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.

Enterprise Value to FCFF (EV/FCFF)

Microsoft Excel

Free Cash Flow to The Firm (FCFF)

First Solar Inc., FCFF calculation

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net income (loss) (44,166) 468,693 398,355 (114,933) 144,326
Net noncash charges (81,103) 105,571 201,217 63,855 (144,792)
Changes in operating assets and liabilities 998,638 (336,705) (562,452) 225,279 (326,343)
Net cash provided by (used in) operating activities 873,369 237,559 37,120 174,201 (326,809)
Interest paid related to long-term debt arrangements, net of tax1 9,164 10,401 11,771 17,935 16,102
Purchases of property, plant and equipment (903,605) (540,291) (416,635) (668,717) (739,838)
Free cash flow to the firm (FCFF) (21,072) (292,331) (367,744) (476,581) (1,050,545)

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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the First Solar Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. First Solar Inc. FCFF increased from 2020 to 2021 and from 2021 to 2022.

Interest Paid, Net of Tax

First Solar Inc., interest paid, net of tax calculation

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR1 21.00% 18.10% 21.00% 4.60% 3.00%
Interest Paid, Net of Tax
Interest paid related to long-term debt arrangements, before tax 11,600 12,700 14,900 18,800 16,600
Less: Interest paid related to long-term debt arrangements, tax2 2,436 2,299 3,129 865 498
Interest paid related to long-term debt arrangements, net of tax 9,164 10,401 11,771 17,935 16,102

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 See details »

2 2022 Calculation
Interest paid related to long-term debt arrangements, tax = Interest paid related to long-term debt arrangements × EITR
= 11,600 × 21.00% = 2,436


Enterprise Value to FCFF Ratio, Current

First Solar Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in thousands)
Enterprise value (EV) 19,060,168
Free cash flow to the firm (FCFF) (21,072)
Valuation Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors1
Advanced Micro Devices Inc. 242.83
Analog Devices Inc. 27.78
Applied Materials Inc. 22.19
Broadcom Inc. 33.58
Intel Corp.
KLA Corp. 27.52
Lam Research Corp. 26.40
Micron Technology Inc.
NVIDIA Corp. 82.32
ON Semiconductor Corp. 63.95
Qualcomm Inc. 17.57
Texas Instruments Inc. 98.76
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment 81.93
EV/FCFF, Industry
Information Technology 42.57

Based on: 10-K (reporting date: 2022-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

First Solar Inc., historical EV/FCFF 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)
Enterprise value (EV)1 15,638,230 6,454,817 7,119,181 3,642,553 3,555,510
Free cash flow to the firm (FCFF)2 (21,072) (292,331) (367,744) (476,581) (1,050,545)
Valuation Ratio
EV/FCFF3
Benchmarks
EV/FCFF, Competitors4
Advanced Micro Devices Inc. 38.82 43.41 126.98 169.58
Analog Devices Inc. 23.12 39.16 27.12 21.68 16.04
Applied Materials Inc. 19.06 26.22 22.52 18.91 9.96
Broadcom Inc. 14.74 19.47 16.54 15.04 13.02
Intel Corp. 16.94 11.08 17.39
KLA Corp. 19.05 26.29 18.70 20.92 14.15
Lam Research Corp. 24.03 24.02 25.91 9.83 10.36
Micron Technology Inc. 18.28 33.81 292.39 14.33 5.37
NVIDIA Corp. 78.07 69.47 41.65 27.92
ON Semiconductor Corp. 20.67 19.86 33.03 46.88
Qualcomm Inc. 18.18 17.47 30.89 14.91 22.53
Texas Instruments Inc. 27.05 24.23 27.67 20.75
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment 34.74 26.16 22.06 18.29
EV/FCFF, Industry
Information Technology 27.01 27.93 24.12 19.69

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 See details »

2 See details »

3 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 15,638,230 ÷ -21,072 =

4 Click competitor name to see calculations.