Common-Size Balance Sheet: Assets
Quarterly Data
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First Solar Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Cash and cash equivalents
- The percentage of total assets held as cash and cash equivalents fluctuated over the observed periods. It peaked around late 2021 and early 2022, reaching above 22%, before declining notably in the quarters of 2023 and 2024, dropping to below 9% by the latest date. This indicates a decrease in liquidity reserve relative to asset size towards the end of the timeline.
- Marketable securities
- The share of total assets represented by marketable securities generally decreased from 2019 through mid-2022, bottoming out near 1.9%, but then experienced a sharp increase in late 2022 and early 2023, reaching almost 16%. Subsequently, there was a marked decline in marketable securities as a proportion of assets into 2024, falling under 3%, indicating variability in short-term investment holdings or strategic asset allocation shifts.
- Accounts receivable trade, net
- This asset category showed relative stability, with a notable spike as a percentage of total assets around the first quarter of 2021, exceeding 11%, before declining to relatively moderate levels between 3.5% and 7%. This suggests periodic fluctuations in credit sales or collection cycles impacting receivables.
- Inventories
- Overall, inventories as a proportion of total assets showed a moderate upward trend, moving from around 6-8% in early periods up to nearly 11% by late 2024. This steady increase could reflect build-up in stock levels or changes in inventory management policies.
- Current assets
- The percentage of total assets classified as current assets tended to decrease from about 50% in early 2019 to roughly 33% by late 2024. This trend indicates a gradual shift toward a larger proportion of non-current assets, potentially reflecting longer-term investments or capital assets accumulation.
- Property, plant and equipment, net
- The proportion of total assets comprised of property, plant, and equipment exhibited a clear upward trend across the timeframe, rising from approximately 25.6% in early 2019 to about 46.6% by mid-2024. This consistent increase signifies significant capital investment or asset acquisition, indicating a strengthening of fixed asset base.
- Deferred tax assets, net
- This item fluctuated over the quarters, generally remaining below 3% of total assets, with small peaks in mid-2020 and then a gradual increase towards 2.1% by late 2024. The relatively low but rising trend may indicate growing deferred tax benefit recognition.
- Restricted marketable securities
- The percentage of total assets classified as restricted marketable securities decreased steadily from over 5% in early 2019 to below 2% towards the end of the period, suggesting a reduction in assets with usage constraints or a reclassification of such holdings.
- Government grants receivable
- Recorded only in the more recent periods starting in late 2022, government grants receivable showed an increasing trend, reaching as high as 7.6% of total assets by late 2024. This emerging asset component denotes growing government funding or subsidies recognized by the company.
- Goodwill
- Goodwill remained relatively stable at about 0.2% of total assets throughout most periods, with a slight decline towards 0.26% by late 2024. This indicates limited changes in intangible asset value due to acquisitions or impairments.
- Intangible assets, net
- The net balance of intangible assets demonstrated a declining trend, decreasing from nearly 1% of total assets in early 2019 to about 0.5% by late 2024, reflecting either amortization or disposals of intangible assets.
- Other assets
- Other assets as a percentage of total assets exhibited a significant decrease from a peak of over 18% in 2019 to below 5% in recent quarters, indicating potential asset reclassification, disposals, or reduction of miscellaneous assets over time.
- Noncurrent assets
- The proportion of total assets categorized as noncurrent assets showed variability but generally an upward trend, increasing from about 50% in early 2019 to over 66% by late 2024. This is consistent with the observed increase in tangible fixed assets and suggests a strategic shift towards long-term asset holdings.