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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
Quarterly Data

First Solar Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 8.79 15.46 15.63 18.78 15.58 9.22 10.59 17.95 15.36 22.93 17.93 19.57 18.81 18.58 13.69 17.26 18.28 14.88 13.37 18.00 12.46 17.11 13.96
Marketable securities 2.31 0.34 2.86 1.50 3.44 11.72 15.93 13.29 10.36 1.94 3.02 5.06 7.63 5.77 7.92 7.32 5.07 6.99 8.34 10.80 9.38 11.31 15.21
Accounts receivable trade, net 6.66 5.88 6.22 6.37 7.86 7.02 3.49 3.93 4.34 6.12 3.96 5.79 3.42 8.04 11.11 3.74 3.13 4.07 4.18 6.32 5.21 3.78 4.16
Government grants receivable, net 0.06 0.05 1.72 6.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventories 10.94 9.33 9.02 7.91 9.21 8.40 8.77 7.53 10.82 10.92 11.36 8.99 8.91 8.32 7.74 7.98 8.13 7.33 6.90 5.90 8.18 8.22 6.33
Project assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.02 0.01 0.01 0.05 0.08 0.02 1.11
Assets held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.19 0.50 0.00 0.00 0.00 0.00 0.00 0.00
Other current assets 4.62 4.79 3.96 3.78 3.81 4.33 3.49 3.24 3.68 3.68 4.21 3.63 3.14 2.81 3.57 3.91 4.97 5.34 6.74 6.83 7.84 7.36 9.70
Current assets 33.38% 35.85% 39.42% 44.72% 39.91% 40.69% 42.27% 45.95% 44.56% 45.60% 40.48% 43.04% 41.91% 43.53% 44.13% 42.40% 40.09% 38.62% 39.54% 47.90% 43.14% 47.81% 50.47%
Property, plant and equipment, net 46.57 46.66 45.68 42.42 42.50 44.68 45.05 42.87 41.69 40.29 37.65 35.74 34.48 33.06 33.73 33.79 34.17 32.86 32.29 29.02 29.87 28.11 25.62
Deferred tax assets, net 2.08 1.83 1.58 1.38 1.39 1.40 1.59 0.95 0.86 0.83 0.84 0.80 1.49 1.48 1.50 1.46 3.01 2.90 3.07 1.74 0.94 1.08 1.08
Restricted marketable securities 1.85 1.82 1.81 1.91 1.92 2.16 2.30 2.21 2.43 2.70 2.98 3.30 3.46 0.00 0.00 3.73 3.74 3.58 3.55 2.98 4.33 4.60 5.36
Government grants receivable 7.62 5.51 3.23 1.47 6.08 2.50 0.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 0.26 0.26 0.27 0.29 0.30 0.32 0.17 0.18 0.19 0.19 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.20 0.21 0.19 0.20 0.20 0.20
Intangible assets, net 0.50 0.54 0.58 0.62 0.69 0.78 0.33 0.38 0.49 0.52 0.58 0.61 0.66 0.70 0.75 0.79 0.84 0.87 0.92 0.86 0.95 0.97 0.99
Inventories 2.36 2.49 2.46 2.57 2.73 2.86 2.96 3.16 3.20 3.22 3.21 3.20 3.25 3.13 2.89 2.83 2.83 2.62 2.62 2.14 2.16 2.09 1.96
Other assets 5.38 5.04 4.98 4.62 4.49 4.60 4.52 4.32 6.58 6.64 14.07 13.10 14.55 17.89 16.80 14.78 15.12 18.35 17.79 15.17 18.41 15.14 14.33
Noncurrent assets 66.62% 64.15% 60.58% 55.28% 60.09% 59.31% 57.73% 54.05% 55.44% 54.40% 59.52% 56.96% 58.09% 56.47% 55.87% 57.60% 59.91% 61.38% 60.46% 52.10% 56.86% 52.19% 49.53%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset composition of the organization has undergone a fundamental structural shift between March 2019 and September 2024. The balance sheet has transitioned from a liquid-heavy profile, where current assets represented approximately half of the total asset base, to a more capital-intensive structure dominated by non-current assets. By the end of the analyzed period, non-current assets grew to 66.62% of total assets, while current assets declined to 33.38%.

Liquidity and Cash Position
A significant reduction in high-liquidity holdings is observed. Marketable securities, which accounted for 15.21% of total assets in early 2019, declined precipitously to 2.31% by September 2024. Cash and cash equivalents have remained more volatile, fluctuating between a peak of 22.93% in June 2022 and a low of 8.79% in September 2024. Collectively, the combined weight of cash and marketable securities has diminished, indicating a reallocation of capital away from short-term liquid instruments.
Fixed Asset Expansion
The most prominent upward trend is found in Property, Plant and Equipment (PP&E), net. This line item increased steadily from 25.62% of total assets in March 2019 to 46.57% in September 2024. This consistent growth suggests a sustained period of aggressive capital expenditure and capacity expansion, moving the organization toward a more asset-heavy operational model.
Governmental Grants and Receivables
A new trend emerged starting in 2023 regarding government grants receivable. While previously absent or negligible, these assets grew to represent 7.62% of total assets by September 2024. This indicates an increasing financial reliance on or benefit from government incentive programs, which now constitute a meaningful portion of the non-current asset base.
Working Capital Components
Inventories as a percentage of total assets have remained relatively stable, generally fluctuating between 6% and 11%, ending the period at 10.94%. Accounts receivable trade, net, showed a spike in early 2021 (11.11%) but subsequently stabilized within the 3% to 7% range. The overall decline in current assets is not driven by these operational components, but rather by the contraction of marketable securities and the relative growth of the fixed asset base.
Other Asset Adjustments
A notable contraction is observed in non-current "Other assets," which fell from a range of 14% to 18% between 2019 and 2021 to approximately 5.38% by September 2024. This suggests a reclassification of assets or a reduction in miscellaneous long-term holdings as the company prioritized PP&E investments.

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