.9
Quick Ratio 1.41
Altman-Z 4.29
F-Score3
WACC11.25%
ROIC/WACC0.87
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)8.3%
EPS 3Y56.95%
EPS 5Y52.9%
EPS Q2Q%-2.15%
EPS Next Y22.82%
EPS Next 2Y35.98%
EPS Next 3Y29.19%
EPS Next 5Y21.87%
Revenue 1Y (TTM)15.39%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%8.58%
Revenue Next Year21.04%
Revenue Next 2Y21.17%
Revenue Next 3Y18.1%
Revenue Next 5Y11.3%
EBIT growth 1Y6.46%
EBIT growth 3Y46.92%
EBIT growth 5Y47.27%
EBIT Next Year49.77%
EBIT Next 3Y36.71%
EBIT Next 5Y24.25%
FCF growth 1Y-87.04%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-62.64%
OCF growth 3Y72.43%
OCF growth 5Y47.54%