Stock Analysis on Net
Stock Analysis on Net

First Solar Inc. (NASDAQ:FSLR)

$22.49

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

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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First Solar Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable
Income taxes payable
Accrued property, plant and equipment
Accrued inventory
Accrued freight
Accrued compensation and benefits
Accrued other taxes
Accrued interest
Product warranty liability
Other
Accrued expenses
Current portion of debt
Deferred revenue
Liabilities held for sale
Accrued litigation
Operating lease liabilities, current
Finance lease liabilities, current
Contingent consideration
Derivative instruments
Other
Other current liabilities
Current liabilities
Accrued solar module collection and recycling liability
Long-term debt, noncurrent portion
Deferred revenue
Operating lease liabilities, noncurrent
Finance lease liabilities, noncurrent
Deferred tax liabilities, net
Other taxes payable
Product warranty liability
Transition tax liability
Contingent consideration
Other
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock, $0.001 par value per share
Additional paid-in capital
Accumulated earnings
Accumulated other comprehensive loss
Stockholders’ equity
Total liabilities and stockholders’ equity

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).

Current Liabilities
The proportion of current liabilities relative to total liabilities and stockholders' equity decreased from 17.54% in 2019 to 9.8% in 2021, then increased to 12.58% in 2022 and stabilized around 12.6% in 2023. This suggests a reduction in short-term obligations followed by a partial rebound.
Accounts Payable
Accounts payable as a percentage of total liabilities and stockholders’ equity showed minor fluctuations, decreasing from 2.9% in 2019 to 2.58% in 2020, then slightly increasing to 4.14% in 2022 before sharply falling to 2% in 2023. This pattern indicates variability in payment obligations over the years.
Accrued Expenses
Accrued expenses exhibited a relatively stable trend with values around 4.67% in 2019, slight decrease to 3.89% in 2021, followed by an increase to 5.06% in 2023. This may reflect changing operational or financial accrual management.
Deferred Revenue
Deferred revenue has increased significantly over the period, notably its noncurrent portion, rising from 0.95% in 2019 to 15.36% in 2023. The current portion also shows an upward trend, rising from 4.3% in 2019 to 3.99% in 2023 after some fluctuations. This indicates growing prepaid customer obligations or advances received.
Long-Term Debt
The noncurrent portion of long-term debt decreased from 6.04% in 2019 to 2.23% in 2022 before increasing to 4.48% in 2023, suggesting a reduction in long-term borrowing followed by an increase in the latest period.
Product Warranty Liability
Product warranty liability steadily declined from 1.46% in 2019 to 0.06% in 2023, indicating either reduced warranty claims or changes in warranty policy and product quality.
Stockholders’ Equity
Stockholders’ equity as a percentage of total liabilities and stockholders’ equity increased from 67.82% in 2019 to a peak of 80.39% in 2021, followed by a decline to 64.52% in 2023. This trend suggests an initial strengthening of equity position followed by a relative decrease, potentially due to increased liabilities or returns of capital.
Additional Paid-in Capital and Accumulated Earnings
Additional paid-in capital showed a downward trend after peaking at 40.33% in 2020, decreasing to 27.89% in 2023. Accumulated earnings rose from 30.96% in 2019 to 42.95% in 2021, then slightly decreased and stabilized around 38% thereafter. These dynamics indicate fluctuating capital contributions and retained profitability.
Other Current and Noncurrent Liabilities
Other current liabilities declined considerably from 5.2% in 2019 to 0.26% in 2022 but increased slightly to 0.41% in 2023. Other noncurrent liabilities decreased from 5.82% in 2019 to 1.45% in 2022 and marginally increased to 1.74% in 2023, which may reflect shifts in contingent or miscellaneous obligations.
Operating Lease Liabilities
Current operating lease liabilities decreased from 0.15% in 2019 to 0.1% in 2023; noncurrent operating lease liabilities declined more significantly from 1.5% to 0.35%, suggesting reduced lease commitments over the period.
Accrued Property, Plant, and Equipment
This liability rose from 0.57% in 2019 to 2.03% in 2023, indicating increased accruals related to capital expenditures or asset-related obligations.
Accrued Inventory and Freight
Accrued inventory increased in its relative portion from 0.52% in 2019 to 0.98% in 2023, with accrued freight rising from 0.37% in 2020 to 0.93% in 2022 before reducing to 0.56% in 2023, showing some fluctuations potentially tied to supply chain activities.
Accrued Compensation and Benefits
This component remained relatively stable, moving from 0.87% in 2019 down to 0.54% in 2023, suggesting modest changes in obligations related to employee compensation.
Accrued Litigation
Accrued litigation was reported at 4.83% in 2019 and then absent for subsequent years until appearing at 0.21% in 2023, pointing to a resolution or absence of legal liabilities during the intermediate years.
Contingent Consideration
Contingent consideration liabilities appeared only in 2023 at 0.11%, indicating new potential obligations related to acquisitions or contractual contingencies.
Total Liabilities
Total liabilities decreased substantially from 32.18% in 2019 to 19.61% in 2021 before rising to 35.48% in 2023, reflecting varying leverage and financial structure adjustments over time.
Accumulated Other Comprehensive Loss
The accumulated other comprehensive loss worsened from -1.06% in 2019 to a peak loss of -2.32% in 2022, improving slightly to -1.68% in 2023, indicating volatility in unrealized gains and losses or foreign currency adjustments.