Stock Analysis on Net
AI Tokens
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
Quarterly Data

First Solar Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 2.32 2.10 2.22 2.00 1.16 2.73 3.34 4.14 2.51 2.17 1.98 2.61 2.34 2.05 2.62 2.58 2.20 2.25 2.50 2.90 3.09 3.40 3.06
Income taxes payable 0.86 0.74 0.48 0.21 0.35 0.32 0.90 0.36 0.34 0.40 0.06 0.06 0.18 0.30 0.22 0.20 0.46 0.24 0.12 0.23 0.22 0.21 0.11
Accrued expenses 4.55 4.90 4.91 5.06 6.27 3.37 4.58 4.64 4.45 4.64 4.53 3.89 3.18 2.99 3.06 4.37 4.27 4.39 4.27 4.67 5.35 5.91 5.62
Current portion of debt 1.82 1.27 1.87 0.93 0.37 0.00 0.00 0.00 0.07 0.07 0.06 0.05 0.51 0.04 0.03 0.58 0.58 1.09 1.18 0.23 0.40 0.40 0.17
Deferred revenue 5.64 6.26 6.44 3.99 3.88 4.34 4.66 3.19 3.14 3.07 2.96 2.72 3.29 3.27 2.91 2.66 1.65 1.85 1.97 4.30 1.32 1.57 2.30
Liabilities 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 0.36 0.18 0.00 0.00 0.00 0.00 0.00 0.00
Other current liabilities 0.39 0.82 0.43 0.41 0.49 1.36 0.24 0.26 0.38 0.49 0.34 0.47 0.35 0.47 0.58 1.17 1.12 0.75 0.50 5.20 0.40 0.33 0.27
Current liabilities 15.58% 16.09% 16.34% 12.60% 12.51% 12.12% 13.71% 12.58% 10.89% 10.83% 9.93% 9.80% 9.84% 9.12% 9.42% 11.92% 10.47% 10.56% 10.54% 17.54% 10.78% 11.81% 11.53%
Accrued solar module collection and recycling liability 1.22 1.22 1.25 1.30 1.36 1.47 1.52 1.55 1.60 1.81 1.86 1.88 1.93 1.79 1.80 1.84 1.80 1.99 1.99 1.83 1.91 1.91 1.85
Long-term debt, noncurrent portion 3.26 3.80 3.89 4.48 4.84 4.86 3.74 2.23 3.39 2.29 3.34 3.18 3.32 3.81 3.58 3.34 3.16 5.48 5.62 6.04 6.41 6.35 7.69
Deferred revenue 11.54 11.43 12.78 15.36 14.08 12.86 11.09 11.45 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
Other liabilities 1.99 1.58 1.59 1.74 1.43 1.56 1.42 1.45 6.32 5.60 5.46 4.75 4.70 5.49 5.10 5.24 7.33 8.07 7.48 6.77 7.43 7.99 8.25
Noncurrent liabilities 18.02% 18.03% 19.51% 22.88% 21.72% 20.75% 17.77% 16.69% 11.32% 9.70% 10.66% 9.81% 9.95% 11.09% 10.48% 10.42% 12.28% 15.54% 15.08% 14.65% 15.75% 16.24% 17.79%
Total liabilities 33.60% 34.13% 35.85% 35.48% 34.23% 32.87% 31.48% 29.27% 22.21% 20.53% 20.60% 19.61% 19.79% 20.21% 19.89% 22.34% 22.75% 26.10% 25.62% 32.18% 26.54% 28.06% 29.32%
Common stock, $0.001 par value per share 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 0.00 0.00 0.00 0.00
Additional paid-in capital 25.29 26.21 26.75 27.89 30.05 31.92 33.46 34.99 38.44 38.67 38.70 38.73 39.42 39.44 40.15 40.33 40.88 40.28 40.93 37.91 40.20 39.60 38.78
Accumulated earnings 42.58 41.37 39.10 38.31 37.80 37.27 37.16 38.06 42.01 43.09 42.45 42.95 42.00 41.50 41.15 38.20 37.22 34.57 34.65 30.96 33.82 33.00 32.71
Accumulated other comprehensive loss -1.48 -1.71 -1.71 -1.68 -2.08 -2.07 -2.10 -2.32 -2.67 -2.29 -1.75 -1.30 -1.22 -1.15 -1.19 -0.87 -0.85 -0.95 -1.20 -1.06 -0.56 -0.66 -0.81
Stockholders’ equity 66.40% 65.87% 64.15% 64.52% 65.77% 67.13% 68.52% 70.73% 77.79% 79.47% 79.40% 80.39% 80.21% 79.79% 80.11% 77.66% 77.25% 73.90% 74.38% 67.82% 73.46% 71.94% 70.68%
Total liabilities and stockholders’ equity 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 capital structure of the entity has undergone a notable transition between March 2019 and September 2024. Initially, total liabilities fluctuated between 26% and 32% of the total balance sheet, reaching a minimum of approximately 19.6% by the end of 2021. However, a subsequent upward trend is observed from 2022 through 2024, with total liabilities increasing to 33.60% by September 30, 2024. This shift corresponds with a relative decrease in stockholders' equity, which peaked at 80.39% in December 2021 before declining to 66.40% by the end of the analyzed period.

Liability Composition and Trends
A significant driver of the increase in total liabilities is the emergence and growth of noncurrent deferred revenue. This item was absent or negligible until December 2022, at which point it entered the balance sheet at 11.45% and climbed to a peak of 15.36% in December 2023, ending at 11.54% in September 2024. Concurrently, current liabilities have trended upward from roughly 9% in 2021 to 15.58% in September 2024, partially driven by a rise in current deferred revenue, which grew from 2.72% in December 2021 to 5.64% in September 2024.
Debt Profile Analysis
Long-term debt as a percentage of total liabilities and stockholders' equity has shown a general downward trajectory. From a high of 7.69% in March 2019, the noncurrent portion of debt declined to 3.26% by September 2024. While the current portion of debt remained negligible for several years, a recent increase is noted, peaking at 1.87% in September 2023 and remaining elevated at 1.82% by September 2024, suggesting a shift in debt maturity profiles.
Equity Component Dynamics
There is a clear divergence between the components of stockholders' equity. Additional paid-in capital has decreased steadily from 38.78% in March 2019 to 25.29% in September 2024. Conversely, accumulated earnings have expanded significantly, rising from 32.71% to 42.58% over the same period. This indicates that a larger portion of the company's equity is now derived from retained internal profits rather than contributed capital.
Operating Liability Stability
Accounts payable and accrued expenses have remained relatively stable as a percentage of the total balance sheet, though some volatility exists. Accounts payable generally hovered between 2% and 3%, with a temporary spike to 4.14% in December 2022. Accrued expenses have fluctuated between 3% and 6%, showing a recent increase to 6.27% in September 2023 before stabilizing around 4.55%.

Overall, the analysis reveals a strategic shift in the balance sheet. The increase in total liabilities is not primarily driven by traditional debt—which has actually decreased as a percentage of the total—but by a substantial increase in deferred revenue. This suggest an increase in advance payments from customers. Simultaneously, the equity structure has shifted toward self-sufficiency, with retained earnings becoming the dominant component of shareholders' value.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?