FIRST SOLAR INC (FSLR) Stock Fundamental Analysis
NASDAQ:FSLR - US3364331070 - Common Stock
202.28 USD
+10.28 (+5.35%)
203 USD
+0.72 (+0.36%)
Taking everything into account, FSLR scores 6 out of 10 in our fundamental rating. FSLR was compared to 110 industry peers in the Semiconductors & Semiconductor Equipment industry. FSLR scores excellent on profitability, but there are some minor 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!
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.
FSLR had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
With an excellent Return On Assets value of 9.78%, FSLR belongs to the best of the industry, outperforming 82.73% of the companies in the same industry.
FSLR has a Return On Equity of 14.71%. This is amongst the best in the industry. FSLR outperforms 80.91% of its industry peers.
FSLR has a Return On Invested Capital of 10.34%. This is in the better half of the industry: FSLR outperforms 80.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 9.78% | ||
| ROE | 14.71% | ||
| ROIC | 10.34% |
ROA(3y)6.05%
ROA(5y)6.01%
ROE(3y)9.29%
ROE(5y)8.59%
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
FSLR's Profit Margin of 28.95% is amongst the best of the industry. FSLR outperforms 89.09% of its industry peers.
In the last couple of years the Profit Margin of FSLR has grown nicely.
FSLR has a Operating Margin of 31.35%. This is amongst the best in the industry. FSLR outperforms 90.91% of its industry peers.
FSLR's Operating Margin has improved in the last couple of years.
FSLR's Gross Margin of 42.76% is in line compared to the rest of the industry. FSLR outperforms 46.36% of its industry peers.
FSLR's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector 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%
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.
The number of shares outstanding for FSLR has been increased compared to 5 years ago.
FSLR has a better debt/assets ratio than last year.
2.2 Solvency
An Altman-Z score of 4.58 indicates that FSLR is not in any danger for bankruptcy at the moment.
FSLR's Altman-Z score of 4.58 is fine compared to the rest of the industry. FSLR outperforms 60.91% of its industry peers.
A Debt/Equity ratio of 0.09 indicates that FSLR is not too dependend on debt financing.
FSLR's Debt to Equity ratio of 0.09 is in line compared to the rest of the industry. FSLR outperforms 55.45% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.09 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 4.58 |
ROIC/WACC0.91
WACC11.4%
2.3 Liquidity
A Current Ratio of 1.90 indicates that FSLR should not have too much problems paying its short term obligations.
The Current ratio of FSLR (1.90) is worse than 74.55% of its industry peers.
FSLR has a Quick Ratio of 1.41. 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 (1.41) than 77.27% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.9 | ||
| Quick Ratio | 1.41 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an nice 8.30% 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.
Looking at the last year, FSLR shows a quite strong growth in Revenue. The Revenue has grown by 15.39% in the last year.
The Revenue has been growing slightly by 6.55% on average over the past years.
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
FSLR is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 21.64% yearly.
Based on estimates for the next years, FSLR will show a quite strong growth in Revenue. The Revenue will grow by 11.61% on average per year.
EPS Next Y25.31%
EPS Next 2Y38.02%
EPS Next 3Y31.8%
EPS Next 5Y21.64%
Revenue Next Year26.12%
Revenue Next 2Y22.47%
Revenue Next 3Y19.04%
Revenue Next 5Y11.61%
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.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 16.68 indicates a correct valuation of FSLR.
Based on the Price/Earnings ratio, FSLR is valued cheaper than 87.27% of the companies in the same industry.
FSLR is valuated rather cheaply when we compare the Price/Earnings ratio to 27.24, which is the current average of the S&P500 Index.
FSLR is valuated reasonably with a Price/Forward Earnings ratio of 8.53.
Based on the Price/Forward Earnings ratio, FSLR is valued cheaply inside the industry as 99.09% of the companies are valued more expensively.
Compared to an average S&P500 Price/Forward Earnings ratio of 35.82, FSLR is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.68 | ||
| Fwd PE | 8.53 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FSLR indicates a rather cheap valuation: FSLR is cheaper than 87.27% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 11.43 |
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.
A more expensive valuation may be justified as FSLR's earnings are expected to grow with 31.80% in the coming years.
PEG (NY)0.66
PEG (5Y)0.32
EPS Next 2Y38.02%
EPS Next 3Y31.8%
5. Dividend
5.1 Amount
FSLR does not give a dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | N/A |
202.28
+10.28 (+5.35%)
Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)
Earnings (Next)
Inst Owners97.05%
Inst Owner Change3.84%
Ins Owners5.37%
Ins Owner Change0.41%
Market Cap21.69B
Analysts81.78
Price Target218.2 (7.87%)
Short Float %9.46%
Short Ratio2.37
Dividend
| Industry Rank | Sector 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)6.92%
PT rev (3m)11.59%
EPS NQ rev (1m)-2.78%
EPS NQ rev (3m)-19.42%
EPS NY rev (1m)2.03%
EPS NY rev (3m)2.04%
Revenue NQ rev (1m)10.93%
Revenue NQ rev (3m)2.39%
Revenue NY rev (1m)4.76%
Revenue NY rev (3m)5.17%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.68 | ||
| Fwd PE | 8.53 | ||
| P/S | 4.99 | ||
| P/FCF | N/A | ||
| P/OCF | 72.59 | ||
| P/B | 2.54 | ||
| P/tB | 2.56 | ||
| EV/EBITDA | 11.43 |
EPS(TTM)12.13
EY6%
EPS(NY)23.72
Fwd EY11.72%
FCF(TTM)-8.79
FCFYN/A
OCF(TTM)2.79
OCFY1.38%
SpS40.5
BVpS79.68
TBVpS78.91
PEG (NY)0.66
PEG (5Y)0.32
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 9.78% | ||
| ROE | 14.71% | ||
| ROCE | 13.61% | ||
| ROIC | 10.34% | ||
| ROICexc | 11.63% | ||
| ROICexgc | 11.74% | ||
| 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 Rank | Sector 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 | 4.58 |
F-Score3
WACC11.4%
ROIC/WACC0.91
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 Y25.31%
EPS Next 2Y38.02%
EPS Next 3Y31.8%
EPS Next 5Y21.64%
Revenue 1Y (TTM)15.39%
Revenue growth 3Y12.89%
Revenue growth 5Y6.55%
Sales Q2Q%8.58%
Revenue Next Year26.12%
Revenue Next 2Y22.47%
Revenue Next 3Y19.04%
Revenue Next 5Y11.61%
EBIT growth 1Y6.46%
EBIT growth 3Y46.92%
EBIT growth 5Y47.27%
EBIT Next Year49.77%
EBIT Next 3Y36.71%
EBIT Next 5Y25.56%
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%