NasdaqGS:FSLR

Stock Analysis Report

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Executive Summary

First Solar, Inc. provides photovoltaic (PV) solar energy solutions in the United States and internationally. More Details


Snowflake Analysis

Excellent balance sheet with acceptable track record.


Similar Companies

Share Price & News

How has First Solar's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FSLR's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

1.7%

FSLR

-1.6%

US Semiconductor

-1.3%

US Market


1 Year Return

49.9%

FSLR

49.3%

US Semiconductor

18.5%

US Market

Return vs Industry: FSLR matched the US Semiconductor industry which returned 49.3% over the past year.

Return vs Market: FSLR exceeded the US Market which returned 18.5% over the past year.


Shareholder returns

FSLRIndustryMarket
7 Day1.7%-1.6%-1.3%
30 Day36.5%10.5%5.3%
90 Day37.9%14.6%7.5%
1 Year49.9%49.9%52.2%49.3%21.3%18.5%
3 Year73.4%73.4%87.0%77.2%42.4%32.9%
5 Year71.5%71.5%235.3%201.9%84.2%63.5%

Price Volatility Vs. Market

How volatile is First Solar's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is First Solar undervalued compared to its fair value and its price relative to the market?

90.06x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FSLR ($84.3) is trading above our estimate of fair value ($16.63)

Significantly Below Fair Value: FSLR is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FSLR is poor value based on its PE Ratio (90.1x) compared to the US Semiconductor industry average (39.8x).

PE vs Market: FSLR is poor value based on its PE Ratio (90.1x) compared to the US market (19x).


Price to Earnings Growth Ratio

PEG Ratio: FSLR is poor value based on its PEG Ratio (16x)


Price to Book Ratio

PB vs Industry: FSLR is good value based on its PB Ratio (1.7x) compared to the US Semiconductor industry average (3.4x).


Next Steps

Future Growth

How is First Solar forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

5.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSLR's forecast earnings growth (5.6% per year) is above the savings rate (2.2%).

Earnings vs Market: FSLR's earnings (5.6% per year) are forecast to grow slower than the US market (22.2% per year).

High Growth Earnings: FSLR's earnings are forecast to grow, but not significantly.

Revenue vs Market: FSLR's revenue (3.6% per year) is forecast to grow slower than the US market (10.1% per year).

High Growth Revenue: FSLR's revenue (3.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FSLR's Return on Equity is forecast to be low in 3 years time (5.9%).


Next Steps

Past Performance

How has First Solar performed over the past 5 years?

-33.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FSLR has a large one-off loss of $328.1M impacting its June 30 2020 financial results.

Growing Profit Margin: FSLR's current net profit margins (3.2%) are higher than last year (0.9%).


Past Earnings Growth Analysis

Earnings Trend: FSLR's earnings have declined by 33.5% per year over the past 5 years.

Accelerating Growth: FSLR's earnings growth over the past year (321.9%) exceeds its 5-year average (-33.5% per year).

Earnings vs Industry: FSLR earnings growth over the past year (321.9%) exceeded the Semiconductor industry 7.5%.


Return on Equity

High ROE: FSLR's Return on Equity (1.9%) is considered low.


Next Steps

Financial Health

How is First Solar's financial position?


Financial Position Analysis

Short Term Liabilities: FSLR's short term assets ($2.7B) exceed its short term liabilities ($747.0M).

Long Term Liabilities: FSLR's short term assets ($2.7B) exceed its long term liabilities ($1.1B).


Debt to Equity History and Analysis

Debt Level: FSLR's debt to equity ratio (9.1%) is considered satisfactory.

Reducing Debt: FSLR's debt to equity ratio has increased from 6.3% to 9.1% over the past 5 years.

Debt Coverage: FSLR's debt is well covered by operating cash flow (22.6%).

Interest Coverage: FSLR earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is First Solar current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate FSLR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate FSLR's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FSLR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FSLR's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FSLR's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.3yrs

Average management tenure


CEO

Mark Widmar (54 yo)

4.25yrs

Tenure

US$8,524,240

Compensation

Mr. Mark R. Widmar has been the Chief Executive Officer and Director of First Solar, Inc. since July 1, 2016. Mr. Widmar served as the Chief Financial Officer of 8Point3 General Partner, LLC, a General Par ...


CEO Compensation Analysis

Compensation vs Market: Mark's total compensation ($USD8.52M) is about average for companies of similar size in the US market ($USD7.32M).

Compensation vs Earnings: Mark's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Mark Widmar
CEO & Director4.25yrsUS$8.52m0.089%
$ 8.0m
Alexander Bradley
Chief Financial Officer4.25yrsUS$2.76m0.017%
$ 1.5m
Philip deJong
Chief Operating Officer5.25yrsUS$3.11m0.016%
$ 1.4m
Raffi Garabedian
Co-Chief Technology Officer0.25yrUS$3.28m0.00018%
$ 16.1k
Georges Antoun
Chief Commercial Officer4.25yrsUS$3.13m0.034%
$ 3.0m
Byron Jeffers
Global Controller & Chief Accounting Officer0.92yrno data0%
$ 0
Mitchell Ennis
Manager of Investor Relationsno datano datano data
Jason Dymbort
General Counsel & Secretary0.58yrno data0.0049%
$ 434.1k
Caroline Stockdale
Chief People & Communications Officer1yrno datano data
Michael Koralewski
Chief Manufacturing Operations Officer5.08yrsno datano data
Jigish Trivedi
Senior Vice President of Technology4.42yrsno datano data
Markus Gloeckler
Co-Chief Technology Officer0.25yrno data0.011%
$ 977.3k

4.3yrs

Average Tenure

53yo

Average Age

Experienced Management: FSLR's management team is considered experienced (4.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Mark Widmar
CEO & Director4.25yrsUS$8.52m0.089%
$ 8.0m
Michael T. Sweeney
Independent Director17.25yrsUS$285.16k0.034%
$ 3.0m
Paul Stebbins
Independent Director13.83yrsUS$275.16k0.030%
$ 2.7m
William Post
Independent Director10.33yrsUS$260.16k0.028%
$ 2.5m
Craig Kennedy
Independent Director13.08yrsUS$260.16k0.026%
$ 2.3m
Michael Ahearn
Chairman of the Board17.75yrsUS$385.06k0.13%
$ 11.8m
George Hambro
Independent Director8.42yrsUS$275.16k0.030%
$ 2.6m
Sharon Allen
Independent Director7.25yrsUS$295.16k0.020%
$ 1.8m
Richard Chapman
Independent Director8.42yrsUS$260.16k0.027%
$ 2.4m
Molly Joseph
Independent Director3.33yrsUS$260.16k0.0093%
$ 830.8k

9.4yrs

Average Tenure

63yo

Average Age

Experienced Board: FSLR's board of directors are considered experienced (9.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FSLR insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

First Solar, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: First Solar, Inc.
  • Ticker: FSLR
  • Exchange: NasdaqGS
  • Founded: 1999
  • Industry: Semiconductors
  • Sector: Semiconductors
  • Market Cap: US$8.933b
  • Shares outstanding: 105.97m
  • Website: https://www.firstsolar.com

Number of Employees


Location

  • First Solar, Inc.
  • 350 West Washington Street
  • Suite 600
  • Tempe
  • Arizona
  • 85281
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FSLRNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDNov 2006
F3ADB (Deutsche Boerse AG)YesCommon StockDEEURNov 2006
F3AXTRA (XETRA Trading Platform)YesCommon StockDEEURNov 2006
FSLR *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNNov 2006
FSLRSWX (SIX Swiss Exchange)YesCommon StockCHCHFNov 2006
0R06LSE (London Stock Exchange)YesCommon StockGBUSDNov 2006
FSLRWBAG (Wiener Boerse AG)YesCommon StockATEURNov 2006
FSLRBASE (Buenos Aires Stock Exchange)CEDEAR EACH REPR 1/3 ADRARARSMar 2014
FSLR34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 2 REPR 1 COMBRBRLAug 2016

Biography

First Solar, Inc. provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Modules segment designs, manufactures, an ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/20 23:33
End of Day Share Price2020/10/20 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.