Selected Financial Data
since 2006
Income Statement
First Solar Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2023 | 3,318,602) | 857,266) | 830,777) |
| Dec 31, 2022 | 2,619,319) | (27,236) | (44,166) |
| Dec 31, 2021 | 2,923,377) | 586,751) | 468,693) |
| Dec 31, 2020 | 2,711,332) | 317,489) | 398,355) |
| Dec 31, 2019 | 3,063,117) | (161,785) | (114,933) |
| Dec 31, 2018 | 2,244,044) | 40,113) | 144,326) |
| Dec 31, 2017 | 2,941,324) | 177,851) | (165,615) |
| Dec 31, 2016 | 2,951,328) | (502,590) | (357,964) |
| Dec 31, 2015 | 3,578,995) | 516,664) | 546,421) |
| Dec 31, 2014 | 3,391,814) | 424,163) | 396,918) |
| Dec 31, 2013 | 3,308,989) | 368,529) | 353,038) |
| Dec 31, 2012 | 3,368,545) | (37,563) | (96,338) |
| Dec 31, 2011 | 2,766,207) | (68,664) | (39,493) |
| Dec 31, 2010 | 2,563,515) | 748,903) | 664,201) |
| Dec 26, 2009 | 2,066,200) | 679,615) | 640,138) |
| Dec 27, 2008 | 1,246,301) | 438,339) | 348,330) |
| Dec 29, 2007 | 503,976) | 137,181) | 158,354) |
| Dec 30, 2006 | 134,974) | 2,810) | 3,974) |
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).
Financial performance from 2006 to 2023 is characterized by an initial period of aggressive expansion followed by a prolonged phase of volatility in both top-line revenue and bottom-line profitability.
- Revenue Trends
- Net sales experienced exponential growth between 2006 and 2012, rising from 134.9 million to a peak of 3.37 billion. Following this rapid ascent, revenue remained relatively stagnant or fluctuated between 2.24 billion and 3.58 billion for over a decade. A notable contraction occurred in 2018, followed by a recovery trend that culminated in 3.32 billion by the end of 2023.
- Operating Income Performance
- Operating profitability has exhibited significant instability throughout the analyzed period. A period of strong growth peaked in 2010 at 748.9 million, which was immediately succeeded by operating losses in 2011 and 2012. While profitability returned between 2013 and 2015, a substantial operating loss of 502.6 million was recorded in 2016. This pattern of oscillation between profit and loss persisted through 2022, concluding with a sharp increase to a historical high of 857.3 million in 2023.
- Net Income Analysis
- Net income closely mirrors the volatility observed in operating results. Substantial gains were realized during the 2009-2010 and 2014-2015 windows, interspersed with periods of net losses, most notably in 2016 and 2017. Following a volatile cycle between 2019 and 2022, the most recent fiscal year showed a significant recovery, with net income reaching its highest recorded level of 830.8 million in 2023.
- Profitability and Margin Insights
- A comparative analysis of revenue and income suggests a fundamental shift in operational efficiency. Although revenue in 2023 is comparable to the levels seen between 2012 and 2015, the operating and net income figures for 2023 represent the highest peaks in the entire data set. This divergence indicates a marked improvement in profit margins and a more effective cost structure relative to previous high-revenue periods.
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Balance Sheet: Assets
First Solar Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 4,634,809) | 10,365,132) |
| Dec 31, 2022 | 3,791,421) | 8,251,228) |
| Dec 31, 2021 | 3,191,243) | 7,413,746) |
| Dec 31, 2020 | 3,014,535) | 7,108,931) |
| Dec 31, 2019 | 3,599,834) | 7,515,689) |
| Dec 31, 2018 | 3,859,523) | 7,121,362) |
| Dec 31, 2017 | 3,832,772) | 6,864,501) |
| Dec 31, 2016 | 3,786,620) | 6,867,213) |
| Dec 31, 2015 | 3,345,586) | 7,316,331) |
| Dec 31, 2014 | 3,190,466) | 6,724,439) |
| Dec 31, 2013 | 3,792,764) | 6,883,502) |
| Dec 31, 2012 | 2,832,324) | 6,348,692) |
| Dec 31, 2011 | 2,613,261) | 5,777,614) |
| Dec 31, 2010 | 1,584,460) | 4,380,403) |
| Dec 26, 2009 | 1,351,271) | 3,349,512) |
| Dec 27, 2008 | 1,077,401) | 2,114,502) |
| Dec 29, 2007 | 802,509) | 1,371,312) |
| Dec 30, 2006 | 388,522) | 578,510) |
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).
The asset trajectory demonstrates a sustained long-term expansion, with total assets increasing from US$ 578.5 million in 2006 to US$ 10.37 billion by the end of 2023. This growth pattern is characterized by an initial phase of rapid scaling, followed by a decade of relative stabilization, and concluding with a recent period of accelerated growth.
- Total Asset Growth Patterns
- A period of aggressive expansion occurred between 2006 and 2013, during which total assets grew more than tenfold to reach US$ 6.88 billion. From 2014 to 2021, the growth rate decelerated significantly, with total assets oscillating between US$ 6.72 billion and US$ 7.52 billion. A renewed surge is observed starting in 2022, with total assets increasing to US$ 8.25 billion and peaking at US$ 10.37 billion in 2023, representing a substantial increase in the company's overall resource base.
- Current Asset Trends
- Current assets mirrored the initial growth trend of total assets up until 2013, rising from US$ 388.5 million to a peak of US$ 3.79 billion. However, a divergent trend emerged between 2014 and 2020, during which current assets generally declined or stagnated, reaching a period low of US$ 3.01 billion in 2020. A recovery phase is evident from 2021 onward, with current assets climbing to US$ 4.63 billion by the end of 2023.
- Asset Composition and Structural Shifts
- The ratio of current assets to total assets indicates shifting financial structures over time. In the early growth years (2006-2010), current assets constituted a larger portion of the total asset base. During the consolidation phase (2014-2020), total assets remained relatively stable while current assets declined, suggesting a shift toward non-current assets. The most recent data from 2023 shows that while current assets grew to US$ 4.63 billion, total assets grew more aggressively to US$ 10.37 billion, indicating a significant increase in long-term investments or fixed assets relative to liquid assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
First Solar Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2023 | 1,306,158) | 3,677,663) | 560,306) | 6,687,469) |
| Dec 31, 2022 | 1,038,048) | 2,415,173) | 184,349) | 5,836,055) |
| Dec 31, 2021 | 726,878) | 1,454,195) | 239,901) | 5,959,551) |
| Dec 31, 2020 | 847,398) | 1,588,003) | 279,231) | 5,520,928) |
| Dec 31, 2019 | 1,318,208) | 2,418,922) | 471,697) | 5,096,767) |
| Dec 31, 2018 | 845,457) | 1,908,959) | 466,791) | 5,212,403) |
| Dec 31, 2017 | 650,276) | 1,765,804) | 393,540) | 5,098,697) |
| Dec 31, 2016 | 899,707) | 1,654,526) | 188,388) | 5,212,687) |
| Dec 31, 2015 | 960,800) | 1,767,844) | 289,415) | 5,548,487) |
| Dec 31, 2014 | 1,001,096) | 1,696,952) | 216,921) | 5,027,487) |
| Dec 31, 2013 | 1,588,061) | 2,380,385) | 223,323) | 4,503,117) |
| Dec 31, 2012 | 1,101,374) | 2,743,166) | 562,572) | 3,605,526) |
| Dec 31, 2011 | 973,724) | 2,133,751) | 663,648) | 3,643,863) |
| Dec 31, 2010 | 469,677) | 925,458) | 247,391) | 3,454,945) |
| Dec 26, 2009 | 394,927) | 696,725) | 174,958) | 2,652,787) |
| Dec 27, 2008 | 381,777) | 601,460) | 198,470) | 1,513,042) |
| Dec 29, 2007 | 186,478) | 274,045) | 108,165) | 1,097,267) |
| Dec 30, 2006 | 52,073) | 116,844) | 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).
The financial trajectory from 2006 to 2023 reflects a significant expansion of the balance sheet, characterized by a substantial increase in stockholders' equity and fluctuating liability levels. While total liabilities have grown over the long term, the growth in equity has remained more consistent, suggesting a strengthening of the overall capital base.
- Liability Trends and Composition
- Total liabilities exhibited a period of rapid escalation between 2006 and 2012, rising from 116.8 million to 2.74 billion. Following a period of contraction and stabilization between 2013 and 2021, liabilities surged to a peak of 3.68 billion by the end of 2023. Current liabilities mirror this volatility, peaking in 2013 at 1.59 billion and again in 2023 at 1.31 billion. The high proportion of current liabilities relative to total liabilities indicates that a significant portion of the company's obligations are short-term in nature.
- Debt Management and Leverage
- Total debt does not follow the same trajectory as total liabilities, peaking in 2011 at 663.6 million before trending downward to a low of 184.3 million in 2022. A sharp increase to 560.3 million occurred in 2023. The fact that total debt remains a relatively small fraction of total liabilities suggests that the company relies more heavily on operational liabilities—such as accounts payable or accrued expenses—rather than long-term financial borrowing to fund its operations.
- Growth in Stockholders' Equity
- Stockholders' equity has demonstrated a consistent and strong upward trend, growing from 411.4 million in 2006 to 6.69 billion in 2023. This represents a substantial accumulation of net assets over the period. The steady growth in equity, particularly from 2010 onwards, has provided a significant buffer against the increase in total liabilities, contributing to a robust solvency position.
- Overall Financial Solvency Analysis
- The relationship between total liabilities and stockholders' equity indicates a conservative leverage profile. Despite the increase in total liabilities to 3.68 billion in 2023, the equity position of 6.69 billion ensures that the company remains primarily equity-financed. The expansion of the equity base has outpaced the growth of long-term debt, reducing the long-term financial risk profile of the entity.
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Cash Flow Statement
First Solar Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 602,260) | (472,791) | 336,853) |
| Dec 31, 2022 | 873,369) | (1,192,574) | 309,392) |
| Dec 31, 2021 | 237,559) | (99,040) | 40,550) |
| Dec 31, 2020 | 37,120) | (131,227) | (82,587) |
| Dec 31, 2019 | 174,201) | (362,298) | 74,943) |
| Dec 31, 2018 | (326,809) | (682,714) | 255,228) |
| Dec 31, 2017 | 1,340,677) | (626,802) | 192,045) |
| Dec 31, 2016 | 206,753) | 144,520) | (136,393) |
| Dec 31, 2015 | (360,919) | (112,140) | 137,103) |
| Dec 31, 2014 | 680,989) | (511,879) | 7,359) |
| Dec 31, 2013 | 856,126) | (537,106) | 101,164) |
| Dec 31, 2012 | 762,209) | (383,732) | (89,109) |
| Dec 31, 2011 | (33,463) | (676,457) | 571,218) |
| Dec 31, 2010 | 705,492) | (742,085) | 150,451) |
| Dec 26, 2009 | 675,193) | (701,690) | (22,021) |
| Dec 27, 2008 | 463,067) | (308,441) | 177,549) |
| Dec 29, 2007 | 205,951) | (547,250) | 430,421) |
| Dec 30, 2006 | (576) | (159,994) | 451,550) |
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).
The cash flow profile exhibits significant volatility over the analyzed period, characterized by cyclical operating results and a consistent long-term commitment to capital expenditures. The interaction between operating, investing, and financing activities suggests a business model that periodically requires external funding to sustain aggressive investment phases.
- Operating Cash Flow Trends
- Net cash provided by operating activities shows a pattern of instability, fluctuating between strong positive generation and intermittent deficits. Significant peaks occurred in 2013 (856 million USD), 2017 (1.34 billion USD), and 2022 (873 million USD). Conversely, operational cash outflows were recorded in 2011, 2015, and 2018, indicating periods of working capital pressure or diminished operational efficiency.
- Investing Cash Flow Patterns
- A persistent negative trend is observed in investing activities, reflecting sustained capital outflows. The company maintained a continuous investment posture for nearly the entire duration, with the most substantial outflow occurring in 2022 at 1.19 billion USD. A singular deviation occurred in 2016, when investing activities provided a net inflow of 144 million USD, suggesting a period of asset divestiture or liquidation of short-term investments.
- Financing Cash Flow Dynamics
- Financing activities have served as a critical liquidity source, particularly during years of heavy investment or operational deficits. Strong inflows were recorded during the initial phase (2006-2008) and more recently between 2021 and 2023. Periodic outflows, such as those in 2009, 2012, 2016, and 2020, indicate phases of debt repayment or shareholder distributions.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a strategic reliance on financing to bridge the gap between operating cash generation and investment requirements. This is most evident in 2022, where the substantial operating inflow of 873 million USD was insufficient to cover the 1.19 billion USD investing outflow, necessitating a financing inflow of 309 million USD to maintain liquidity. Overall, the long-term trend indicates a capital-intensive operation that leverages external financing to support expansion.
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Per Share Data
First Solar Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 7.78 | 7.74 | 0.00 |
| Dec 31, 2022 | -0.41 | -0.41 | 0.00 |
| Dec 31, 2021 | 4.41 | 4.38 | 0.00 |
| Dec 31, 2020 | 3.76 | 3.73 | 0.00 |
| Dec 31, 2019 | -1.09 | -1.09 | 0.00 |
| Dec 31, 2018 | 1.38 | 1.36 | 0.00 |
| Dec 31, 2017 | -1.59 | -1.59 | 0.00 |
| Dec 31, 2016 | -3.48 | -3.48 | 0.00 |
| Dec 31, 2015 | 5.42 | 5.37 | 0.00 |
| Dec 31, 2014 | 3.97 | 3.91 | 0.00 |
| Dec 31, 2013 | 3.77 | 3.70 | 0.00 |
| Dec 31, 2012 | -1.11 | -1.11 | 0.00 |
| Dec 31, 2011 | -0.46 | -0.46 | 0.00 |
| Dec 31, 2010 | 7.82 | 7.68 | 0.00 |
| Dec 26, 2009 | 7.67 | 7.53 | 0.00 |
| Dec 27, 2008 | 4.34 | 4.24 | 0.00 |
| Dec 29, 2007 | 2.12 | 2.03 | 0.00 |
| Dec 30, 2006 | 0.07 | 0.07 | 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).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share earnings trajectory exhibits significant cyclicality and volatility from 2006 through 2023. The earnings profile is characterized by distinct periods of rapid expansion followed by sharp contractions, reflecting a highly unstable profit trend over the nearly two-decade period.
- Earnings Per Share Volatility
- A period of aggressive growth occurred between 2006 and 2010, with basic earnings per share rising from 0.07 to a peak of 7.82. This was followed by a sudden reversal in 2011 and 2012, where earnings transitioned into negative territory, reaching -1.11 in 2012.
- A second recovery phase was observed from 2013 to 2015, with basic earnings peaking at 5.42. However, this was followed by further instability, including a significant drop to -3.48 in 2016 and another negative result of -1.09 in 2019.
- Recent performance shows a trend of recovery and growth, with basic earnings reaching 4.41 in 2021, a brief dip to -0.41 in 2022, and a substantial surge to 7.78 by the end of 2023.
- Dilution Impact
- Diluted earnings per share consistently mirrored the movements of basic earnings per share. The narrow variance between the two figures indicates that the impact of dilutive securities on per-share profitability has remained minimal across all reporting periods.
- Dividend Distribution
- There is a complete absence of dividend payments per share throughout the entire period from 2006 to 2023, suggesting a corporate strategy focused on capital retention rather than shareholder distributions.
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