Price to Book Value (P/BV)
since 2006
Calculation
First Solar Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2024 | 2.32 | = | 144.99 | ÷ | 62.59 | 62.59 | = | 6,687,469 | ÷ | 106,848,929 | |
| Feb 28, 2023 | 3.09 | = | 169.14 | ÷ | 54.74 | 54.74 | = | 5,836,055 | ÷ | 106,609,094 | |
| Mar 1, 2022 | 1.35 | = | 75.62 | ÷ | 56.05 | 56.05 | = | 5,959,551 | ÷ | 106,333,764 | |
| Feb 26, 2021 | 1.56 | = | 81.02 | ÷ | 52.09 | 52.09 | = | 5,520,928 | ÷ | 105,986,398 | |
| Feb 21, 2020 | 1.05 | = | 50.59 | ÷ | 48.33 | 48.33 | = | 5,096,767 | ÷ | 105,457,669 | |
| Feb 22, 2019 | 1.08 | = | 53.73 | ÷ | 49.69 | 49.69 | = | 5,212,403 | ÷ | 104,894,572 | |
| Feb 23, 2018 | 1.27 | = | 61.79 | ÷ | 48.80 | 48.80 | = | 5,098,697 | ÷ | 104,474,656 | |
| Feb 22, 2017 | 0.67 | = | 33.57 | ÷ | 50.10 | 50.10 | = | 5,212,687 | ÷ | 104,044,691 | |
| Feb 24, 2016 | 1.27 | = | 69.45 | ÷ | 54.52 | 54.52 | = | 5,548,487 | ÷ | 101,767,670 | |
| Feb 25, 2015 | 1.17 | = | 58.54 | ÷ | 50.13 | 50.13 | = | 5,027,487 | ÷ | 100,291,843 | |
| Feb 26, 2014 | 1.17 | = | 52.74 | ÷ | 45.25 | 45.25 | = | 4,503,117 | ÷ | 99,512,794 | |
| Feb 27, 2013 | 0.65 | = | 27.04 | ÷ | 41.37 | 41.37 | = | 3,605,526 | ÷ | 87,156,517 | |
| Feb 29, 2012 | 0.77 | = | 32.30 | ÷ | 42.13 | 42.13 | = | 3,643,863 | ÷ | 86,485,999 | |
| Feb 28, 2011 | 3.66 | = | 147.39 | ÷ | 40.22 | 40.22 | = | 3,454,945 | ÷ | 85,895,081 | |
| Feb 22, 2010 | 3.63 | = | 113.09 | ÷ | 31.13 | 31.13 | = | 2,652,787 | ÷ | 85,229,228 | |
| Feb 25, 2009 | 5.81 | = | 107.65 | ÷ | 18.53 | 18.53 | = | 1,513,042 | ÷ | 81,643,905 | |
| Feb 21, 2008 | 15.17 | = | 211.59 | ÷ | 13.95 | 13.95 | = | 1,097,267 | ÷ | 78,649,834 | |
| Mar 16, 2007 | 9.06 | = | 51.52 | ÷ | 5.69 | 5.69 | = | 411,440 | ÷ | 72,363,218 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of First Solar Inc. Annual Report.
The Price to Book Value (P/BV) ratio exhibits significant volatility over the analyzed period, characterized by distinct cycles of extreme premium, deep discounting, and subsequent recovery. While the book value per share grew consistently over the long term, market valuation fluctuated drastically, reflecting changing investor sentiment and sector conditions.
- High Valuation and Correction Phase (2007–2011)
- An initial period of high market optimism is evident, with the P/BV ratio starting at 9.06 in 2007 and peaking at 15.17 in 2008. This peak represents the highest premium over book value in the series. A subsequent correction occurred, with the ratio declining sharply to 3.63 by 2010 and remaining stable at 3.66 in 2011.
- Book Value Discount Phase (2012–2017)
- A prolonged period of undervaluation is observed between 2012 and 2017. During this time, the P/BV ratio frequently fell below 1.0, reaching lows of 0.65 in 2013 and 0.67 in 2017. This indicates that the market valued the company at a discount to its accounting equity for several years.
- Normalization and Recent Re-rating (2018–2024)
- The ratio entered a normalization phase between 2018 and 2021, generally hovering between 1.05 and 1.56. A significant re-rating occurred in 2023, where the P/BV rose to 3.09, before moderating to 2.32 by February 2024. This suggests a return of investor confidence and a higher premium placed on the company's assets.
- Book Value Per Share (BVPS) Trajectory
- In contrast to the volatile P/BV ratio, the book value per share demonstrated a consistent and steady upward trend. BVPS increased from $5.69 in 2007 to $62.59 in 2024. This growth indicates a continuous accumulation of equity and a strengthening of the underlying balance sheet, regardless of the fluctuations in share price.
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Comparison to Competitors
First Solar Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2024 | 2.32 | 4.85 | 2.53 | 8.23 | 21.59 | 1.75 | 23.25 | 10.58 | 2.24 | 1.74 | 26.03 | 5.72 | 8.57 |
| Feb 28, 2023 | 3.09 | 2.32 | 2.35 | 7.25 | 10.23 | 1.15 | 40.04 | 10.10 | 3.52 | 1.15 | 24.95 | 7.00 | 11.33 |
| Mar 1, 2022 | 1.35 | 19.21 | 2.50 | 10.60 | 10.50 | 2.21 | 15.98 | 13.64 | 3.84 | 1.79 | 20.14 | 15.59 | 11.87 |
| Feb 26, 2021 | 1.56 | 17.77 | 4.22 | 7.63 | 7.40 | 2.84 | 11.83 | 10.55 | 1.45 | 1.50 | 15.49 | 24.00 | 17.02 |
| Feb 21, 2020 | 1.05 | 20.46 | 3.61 | 6.67 | 5.09 | 3.78 | 8.15 | 6.40 | 1.75 | 1.40 | 10.09 | 19.69 | 13.79 |
| Feb 22, 2019 | 1.08 | 18.30 | 3.02 | 4.73 | 3.74 | 2.94 | 11.40 | 4.28 | 2.52 | 1.49 | 19.60 | 82.57 | 11.20 |
| Feb 23, 2018 | 1.27 | 19.87 | 3.22 | 5.94 | 5.28 | 3.08 | 10.50 | 3.82 | 1.96 | 2.51 | 10.51 | 2.56 | 9.89 |
| Feb 22, 2017 | 0.67 | 31.66 | 4.35 | 4.93 | 3.84 | 2.60 | 17.57 | 2.45 | 1.39 | 1.48 | 3.98 | 3.12 | 7.36 |
| Feb 24, 2016 | 1.27 | — | 3.72 | 2.87 | 8.24 | 2.21 | 19.59 | 2.23 | 1.50 | 1.47 | 2.84 | 2.88 | 5.30 |
| Feb 25, 2015 | 1.17 | 12.72 | 3.64 | 3.80 | 7.98 | 2.91 | 3.26 | 2.29 | 1.65 | 3.22 | 2.19 | 3.28 | 5.94 |
| Feb 26, 2014 | 1.17 | 4.94 | 3.28 | 2.82 | 4.46 | 2.11 | 2.78 | 1.69 | 1.18 | 1.92 | 1.63 | 3.26 | 4.46 |
| Feb 27, 2013 | 0.65 | 3.45 | 2.90 | 1.79 | 3.25 | 2.04 | 2.61 | 1.24 | 1.82 | 0.72 | 2.20 | 2.95 | 3.45 |
| Feb 29, 2012 | 0.77 | 3.28 | 2.62 | 1.65 | 3.51 | 2.90 | 2.11 | 1.80 | 1.85 | 0.64 | 3.27 | 3.25 | 3.48 |
| Feb 28, 2011 | 3.66 | 6.21 | 3.36 | 2.35 | 4.24 | 2.46 | 2.41 | 2.63 | 2.96 | 0.96 | 3.74 | 3.54 | 4.00 |
| Feb 22, 2010 | 3.63 | 8.23 | 3.43 | 2.53 | 3.78 | 2.76 | 2.44 | 2.67 | 1.53 | 1.25 | 2.27 | 3.61 | 3.10 |
| Feb 25, 2009 | 5.81 | — | 2.04 | 1.84 | — | 1.72 | 2.20 | 2.69 | 1.96 | 0.42 | 4.24 | 3.05 | 2.09 |
| Feb 21, 2008 | 15.17 | 1.44 | 3.99 | 3.14 | — | 2.76 | 3.26 | 4.05 | 3.29 | 0.96 | 5.06 | 4.11 | 4.14 |
| Mar 16, 2007 | 9.06 | 1.42 | 3.36 | 3.81 | — | 3.27 | 2.75 | 4.19 | 5.52 | 1.30 | 5.75 | 4.48 | 3.93 |
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., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| First Solar Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Feb 27, 2024 | 2.32 | 6.26 |
| Feb 28, 2023 | 3.09 | 5.10 |
| Mar 1, 2022 | 1.35 | 6.22 |
| Feb 26, 2021 | 1.56 | 5.97 |
| Feb 21, 2020 | 1.05 | 5.04 |
| Feb 22, 2019 | 1.08 | 4.59 |
| Feb 23, 2018 | 1.27 | 4.04 |
| Feb 22, 2017 | 0.67 | 3.35 |
| Feb 24, 2016 | 1.27 | 2.84 |
| Feb 25, 2015 | 1.17 | 3.36 |
| Feb 26, 2014 | 1.17 | 2.64 |
| Feb 27, 2013 | 0.65 | 2.32 |
| Feb 29, 2012 | 0.77 | 2.71 |
| Feb 28, 2011 | 3.66 | 2.82 |
| Feb 22, 2010 | 3.63 | 2.88 |
| Feb 25, 2009 | 5.81 | 2.07 |
| Feb 21, 2008 | 15.17 | 3.09 |
| Mar 16, 2007 | 9.06 | 3.39 |
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., P/BV, long-term trends, comparison to industry (information technology)
| First Solar Inc. | Information Technology | |
|---|---|---|
| Feb 27, 2024 | 2.32 | 11.29 |
| Feb 28, 2023 | 3.09 | 10.25 |
| Mar 1, 2022 | 1.35 | 12.37 |
| Feb 26, 2021 | 1.56 | 10.94 |
| Feb 21, 2020 | 1.05 | 8.41 |
| Feb 22, 2019 | 1.08 | 7.00 |
| Feb 23, 2018 | 1.27 | 5.46 |
| Feb 22, 2017 | 0.67 | 4.53 |
| Feb 24, 2016 | 1.27 | 4.30 |
| Feb 25, 2015 | 1.17 | 4.36 |
| Feb 26, 2014 | 1.17 | 3.50 |
| Feb 27, 2013 | 0.65 | 3.75 |
| Feb 29, 2012 | 0.77 | 3.98 |
| Feb 28, 2011 | 3.66 | 4.16 |
| Feb 22, 2010 | 3.63 | 4.31 |
| Feb 25, 2009 | 5.81 | 4.00 |
| Feb 21, 2008 | 15.17 | 8.64 |
| Mar 16, 2007 | 9.06 | 7.24 |
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).