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FIRST SOLAR INC (FSLR) Stock Fundamental Analysis

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

160.16  -6.19 (-3.72%)

After market: 161.5 +1.34 (+0.84%)

Fundamental Rating

5

FSLR gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 110 industry peers in the Semiconductors & Semiconductor Equipment industry. While FSLR has a great profitability rating, there are quite some concerns on its financial health. FSLR is evaluated to be cheap and growing strongly. This does not happen too often!


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year FSLR was profitable.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B

1.2 Ratios

FSLR has a better Return On Assets (10.44%) than 81.82% of its industry peers.
FSLR has a Return On Equity of 15.45%. This is in the better half of the industry: FSLR outperforms 78.18% of its industry peers.
Looking at the Return On Invested Capital, with a value of 11.13%, FSLR belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
Industry RankSector Rank
ROA 10.44%
ROE 15.45%
ROIC 11.13%
ROA(3y)6.05%
ROA(5y)6.01%
ROE(3y)9.29%
ROE(5y)8.59%
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 2024 0 5 -5 10 15

1.3 Margins

FSLR's Profit Margin of 29.72% is amongst the best of the industry. FSLR outperforms 90.91% of its industry peers.
FSLR's Profit Margin has improved in the last couple of years.
FSLR has a Operating Margin of 32.25%. This is amongst the best in the industry. FSLR outperforms 92.73% of its industry peers.
FSLR's Operating Margin has improved in the last couple of years.
With a Gross Margin value of 43.61%, FSLR perfoms like the industry average, outperforming 46.36% 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 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%
FSLR Yearly Profit, Operating, Gross MarginsFSLR 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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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 about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, FSLR has more shares outstanding
FSLR has a better debt/assets ratio than last year.
FSLR Yearly Shares OutstandingFSLR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 2024 2B 4B 6B 8B 10B

2.2 Solvency

FSLR has an Altman-Z score of 4.30. This indicates that FSLR is financially healthy and has little risk of bankruptcy at the moment.
FSLR has a Altman-Z score of 4.30. This is comparable to the rest of the industry: FSLR outperforms 59.09% of its industry peers.
FSLR has a Debt/Equity ratio of 0.04. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of FSLR (0.04) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.04
Debt/FCF N/A
Altman-Z 4.3
ROIC/WACC0.99
WACC11.19%
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 2024 0 2B 4B 6B

2.3 Liquidity

A Current Ratio of 1.93 indicates that FSLR should not have too much problems paying its short term obligations.
Looking at the Current ratio, with a value of 1.93, FSLR is doing worse than 78.18% of the companies in the same industry.
A Quick Ratio of 1.39 indicates that FSLR should not have too much problems paying its short term obligations.
FSLR has a worse Quick ratio (1.39) than 77.27% of its industry peers.
Industry RankSector Rank
Current Ratio 1.93
Quick Ratio 1.39
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 2024 1B 2B 3B 4B 5B

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7

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 27.88% over the past year.
FSLR shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 52.90% yearly.
FSLR shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 19.42%.
The Revenue has been growing slightly by 6.55% on average over the past years.
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 20.31% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 10.96% on average over the next years. This is quite good.
EPS Next Y22.8%
EPS Next 2Y34.46%
EPS Next 3Y28.99%
EPS Next 5Y20.31%
Revenue Next Year20.55%
Revenue Next 2Y20.32%
Revenue Next 3Y17.87%
Revenue Next 5Y10.96%

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.
FSLR Yearly Revenue VS EstimatesFSLR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2B 4B 6B
FSLR Yearly EPS VS EstimatesFSLR 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

FSLR is valuated correctly with a Price/Earnings ratio of 13.13.
Compared to the rest of the industry, the Price/Earnings ratio of FSLR indicates a rather cheap valuation: FSLR is cheaper than 87.27% of the companies listed in the same industry.
FSLR's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.53.
Based on the Price/Forward Earnings ratio of 7.12, the valuation of FSLR can be described as very cheap.
Based on the Price/Forward Earnings ratio, FSLR is valued cheaper than 97.27% of the companies in the same industry.
FSLR is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.27, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 13.13
Fwd PE 7.12
FSLR Price Earnings VS Forward Price EarningsFSLR 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, FSLR is valued cheaper than 87.27% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 9.53
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 28.99% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.58
PEG (5Y)0.25
EPS Next 2Y34.46%
EPS Next 3Y28.99%

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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 (6/9/2025, 8:00:01 PM)

After market: 161.5 +1.34 (+0.84%)

160.16

-6.19 (-3.72%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)04-29 2025-04-29/amc
Earnings (Next)07-28 2025-07-28/amc
Inst Owners93.02%
Inst Owner Change7.6%
Ins Owners6.81%
Ins Owner Change0.69%
Market Cap17.18B
Analysts80.87
Price Target202.31 (26.32%)
Short Float %11.67%
Short Ratio2.4
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)3.46%
PT rev (3m)-20.46%
EPS NQ rev (1m)-5.99%
EPS NQ rev (3m)-40.82%
EPS NY rev (1m)-18.11%
EPS NY rev (3m)-28.2%
Revenue NQ rev (1m)-0.47%
Revenue NQ rev (3m)-19.31%
Revenue NY rev (1m)0.53%
Revenue NY rev (3m)-8.69%
Valuation
Industry RankSector Rank
PE 13.13
Fwd PE 7.12
P/S 4.03
P/FCF N/A
P/OCF 50.18
P/B 2.1
P/tB 2.12
EV/EBITDA 9.53
EPS(TTM)12.2
EY7.62%
EPS(NY)22.51
Fwd EY14.05%
FCF(TTM)-9.1
FCFYN/A
OCF(TTM)3.19
OCFY1.99%
SpS39.69
BVpS76.35
TBVpS75.58
PEG (NY)0.58
PEG (5Y)0.25
Profitability
Industry RankSector Rank
ROA 10.44%
ROE 15.45%
ROCE 14.09%
ROIC 11.13%
ROICexc 12.25%
ROICexgc 12.36%
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 4.3
F-Score6
WACC11.19%
ROIC/WACC0.99
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 Y22.8%
EPS Next 2Y34.46%
EPS Next 3Y28.99%
EPS Next 5Y20.31%
Revenue 1Y (TTM)19.42%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%6.35%
Revenue Next Year20.55%
Revenue Next 2Y20.32%
Revenue Next 3Y17.87%
Revenue Next 5Y10.96%
EBIT growth 1Y23.68%
EBIT growth 3Y46.92%
EBIT growth 5Y47.27%
EBIT Next Year47.81%
EBIT Next 3Y36.37%
EBIT Next 5Y23.38%
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%