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 April 27, 2023.

Financial Reporting Quality: Aggregate Accruals

Microsoft Excel

Balance-Sheet-Based Accruals Ratio

First Solar Inc., balance sheet computation of aggregate accruals

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Operating Assets
Total assets 8,251,228 7,413,746 7,108,931 7,515,689 7,121,362
Less: Cash and cash equivalents 1,481,269 1,450,654 1,227,002 1,352,741 1,403,562
Less: Marketable securities 1,096,712 375,389 520,066 811,506 1,143,704
Operating assets 5,673,247 5,587,703 5,361,863 5,351,442 4,574,096
Operating Liabilities
Total liabilities 2,415,173 1,454,195 1,588,003 2,418,922 1,908,959
Less: Current portion of long-term debt 3,896 41,540 17,510 5,570
Less: Long-term debt, noncurrent portion 184,349 236,005 237,691 454,187 461,221
Operating liabilities 2,230,824 1,214,294 1,308,772 1,947,225 1,442,168
 
Net operating assets1 3,442,423 4,373,409 4,053,091 3,404,217 3,131,928
Balance-sheet-based aggregate accruals2 (930,986) 320,318 648,874 272,289
Financial Ratio
Balance-sheet-based accruals ratio3 -23.82% 7.60% 17.40% 8.33%
Benchmarks
Balance-Sheet-Based Accruals Ratio, Competitors4
Advanced Micro Devices Inc. 169.75% 8.05% 72.69%
Analog Devices Inc. -2.94% 90.70% -2.85% 0.29%
Applied Materials Inc. 20.73% 17.33% 3.75% 19.87%
Broadcom Inc. -5.37% -8.72% 8.42% 27.77%
Intel Corp. 10.73% 11.61% 0.01%
KLA Corp. 21.25% 3.62% -4.49% 126.76%
Lam Research Corp. 36.00% 21.20% 12.45% -6.77%
Micron Technology Inc. 12.07% 11.51% 7.56% 11.13%
NVIDIA Corp. 28.31% 115.40% -16.93%
ON Semiconductor Corp. 2.63% 6.18% -1.23%
Qualcomm Inc. 68.49% 22.56% 20.94% 48.90%
Texas Instruments Inc. 22.75% 18.48% 1.00%
Balance-Sheet-Based Accruals Ratio, Sector
Semiconductors & Semiconductor Equipment 24.64% 19.52% 4.42% 200.00%
Balance-Sheet-Based Accruals Ratio, Industry
Information Technology 21.79% 21.33% 2.87% 200.00%

Based on: 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), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Net operating assets = Operating assets – Operating liabilities
= 5,673,2472,230,824 = 3,442,423

2 2022 Calculation
Balance-sheet-based aggregate accruals = Net operating assets2022 – Net operating assets2021
= 3,442,4234,373,409 = -930,986

3 2022 Calculation
Balance-sheet-based accruals ratio = 100 × Balance-sheet-based aggregate accruals ÷ Avg. net operating assets
= 100 × -930,986 ÷ [(3,442,423 + 4,373,409) ÷ 2] = -23.82%

4 Click competitor name to see calculations.

Financial ratio Description The company
Balance-sheet-based accruals ratio Ratio is found by dividing balance-sheet-based aggregate accruals by average net operating assets. Using the balance-sheet-based accruals ratio, First Solar Inc. deteriorated earnings quality from 2021 to 2022.

Cash-Flow-Statement-Based Accruals Ratio

First Solar Inc., cash flow statement computation of aggregate accruals

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net income (loss) (44,166) 468,693 398,355 (114,933) 144,326
Less: Net cash provided by (used in) operating activities 873,369 237,559 37,120 174,201 (326,809)
Less: Net cash used in investing activities (1,192,574) (99,040) (131,227) (362,298) (682,714)
Cash-flow-statement-based aggregate accruals 275,039 330,174 492,462 73,164 1,153,849
Financial Ratio
Cash-flow-statement-based accruals ratio1 7.04% 7.84% 13.21% 2.24%
Benchmarks
Cash-Flow-Statement-Based Accruals Ratio, Competitors2
Advanced Micro Devices Inc. -15.28% 8.10% 83.38%
Analog Devices Inc. -2.54% -11.85% -3.72% -3.61%
Applied Materials Inc. 18.18% 14.75% -0.54% -1.09%
Broadcom Inc. -8.94% -12.34% 3.65% 18.25%
Intel Corp. 2.75% 15.15% 6.75%
KLA Corp. 18.30% 9.27% -7.11% 45.10%
Lam Research Corp. 13.82% 5.16% 9.16% 16.67%
Micron Technology Inc. 11.37% 10.01% 5.45% 9.74%
NVIDIA Corp. 73.13% 233.25% -225.09%
ON Semiconductor Corp. -0.40% 2.32% -3.27%
Qualcomm Inc. 46.91% 15.61% 48.48% -30.37%
Texas Instruments Inc. 28.24% 29.95% 4.03%
Cash-Flow-Statement-Based Accruals Ratio, Sector
Semiconductors & Semiconductor Equipment 7.33% 12.21% 3.50% 15.36%
Cash-Flow-Statement-Based Accruals Ratio, Industry
Information Technology 3.82% 10.69% -8.36% -22.15%

Based on: 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), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Cash-flow-statement-based accruals ratio = 100 × Cash-flow-statement-based aggregate accruals ÷ Avg. net operating assets
= 100 × 275,039 ÷ [(3,442,423 + 4,373,409) ÷ 2] = 7.04%

2 Click competitor name to see calculations.

Financial ratio Description The company
Cash-flow-statement-based accruals ratio Ratio is found by dividing cash-flow-statement-based aggregate accruals by average net operating assets. Using the cash-flow-statement-based accruals ratio, First Solar Inc. improved earnings quality from 2021 to 2022.