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.

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, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net fixed asset turnover 0.74 1.10 1.13 1.40 1.28
Net fixed asset turnover (including operating lease, right-of-use asset) 0.72 1.02 1.03 1.32 1.28
Total asset turnover 0.32 0.39 0.38 0.41 0.32
Equity turnover 0.45 0.49 0.49 0.60 0.43

Based on: 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).

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 2020 to 2021 and from 2021 to 2022.
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 2020 to 2021 and from 2021 to 2022.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. First Solar Inc. total asset turnover ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. First Solar Inc. equity turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Net Fixed Asset Turnover

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

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net sales 2,619,319 2,923,377 2,711,332 3,063,117 2,244,044
Property, plant and equipment, net 3,536,902 2,649,587 2,402,285 2,181,149 1,756,211
Long-term Activity Ratio
Net fixed asset turnover1 0.74 1.10 1.13 1.40 1.28
Benchmarks
Net Fixed Asset Turnover, Competitors2
Advanced Micro Devices Inc. 15.60 23.41 15.23 13.46
Analog Devices Inc. 5.00 3.70 5.00 4.91 5.37
Applied Materials Inc. 11.18 11.93 10.72 9.55 12.26
Broadcom Inc. 14.94 11.69 9.52 8.81 7.91
Intel Corp. 0.78 1.25 1.38 1.30
KLA Corp. 10.84 10.44 11.17 10.18 14.10
Lam Research Corp. 10.46 11.22 9.37 9.12 12.27
Micron Technology Inc. 0.80 0.83 0.69 0.83 1.28
NVIDIA Corp. 9.69 7.76 6.52 8.34
ON Semiconductor Corp. 2.38 2.65 2.09 2.13
Qualcomm Inc. 8.55 7.36 6.34 7.88 7.64
Texas Instruments Inc. 2.91 3.57 4.42 4.35
Net Fixed Asset Turnover, Sector
Semiconductors & Semiconductor Equipment 2.11 2.32 2.12 2.13
Net Fixed Asset Turnover, Industry
Information Technology 4.14 4.44 4.23 4.27

Based on: 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).

1 2022 Calculation
Net fixed asset turnover = Net sales ÷ Property, plant and equipment, net
= 2,619,319 ÷ 3,536,902 = 0.74

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 2020 to 2021 and from 2021 to 2022.

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, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net sales 2,619,319 2,923,377 2,711,332 3,063,117 2,244,044
 
Property, plant and equipment, net 3,536,902 2,649,587 2,402,285 2,181,149 1,756,211
Operating lease assets 93,185 207,544 226,664 145,711
Property, plant and equipment, net (including operating lease, right-of-use asset) 3,630,087 2,857,131 2,628,949 2,326,860 1,756,211
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 0.72 1.02 1.03 1.32 1.28
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Advanced Micro Devices Inc. 11.96 15.37 11.50 9.55
Analog Devices Inc. 4.51 3.24 4.07 4.91 5.37
Applied Materials Inc. 9.56 10.35 9.27 9.55 12.26
Broadcom Inc. 12.12 9.35 7.71 8.81 7.91
Intel Corp. 0.78 1.24 1.36 1.28
KLA Corp. 9.43 9.03 9.36 10.18 14.10
Lam Research Corp. 9.19 9.90 8.06 9.12 12.27
Micron Technology Inc. 0.78 0.82 0.68 0.83 1.28
NVIDIA Corp. 7.46 5.84 4.76 8.34
ON Semiconductor Corp. 2.22 2.48 1.98 2.04
Qualcomm Inc. 7.62 6.62 5.64 7.88 7.64
Texas Instruments Inc. 2.74 3.27 4.03 3.95
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Semiconductors & Semiconductor Equipment 2.04 2.23 2.04 2.10
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Information Technology 3.59 3.79 3.60 3.99

Based on: 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).

1 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 2,619,319 ÷ 3,630,087 = 0.72

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 2020 to 2021 and from 2021 to 2022.

Total Asset Turnover

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

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net sales 2,619,319 2,923,377 2,711,332 3,063,117 2,244,044
Total assets 8,251,228 7,413,746 7,108,931 7,515,689 7,121,362
Long-term Activity Ratio
Total asset turnover1 0.32 0.39 0.38 0.41 0.32
Benchmarks
Total Asset Turnover, Competitors2
Advanced Micro Devices Inc. 0.35 1.32 1.09 1.12
Analog Devices Inc. 0.24 0.14 0.26 0.28 0.30
Applied Materials Inc. 0.96 0.89 0.77 0.77 0.97
Broadcom Inc. 0.45 0.36 0.31 0.33 0.42
Intel Corp. 0.35 0.47 0.51 0.53
KLA Corp. 0.73 0.67 0.63 0.51 0.72
Lam Research Corp. 1.00 0.92 0.69 0.80 0.89
Micron Technology Inc. 0.46 0.47 0.40 0.48 0.70
NVIDIA Corp. 0.61 0.58 0.63 0.88
ON Semiconductor Corp. 0.70 0.70 0.61 0.65
Qualcomm Inc. 0.90 0.81 0.66 0.74 0.70
Texas Instruments Inc. 0.74 0.74 0.75 0.80
Total Asset Turnover, Sector
Semiconductors & Semiconductor Equipment 0.50 0.53 0.51 0.55
Total Asset Turnover, Industry
Information Technology 0.63 0.61 0.57 0.58

Based on: 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).

1 2022 Calculation
Total asset turnover = Net sales ÷ Total assets
= 2,619,319 ÷ 8,251,228 = 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 improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Equity Turnover

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

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net sales 2,619,319 2,923,377 2,711,332 3,063,117 2,244,044
Stockholders’ equity 5,836,055 5,959,551 5,520,928 5,096,767 5,212,403
Long-term Activity Ratio
Equity turnover1 0.45 0.49 0.49 0.60 0.43
Benchmarks
Equity Turnover, Competitors2
Advanced Micro Devices Inc. 0.43 2.19 1.67 2.38
Analog Devices Inc. 0.33 0.19 0.47 0.51 0.56
Applied Materials Inc. 2.11 1.88 1.63 1.78 2.52
Broadcom Inc. 1.46 1.10 1.00 0.91 0.78
Intel Corp. 0.62 0.83 0.96 0.93
KLA Corp. 6.57 2.05 2.18 1.72 2.49
Lam Research Corp. 2.74 2.43 1.94 2.07 1.70
Micron Technology Inc. 0.62 0.63 0.55 0.65 0.94
NVIDIA Corp. 1.01 0.99 0.89 1.25
ON Semiconductor Corp. 1.35 1.47 1.49 1.67
Qualcomm Inc. 2.45 3.37 3.87 4.94 24.50
Texas Instruments Inc. 1.37 1.38 1.57 1.61
Equity Turnover, Sector
Semiconductors & Semiconductor Equipment 0.90 1.01 1.07 1.11
Equity Turnover, Industry
Information Technology 1.61 1.67 1.65 1.65

Based on: 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).

1 2022 Calculation
Equity turnover = Net sales ÷ Stockholders’ equity
= 2,619,319 ÷ 5,836,055 = 0.45

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 2020 to 2021 and from 2021 to 2022.