Stock Analysis on Net
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

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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).

Cash and cash equivalents
Representing a relatively stable portion of total assets, this category fluctuated mildly between 17.26% and 19.57% over the five-year period, ending at 18.78% in the most recent year. The consistency suggests maintained liquidity.
Marketable securities
There is a clear downward trend from 10.8% in 2019 to 1.5% in 2023, with a notable temporary increase to 13.29% in 2022. The recent low indicates a reduction of these liquid investments relative to total assets.
Accounts receivable trade, net
This ratio exhibited considerable variability, decreasing sharply in 2020 to 3.74%, climbing to 6.37% by 2023. The fluctuation points to changes in sales terms or collection efficiency.
Government grants receivable, net
No values were reported before 2023, when this item accounted for 6.37%. This new material presence could indicate increased government support or incentives.
Inventories
The inventory proportion increased from 5.9% in 2019 to a peak of 8.99% in 2021, then slightly decreased but stayed relatively high at 7.91% in 2023, indicating higher stock levels over the period.
Assets held for sale
This asset category appears only in 2020 at 2.19%, suggesting a one-time restructuring or divestiture event.
Spare maintenance materials and parts
These items maintained a stable share of assets around 1.4% throughout the years, indicating consistent operational support needs.
Indirect tax receivables
Emerging in 2022 and increasing in 2023 from 0.06% to 0.63%, this growth may reflect enhanced recoverable tax credits or claims.
Prepaid expenses and operating supplies
Prepaid expenses decreased sharply in 2020 and remained low, whereas operating supplies remained stable around 0.5%, suggesting more efficient expense management or purchasing strategies.
Insurance receivable for accrued litigation
Reported only in 2023 at 0.21%, indicating a new or resolved legal matter with related insurance coverage.
Restricted cash and restricted marketable securities
Both categories showed low and declining percentages, with restricted cash increasing slightly in 2023. The overall low values indicate minimal amounts of assets tied up under restrictions.
Prepaid income taxes
This item rose in 2020 to 1% but then steadily declined to 0.07% by 2023, possibly reflecting changes in tax planning or timing differences.
Derivative instruments
Remaining negligible and stable below 0.1%, indicating limited exposure to derivatives.
Other current assets and other categories
Other current assets fell sharply from 6.83% to 3.78% across the period, reflecting possible disposals or reclassifications. Similarly, "Other" current assets decreased from 3.85% to 0.32%, and overall "Other assets" declined notably from 15.17% in 2019 to 4.45% in 2023, suggesting streamlining of miscellaneous asset types.
Current assets
This group constituted a declining portion of total assets, dropping from 47.9% in 2019 to 44.72% in 2023, indicating a relative shift towards noncurrent assets.
Property, plant and equipment (PPE) including finance lease assets
PPE, including lease assets, steadily increased from 29.02% in 2019 to a peak at 42.87% in 2022, slightly decreasing to 42.59% in 2023. This trend implies substantial investment in fixed assets and operational capacity.
Deferred tax assets
The deferred tax assets decreased in 2021 to 0.8% but partially recovered to 1.38% by 2023, which may reflect taxation strategy adjustments.
Goodwill and intangible assets
Goodwill remained low but slightly increased to 0.29% in 2023. Intangible assets showed a declining trend from 0.86% to 0.38% before rebounding to 0.62% in 2023, signaling some changes in acquisition or amortization patterns.
Advanced payments for raw materials
This category increased from 0.8% to 1.97%, suggesting higher prepayments possibly related to supply chain or pricing commitments.
Operating lease assets
Operating lease assets rose to 3.19% in 2020 but then declined markedly to 0.81% in 2023, indicating a potential shift away from leased assets.
Income tax receivables
These receivables increased from minimal to approximately 0.66% by 2023, possibly reflecting enhanced tax recovery.
Project assets
Project assets decreased significantly from 5.25% in 2020 to 0.27% in 2023, pointing towards project completions or disposals.
Other noncurrent assets
Other noncurrent assets diminished considerably from 15.17% to 4.45%, reinforcing the indication of asset base simplification.
Noncurrent assets
Overall, noncurrent assets remained a stable majority of total assets, fluctuating slightly between 52.1% and 57.6%, ending at 55.28%, reflecting continued emphasis on long-term investments.
Total assets
Fixed at 100% through all years, used as the basis for relative percentage comparisons.