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.

Common Stock Valuation Ratios (Price Multiples)

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Current Valuation Ratios

First Solar Inc., current price multiples

Microsoft Excel
First Solar Inc. Advanced Micro Devices Inc. Analog Devices Inc. Applied Materials Inc. Broadcom Inc. Intel Corp. KLA Corp. Lam Research Corp. Micron Technology Inc. NVIDIA Corp. ON Semiconductor Corp. Qualcomm Inc. Texas Instruments Inc. Semiconductors & Semiconductor Equipment Information Technology
Selected Financial Data
Current share price (P) $200.83
No. shares of common stock outstanding 106,825,674
 
Earnings per share (EPS) $-0.41
Operating profit per share $-0.25
Sales per share $24.52
Book value per share (BVPS) $54.63
Valuation Ratios (Price Multiples)
Price to sales (P/S) 8.19 12.79 7.79 6.52 17.06 3.41 8.98 7.26 8.50 37.04 3.91 5.27 8.97 13.82 10.16
Price to book value (P/BV) 3.68 5.19 2.70 10.57 25.48 1.75 32.28 15.42 2.99 52.50 4.15 8.75 9.30 12.39 16.33

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

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.


Historical Valuation Ratios (Summary)

First Solar Inc., historical price multiples

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Price to earnings (P/E) 17.16 21.56 39.05
Price to operating profit (P/OP) 13.70 27.05 140.50
Price to sales (P/S) 6.88 2.75 3.17 1.74 2.51
Price to book value (P/BV) 3.09 1.35 1.56 1.05 1.08

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).

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. First Solar Inc. P/S ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. First Solar Inc. P/BV ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Price to Earnings (P/E)

First Solar Inc., historical P/E calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
No. shares of common stock outstanding1 106,609,094 106,333,764 105,986,398 105,457,669 104,894,572
Selected Financial Data (US$)
Net income (loss) (in thousands) (44,166) 468,693 398,355 (114,933) 144,326
Earnings per share (EPS)2 -0.41 4.41 3.76 -1.09 1.38
Share price1, 3 169.14 75.62 81.02 50.59 53.73
Valuation Ratio
P/E ratio4 17.16 21.56 39.05
Benchmarks
P/E Ratio, Competitors5
Advanced Micro Devices Inc. 96.16 45.54 41.66 169.62
Analog Devices Inc. 31.21 68.31 41.43 31.04 22.17
Applied Materials Inc. 13.55 22.05 22.31 20.25 9.75
Broadcom Inc. 20.70 40.73 66.37 47.09 8.14
Intel Corp. 14.54 9.85 11.02 13.91
KLA Corp. 16.89 25.97 25.92 18.44 23.02
Lam Research Corp. 13.77 21.03 24.22 13.64 11.70
Micron Technology Inc. 6.62 13.38 21.80 7.98 3.40
NVIDIA Corp. 68.09 78.52 67.57 22.79
ON Semiconductor Corp. 18.26 25.13 73.60 40.58
Qualcomm Inc. 9.75 17.15 28.06 22.03
Texas Instruments Inc. 18.88 20.38 27.95 24.47
P/E Ratio, Sector
Semiconductors & Semiconductor Equipment 22.77 24.31 25.46 19.37
P/E Ratio, Industry
Information Technology 26.57 28.96 30.85 22.48

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 Data adjusted for splits and stock dividends.

2 2022 Calculation
EPS = Net income (loss) ÷ No. shares of common stock outstanding
= -44,166,000 ÷ 106,609,094 = -0.41

3 Closing price as at the filing date of First Solar Inc. Annual Report.

4 2022 Calculation
P/E ratio = Share price ÷ EPS
= 169.14 ÷ -0.41 =

5 Click competitor name to see calculations.


Price to Operating Profit (P/OP)

First Solar Inc., historical P/OP calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
No. shares of common stock outstanding1 106,609,094 106,333,764 105,986,398 105,457,669 104,894,572
Selected Financial Data (US$)
Operating income (loss) (in thousands) (27,236) 586,751 317,489 (161,785) 40,113
Operating profit per share2 -0.26 5.52 3.00 -1.53 0.38
Share price1, 3 169.14 75.62 81.02 50.59 53.73
Valuation Ratio
P/OP ratio4 13.70 27.05 140.50
Benchmarks
P/OP Ratio, Competitors5
Advanced Micro Devices Inc. 100.42 39.48 75.77 91.66
Analog Devices Inc. 26.16 56.12 33.76 24.74 17.62
Applied Materials Inc. 11.35 18.85 18.50 16.36 6.74
Broadcom Inc. 16.33 30.77 44.03 36.85 19.42
Intel Corp. 49.91 10.06 9.72 13.29
KLA Corp. 15.36 21.69 20.99 15.60 12.01
Lam Research Corp. 11.79 18.34 20.40 12.12 8.66
Micron Technology Inc. 5.93 12.48 19.51 6.83 3.20
NVIDIA Corp. 66.13 75.05 66.39 24.81
ON Semiconductor Corp. 14.72 19.70 49.43 19.86
Qualcomm Inc. 7.95 15.84 23.32 12.60 103.26
Texas Instruments Inc. 16.29 17.67 26.53 21.46
P/OP Ratio, Sector
Semiconductors & Semiconductor Equipment 21.12 22.05 22.54 16.64
P/OP Ratio, Industry
Information Technology 22.44 25.70 26.39 19.60

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 Data adjusted for splits and stock dividends.

2 2022 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= -27,236,000 ÷ 106,609,094 = -0.26

3 Closing price as at the filing date of First Solar Inc. Annual Report.

4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 169.14 ÷ -0.26 =

5 Click competitor name to see calculations.


Price to Sales (P/S)

First Solar Inc., historical P/S calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
No. shares of common stock outstanding1 106,609,094 106,333,764 105,986,398 105,457,669 104,894,572
Selected Financial Data (US$)
Net sales (in thousands) 2,619,319 2,923,377 2,711,332 3,063,117 2,244,044
Sales per share2 24.57 27.49 25.58 29.05 21.39
Share price1, 3 169.14 75.62 81.02 50.59 53.73
Valuation Ratio
P/S ratio4 6.88 2.75 3.17 1.74 2.51
Benchmarks
P/S Ratio, Competitors5
Advanced Micro Devices Inc. 5.38 8.76 10.63 8.59
Analog Devices Inc. 7.14 12.98 9.03 7.06 5.35
Applied Materials Inc. 3.43 5.63 4.69 3.75 1.87
Broadcom Inc. 7.00 9.55 7.40 5.62 4.78
Intel Corp. 1.85 2.48 2.96 4.07
KLA Corp. 6.09 7.80 5.43 4.74 4.57
Lam Research Corp. 3.68 5.62 5.43 3.10 2.51
Micron Technology Inc. 1.87 2.83 2.73 2.15 1.58
NVIDIA Corp. 24.67 20.40 17.31 8.06
ON Semiconductor Corp. 4.17 3.76 3.28 1.56
Qualcomm Inc. 2.85 4.62 6.20 3.98 3.37
Texas Instruments Inc. 8.25 8.63 10.81 8.54
P/S Ratio, Sector
Semiconductors & Semiconductor Equipment 5.78 6.19 5.74 4.64
P/S Ratio, Industry
Information Technology 6.39 7.39 6.58 4.98

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 Data adjusted for splits and stock dividends.

2 2022 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= 2,619,319,000 ÷ 106,609,094 = 24.57

3 Closing price as at the filing date of First Solar Inc. Annual Report.

4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= 169.14 ÷ 24.57 = 6.88

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. First Solar Inc. P/S ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Price to Book Value (P/BV)

First Solar Inc., historical P/BV calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
No. shares of common stock outstanding1 106,609,094 106,333,764 105,986,398 105,457,669 104,894,572
Selected Financial Data (US$)
Stockholders’ equity (in thousands) 5,836,055 5,959,551 5,520,928 5,096,767 5,212,403
Book value per share (BVPS)2 54.74 56.05 52.09 48.33 49.69
Share price1, 3 169.14 75.62 81.02 50.59 53.73
Valuation Ratio
P/BV ratio4 3.09 1.35 1.56 1.05 1.08
Benchmarks
P/BV Ratio, Competitors5
Advanced Micro Devices Inc. 2.32 19.21 17.77 20.46
Analog Devices Inc. 2.35 2.50 4.22 3.61 3.02
Applied Materials Inc. 7.25 10.60 7.63 6.67 4.73
Broadcom Inc. 10.23 10.50 7.40 5.09 3.74
Intel Corp. 1.15 2.05 2.84 3.78
KLA Corp. 40.05 15.98 11.83 8.15 11.39
Lam Research Corp. 10.10 13.64 10.55 6.39 4.28
Micron Technology Inc. 1.15 1.79 1.50 1.40 1.49
NVIDIA Corp. 24.95 20.13 15.48 10.10
ON Semiconductor Corp. 5.61 5.53 4.87 2.60
Qualcomm Inc. 7.00 15.59 24.00 19.69 82.57
Texas Instruments Inc. 11.33 11.87 17.02 13.79
P/BV Ratio, Sector
Semiconductors & Semiconductor Equipment 5.18 6.23 6.13 5.13
P/BV Ratio, Industry
Information Technology 10.27 12.31 10.87 8.24

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 Data adjusted for splits and stock dividends.

2 2022 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 5,836,055,000 ÷ 106,609,094 = 54.74

3 Closing price as at the filing date of First Solar Inc. Annual Report.

4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= 169.14 ÷ 54.74 = 3.09

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. First Solar Inc. P/BV ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.