First Solar Inc. (NASDAQ:FSLR)

The financial data reveals several notable trends over the examined period for the company.

Net Sales

Net sales exhibited consistent growth from 2006 through 2011, increasing from approximately 135 million to nearly 2.77 billion US dollars. This period signifies rapid expansion. After peaking in 2012 at around 3.37 billion, sales showed modest fluctuations, with slight declines in some years such as 2013 and 2016, but generally maintained a range between 2.2 billion and 3.3 billion. The most recent years, 2022 and 2023, show an upward trend resuming, with 2023 reaching approximately 3.32 billion US dollars, indicating potential recovery or growth momentum.

Operating Income (Loss)

Operating income followed a strong upward trajectory initially, increasing from a marginal 2.8 million US dollars in 2006 to a peak of nearly 749 million in 2010. However, considerable volatility emerged thereafter. The years 2011 and 2012 recorded operating losses (-68.7 million and -37.6 million respectively), indicating operational difficulties or increased expenses. Subsequently, from 2013 to 2015, operating income rebounded with positive figures, peaking again around 516 million in 2015. In 2016, a significant loss occurred (-502.6 million), followed by a recovery with positive or marginally positive operating income until 2019. The year 2020 saw a notable drop, but subsequent years 2021 and 2023 showed strong recovery, with 2023 reaching its highest recorded operating income of approximately 857 million US dollars. This pattern suggests cyclical dynamics and potential operational challenges mitigated by intermittent recoveries.

Net Income (Loss)

Net income generally mirrored the trends in operating income but with even greater volatility. Strong positive net income was observed from 2006 through 2010, peaking in 2010 at roughly 664 million US dollars. Subsequently, 2011 and 2012 again demonstrated net losses, highlighting the financial impact of the operational challenges faced. The period from 2013 to 2015 showed returned profitability, with net income peaking at approximately 546 million in 2015 before a sharp loss of nearly 358 million in 2016. The following years up to 2019 presented mixed results with fluctuating profitability. The final two years, 2022 and 2023, show divergence, with 2022 experiencing losses (approximately -44 million) and 2023 reporting the highest net income level in the dataset at about 831 million US dollars, indicating a strong financial rebound.

Overall, the data reflects a pattern of rapid growth in sales and profitability during the initial years, interrupted by significant instability particularly in operating and net income in the early 2010s and mid-2010s. Despite these challenges, the company demonstrated resilience with repeated recoveries in operating and net income, culminating in strong financial performance in the most recent year. The fluctuations in profitability relative to sales growth may point to changes in cost structure, market conditions, or strategic investments that impacted earnings temporarily but eventually led to restored profitability.

The annual financial data reveals significant growth in both current assets and total assets over the analyzed period. Current assets increased steadily from approximately $388.5 million in 2006 to over $4.6 billion in 2023, indicating a considerable expansion in the company's liquid and short-term asset base. This growth, however, demonstrates some fluctuations, particularly around 2014 and 2019, where current assets showed a slight decline or stagnation before continuing their upward trend.

Total assets exhibit a similarly robust upward trajectory, rising from about $578.5 million in 2006 to over $10.3 billion in 2023. The growth trend is generally consistent year over year, with assets nearly doubling from 2017 to 2023, suggesting substantial investments or acquisitions contributing to asset base expansion. The steadiness in asset growth, despite some minor dips, reflects strategic asset management and capital deployment aimed at long-term growth.

Current Assets

Displayed a nearly 12-fold increase, reflecting improved liquidity and operational capacity.

Experienced temporary decreases in 2014 and again around 2019, which could indicate inventory adjustments, receivables collection challenges, or changes in cash holdings.

Strong recovery following these dips highlights effective asset management and operational resilience.

Total Assets

Showcased a consistent upward pattern with a nearly 18-fold increase over the period, signaling aggressive growth and capital investment.

Minor declines or stagnation periods occurred but were promptly corrected in subsequent years, underscoring the firm’s ability to maintain asset growth momentum.

Substantial asset accumulation post-2017 suggests possible expansion initiatives, enhanced plant capacity, or strategic acquisitions.

Overall, the data indicates that the company has successfully expanded its asset base significantly over the 17-year timeline, reinforcing a strong financial footing and enhanced capacity to support operations and growth strategies. The occasional fluctuations in current assets may warrant further investigation into working capital management, but the general trend demonstrates a positive trajectory in financial health and resource accumulation.

The financial data reveals several notable trends regarding liabilities, debt, and stockholders' equity over the examined period.

Current Liabilities

Current liabilities show a substantial increase from 52,073 thousand US dollars in 2006 to a peak around 1,588,061 thousand in 2013, followed by some fluctuation in subsequent years. After 2013, current liabilities decreased to around 650,276 thousand by 2017 but then climbed again, reaching approximately 1,306,158 thousand by 2023. This pattern indicates periods of increased short-term obligations, with significant volatility especially in the earlier years.

Total Liabilities

Total liabilities exhibited a general upward trend from 116,844 thousand in 2006 to a notable peak of 2,743,166 thousand in 2012. Following this, there was a decline through 2016 to about 1,654,526 thousand, then a subsequent rise with fluctuations leading up to the highest value of 3,677,663 thousand in 2023. This suggests an overall increase in the company’s obligations over time, with phases of both substantial growth and reduction.

Total Debt

Total debt initially rose steadily from 80,697 thousand in 2006 to 663,648 thousand in 2011, then dropped significantly by 2013 to 223,323 thousand. After some variability, debt settled lower relative to prior peaks, reaching 184,349 thousand in 2022 before increasing again to 560,306 thousand in 2023. The variation in debt levels contrasts with total liabilities, indicating changes in the composition of liabilities or strategic debt management activities.

Stockholders’ Equity

Stockholders' equity consistently rose from 411,440 thousand in 2006 to 6,687,469 thousand in 2023. This growth, while generally steady, includes moderate fluctuations around 2016 and 2017 where slight decreases occurred, but the positive trajectory resumed promptly. The substantial increase in equity reflects overall growth in the company's net worth and financial strength across the period.

In summary, the data presents a picture of increasing financial scale, with liabilities and equity both expanding significantly. Current liabilities and total liabilities experienced periods of high volatility, while total debt showed more fluctuation and less consistent growth. Stockholders' equity steadily increased, underscoring overall growth and value creation despite variations in the company’s leverage and short-term financial obligations.

The financial activities reveal distinct trends over the analyzed periods. Operating cash flow demonstrates variability, with several years of positive inflows interspersed with occasional negative values. Early years such as 2007 through 2010 show strong positive cash generation, peaking notably in 2009 and 2010. However, a downturn occurs in 2011, with a shift to negative operating cash flow. This is followed by a recovery and generally positive cash flow in the subsequent years, culminating in substantial positive figures in 2017 and 2021. The recent years, particularly 2022 and 2023, maintain robust positive operating cash flows, indicating improved operational efficiency and cash generation ability.

Investing activities consistently reflect negative cash flows throughout most years, signifying steady investment outflows. From 2006 to 2011, the investing cash outflows are relatively high, peaking around 2010 and 2011. Although still negative, these outflows reduce in magnitude intermittently, such as in 2015 and 2016, where a positive value appears, suggesting occasional divestments or returns from investments. However, the pattern returns to significant negative cash flows in the later years, particularly in 2022, where the largest outflow is recorded, pointing towards intensified investment activity during this period.

Financing activities show a more mixed pattern. Early years (2006 to 2008) indicate strong inflows from financing, presumably from debt or equity issuance. Between 2009 and 2012, cash flows from financing are more volatile, including some negative cash flow years such as 2009 and 2012, reflecting possible debt repayments or other financing outflows. After 2012, the financing cash flows tend to fluctuate, with small positive inflows alternating with negative outflows, suggesting varying approaches to capital structure management. Notably, the years 2017 through 2023 show consistent positive inflows from financing, with 2022 and 2023 marking particularly high figures, indicating active funding or refinancing efforts in recent periods.

Operating Activities

Generally positive cash flows with some intermittent negatives, highest inflows noticed in 2009, 2010, 2017, 2021, 2022, and 2023.

Investing Activities

Predominantly negative cash flows indicative of sustained investment activities, with peaks in outflows in 2010, 2011, and 2022. Occasional positive cash flow years suggest asset disposals.

Financing Activities

Variable cash flows with strong inflows early on, sporadic outflows around 2009-2012, and renewed financing inflows in recent years, particularly 2017-2023.

Overall, the company demonstrates strong operational cash generation capacity, balanced with substantial investing cash outflows aligned with growth or capital expenditure strategies. The financing activities reflect active management of capital resources, adapting to cash flow needs over the years. The recent trend of high operating cash inflows combined with significant financing inflows and heavy investing outflows suggests a phase of expansion or reinvestment supported by external funding.

Basic and Diluted Earnings Per Share (EPS) Trends

The basic and diluted EPS exhibited significant volatility over the analyzed period. Starting from a modest value of approximately $0.07 in 2006, EPS rose sharply, peaking around 2009 and 2010 with values near $7.67 and $7.82 respectively. This upward momentum was followed by a notable decline in 2011 and 2012, with negative earnings per share reported, indicating net losses during these years.

From 2013 through 2015, the EPS recovered, stabilizing at positive levels between approximately $3.7 and $5.4. However, the period from 2016 to 2019 again showed fluctuations with negative earnings in 2016 and 2017, mild recovery in 2018, and a negative return in 2019. The EPS rebounded from 2020 onwards, exhibiting positive values around $3.7 to $4.4 in the early 2020s.

In 2022, the earnings once again turned negative, suggesting a loss, but the company saw a sharp improvement in 2023 with EPS rising significantly to around $7.7 to $7.8, reaching levels comparable to the earlier peak observed around 2009-2010.

Overall, the EPS data highlight periods of strong profitability interspersed with years of losses, implying an earnings pattern sensitive to external or internal factors impacting financial performance.

Dividend per Share

The data set shows no dividend payments throughout the entire period, indicating that the company did not distribute earnings to shareholders in the form of dividends during these years. This may suggest a reinvestment strategy or financial constraints affecting the ability to pay dividends.