Debt to Equity
since 2006
Calculation
First Solar Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.08 | = | 560,306) | ÷ | 6,687,469) |
| Dec 31, 2022 | 0.03 | = | 184,349) | ÷ | 5,836,055) |
| Dec 31, 2021 | 0.04 | = | 239,901) | ÷ | 5,959,551) |
| Dec 31, 2020 | 0.05 | = | 279,231) | ÷ | 5,520,928) |
| Dec 31, 2019 | 0.09 | = | 471,697) | ÷ | 5,096,767) |
| Dec 31, 2018 | 0.09 | = | 466,791) | ÷ | 5,212,403) |
| Dec 31, 2017 | 0.08 | = | 393,540) | ÷ | 5,098,697) |
| Dec 31, 2016 | 0.04 | = | 188,388) | ÷ | 5,212,687) |
| Dec 31, 2015 | 0.05 | = | 289,415) | ÷ | 5,548,487) |
| Dec 31, 2014 | 0.04 | = | 216,921) | ÷ | 5,027,487) |
| Dec 31, 2013 | 0.05 | = | 223,323) | ÷ | 4,503,117) |
| Dec 31, 2012 | 0.16 | = | 562,572) | ÷ | 3,605,526) |
| Dec 31, 2011 | 0.18 | = | 663,648) | ÷ | 3,643,863) |
| Dec 31, 2010 | 0.07 | = | 247,391) | ÷ | 3,454,945) |
| Dec 26, 2009 | 0.07 | = | 174,958) | ÷ | 2,652,787) |
| Dec 27, 2008 | 0.13 | = | 198,470) | ÷ | 1,513,042) |
| Dec 29, 2007 | 0.10 | = | 108,165) | ÷ | 1,097,267) |
| Dec 30, 2006 | 0.20 | = | 80,697) | ÷ | 411,440) |
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
First Solar Inc. has maintained a conservative capital structure characterized by low leverage and significant equity growth from 2006 to 2023. The overall trend indicates a strong solvency position, as the expansion of the equity base has consistently and substantially outpaced the accumulation of debt over the seventeen-year period.
- Stockholders' Equity Trends
- Equity has demonstrated sustained and aggressive growth, rising from $411.4 million in 2006 to $6.69 billion by 2023. This consistent upward trajectory indicates a significant accumulation of net assets and a strengthening of the company's financial foundation.
- Total Debt Dynamics
- Debt levels have exhibited fluctuations throughout the period. A notable peak occurred in 2011 with total debt reaching $663.6 million. Following a period of relative stability and reduction between 2013 and 2022, a sharp increase is observed in 2023, with debt rising to $560.3 million.
- Debt to Equity Ratio Analysis
- The debt to equity ratio has remained remarkably low, consistently staying below 0.20. After starting at 0.20 in 2006, the ratio trended downward, reaching a minimum of 0.03 in 2022. While the ratio increased to 0.08 in 2023, the long-term pattern reflects a minimal reliance on external debt for financing, suggesting low financial risk and high internal stability.
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Comparison to Competitors
First Solar Inc., debt to equity, 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 | 0.08 | 0.04 | 0.20 | 0.34 | 1.64 | 0.47 | 2.02 | 0.61 | 0.29 | 0.30 | 0.50 | 0.71 | 0.66 |
| Dec 31, 2022 | 0.03 | 0.05 | 0.18 | 0.45 | 1.74 | 0.41 | 4.75 | 0.80 | 0.29 | 0.14 | 0.41 | 0.86 | 0.60 |
| Dec 31, 2021 | 0.04 | 0.04 | 0.18 | 0.45 | 1.59 | 0.40 | 1.02 | 0.83 | 0.14 | 0.15 | 0.41 | 1.58 | 0.58 |
| Dec 31, 2020 | 0.05 | 0.06 | 0.43 | 0.52 | 1.72 | 0.45 | 1.30 | 1.12 | 0.17 | 0.17 | 0.16 | 2.59 | 0.74 |
| Dec 31, 2019 | 0.09 | 0.17 | 0.47 | 0.65 | 1.32 | 0.37 | 1.29 | 0.96 | 0.24 | 0.16 | 0.21 | 3.25 | 0.65 |
| Dec 31, 2018 | 0.09 | 0.99 | 0.58 | 0.78 | 0.66 | 0.35 | 1.38 | 0.37 | 0.00 | 0.14 | 0.27 | 17.64 | 0.56 |
| Dec 31, 2017 | 0.08 | 2.28 | 0.77 | 0.57 | 0.87 | 0.39 | 2.21 | 0.40 | 0.00 | 0.60 | 0.48 | 0.71 | 0.39 |
| Dec 31, 2016 | 0.04 | 3.45 | 0.34 | 0.46 | 0.72 | 0.38 | 4.44 | 0.74 | 0.00 | 0.82 | 0.32 | 0.37 | 0.34 |
| Dec 31, 2015 | 0.05 | — | 0.17 | 0.60 | 0.84 | 0.37 | 7.57 | 0.46 | 0.00 | 0.60 | 0.32 | 0.35 | 0.41 |
| Dec 31, 2014 | 0.04 | 11.83 | 0.18 | 0.25 | 1.70 | 0.25 | 0.20 | 0.27 | 0.00 | 0.61 | 0.31 | 0.00 | 0.45 |
| Dec 31, 2013 | 0.05 | 3.78 | 0.18 | 0.27 | 0.00 | 0.23 | 0.21 | 0.29 | 0.00 | 0.66 | 0.00 | 0.00 | 0.48 |
| Dec 31, 2012 | 0.16 | 3.80 | 0.20 | 0.27 | 0.00 | 0.26 | 0.23 | 0.25 | 0.00 | 0.42 | 0.01 | 0.00 | 0.52 |
| Dec 31, 2011 | 0.18 | 1.27 | 0.23 | 0.22 | 0.00 | 0.16 | 0.26 | 0.30 | 0.00 | 0.24 | 0.01 | 0.04 | 0.51 |
| Dec 31, 2010 | 0.07 | 2.39 | 0.13 | 0.03 | 0.15 | 0.04 | 0.33 | 0.01 | 0.00 | 0.29 | 0.01 | 0.05 | 0.00 |
| Dec 26, 2009 | 0.07 | 7.30 | 0.00 | 0.03 | 0.57 | 0.05 | 0.34 | 0.03 | 0.00 | 0.67 | 0.01 | 0.00 | 0.00 |
| Dec 27, 2008 | 0.13 | — | 0.00 | 0.03 | — | 0.05 | 0.25 | 0.17 | 0.12 | 0.44 | 0.00 | 0.00 | 0.00 |
| Dec 29, 2007 | 0.10 | 1.76 | 0.00 | 0.03 | — | 0.05 | 0.00 | 0.21 | 0.13 | 0.31 | 0.00 | 0.00 | 0.00 |
| Dec 30, 2006 | 0.20 | 0.66 | 0.00 | 0.06 | — | 0.06 | 0.00 | 0.25 | 0.01 | 0.07 | 0.00 | 0.00 | 0.00 |
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), 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., debt to equity, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| First Solar Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 31, 2023 | 0.08 | 0.46 |
| Dec 31, 2022 | 0.03 | 0.43 |
| Dec 31, 2021 | 0.04 | 0.49 |
| Dec 31, 2020 | 0.05 | 0.60 |
| Dec 31, 2019 | 0.09 | 0.56 |
| Dec 31, 2018 | 0.09 | 0.49 |
| Dec 31, 2017 | 0.08 | 0.56 |
| Dec 31, 2016 | 0.04 | 0.47 |
| Dec 31, 2015 | 0.05 | 0.43 |
| Dec 31, 2014 | 0.04 | 0.26 |
| Dec 31, 2013 | 0.05 | 0.22 |
| Dec 31, 2012 | 0.16 | 0.22 |
| Dec 31, 2011 | 0.18 | 0.18 |
| Dec 31, 2010 | 0.07 | 0.09 |
| Dec 26, 2009 | 0.07 | 0.12 |
| Dec 27, 2008 | 0.13 | 0.12 |
| Dec 29, 2007 | 0.10 | 0.11 |
| Dec 30, 2006 | 0.20 | 0.08 |
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., debt to equity, long-term trends, comparison to industry (information technology)
| First Solar Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 0.08 | 0.65 |
| Dec 31, 2022 | 0.03 | 0.70 |
| Dec 31, 2021 | 0.04 | 0.82 |
| Dec 31, 2020 | 0.05 | 0.95 |
| Dec 31, 2019 | 0.09 | 0.97 |
| Dec 31, 2018 | 0.09 | 0.82 |
| Dec 31, 2017 | 0.08 | 0.80 |
| Dec 31, 2016 | 0.04 | 0.65 |
| Dec 31, 2015 | 0.05 | 0.56 |
| Dec 31, 2014 | 0.04 | 0.38 |
| Dec 31, 2013 | 0.05 | 0.28 |
| Dec 31, 2012 | 0.16 | 0.24 |
| Dec 31, 2011 | 0.18 | 0.27 |
| Dec 31, 2010 | 0.07 | 0.24 |
| Dec 26, 2009 | 0.07 | 0.25 |
| Dec 27, 2008 | 0.13 | 0.28 |
| Dec 29, 2007 | 0.10 | 0.26 |
| Dec 30, 2006 | 0.20 | 0.19 |
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).