Price to Operating Profit (P/OP)
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Calculation
First Solar Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income (loss)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2023 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2008 | = | ÷ | = | ÷ | |||||||
| Mar 16, 2007 | = | ÷ | = | ÷ |
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.
- Share Price Trends
- The share price showed significant volatility throughout the observed periods. It started at $51.52 in March 2007 and rose sharply to a peak of $211.59 in February 2008. Following this peak, the price dropped considerably to $107.65 in February 2009 and fluctuated around the $50-$70 range for several years. Notable dips occurred in 2012 and 2013, reaching lows around $27 to $32. Subsequently, the share price recovered gradually, hitting $81.02 in February 2021 before experiencing a marked increase to $169.14 by February 2023. The latest figure in February 2024 shows a slight decline to $144.99, yet it remains substantially higher than most earlier levels excluding the 2008 spike.
- Operating Profit Per Share (OPPS) Patterns
- Operating profit per share exhibited fluctuating performance with periods of positive growth and decline. Initial figures were modest at $0.04 in 2007, rising steadily to a peak of $8.72 in 2011. This was followed by a notable deterioration, turning negative in 2012 and 2013 with -$0.79 and -$0.43 respectively, indicating operational challenges during those years. Recovery occurred thereafter with OPPS reaching peaks of $5.08 in 2016 and $5.52 in 2022. Intermittent negative values appear again in 2017 (-$4.83) and 2020 (-$1.53), underscoring episodic profitability issues. The most recent value in 2024 improved markedly to $8.02, suggesting restored operational efficiency or improved market conditions.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio was extremely high in the early data, with a value exceeding 1300 in 2007, largely due to the very low operating profit per share at that time. This ratio dropped significantly to values between approximately 14 and 20 during 2009-2011, indicating more balanced market valuation relative to operating profit. Missing values for certain years hinder continuous trend analysis; however, available data from 2014 onwards generally display P/OP ratios fluctuating mostly between 13 and 36, with spikes to 140.5 in 2019. Such spikes may reflect temporary share price surges or drops in operating profit. The ratio's variation highlights periods of market optimism and caution in relation to the company's operational earnings performance.
- Overall Observations
- The financial data reflects a company experiencing considerable cyclical fluctuations in both share price and operational profitability. Periods of strong profitability and share price appreciation are interspersed with declines, underscoring a volatile business environment or variable operational success. The latest periods indicate a recovering trend in operating profit per share with a relatively strong share price, though accompanied by some downward adjustment. The wide range in valuation multiples suggests investor sentiment and market conditions have significantly influenced the company’s stock valuation over time.
Comparison to Competitors
First Solar Inc., P/OP, long-term trends, comparison to competitors
| First Solar Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | Lam Research Corp. | Micron Technology Inc. | Monolithic Power Systems Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2024 | ||||||||||||
| Feb 28, 2023 | ||||||||||||
| Mar 1, 2022 | ||||||||||||
| Feb 26, 2021 | ||||||||||||
| Feb 21, 2020 | ||||||||||||
| Feb 22, 2019 | ||||||||||||
| Feb 23, 2018 | ||||||||||||
| Feb 22, 2017 | ||||||||||||
| Feb 24, 2016 | ||||||||||||
| Feb 25, 2015 | ||||||||||||
| Feb 26, 2014 | ||||||||||||
| Feb 27, 2013 | ||||||||||||
| Feb 29, 2012 | ||||||||||||
| Feb 28, 2011 | ||||||||||||
| Feb 22, 2010 | ||||||||||||
| Feb 25, 2009 | ||||||||||||
| Feb 21, 2008 | ||||||||||||
| Mar 16, 2007 |
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).