Price to FCFE (P/FCFE)
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First Solar Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2006
- Price to Earnings (P/E) since 2006
- Price to Sales (P/S) since 2006
- Analysis of Revenues
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
First Solar Inc., FCFE calculation
US$ in thousands
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).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities demonstrated considerable fluctuations over the observed period. Starting at $174,201 thousand in 2019, there was a significant decline to $37,120 thousand in 2020. This was followed by a substantial increase reaching $237,559 thousand in 2021. The upward trend peaked in 2022 with a notable amount of $873,369 thousand, before decreasing again to $602,260 thousand in 2023. Overall, the data reflects high volatility but a general recovery trend after 2020, with operating cash flow in 2023 remaining well above the initial 2019 level.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity remained negative throughout the period, indicating that the company consistently experienced outflows in terms of equity-related cash returns. The negative values began with -$404,483 thousand in 2019 and deepened slightly to -$448,180 thousand in 2020. However, the negative pressure diminished in 2021 to -$246,193 thousand. In 2022, the company recorded a positive FCFE of $291,248 thousand, signifying a temporary period of positive cash flow available to equity holders. This positive spike was followed by a return to substantial negative territory in 2023 at -$416,532 thousand. This fluctuation illustrates instability in cash flow available to shareholders, with the positive result in 2022 as an exception rather than a sustained trend.
- Overall Analysis
- The company’s operating cash inflows demonstrated a strong rebound after a sharp decrease in 2020, reflecting possible operational recovery or efficiency improvements. However, the free cash flow to equity exhibiting persistent negativity, except for a single year, may suggest ongoing capital expenditures, debt repayments, or other financial policies impacting equity cash flows. The notable peak in operating cash in 2022 was not matched by a corresponding sustained improvement in FCFE, implying that operational gains may have been offset by other financing or investment activities reducing equity cash availability. The volatility in both metrics highlights a dynamic financial environment with variable cash management outcomes over the five-year period.
Price to FCFE Ratio, Current
First Solar Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Advanced Micro Devices Inc. | |
| Analog Devices Inc. | |
| Applied Materials Inc. | |
| Broadcom Inc. | |
| Intel Corp. | |
| KLA Corp. | |
| Lam Research Corp. | |
| Micron Technology Inc. | |
| NVIDIA Corp. | |
| Qualcomm Inc. | |
| Texas Instruments Inc. | |
| P/FCFE, Sector | |
| Semiconductors & Semiconductor Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
First Solar Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| P/FCFE, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/FCFE, Industry | ||||||
| Information Technology | ||||||
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 Data adjusted for splits and stock dividends.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of First Solar Inc. Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend from 2019 to 2023. It started at $50.59 in 2019 and increased significantly to a peak of $169.14 in 2022, followed by a decline to $144.99 in 2023. Despite this recent decrease, the share price in 2023 remained substantially higher than the initial value in 2019, indicating strong investor interest over the five-year period.
- Free Cash Flow to Equity (FCFE) Per Share
- The FCFE per share was negative for the majority of the period, indicating a cash outflow to equity shareholders. It worsened from -$3.84 in 2019 to -$4.23 in 2020, then improved to -$2.32 in 2021. Notably, there was a positive value of $2.73 in 2022, suggesting a temporary improvement in cash generation available to equity holders. However, this positive trend reversed in 2023, with FCFE per share declining back to -$3.90, signaling a return to negative cash flow.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio was reported only for 2022 at 61.91. This high ratio, combined with the positive FCFE in 2022, may reflect market optimism and a willingness to pay a premium for the cash flow generated that year. The absence of P/FCFE data in other years may be due to the negative FCFE values, which make this ratio less meaningful or undefined.