Stock Analysis on Net

First Solar Inc. (NASDAQ:FSLR)

Analysis of Long-term (Investment) Activity Ratios 

Microsoft Excel

Long-term Activity Ratios (Summary)

First Solar Inc., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 0.75 0.74 1.10 1.13 1.40
Net fixed asset turnover (including operating lease, right-of-use asset) 0.74 0.72 1.02 1.03 1.32
Total asset turnover 0.32 0.32 0.39 0.38 0.41
Equity turnover 0.50 0.45 0.49 0.49 0.60

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).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. First Solar Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). First Solar Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. First Solar Inc. total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. First Solar Inc. equity turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Net Fixed Asset Turnover

First Solar Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Net sales 3,318,602 2,619,319 2,923,377 2,711,332 3,063,117
Property, plant and equipment, net, including finance lease assets 4,414,334 3,536,902 2,649,587 2,402,285 2,181,149
Long-term Activity Ratio
Net fixed asset turnover1 0.75 0.74 1.10 1.13 1.40
Benchmarks
Net Fixed Asset Turnover, Competitors2
Advanced Micro Devices Inc. 14.27 15.60 23.41 15.23 13.46
Analog Devices Inc. 3.82 5.00 3.70 5.00 4.91
Applied Materials Inc. 9.37 11.18 11.93 10.72 9.55
Broadcom Inc. 16.63 14.94 11.69 9.52 8.81
Intel Corp. 0.56 0.78 1.25 1.38 1.30
KLA Corp. 10.17 10.84 10.44 11.17 10.18
Lam Research Corp. 9.39 10.46 11.22 9.37 9.12
Micron Technology Inc. 0.41 0.80 0.83 0.69 0.83
NVIDIA Corp. 7.09 9.69 7.76 6.52 8.34
Qualcomm Inc. 7.10 8.55 7.36 6.34 7.88
Texas Instruments Inc. 1.75 2.91 3.57 4.42 4.35
Net Fixed Asset Turnover, Sector
Semiconductors & Semiconductor Equipment 1.63 2.08 2.29 2.10 2.11
Net Fixed Asset Turnover, Industry
Information Technology 3.53 4.15 4.45 4.25 4.30

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).

1 2023 Calculation
Net fixed asset turnover = Net sales ÷ Property, plant and equipment, net, including finance lease assets
= 3,318,602 ÷ 4,414,334 = 0.75

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. First Solar Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

First Solar Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Net sales 3,318,602 2,619,319 2,923,377 2,711,332 3,063,117
 
Property, plant and equipment, net, including finance lease assets 4,414,334 3,536,902 2,649,587 2,402,285 2,181,149
Operating lease assets 84,419 93,185 207,544 226,664 145,711
Property, plant and equipment, net, including finance lease assets (including operating lease, right-of-use asset) 4,498,753 3,630,087 2,857,131 2,628,949 2,326,860
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 0.74 0.72 1.02 1.03 1.32
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Advanced Micro Devices Inc. 10.21 11.96 15.37 11.50 9.55
Analog Devices Inc. 3.52 4.51 3.24 4.07 4.91
Applied Materials Inc. 8.28 9.56 10.35 9.27 9.55
Broadcom Inc. 13.69 12.12 9.35 7.71 8.81
Intel Corp. 0.56 0.78 1.24 1.36 1.28
KLA Corp. 8.46 9.43 9.03 9.36 10.18
Lam Research Corp. 8.30 9.19 9.90 8.06 9.12
Micron Technology Inc. 0.40 0.78 0.82 0.68 0.83
NVIDIA Corp. 5.57 7.46 5.84 4.76 8.34
Qualcomm Inc. 6.34 7.62 6.62 5.64 7.88
Texas Instruments Inc. 1.66 2.74 3.27 4.03 3.95
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Semiconductors & Semiconductor Equipment 1.58 2.01 2.20 2.02 2.08
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Information Technology 3.10 3.60 3.80 3.61 4.02

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).

1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, plant and equipment, net, including finance lease assets (including operating lease, right-of-use asset)
= 3,318,602 ÷ 4,498,753 = 0.74

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). First Solar Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Total Asset Turnover

First Solar Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Net sales 3,318,602 2,619,319 2,923,377 2,711,332 3,063,117
Total assets 10,365,132 8,251,228 7,413,746 7,108,931 7,515,689
Long-term Activity Ratio
Total asset turnover1 0.32 0.32 0.39 0.38 0.41
Benchmarks
Total Asset Turnover, Competitors2
Advanced Micro Devices Inc. 0.33 0.35 1.32 1.09 1.12
Analog Devices Inc. 0.25 0.24 0.14 0.26 0.28
Applied Materials Inc. 0.86 0.96 0.89 0.77 0.77
Broadcom Inc. 0.49 0.45 0.36 0.31 0.33
Intel Corp. 0.28 0.35 0.47 0.51 0.53
KLA Corp. 0.75 0.73 0.67 0.63 0.51
Lam Research Corp. 0.93 1.00 0.92 0.69 0.80
Micron Technology Inc. 0.24 0.46 0.47 0.40 0.48
NVIDIA Corp. 0.65 0.61 0.58 0.63 0.88
Qualcomm Inc. 0.70 0.90 0.81 0.66 0.74
Texas Instruments Inc. 0.54 0.74 0.74 0.75 0.80
Total Asset Turnover, Sector
Semiconductors & Semiconductor Equipment 0.43 0.49 0.53 0.51 0.54
Total Asset Turnover, Industry
Information Technology 0.59 0.62 0.61 0.56 0.58

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).

1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 3,318,602 ÷ 10,365,132 = 0.32

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. First Solar Inc. total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Equity Turnover

First Solar Inc., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Net sales 3,318,602 2,619,319 2,923,377 2,711,332 3,063,117
Stockholders’ equity 6,687,469 5,836,055 5,959,551 5,520,928 5,096,767
Long-term Activity Ratio
Equity turnover1 0.50 0.45 0.49 0.49 0.60
Benchmarks
Equity Turnover, Competitors2
Advanced Micro Devices Inc. 0.41 0.43 2.19 1.67 2.38
Analog Devices Inc. 0.35 0.33 0.19 0.47 0.51
Applied Materials Inc. 1.62 2.11 1.88 1.63 1.78
Broadcom Inc. 1.49 1.46 1.10 1.00 0.91
Intel Corp. 0.51 0.62 0.83 0.96 0.93
KLA Corp. 3.59 6.57 2.05 2.18 1.72
Lam Research Corp. 2.12 2.74 2.43 1.94 2.07
Micron Technology Inc. 0.35 0.62 0.63 0.55 0.65
NVIDIA Corp. 1.22 1.01 0.99 0.89 1.25
Qualcomm Inc. 1.66 2.45 3.37 3.87 4.94
Texas Instruments Inc. 1.04 1.37 1.38 1.57 1.61
Equity Turnover, Sector
Semiconductors & Semiconductor Equipment 0.77 0.88 0.99 1.05 1.08
Equity Turnover, Industry
Information Technology 1.44 1.60 1.65 1.65 1.65

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).

1 2023 Calculation
Equity turnover = Net sales ÷ Stockholders’ equity
= 3,318,602 ÷ 6,687,469 = 0.50

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. First Solar Inc. equity turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.