Current Ratio
since 2006
Calculation
First Solar Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 3.55 | = | 4,634,809) | ÷ | 1,306,158) |
| Dec 31, 2022 | 3.65 | = | 3,791,421) | ÷ | 1,038,048) |
| Dec 31, 2021 | 4.39 | = | 3,191,243) | ÷ | 726,878) |
| Dec 31, 2020 | 3.56 | = | 3,014,535) | ÷ | 847,398) |
| Dec 31, 2019 | 2.73 | = | 3,599,834) | ÷ | 1,318,208) |
| Dec 31, 2018 | 4.57 | = | 3,859,523) | ÷ | 845,457) |
| Dec 31, 2017 | 5.89 | = | 3,832,772) | ÷ | 650,276) |
| Dec 31, 2016 | 4.21 | = | 3,786,620) | ÷ | 899,707) |
| Dec 31, 2015 | 3.48 | = | 3,345,586) | ÷ | 960,800) |
| Dec 31, 2014 | 3.19 | = | 3,190,466) | ÷ | 1,001,096) |
| Dec 31, 2013 | 2.39 | = | 3,792,764) | ÷ | 1,588,061) |
| Dec 31, 2012 | 2.57 | = | 2,832,324) | ÷ | 1,101,374) |
| Dec 31, 2011 | 2.68 | = | 2,613,261) | ÷ | 973,724) |
| Dec 31, 2010 | 3.37 | = | 1,584,460) | ÷ | 469,677) |
| Dec 26, 2009 | 3.42 | = | 1,351,271) | ÷ | 394,927) |
| Dec 27, 2008 | 2.82 | = | 1,077,401) | ÷ | 381,777) |
| Dec 29, 2007 | 4.30 | = | 802,509) | ÷ | 186,478) |
| Dec 30, 2006 | 7.46 | = | 388,522) | ÷ | 52,073) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-26), 10-K (reporting date: 2008-12-27), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30).
1 US$ in thousands
The company has maintained a strong liquidity position from 2006 through 2023, with the current ratio consistently remaining above 2.0. This indicates a persistent capacity to meet short-term obligations using current assets throughout the nearly two-decade period analyzed.
- Initial Liquidity Contraction (2006–2008)
- A sharp decline in the current ratio was observed between 2006 and 2008, falling from 7.46 to 2.82. This trend was primarily driven by a rapid increase in current liabilities, which rose from 52 million to 381 million US dollars, significantly outpacing the growth of current assets during this window.
- Mid-Term Stability and Peak Expansion (2009–2017)
- Between 2009 and 2013, the current ratio entered a period of relative stability, fluctuating between 2.39 and 3.42. A subsequent upward trend occurred from 2014 to 2017, with the ratio peaking at 5.89. This improvement was facilitated by a substantial reduction in current liabilities, which declined from a 2013 high of 1.58 billion US dollars to 650 million US dollars by 2017, while current assets remained steady near 3.8 billion US dollars.
- Recent Fluctuations and Current Status (2018–2023)
- The period from 2018 to 2023 was characterized by moderate volatility. The current ratio dipped to 2.73 in 2019 before rebounding to 4.39 in 2021. By December 31, 2023, the ratio settled at 3.55. This current position is supported by the highest recorded level of current assets at 4.63 billion US dollars, offset by a corresponding increase in current liabilities to 1.3 billion US dollars.
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Comparison to Competitors
First Solar Inc., current ratio, long-term trends, comparison to competitors
| First Solar Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 3.55 | 2.51 | 1.37 | 2.60 | 2.82 | 1.54 | 2.24 | 3.16 | 1.37 | 4.46 | 3.52 | 2.33 | 4.55 |
| Dec 31, 2022 | 3.65 | 2.36 | 2.02 | 2.16 | 2.62 | 1.57 | 2.50 | 2.69 | 1.80 | 2.89 | 6.65 | 1.75 | 4.70 |
| Dec 31, 2021 | 4.39 | 2.02 | 1.94 | 2.54 | 2.64 | 2.10 | 2.71 | 3.30 | 1.50 | 3.10 | 4.09 | 1.68 | 5.33 |
| Dec 31, 2020 | 3.56 | 2.54 | 1.84 | 3.00 | 1.87 | 1.91 | 2.78 | 3.43 | 2.16 | 2.71 | 7.67 | 2.14 | 4.28 |
| Dec 31, 2019 | 2.73 | 1.95 | 1.32 | 2.30 | 1.44 | 1.40 | 2.44 | 3.61 | 2.19 | 2.58 | 7.94 | 1.88 | 4.13 |
| Dec 31, 2018 | 4.57 | 1.78 | 1.50 | 2.64 | 3.90 | 1.73 | 3.73 | 2.90 | 5.61 | 2.79 | 8.03 | 1.55 | 3.27 |
| Dec 31, 2017 | 5.89 | 1.76 | 1.47 | 3.14 | 6.26 | 1.69 | 3.40 | 3.10 | 4.59 | 2.34 | 4.77 | 4.00 | 3.87 |
| Dec 31, 2016 | 4.21 | 1.88 | 6.35 | 2.30 | 2.31 | 1.75 | 3.86 | 3.81 | 2.38 | 1.96 | 2.57 | 3.14 | 3.29 |
| Dec 31, 2015 | 3.48 | 1.65 | 3.66 | 2.44 | 3.37 | 2.58 | 3.90 | 2.38 | 5.25 | 2.20 | 6.38 | 3.62 | 2.77 |
| Dec 31, 2014 | 3.19 | 1.90 | 5.38 | 2.47 | 3.77 | 1.73 | 5.12 | 3.02 | 4.36 | 2.13 | 5.95 | 3.73 | 2.92 |
| Dec 31, 2013 | 2.39 | 1.78 | 9.59 | 2.31 | 4.30 | 2.36 | 5.05 | 2.70 | 4.25 | 2.16 | 4.89 | 3.75 | 2.92 |
| Dec 31, 2012 | 2.57 | 1.62 | 8.94 | 2.25 | 4.89 | 2.43 | 4.83 | 3.09 | 5.22 | 2.57 | 4.20 | 2.95 | 2.40 |
| Dec 31, 2011 | 2.68 | 1.82 | 8.35 | 3.71 | 3.98 | 2.15 | 4.17 | 4.79 | 5.79 | 2.35 | 3.42 | 2.70 | 2.24 |
| Dec 31, 2010 | 3.37 | 2.15 | 5.41 | 2.34 | 1.92 | 3.39 | 3.67 | 3.14 | 4.35 | 2.34 | 3.16 | 2.22 | 3.56 |
| Dec 26, 2009 | 3.42 | 1.93 | 6.44 | 2.93 | 1.36 | 2.79 | 4.25 | 3.51 | 3.81 | 1.77 | 2.78 | 4.47 | 3.85 |
| Dec 27, 2008 | 2.82 | 1.07 | 3.67 | 2.26 | — | 2.54 | 3.19 | 3.01 | 2.58 | 2.36 | 2.99 | 5.12 | 3.78 |
| Dec 29, 2007 | 4.30 | 1.45 | 3.61 | 2.78 | — | 2.79 | 3.03 | 2.11 | 1.90 | 2.58 | 3.18 | 3.91 | 3.42 |
| Dec 30, 2006 | 7.46 | 1.39 | 6.13 | 2.50 | — | 2.15 | 3.53 | 3.01 | 4.51 | 3.07 | 3.53 | 4.96 | 3.78 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-26), 10-K (reporting date: 2008-12-27), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
First Solar Inc., current ratio, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| First Solar Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 31, 2023 | 3.55 | 2.42 |
| Dec 31, 2022 | 3.65 | 2.33 |
| Dec 31, 2021 | 4.39 | 2.45 |
| Dec 31, 2020 | 3.56 | 2.46 |
| Dec 31, 2019 | 2.73 | 2.04 |
| Dec 31, 2018 | 4.57 | 2.34 |
| Dec 31, 2017 | 5.89 | 2.92 |
| Dec 31, 2016 | 4.21 | 2.38 |
| Dec 31, 2015 | 3.48 | 2.86 |
| Dec 31, 2014 | 3.19 | 2.61 |
| Dec 31, 2013 | 2.39 | 2.89 |
| Dec 31, 2012 | 2.57 | 2.80 |
| Dec 31, 2011 | 2.68 | 2.73 |
| Dec 31, 2010 | 3.37 | 2.92 |
| Dec 26, 2009 | 3.42 | 3.02 |
| Dec 27, 2008 | 2.82 | 2.79 |
| Dec 29, 2007 | 4.30 | 2.78 |
| Dec 30, 2006 | 7.46 | 2.74 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-26), 10-K (reporting date: 2008-12-27), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30).
Comparison to Industry (Information Technology)
First Solar Inc., current ratio, long-term trends, comparison to industry (information technology)
| First Solar Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 3.55 | 1.41 |
| Dec 31, 2022 | 3.65 | 1.37 |
| Dec 31, 2021 | 4.39 | 1.55 |
| Dec 31, 2020 | 3.56 | 1.71 |
| Dec 31, 2019 | 2.73 | 1.66 |
| Dec 31, 2018 | 4.57 | 1.88 |
| Dec 31, 2017 | 5.89 | 2.04 |
| Dec 31, 2016 | 4.21 | 2.01 |
| Dec 31, 2015 | 3.48 | 2.04 |
| Dec 31, 2014 | 3.19 | 1.98 |
| Dec 31, 2013 | 2.39 | 2.20 |
| Dec 31, 2012 | 2.57 | 2.08 |
| Dec 31, 2011 | 2.68 | 2.12 |
| Dec 31, 2010 | 3.37 | 2.02 |
| Dec 26, 2009 | 3.42 | 2.04 |
| Dec 27, 2008 | 2.82 | 1.80 |
| Dec 29, 2007 | 4.30 | 1.79 |
| Dec 30, 2006 | 7.46 | 1.86 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-26), 10-K (reporting date: 2008-12-27), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30).