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First Solar Inc. (NASDAQ:FSLR)

This company has been moved to the archive! The financial data has not been updated since October 29, 2024.

Total Asset Turnover
since 2006

Microsoft Excel

Calculation

First Solar Inc., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Net sales1 ÷ Total assets1
Dec 31, 2023 0.32 = 3,318,602 ÷ 10,365,132
Dec 31, 2022 0.32 = 2,619,319 ÷ 8,251,228
Dec 31, 2021 0.39 = 2,923,377 ÷ 7,413,746
Dec 31, 2020 0.38 = 2,711,332 ÷ 7,108,931
Dec 31, 2019 0.41 = 3,063,117 ÷ 7,515,689
Dec 31, 2018 0.32 = 2,244,044 ÷ 7,121,362
Dec 31, 2017 0.43 = 2,941,324 ÷ 6,864,501
Dec 31, 2016 0.43 = 2,951,328 ÷ 6,867,213
Dec 31, 2015 0.49 = 3,578,995 ÷ 7,316,331
Dec 31, 2014 0.50 = 3,391,814 ÷ 6,724,439
Dec 31, 2013 0.48 = 3,308,989 ÷ 6,883,502
Dec 31, 2012 0.53 = 3,368,545 ÷ 6,348,692
Dec 31, 2011 0.48 = 2,766,207 ÷ 5,777,614
Dec 31, 2010 0.59 = 2,563,515 ÷ 4,380,403
Dec 26, 2009 0.62 = 2,066,200 ÷ 3,349,512
Dec 27, 2008 0.59 = 1,246,301 ÷ 2,114,502
Dec 29, 2007 0.37 = 503,976 ÷ 1,371,312
Dec 30, 2006 0.23 = 134,974 ÷ 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).

1 US$ in thousands

The analysis of asset utilization from 2006 to 2023 reveals three distinct operational phases: an initial period of rapid efficiency gains, a prolonged period of relative stabilization, and a subsequent decline in turnover ratios.

Early Growth and Peak Efficiency (2006–2009)
Total asset turnover experienced a significant upward trajectory, rising from 0.23 in 2006 to a peak of 0.62 in 2009. This improvement coincided with an aggressive expansion in net sales, which grew from approximately 135 million to over 2 billion US dollars. During this window, revenue growth substantially outpaced the accumulation of assets, indicating highly efficient scaling of the asset base.
Operational Stabilization (2010–2017)
The turnover ratio entered a period of fluctuation, generally ranging between 0.43 and 0.59. While net sales peaked at approximately 3.58 billion US dollars in 2015, total assets continued to expand, reaching 7.32 billion US dollars in the same year. The gradual compression of the turnover ratio during this period suggests that asset growth began to align more closely with, or exceed, the rate of revenue generation.
Efficiency Contraction and Asset Expansion (2018–2023)
A downward trend is observed in the latter part of the sequence, with the turnover ratio dropping to 0.32 by 2018 and remaining suppressed through 2023. Despite net sales recovering to 3.32 billion US dollars by 2023, the asset base expanded sharply to 10.37 billion US dollars. This divergence indicates that recent asset investments have not yet yielded proportional increases in sales, resulting in a return to efficiency levels similar to those seen at the start of the observed period.

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Comparison to Competitors

First Solar Inc., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
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 0.32 0.33 0.25 0.86 0.49 0.28 0.75 0.93 0.26 0.24 0.65 0.70 0.54
Dec 31, 2022 0.32 0.35 0.24 0.96 0.45 0.35 0.73 1.00 0.20 0.46 0.61 0.90 0.74
Dec 31, 2021 0.39 1.32 0.14 0.89 0.36 0.47 0.67 0.92 0.28 0.47 0.58 0.81 0.74
Dec 31, 2020 0.38 1.09 0.26 0.77 0.31 0.51 0.63 0.69 0.24 0.40 0.63 0.66 0.75
Dec 31, 2019 0.41 1.12 0.28 0.77 0.33 0.53 0.51 0.80 0.29 0.48 0.88 0.74 0.80
Dec 31, 2018 0.32 1.42 0.30 0.97 0.42 0.55 0.72 0.89 0.51 0.70 0.86 0.70 0.92
Dec 31, 2017 0.43 1.51 0.24 0.75 0.32 0.51 0.63 0.66 0.50 0.58 0.70 0.34 0.85
Dec 31, 2016 0.43 1.29 0.43 0.74 0.26 0.52 0.60 0.48 0.50 0.45 0.68 0.45 0.81
Dec 31, 2015 0.49 1.28 0.49 0.63 0.64 0.54 0.58 0.56 0.63 0.67 0.65 0.50 0.80
Dec 31, 2014 0.50 1.46 0.42 0.69 0.41 0.61 0.53 0.58 0.62 0.73 0.57 0.55 0.74
Dec 31, 2013 0.48 1.22 0.41 0.62 0.74 0.57 0.54 0.50 0.60 0.47 0.67 0.55 0.64
Dec 31, 2012 0.53 1.36 0.48 0.72 0.83 0.63 0.62 0.33 0.59 0.57 0.72 0.44 0.64
Dec 31, 2011 0.48 1.33 0.57 0.76 0.96 0.76 0.68 0.80 0.57 0.60 0.79 0.41 0.67
Dec 31, 2010 0.59 1.31 0.64 0.87 0.97 0.69 0.47 0.86 0.54 0.58 0.93 0.36 1.04
Dec 26, 2009 0.62 0.60 0.59 0.52 0.75 0.66 0.42 0.57 0.67 0.42 1.02 0.38 0.86
Dec 27, 2008 0.59 0.76 0.84 0.74 — 0.74 0.52 0.88 0.64 0.43 1.09 0.45 1.05
Dec 29, 2007 0.37 0.52 0.86 0.91 — 0.69 0.59 1.22 0.49 0.38 1.15 0.48 1.09
Dec 30, 2006 0.23 0.43 0.65 0.97 — 0.73 0.45 0.71 0.48 0.43 1.24 0.49 1.02

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., total asset turnover, long-term trends, comparison to sector (semiconductors & semiconductor equipment)

Microsoft Excel
First Solar Inc. Semiconductors & Semiconductor Equipment
Dec 31, 2023 0.32 0.43
Dec 31, 2022 0.32 0.49
Dec 31, 2021 0.39 0.52
Dec 31, 2020 0.38 0.50
Dec 31, 2019 0.41 0.54
Dec 31, 2018 0.32 0.63
Dec 31, 2017 0.43 0.49
Dec 31, 2016 0.43 0.50
Dec 31, 2015 0.49 0.58
Dec 31, 2014 0.50 0.62
Dec 31, 2013 0.48 0.58
Dec 31, 2012 0.53 0.60
Dec 31, 2011 0.48 0.67
Dec 31, 2010 0.59 0.68
Dec 26, 2009 0.62 0.59
Dec 27, 2008 0.59 0.69
Dec 29, 2007 0.37 0.68
Dec 30, 2006 0.23 0.68

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., total asset turnover, long-term trends, comparison to industry (information technology)

Microsoft Excel
First Solar Inc. Information Technology
Dec 31, 2023 0.32 0.61
Dec 31, 2022 0.32 0.64
Dec 31, 2021 0.39 0.62
Dec 31, 2020 0.38 0.58
Dec 31, 2019 0.41 0.59
Dec 31, 2018 0.32 0.59
Dec 31, 2017 0.43 0.51
Dec 31, 2016 0.43 0.55
Dec 31, 2015 0.49 0.63
Dec 31, 2014 0.50 0.64
Dec 31, 2013 0.48 0.66
Dec 31, 2012 0.53 0.70
Dec 31, 2011 0.48 0.73
Dec 31, 2010 0.59 0.72
Dec 26, 2009 0.62 0.69
Dec 27, 2008 0.59 0.79
Dec 29, 2007 0.37 0.76
Dec 30, 2006 0.23 0.75

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).