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

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

140.4  -4.54 (-3.13%)

Fundamental Rating

5

Taking everything into account, 1FSLR scores 5 out of 10 in our fundamental rating. 1FSLR was compared to 54 industry peers in the Semiconductors & Semiconductor Equipment industry. Both the profitability and the financial health of 1FSLR get a neutral evaluation. Nothing too spectacular is happening here. 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

In the past year 1FSLR was profitable.
1FSLR had a positive operating cash flow in the past year.
1FSLR had positive earnings in 4 of the past 5 years.
1FSLR had a positive operating cash flow in each of the past 5 years.
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

Looking at the Return On Assets, with a value of 10.44%, 1FSLR is in the better half of the industry, outperforming 61.11% of the companies in the same industry.
1FSLR has a Return On Equity (15.45%) which is comparable to the rest of the industry.
Looking at the Return On Invested Capital, with a value of 10.57%, 1FSLR is in line with its industry, outperforming 53.70% of the companies in the same industry.
Industry RankSector Rank
ROA 10.44%
ROE 15.45%
ROIC 10.57%
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 29.72%, 1FSLR belongs to the best of the industry, outperforming 85.19% of the companies in the same industry.
In the last couple of years the Profit Margin of 1FSLR has grown nicely.
1FSLR has a Operating Margin of 32.25%. This is amongst the best in the industry. 1FSLR outperforms 83.33% of its industry peers.
In the last couple of years the Operating Margin of 1FSLR has grown nicely.
1FSLR's Gross Margin of 43.61% is in line compared to the rest of the industry. 1FSLR outperforms 44.44% of its industry peers.
1FSLR's Gross Margin has improved in the last couple of years.
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%
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

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), 1FSLR is destroying value.
1FSLR has about the same amout of shares outstanding than it did 1 year ago.
1FSLR has more shares outstanding than it did 5 years ago.
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 4.26 indicates that 1FSLR is not in any danger for bankruptcy at the moment.
1FSLR has a Altman-Z score (4.26) which is in line with its industry peers.
A Debt/Equity ratio of 0.04 indicates that 1FSLR is not too dependend on debt financing.
With an excellent Debt to Equity ratio value of 0.04, 1FSLR belongs to the best of the industry, outperforming 88.89% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.04
Debt/FCF N/A
Altman-Z 4.26
ROIC/WACC0.92
WACC11.5%
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

A Current Ratio of 1.93 indicates that 1FSLR should not have too much problems paying its short term obligations.
1FSLR has a worse Current ratio (1.93) than 62.96% of its industry peers.
1FSLR has a Quick Ratio of 1.39. This is a normal value and indicates that 1FSLR is financially healthy and should not expect problems in meeting its short term obligations.
With a Quick ratio value of 1.39, 1FSLR is not doing good in the industry: 62.96% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 1.93
Quick Ratio 1.39
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

1FSLR shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 27.88%, which is quite impressive.
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.
The Revenue has grown by 19.42% in the past year. This is quite good.
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)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

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 Year20.38%
Revenue Next 2Y20.88%
Revenue Next 3Y17.88%
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.
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 13.45, the valuation of 1FSLR can be described as correct.
Compared to the rest of the industry, the Price/Earnings ratio of 1FSLR indicates a rather cheap valuation: 1FSLR is cheaper than 96.30% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 27.51. 1FSLR is valued rather cheaply when compared to this.
A Price/Forward Earnings ratio of 7.13 indicates a rather cheap valuation of 1FSLR.
Based on the Price/Forward Earnings ratio, 1FSLR is valued cheaply inside the industry as 96.30% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 35.58. 1FSLR is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 13.45
Fwd PE 7.13
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

1FSLR's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. 1FSLR is cheaper than 74.07% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 9.4
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.
The decent profitability rating of 1FSLR may justify a higher PE ratio.
1FSLR's earnings are expected to grow with 29.19% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.59
PEG (5Y)0.25
EPS Next 2Y35.98%
EPS Next 3Y29.19%

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0

5. Dividend

5.1 Amount

1FSLR does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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FIRST SOLAR INC

BIT:1FSLR (7/9/2025, 7:00:00 PM)

140.4

-4.54 (-3.13%)

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 ChangeN/A
Ins Owners5.37%
Ins Owner ChangeN/A
Market Cap15.06B
Analysts81.78
Price Target177.75 (26.6%)
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)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)2.37%
PT rev (3m)-20.84%
EPS NQ rev (1m)-4.07%
EPS NQ rev (3m)-36.64%
EPS NY rev (1m)0.02%
EPS NY rev (3m)-18.24%
Revenue NQ rev (1m)-1.33%
Revenue NQ rev (3m)-18.72%
Revenue NY rev (1m)0.39%
Revenue NY rev (3m)-8.04%
Valuation
Industry RankSector Rank
PE 13.45
Fwd PE 7.13
P/S 4.13
P/FCF N/A
P/OCF 51.42
P/B 2.15
P/tB 2.17
EV/EBITDA 9.4
EPS(TTM)10.44
EY7.44%
EPS(NY)19.69
Fwd EY14.03%
FCF(TTM)-7.79
FCFYN/A
OCF(TTM)2.73
OCFY1.94%
SpS33.96
BVpS65.31
TBVpS64.65
PEG (NY)0.59
PEG (5Y)0.25
Profitability
Industry RankSector Rank
ROA 10.44%
ROE 15.45%
ROCE 14.09%
ROIC 10.57%
ROICexc 11.63%
ROICexgc 11.74%
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 4.26
F-Score6
WACC11.5%
ROIC/WACC0.92
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 Y22.82%
EPS Next 2Y35.98%
EPS Next 3Y29.19%
EPS Next 5Y21.87%
Revenue 1Y (TTM)19.42%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%6.35%
Revenue Next Year20.38%
Revenue Next 2Y20.88%
Revenue Next 3Y17.88%
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%