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FIRST SOLAR INC (FSLR) Stock Fundamental Analysis

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

167.22  +2.3 (+1.39%)

After market: 167.2 -0.02 (-0.01%)

Fundamental Rating

5

Taking everything into account, FSLR scores 5 out of 10 in our fundamental rating. FSLR was compared to 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 has both an excellent growth and valuation score. This means it is growing and it is still cheap. This is a rare combination!


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

FSLR had positive earnings in the past year.
FSLR had a positive operating cash flow in the past year.
Of the past 5 years FSLR 4 years were profitable.
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 2024 0 500M -500M 1B

1.2 Ratios

With an excellent Return On Assets value of 10.44%, FSLR belongs to the best of the industry, outperforming 81.82% of the companies in the same industry.
FSLR has a better Return On Equity (15.45%) than 78.18% of its industry peers.
FSLR's Return On Invested Capital of 11.13% is amongst the best of the industry. FSLR outperforms 82.73% of its industry peers.
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

With an excellent Profit Margin value of 29.72%, FSLR belongs to the best of the industry, outperforming 90.91% of the companies in the same industry.
FSLR's Profit Margin has improved in the last couple of years.
The Operating Margin of FSLR (32.25%) is better than 92.73% of its industry peers.
FSLR's Operating Margin has improved in the last couple of years.
FSLR has a Gross Margin (43.61%) which is in line with its industry peers.
FSLR'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%
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

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so FSLR is destroying value.
Compared to 1 year ago, FSLR has about the same amount of shares outstanding.
FSLR has more shares outstanding than it did 5 years ago.
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 4.28. This indicates that FSLR is financially healthy and has little risk of bankruptcy at the moment.
The Altman-Z score of FSLR (4.28) is comparable to the rest of the industry.
A Debt/Equity ratio of 0.04 indicates that FSLR is not too dependend on debt financing.
FSLR has a Debt to Equity ratio (0.04) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.04
Debt/FCF N/A
Altman-Z 4.28
ROIC/WACC0.98
WACC11.39%
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 77.27% of the companies in the same industry.
FSLR has a Quick Ratio of 1.39. This is a normal value and indicates that FSLR is financially healthy and should not expect problems in meeting its short term obligations.
FSLR has a worse Quick ratio (1.39) than 74.55% 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

FSLR shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 27.88%, which is quite impressive.
FSLR shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 52.90% yearly.
The Revenue has grown by 19.42% in the past year. This is quite good.
Measured over the past years, FSLR 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

Based on estimates for the next years, FSLR will show a very strong growth in Earnings Per Share. The EPS will grow by 22.13% on average per year.
FSLR is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 12.27% yearly.
EPS Next Y22.8%
EPS Next 2Y34.46%
EPS Next 3Y28.99%
EPS Next 5Y22.13%
Revenue Next Year19.92%
Revenue Next 2Y19.54%
Revenue Next 3Y16.8%
Revenue Next 5Y12.27%

3.3 Evolution

Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of 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.
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

A Price/Earnings ratio of 13.71 indicates a correct valuation of FSLR.
Based on the Price/Earnings ratio, FSLR is valued cheaply inside the industry as 89.09% of the companies are valued more expensively.
FSLR's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.60.
The Price/Forward Earnings ratio is 7.43, which indicates a rather cheap valuation of FSLR.
Based on the Price/Forward Earnings ratio, FSLR is valued cheaply inside the industry as 98.18% of the companies are valued more expensively.
FSLR's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.43.
Industry RankSector Rank
PE 13.71
Fwd PE 7.43
FSLR Price Earnings VS Forward Price EarningsFSLR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, FSLR is valued cheaper than 85.45% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 9.44
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)0.6
PEG (5Y)0.26
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 (5/20/2025, 8:00:00 PM)

After market: 167.2 -0.02 (-0.01%)

167.22

+2.3 (+1.39%)

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 Change7.35%
Ins Owners6.81%
Ins Owner Change0.82%
Market Cap17.93B
Analysts80.45
Price Target195.54 (16.94%)
Short Float %10.89%
Short Ratio2.81
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)-20.73%
PT rev (3m)-29.09%
EPS NQ rev (1m)-33.03%
EPS NQ rev (3m)-44.73%
EPS NY rev (1m)-18.11%
EPS NY rev (3m)-28.2%
Revenue NQ rev (1m)-16.99%
Revenue NQ rev (3m)-21.62%
Revenue NY rev (1m)-8.29%
Revenue NY rev (3m)-9.17%
Valuation
Industry RankSector Rank
PE 13.71
Fwd PE 7.43
P/S 4.21
P/FCF N/A
P/OCF 52.39
P/B 2.19
P/tB 2.21
EV/EBITDA 9.44
EPS(TTM)12.2
EY7.3%
EPS(NY)22.51
Fwd EY13.46%
FCF(TTM)-9.1
FCFYN/A
OCF(TTM)3.19
OCFY1.91%
SpS39.69
BVpS76.35
TBVpS75.58
PEG (NY)0.6
PEG (5Y)0.26
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 4.28
F-Score6
WACC11.39%
ROIC/WACC0.98
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 5Y22.13%
Revenue 1Y (TTM)19.42%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%6.35%
Revenue Next Year19.92%
Revenue Next 2Y19.54%
Revenue Next 3Y16.8%
Revenue Next 5Y12.27%
EBIT growth 1Y23.68%
EBIT growth 3Y46.92%
EBIT growth 5Y47.27%
EBIT Next Year73.35%
EBIT Next 3Y39.64%
EBIT Next 5Y24.98%
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%