Stock Analysis on Net
Stock Analysis on Net

First Solar Inc. (NASDAQ:FSLR)

This company has been moved to the archive! The financial data has not been updated since April 27, 2023.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

First Solar Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Mar 31, 2023 0.71% = 0.49% × 1.46
Dec 31, 2022 -0.76% = -0.54% × 1.41
Sep 30, 2022 1.63% = 1.26% × 1.29
Jun 30, 2022 3.21% = 2.55% × 1.26
Mar 31, 2022 3.67% = 2.92% × 1.26
Dec 31, 2021 7.86% = 6.32% × 1.24
Sep 30, 2021 7.77% = 6.23% × 1.25
Jun 30, 2021 9.73% = 7.77% × 1.25
Mar 31, 2021 9.08% = 7.28% × 1.25
Dec 31, 2020 7.22% = 5.60% × 1.29
Sep 30, 2020 4.14% = 3.20% × 1.29
Jun 30, 2020 1.89% = 1.40% × 1.35
Mar 31, 2020 0.84% = 0.62% × 1.34
Dec 31, 2019 -2.26% = -1.53% × 1.47
Sep 30, 2019 -0.07% = -0.05% × 1.36
Jun 30, 2019 0.46% = 0.33% × 1.39
Mar 31, 2019 -0.12% = -0.09% × 1.41
Dec 31, 2018 2.77% = 2.03% × 1.37
Sep 30, 2018 — = — × 1.37
Jun 30, 2018 — = — × 1.37
Mar 31, 2018 — = — × 1.33

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Three-Component Disaggregation of ROE

First Solar Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Mar 31, 2023 0.71% = 1.49% × 0.33 × 1.46
Dec 31, 2022 -0.76% = -1.69% × 0.32 × 1.41
Sep 30, 2022 1.63% = 3.75% × 0.34 × 1.29
Jun 30, 2022 3.21% = 7.63% × 0.33 × 1.26
Mar 31, 2022 3.67% = 8.68% × 0.34 × 1.26
Dec 31, 2021 7.86% = 16.03% × 0.39 × 1.24
Sep 30, 2021 7.77% = 17.26% × 0.36 × 1.25
Jun 30, 2021 9.73% = 18.96% × 0.41 × 1.25
Mar 31, 2021 9.08% = 17.34% × 0.42 × 1.25
Dec 31, 2020 7.22% = 14.69% × 0.38 × 1.29
Sep 30, 2020 4.14% = 6.38% × 0.50 × 1.29
Jun 30, 2020 1.89% = 3.17% × 0.44 × 1.35
Mar 31, 2020 0.84% = 1.42% × 0.44 × 1.34
Dec 31, 2019 -2.26% = -3.75% × 0.41 × 1.47
Sep 30, 2019 -0.07% = -0.14% × 0.33 × 1.36
Jun 30, 2019 0.46% = 0.95% × 0.35 × 1.39
Mar 31, 2019 -0.12% = -0.28% × 0.30 × 1.41
Dec 31, 2018 2.77% = 6.43% × 0.32 × 1.37
Sep 30, 2018 — = — × — × 1.37
Jun 30, 2018 — = — × — × 1.37
Mar 31, 2018 — = — × — × 1.33

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Five-Component Disaggregation of ROE

First Solar Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Mar 31, 2023 0.71% = 0.39 × 0.91 × 4.18% × 0.33 × 1.46
Dec 31, 2022 -0.76% = -5.14 × 0.41 × 0.79% × 0.32 × 1.41
Sep 30, 2022 1.63% = 0.52 × 0.94 × 7.68% × 0.34 × 1.29
Jun 30, 2022 3.21% = 0.65 × 0.96 × 12.17% × 0.33 × 1.26
Mar 31, 2022 3.67% = 0.85 × 0.95 × 10.70% × 0.34 × 1.26
Dec 31, 2021 7.86% = 0.82 × 0.98 × 20.02% × 0.39 × 1.24
Sep 30, 2021 7.77% = 1.00 × 0.97 × 17.82% × 0.36 × 1.25
Jun 30, 2021 9.73% = 0.94 × 0.97 × 20.98% × 0.41 × 1.25
Mar 31, 2021 9.08% = 0.95 × 0.96 × 18.98% × 0.42 × 1.25
Dec 31, 2020 7.22% = 1.37 × 0.92 × 11.62% × 0.38 × 1.29
Sep 30, 2020 4.14% = 1.47 × 0.86 × 5.01% × 0.50 × 1.29
Jun 30, 2020 1.89% = 24.72 × 0.18 × 0.71% × 0.44 × 1.35
Mar 31, 2020 0.84% = — × — × -0.86% × 0.44 × 1.34
Dec 31, 2019 -2.26% = — × — × -3.05% × 0.41 × 1.47
Sep 30, 2019 -0.07% = -0.19 × 0.33 × 2.25% × 0.33 × 1.36
Jun 30, 2019 0.46% = 0.74 × 0.49 × 2.65% × 0.35 × 1.39
Mar 31, 2019 -0.12% = — × -1.05 × 0.68% × 0.30 × 1.41
Dec 31, 2018 2.77% = 0.98 × 0.85 × 7.74% × 0.32 × 1.37
Sep 30, 2018 — = — × — × — × — × 1.37
Jun 30, 2018 — = — × — × — × — × 1.37
Mar 31, 2018 — = — × — × — × — × 1.33

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Two-Component Disaggregation of ROA

First Solar Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2023 0.49% = 1.49% × 0.33
Dec 31, 2022 -0.54% = -1.69% × 0.32
Sep 30, 2022 1.26% = 3.75% × 0.34
Jun 30, 2022 2.55% = 7.63% × 0.33
Mar 31, 2022 2.92% = 8.68% × 0.34
Dec 31, 2021 6.32% = 16.03% × 0.39
Sep 30, 2021 6.23% = 17.26% × 0.36
Jun 30, 2021 7.77% = 18.96% × 0.41
Mar 31, 2021 7.28% = 17.34% × 0.42
Dec 31, 2020 5.60% = 14.69% × 0.38
Sep 30, 2020 3.20% = 6.38% × 0.50
Jun 30, 2020 1.40% = 3.17% × 0.44
Mar 31, 2020 0.62% = 1.42% × 0.44
Dec 31, 2019 -1.53% = -3.75% × 0.41
Sep 30, 2019 -0.05% = -0.14% × 0.33
Jun 30, 2019 0.33% = 0.95% × 0.35
Mar 31, 2019 -0.09% = -0.28% × 0.30
Dec 31, 2018 2.03% = 6.43% × 0.32
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Four-Component Disaggregation of ROA

First Solar Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2023 0.49% = 0.39 × 0.91 × 4.18% × 0.33
Dec 31, 2022 -0.54% = -5.14 × 0.41 × 0.79% × 0.32
Sep 30, 2022 1.26% = 0.52 × 0.94 × 7.68% × 0.34
Jun 30, 2022 2.55% = 0.65 × 0.96 × 12.17% × 0.33
Mar 31, 2022 2.92% = 0.85 × 0.95 × 10.70% × 0.34
Dec 31, 2021 6.32% = 0.82 × 0.98 × 20.02% × 0.39
Sep 30, 2021 6.23% = 1.00 × 0.97 × 17.82% × 0.36
Jun 30, 2021 7.77% = 0.94 × 0.97 × 20.98% × 0.41
Mar 31, 2021 7.28% = 0.95 × 0.96 × 18.98% × 0.42
Dec 31, 2020 5.60% = 1.37 × 0.92 × 11.62% × 0.38
Sep 30, 2020 3.20% = 1.47 × 0.86 × 5.01% × 0.50
Jun 30, 2020 1.40% = 24.72 × 0.18 × 0.71% × 0.44
Mar 31, 2020 0.62% = — × — × -0.86% × 0.44
Dec 31, 2019 -1.53% = — × — × -3.05% × 0.41
Sep 30, 2019 -0.05% = -0.19 × 0.33 × 2.25% × 0.33
Jun 30, 2019 0.33% = 0.74 × 0.49 × 2.65% × 0.35
Mar 31, 2019 -0.09% = — × -1.05 × 0.68% × 0.30
Dec 31, 2018 2.03% = 0.98 × 0.85 × 7.74% × 0.32
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Disaggregation of Net Profit Margin

First Solar Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2023 1.49% = 0.39 × 0.91 × 4.18%
Dec 31, 2022 -1.69% = -5.14 × 0.41 × 0.79%
Sep 30, 2022 3.75% = 0.52 × 0.94 × 7.68%
Jun 30, 2022 7.63% = 0.65 × 0.96 × 12.17%
Mar 31, 2022 8.68% = 0.85 × 0.95 × 10.70%
Dec 31, 2021 16.03% = 0.82 × 0.98 × 20.02%
Sep 30, 2021 17.26% = 1.00 × 0.97 × 17.82%
Jun 30, 2021 18.96% = 0.94 × 0.97 × 20.98%
Mar 31, 2021 17.34% = 0.95 × 0.96 × 18.98%
Dec 31, 2020 14.69% = 1.37 × 0.92 × 11.62%
Sep 30, 2020 6.38% = 1.47 × 0.86 × 5.01%
Jun 30, 2020 3.17% = 24.72 × 0.18 × 0.71%
Mar 31, 2020 1.42% = — × — × -0.86%
Dec 31, 2019 -3.75% = — × — × -3.05%
Sep 30, 2019 -0.14% = -0.19 × 0.33 × 2.25%
Jun 30, 2019 0.95% = 0.74 × 0.49 × 2.65%
Mar 31, 2019 -0.28% = — × -1.05 × 0.68%
Dec 31, 2018 6.43% = 0.98 × 0.85 × 7.74%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).