FIRST SOLAR, INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 178.7 USD | +2.12% |
|
+2.11% | +3.74% |
| Apr. 24 | Sector Update: Tech Stocks Rise Late Afternoon | MT |
| Apr. 24 | US Solar Manufacturers Petition Regulators to Impose Sanctions on Southeast Asian Imports | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,899 | 10,483 | 9,267 | 15,968 | 18,407 | 19,129 | - | - |
| Enterprise Value (EV) 1 | 4,206 | 9,015 | 7,681 | 13,575 | 16,865 | 17,873 | 16,498 | 14,477 |
| P/E ratio | -51.3 x | 26.5 x | 19.9 x | -365 x | 22.3 x | 13.2 x | 8.43 x | 5.95 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 1.93 x | 3.87 x | 3.17 x | 6.1 x | 5.55 x | 4.24 x | 3.4 x | 2.87 x |
| EV / Revenue | 1.37 x | 3.33 x | 2.63 x | 5.18 x | 5.08 x | 3.97 x | 2.93 x | 2.17 x |
| EV / EBITDA | 10.3 x | 16.2 x | 11 x | 56 x | 14 x | 9.02 x | 5.36 x | 3.54 x |
| EV / FCF | -8.51 x | -23.8 x | -25.4 x | -449 x | -21.5 x | -72.5 x | 13.5 x | 6.63 x |
| FCF Yield | -11.8% | -4.21% | -3.94% | -0.22% | -4.65% | -1.38% | 7.4% | 15.1% |
| Price to Book | 1.16 x | 1.89 x | 1.56 x | 2.74 x | 2.75 x | 2.34 x | 1.83 x | 1.4 x |
| Nbr of stocks (in thousands) | 105,407 | 105,976 | 106,327 | 106,606 | 106,844 | 107,026 | - | - |
| Reference price 2 | 55.96 | 98.92 | 87.16 | 149.8 | 172.3 | 178.7 | 178.7 | 178.7 |
| Announcement Date | 2/20/20 | 2/25/21 | 3/1/22 | 2/28/23 | 2/27/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,063 | 2,711 | 2,923 | 2,619 | 3,319 | 4,508 | 5,622 | 6,663 |
| EBITDA 1 | 406.7 | 556.4 | 699.4 | 242.5 | 1,201 | 1,981 | 3,078 | 4,092 |
| EBIT 1 | 201.2 | 323.5 | 439.5 | -27.24 | 892.9 | 1,576 | 2,532 | 3,558 |
| Operating Margin | 6.57% | 11.93% | 15.03% | -1.04% | 26.9% | 34.96% | 45.03% | 53.4% |
| Earnings before Tax (EBT) 1 | -120.1 | 293.2 | 572.2 | 8.598 | 891.3 | 1,613 | 2,561 | 3,582 |
| Net income 1 | -114.9 | 398.4 | 468.7 | -44.17 | 830.8 | 1,464 | 2,304 | 3,238 |
| Net margin | -3.75% | 14.69% | 16.03% | -1.69% | 25.03% | 32.49% | 40.98% | 48.59% |
| EPS 2 | -1.090 | 3.730 | 4.380 | -0.4100 | 7.740 | 13.57 | 21.21 | 30.03 |
| Free Cash Flow 1 | -494.5 | -379.5 | -302.7 | -30.24 | -784.5 | -246.4 | 1,221 | 2,183 |
| FCF margin | -16.14% | -14% | -10.36% | -1.15% | -23.64% | -5.47% | 21.72% | 32.76% |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | 39.67% | 53.34% |
| FCF Conversion (Net income) | - | - | - | - | - | - | 52.99% | 67.41% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 2/20/20 | 2/25/21 | 3/1/22 | 2/28/23 | 2/27/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 583.5 | 907.3 | 367 | 621 | 628.9 | 1,002 | 548.3 | 810.7 | 801.1 | 1,159 | 722.1 | 1,123 | 1,259 | 1,401 | 1,073 |
| EBITDA 1 | 117 | 238.5 | 7.403 | 211.4 | -0.93 | 24.64 | 86.86 | 240.2 | 350.7 | 487.5 | 309 | 468.5 | 564.5 | 633.1 | 552.2 |
| EBIT 1 | 50.87 | 173.2 | -57.8 | 144.8 | -68.35 | -45.91 | 18 | 168.5 | 273 | 397.8 | 212 | 372.8 | 458.4 | 520.6 | 448.3 |
| Operating Margin | 8.72% | 19.08% | -15.75% | 23.32% | -10.87% | -4.58% | 3.28% | 20.79% | 34.07% | 34.33% | 29.36% | 33.19% | 36.42% | 37.16% | 41.76% |
| Earnings before Tax (EBT) 1 | 46.04 | 167.2 | -62.75 | 139.6 | -61.68 | -6.572 | 35.67 | 188.5 | 290.5 | 376.7 | 224 | 387.7 | 464.2 | 530.3 | 467.8 |
| Net income 1 | 45.2 | 131.4 | -43.26 | 55.8 | -49.17 | -7.548 | 42.56 | 170.6 | 268.4 | 349.2 | 211 | 350.2 | 424.1 | 475.5 | 406.7 |
| Net margin | 7.75% | 14.48% | -11.78% | 8.99% | -7.82% | -0.75% | 7.76% | 21.04% | 33.5% | 30.14% | 29.22% | 31.19% | 33.7% | 33.94% | 37.89% |
| EPS 2 | 0.4200 | 1.230 | -0.4100 | 0.5200 | -0.4600 | -0.0700 | 0.4000 | 1.590 | 2.500 | 3.250 | 1.977 | 3.251 | 3.926 | 4.398 | 3.810 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/4/21 | 3/1/22 | 4/28/22 | 7/28/22 | 10/27/22 | 2/28/23 | 4/27/23 | 7/27/23 | 10/31/23 | 2/27/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 1,693 | 1,468 | 1,586 | 2,394 | 1,542 | 1,256 | 2,631 | 4,652 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | -495 | -380 | -303 | -30.2 | -785 | -246 | 1,221 | 2,183 |
| ROE (net income / shareholders' equity) | 3.05% | 7.5% | 6.06% | -0.75% | 13.3% | 19.2% | 23.5% | 24.8% |
| ROA (Net income/ Total Assets) | 2.15% | 5.45% | 4.79% | -0.56% | 8.93% | 13.1% | 17.1% | 18.9% |
| Assets 1 | -5,351 | 7,312 | 9,778 | 7,832 | 9,308 | 11,199 | 13,453 | 17,090 |
| Book Value Per Share 2 | 48.30 | 52.40 | 56.00 | 54.70 | 62.60 | 76.30 | 97.40 | 128.0 |
| Cash Flow per Share 2 | 1.650 | 0.3500 | 2.220 | 8.200 | 5.610 | 14.00 | 21.90 | - |
| Capex 1 | 669 | 417 | 540 | 904 | 1,387 | 1,796 | 1,113 | 1,007 |
| Capex / Sales | 21.83% | 15.37% | 18.48% | 34.5% | 41.79% | 39.84% | 19.8% | 15.11% |
| Announcement Date | 2/20/20 | 2/25/21 | 3/1/22 | 2/28/23 | 2/27/24 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
35
Last Close Price
178.7
USD
Average target price
226.1
USD
Spread / Average Target
+26.49%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +3.74% | 19.13B | |
| -18.69% | 19.47B | |
| -15.29% | 15.23B | |
| -13.38% | 13.47B | |
| -13.32% | 10.6B | |
| +37.48% | 7.64B | |
| -16.81% | 7.26B | |
| -30.07% | 6.63B | |
| +16.23% | 6.03B | |
| -6.60% | 5.98B |
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