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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: Liabilities and Stockholders’ Equity

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 2.00 4.14 2.61 2.58 2.90
Income taxes payable 0.21 0.36 0.06 0.20 0.23
Accrued property, plant and equipment 2.03 1.80 0.57 0.94 0.57
Accrued inventory 0.98 0.54 0.57 0.36 0.52
Accrued freight 0.56 0.93 0.83 0.37 0.00
Accrued compensation and benefits 0.54 0.58 0.47 0.73 0.87
Accrued other taxes 0.26 0.24 0.31 0.16 0.00
Accrued interest 0.11 0.04 0.00 0.00 0.00
Product warranty liability 0.06 0.13 0.18 0.31 0.27
Other 0.53 0.37 0.96 1.49 2.44
Accrued expenses 5.06% 4.64% 3.89% 4.37% 4.67%
Current portion of debt 0.93 0.00 0.05 0.58 0.23
Deferred revenue 3.99 3.19 2.72 2.66 4.30
Liabilities held for sale 0.00 0.00 0.00 0.36 0.00
Accrued litigation 0.21 0.00 0.00 0.00 4.83
Operating lease liabilities, current 0.10 0.11 0.17 0.20 0.15
Finance lease liabilities, current 0.00 0.00 0.00 0.00 0.00
Contingent consideration 0.07 0.00 0.00 0.00 0.00
Derivative instruments 0.02 0.08 0.05 0.07 0.03
Other 0.01 0.07 0.25 0.90 0.19
Other current liabilities 0.41% 0.26% 0.47% 1.17% 5.20%
Current liabilities 12.60% 12.58% 9.80% 11.92% 17.54%
Accrued solar module collection and recycling liability 1.30 1.55 1.88 1.84 1.83
Long-term debt, noncurrent portion 4.48 2.23 3.18 3.34 6.04
Deferred revenue 15.36 11.45 1.29 0.63 0.95
Operating lease liabilities, noncurrent 0.35 0.49 1.97 2.66 1.50
Finance lease liabilities, noncurrent 0.16 0.00 0.00 0.00 0.00
Deferred tax liabilities, net 0.41 0.35 0.37 0.33 0.09
Other taxes payable 0.38 0.16 0.00 0.00 0.00
Product warranty liability 0.19 0.28 0.53 1.02 1.46
Transition tax liability 0.00 0.00 0.00 0.00 0.93
Contingent consideration 0.11 0.00 0.00 0.00 0.06
Other 0.14 0.17 0.59 0.59 1.79
Other liabilities 1.74% 1.45% 3.46% 4.60% 5.82%
Noncurrent liabilities 22.88% 16.69% 9.81% 10.42% 14.65%
Total liabilities 35.48% 29.27% 19.61% 22.34% 32.18%
Common stock, $0.001 par value per share 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 27.89 34.99 38.73 40.33 37.91
Accumulated earnings 38.31 38.06 42.95 38.20 30.96
Accumulated other comprehensive loss -1.68 -2.32 -1.30 -0.87 -1.06
Stockholders’ equity 64.52% 70.73% 80.39% 77.66% 67.82%
Total liabilities and stockholders’ equity 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 capital structure exhibits a fluctuating trend in leverage over the five-year period. Total liabilities reached a minimum of 19.61% of the total balance sheet in 2021 before increasing to 35.48% by the end of 2023. Correspondingly, stockholders' equity peaked in 2021 at 80.39% and moderated to 64.52% by 2023, indicating a shift toward a higher proportion of liabilities and deferred obligations in the financing mix.

Noncurrent Liability Dynamics
A significant increase in noncurrent liabilities is observed, rising from 9.81% in 2021 to 22.88% in 2023. This growth is primarily driven by a substantial expansion in noncurrent deferred revenue, which climbed from 0.95% in 2019 to 15.36% in 2023. This pattern suggests a marked increase in advance payments received from customers for long-term deliverables.
Current Liability Trends
Current liabilities have trended downward from a peak of 17.54% in 2019 to 12.60% in 2023. Accrued expenses remain a consistent component of current obligations, oscillating between 3.89% and 5.06% of the total balance sheet. Accounts payable peaked in 2022 at 4.14% before receding to 2.00% in 2023, suggesting fluctuations in short-term vendor financing.
Equity Composition and Retained Earnings
Stockholders' equity shows a transition toward internal financing. Additional paid-in capital decreased from 37.91% in 2019 to 27.89% in 2023. In contrast, accumulated earnings grew from 30.96% to 38.31% over the same period, indicating that a larger portion of the company's equity is now derived from retained profits rather than external capital contributions.
Risk and Debt Obligations
Long-term debt has remained relatively low as a percentage of the total balance sheet, ending 2023 at 4.48%. Product warranty liabilities have seen a steady decline, dropping from a combined current and noncurrent total of 1.73% in 2019 to 0.25% in 2023, which may indicate improved product quality or a change in the timing of warranty recognition. Accumulated other comprehensive loss remained marginally negative, ranging from -0.87% to -2.32%.

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