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Stock Analysis on Net

First Solar Inc. (NASDAQ:FSLR)

This company has been moved to the archive! The financial data has not been updated since October 29, 2024.

Common-Size Balance Sheet: Assets

First Solar Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 18.78 17.95 19.57 17.26 18.00
Marketable securities 1.50 13.29 5.06 7.32 10.80
Accounts receivable trade, net 6.37 3.93 5.79 3.74 6.32
Government grants receivable, net 6.37 0.00 0.00 0.00 0.00
Inventories 7.91 7.53 8.99 7.98 5.90
Project assets 0.00 0.00 0.00 0.00 0.05
Assets held for sale 0.00 0.00 0.00 2.19 0.00
Spare maintenance materials and parts 1.43 1.39 1.51 1.39 0.00
Indirect tax receivables 0.63 0.06 0.00 0.00 0.00
Prepaid expenses 0.60 0.52 0.38 0.37 1.84
Operating supplies 0.42 0.58 0.55 0.50 0.00
Insurance receivable for accrued litigation 0.21 0.00 0.00 0.00 0.00
Restricted cash 0.08 0.04 0.02 0.02 0.18
Prepaid income taxes 0.07 0.10 0.56 1.00 0.64
Derivative instruments 0.02 0.02 0.08 0.05 0.02
Notes receivable, net 0.00 0.00 0.00 0.00 0.32
Other 0.32 0.53 0.53 0.58 3.85
Other current assets 3.78% 3.24% 3.63% 3.91% 6.83%
Current assets 44.72% 45.95% 43.04% 42.40% 47.90%
Property, plant and equipment, net 42.42 42.87 35.74 33.79 29.02
Finance lease assets 0.16 0.00 0.00 0.00 0.00
Property, plant and equipment, net, including finance lease assets 42.59% 42.87% 35.74% 33.79% 29.02%
Deferred tax assets, net 1.38 0.95 0.80 1.46 1.74
Restricted marketable securities 1.91 2.21 3.30 3.73 2.98
Government grants receivable 1.47 0.00 0.00 0.00 0.00
Goodwill 0.29 0.18 0.20 0.20 0.19
Intangible assets, net 0.62 0.38 0.61 0.79 0.86
Inventories 2.57 3.16 3.20 2.83 2.14
Advanced payments for raw materials 1.97 1.11 1.17 1.38 0.80
Operating lease assets 0.81 1.13 2.80 3.19 1.94
Income tax receivables 0.66 0.69 0.54 0.00 0.05
Project assets 0.27 0.36 4.26 5.25 4.44
Prepaid expenses 0.23 0.14 0.00 0.00 0.00
Restricted cash equivalents 0.06 0.08 0.00 0.00 0.00
Restricted cash 0.03 0.03 0.05 0.63 1.07
Other 0.40 0.77 4.29 4.33 6.88
Other assets 4.45% 4.32% 13.10% 14.78% 15.17%
Noncurrent assets 55.28% 54.05% 56.96% 57.60% 52.10%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The asset structure exhibits a strategic transition toward increased capital intensity, characterized by a significant reallocation of resources from liquid and miscellaneous assets into long-term productive capacity. While the overall balance between current and non-current assets has remained relatively stable, the composition within those categories has shifted substantially over the five-year period.

Liquidity and Cash Management
Cash and cash equivalents have maintained a consistent presence, fluctuating within a narrow band between 17.26% and 19.57% of total assets. However, a notable divestment is observed in marketable securities, which declined from 10.80% in 2019 to 1.50% by 2023. This suggests a shift in liquidity strategy, moving away from short-term investments toward other asset classes or operational funding.
Fixed Asset Expansion
A sustained upward trend is evident in Property, Plant and Equipment (PPE), net, which grew from 29.02% of total assets in 2019 to 42.42% in 2023. This represents the most significant structural change in the balance sheet, indicating an aggressive expansion of manufacturing capacity and infrastructure investment.
Working Capital Components
Inventories have remained relatively stable, averaging between 6% and 9% of total assets. Accounts receivable trade, net, showed some volatility but ended the period at 6.37%, returning to levels seen in 2019. A significant emergence of government grants receivable is noted in 2023, totaling 7.84% of total assets when combining current and non-current portions, representing a new component of the asset base.
Non-Current Asset Reclassification
There is a marked decrease in "Other assets," which fell from 15.17% in 2019 to 4.45% in 2023. This decline is driven largely by a reduction in project assets, which dropped from 4.44% to 0.27% over the period, suggesting the completion or divestment of specific project-based initiatives in favor of permanent plant and equipment.
Overall Asset Distribution
The distribution between current assets and non-current assets has remained balanced, with current assets ending at 44.72% and non-current assets at 55.28% in 2023. This indicates that despite the heavy investment in PPE, the organization has maintained a consistent level of short-term liquidity relative to its total size.

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