FIRST SOLAR, INC.

10-K & 10-Q Filings

First Solar, Inc. is a leading American solar technology company and global provider of photovoltaic (PV) solar energy solutions. The company's business strategy revolves around advanced module technology, manufacturing process and distributed manufacturing presence, research and development (R&D), and sustainability. First Solar's modules use Cadmium Telluride (CdTe) technology, which provides advantages such as superior temperature coefficient, spectral response, and immunity to cell cracking compared to conventional crystalline silicon modules. The company has a global manufacturing footprint, including facilities in the United States, Malaysia, Vietnam, and India, and is expanding its capacity by approximately 8 GW. First Solar's R&D model is vertically integrated, focusing on improving the wattage and energy yield of its solar modules, manufacturing efficiencies, and developing new solar cell technologies. The company is committed to reducing its carbon footprint and increasing the use of recycled content in its modules. First Solar's website is firstsolar.com, and its ticker symbol is FSLR.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$2766.21
3368.55
3308.99
3391.81
3578.99
2951.33
2941.32
2244.04
3063.12
2711.33
2923.38
2619.32
3318.60
548.29
794.11
1.53%44.83%Cost of Revenue (-)
$1794.46
2515.80
2446.24
2564.71
2659.73
2247.35
2392.38
1851.87
2513.91
2030.66
2193.42
2549.46
2017.92
436.24
448.11
0.98%2.72%Gross Profit (+)
$971.75
852.75
862.75
827.11
919.27
703.98
548.95
392.18
549.21
680.67
729.95
69.86
1300.68
112.05
346.00
2.46%208.79%Selling, General & Administrative (-)
$412.54
280.93
270.26
253.83
255.19
261.99
202.70
176.86
205.47
222.92
170.32
164.72
197.62
44.03
45.83
-5.95%4.09%Research & Development (-)
$140.52
132.46
134.30
143.97
130.59
124.76
88.57
84.47
96.61
93.74
99.11
112.80
152.31
30.51
42.74
0.67%40.09%Non-recurring Operating Expenses (-)
$453.73
469.10
86.90
818.79
37.18
Operating Expenses (-)
$1040.41
890.31
494.23
402.94
402.60
1206.57
371.10
352.06
711.00
363.18
143.20
97.09
443.41
94.03
102.86
-6.86%9.39%Costs & Expenses (Total) (-)
$2834.87
3406.11
2940.46
2967.65
3062.33
3453.92
2763.47
2203.93
3224.90
2393.84
2336.63
2646.55
2461.34
530.28
550.97
-1.17%3.90%Operating Income/Loss (+)
$-68.66
-37.56
368.53
424.16
516.66
-502.59
177.85
40.11
-161.78
317.49
586.75
-27.24
857.27
18.00
243.14
1250.63%Non-operating Income/Expense (+)
$15.05
11.65
11.57
4.86
30.58
223.38
54.29
133.57
68.44
-2.39
-1.48
48.06
46.99
18.42
21.59
9.95%17.21%Interest Expense (-)
$0.10
13.89
1.88
1.98
6.97
20.54
25.77
25.92
27.07
24.04
13.11
12.22
12.96
0.75
9.21
49.99%1131.28%Earnings before Tax (+)
$-53.71
-39.80
378.22
431.99
519.84
-471.69
202.12
113.15
-120.13
293.19
572.16
8.60
891.29
35.67
255.52
616.28%Tax Expense (-)
$-14.22
56.53
25.18
30.12
-6.16
58.22
372.00
3.44
-5.48
-107.29
103.47
52.76
60.51
-6.89
18.90
374.43%Income/Loss (Continuing Operations) (+)
$-39.49
-96.34
353.04
401.87
525.99
-529.91
-169.88
109.71
-114.65
400.48
468.69
-44.17
830.78
42.56
236.62
455.95%Net Income/Loss (+)
$-39.49
-96.34
353.04
396.92
546.42
-357.96
-165.62
144.33
-114.93
398.36
468.69
-44.17
830.78
42.56
236.62
455.95%Net Income/Loss (Common) (+)
$-39.49
-96.34
353.04
396.92
546.42
-357.96
-165.62
144.33
-114.93
398.36
468.69
-44.17
830.78
42.56
236.62
455.95%EPS (Basic)
$-0.46
-1.11
3.77
3.97
5.42
-3.48
-1.59
1.38
-1.09
3.76
4.41
-0.41
7.78
0.40
2.21
452.50%EPS (Diluted)
$-0.46
-1.11
3.70
3.91
5.37
-3.48
-1.59
1.36
-1.09
3.73
4.38
-0.41
7.74
0.40
2.20
450.00%Weighted Avg Shares (Basic)
86.07
86.86
93.70
100.05
100.89
102.87
104.33
104.75
105.31
105.87
106.26
106.55
106.80
106.67
106.91
1.81%0.22%Weighted Avg Shares (Diluted)
86.07
86.86
95.47
101.64
101.81
102.87
104.33
106.11
105.31
106.69
106.92
106.55
107.37
107.15
107.41
1.86%0.24%Cash
$605.62
901.29
1325.07
1482.05
1126.83
1347.15
2268.53
1403.56
1352.74
1227.00
1450.65
1481.27
1946.99
906.63
1682.08
10.22%85.53%Short-term Investments
$66.15
102.58
439.10
509.03
703.45
607.99
720.38
1143.70
811.51
520.07
375.39
1096.71
155.50
1364.61
308.02
7.38%-77.43%Receivables
$310.57
553.57
136.38
135.43
500.63
266.69
211.80
128.28
475.04
532.17
429.44
324.34
660.78
298.62
669.75
6.49%124.28%Inventory
$529.65
533.82
522.68
630.17
517.31
426.00
201.21
444.82
497.10
567.62
666.30
621.38
819.90
751.41
970.87
3.71%29.21%Prepaid Expenses (Current)
$526.73
207.37
94.72
202.67
248.98
217.16
157.90
243.06
276.45
251.71
Other Assets (Current)
$574.54
533.69
1274.80
231.10
248.39
921.63
272.95
496.10
187.00
182.06
269.47
267.73
1051.64
298.60
610.68
5.17%104.52%Assets (Current)
$2613.26
2832.32
3792.76
3190.47
3345.59
3786.62
3832.77
3859.52
3599.83
3014.53
3191.24
3791.42
4634.81
3619.86
4241.39
4.89%17.17%Securities & Long-term Investments
$316.74
301.40
279.44
662.08
733.68
613.67
644.29
321.58
303.86
Property, Plant & Equipment (Net)
$1815.96
1525.38
1385.08
1402.30
1284.14
629.14
1154.54
1756.21
2181.15
2402.28
2649.59
3536.90
4397.28
3858.60
4915.69
7.65%27.40%Goodwill & Intangibles
$65.44
65.44
84.98
204.22
194.99
102.43
94.69
88.62
79.01
70.60
59.97
45.57
94.20
42.94
90.62
3.08%111.05%Other Assets
$966.21
1624.14
1341.23
1265.37
1757.94
1735.35
1138.22
1095.43
1351.84
1621.51
1512.94
877.34
1238.84
1043.19
1512.88
2.09%45.02%Assets (Non-current)
$3164.35
3516.37
3090.74
3533.97
3970.74
3080.59
3031.73
3261.84
3915.86
4094.40
4222.50
4459.81
5730.32
4944.73
6519.19
5.07%31.84%Assets (Total)
$5777.61
6348.69
6883.50
6724.44
7316.33
6867.21
6864.50
7121.36
7515.69
7108.93
7413.75
8251.23
10365.13
8564.60
10760.58
4.99%25.64%Accounts Payable
$592.65
910.14
588.12
604.54
748.45
417.00
506.63
695.75
586.35
508.39
486.37
753.59
754.14
754.85
819.36
2.03%8.55%Debt (Current)
$44.51
62.35
60.54
51.92
38.09
27.97
13.07
5.57
17.51
41.54
3.90
96.24
200.91
6.64%Other Liabilities (Current)
$336.57
128.89
939.40
344.64
174.26
454.75
130.57
144.13
714.35
297.47
236.62
284.46
455.78
419.32
738.45
2.56%76.11%Liabilities (Current)
$973.72
1101.37
1588.06
1001.10
960.80
899.71
650.28
845.46
1318.21
847.40
726.88
1038.05
1306.16
1174.17
1758.72
2.48%49.78%Debt (Non-current)
$619.14
500.22
162.78
165.00
251.32
160.42
380.46
461.22
454.19
237.69
236.00
184.35
464.07
320.38
418.69
-2.37%30.69%Other Liabilities
$540.88
1141.57
629.54
530.85
555.72
594.40
735.06
602.28
646.53
502.91
491.31
1192.78
1907.44
1201.32
1680.66
11.07%39.90%Liabilities (Non-current)
$1160.03
1641.79
792.32
695.86
807.04
754.82
1115.53
1063.50
1100.71
740.61
727.32
1377.13
2371.51
1521.69
2099.35
6.14%37.96%Liabilities (Total)
$2133.75
2743.17
2380.39
1696.95
1767.84
1654.53
1765.80
1908.96
2418.92
1588.00
1454.19
2415.17
3677.66
2695.87
3858.07
4.64%43.11%Retained Earnings
$1626.07
1529.73
1882.77
2279.69
2790.11
2463.28
2297.23
2441.55
2326.62
2715.76
3184.45
3140.29
3971.07
3182.85
4207.68
7.72%32.20%AOCI
$-5.04
10.18
-25.78
50.14
15.48
-9.91
2.26
-54.47
-79.33
-61.73
-96.36
-191.82
-174.13
-179.98
-183.60
-2.01%Shareholder's Equity
$3643.86
3605.53
4503.12
5027.49
5548.49
5212.69
5098.70
5212.40
5096.77
5520.93
5959.55
5836.06
6687.47
5868.73
6902.51
5.19%17.62%Liabilities & Equity
$5777.61
6348.69
6883.50
6724.44
7316.33
6867.21
6864.50
7121.36
7515.69
7108.93
7413.75
8251.23
10365.13
8564.60
10760.58
4.99%25.64%Net Income/Loss
$
546.42
-357.96
-165.62
144.33
-114.93
398.36
468.69
-44.17
830.78
42.56
236.62
455.95%Depreciation & Amortization
$
257.82
230.94
115.31
130.74
205.47
232.93
259.90
269.72
307.99
68.86
90.58
31.56%Increase/Decrease in Working Capital
$
1165.46
481.56
-1166.09
326.34
-225.28
562.45
336.71
-998.64
526.66
96.65
35.31
-63.47%Share-based Compensation
$
44.90
28.71
35.12
34.15
37.43
29.27
20.90
28.66
34.22
6.60
6.79
2.89%Adjustments to Reconcile Net Income
$-110.84
-27.37
-35.08
-31.17
-907.34
564.72
1506.29
-471.13
289.13
-361.24
-231.13
917.54
-228.52
-77.16
31.11
140.32%Net Cash (Operating)
$-33.46
762.21
856.13
680.99
-360.92
206.75
1340.68
-326.81
174.20
37.12
237.56
873.37
602.26
-34.60
267.72
873.81%Capital Expenditure
$752.92
381.67
214.82
285.29
166.36
239.72
514.36
492.24
668.72
416.63
239.79
461.30
1414.83
370.96
413.46
5.40%11.46%Net Cash (Investing)
$-676.46
-383.73
-537.11
-511.88
-112.14
144.52
-626.80
-682.71
-362.30
-131.23
-99.04
-1192.57
-472.79
-645.23
-568.63
11.87%Increase/Decrease in Debt
$436.31
-108.84
-334.95
5.50
98.95
-110.55
191.34
271.99
90.03
-68.66
56.54
321.48
367.98
136.00
59.65
-1.41%-56.14%Increase/Decrease in Equity
$
428.19
Interest Expenses
$14.23
19.92
9.29
7.60
Net Cash (Financing)
$571.22
-89.11
101.16
7.36
137.10
-136.39
192.04
255.23
74.94
-82.59
40.55
309.39
336.85
107.69
40.70
-4.31%-62.21%Cash Taxes Paid
$46.15
-21.54
-1.55
17.05
Effect of Exchange Rate
$-21.37
6.31
3.59
-19.49
-19.27
-6.31
8.87
-13.56
-2.96
3.78
3.17
47.44
5.29
1.50
-1.94
-229.63%Increase/Decrease in Cash
$-160.07
295.68
423.78
156.98
-355.23
914.79
-767.85
-116.11
-172.92
182.24
37.63
471.61
-570.64
-262.15
54.06%Cash (Beginning)
$765.69
605.62
901.29
1325.07
1482.05
1415.69
2330.48
1562.62
1446.51
1273.59
1455.84
1493.46
1493.46
1965.07
5.73%31.58%Cash (Ending)
$605.62
901.29
1325.07
1482.05
1126.83
2330.48
1562.62
1446.51
1273.59
1455.84
1493.46
1965.07
922.82
1702.92
10.31%84.54%NOPAT
$-86.84
15.79
343.99
407.43
522.78
-564.62
-149.49
41.33
-169.17
433.68
480.64
139.91
799.06
21.48
225.15
948.30%Gross Margin %
35.13%
25.32%
26.07%
24.39%
25.69%
23.85%
18.66%
17.48%
17.93%
25.10%
24.97%
2.67%
39.19%
20.44%
43.57%
Operating Margin %
-2.48%
-1.12%
11.14%
12.51%
14.44%
-17.03%
6.05%
1.79%
-5.28%
11.71%
20.07%
-1.04%
25.83%
3.28%
30.62%
NOPAT Margin %
-3.14%
0.47%
10.40%
12.01%
14.61%
-19.13%
-5.08%
1.84%
-5.52%
15.99%
16.44%
5.34%
24.08%
3.92%
28.35%
Net Margin %
-1.43%
-2.86%
10.67%
11.70%
15.27%
-12.13%
-5.63%
6.43%
-3.75%
14.69%
16.03%
-1.69%
25.03%
7.76%
29.80%
Tax Rate %
-26.47%
142.03%
6.66%
3.95%
-1.18%
-12.34%
184.05%
-3.04%
-4.56%
-36.60%
18.08%
613.68%
6.79%
-19.31%
7.40%
ROA
-1.50%
0.25%
5.00%
6.06%
7.15%
-8.22%
-2.18%
0.58%
-2.25%
6.10%
6.48%
1.70%
7.71%
0.25%
2.09%
ROE
-2.38%
0.44%
7.64%
8.10%
9.42%
-10.83%
-2.93%
0.79%
-3.32%
7.86%
8.07%
2.40%
11.95%
0.37%
3.26%
ROIC
-3.14%
0.70%
22.98%
19.06%
23.05%
-43.70%
-9.69%
1.95%
-5.89%
12.61%
13.76%
3.59%
15.01%
0.53%
4.07%
Asset Turnover
0.48
0.53
0.48
0.50
0.49
0.43
0.43
0.32
0.41
0.38
0.39
0.32
0.32
0.06
0.07
Inventory Turnover
3.39
4.71
4.68
4.07
5.14
5.28
11.89
4.16
5.06
3.58
3.29
4.10
2.46
0.58
0.46
Equity Multiplier
1.59
1.76
1.53
1.34
1.32
1.32
1.35
1.37
1.47
1.29
1.24
1.41
1.55
1.46
1.56
Current Ratio
2.68
2.57
2.39
3.19
3.48
4.21
5.89
4.57
2.73
3.87
4.39
3.65
3.55
3.08
2.41
Quick Ratio
1.01
1.41
1.20
2.12
2.43
2.47
4.92
3.16
2.00
2.69
3.10
2.80
2.12
2.19
1.51
Debt/Equity Ratio
0.18
0.16
0.05
0.04
0.05
0.04
0.08
0.09
0.09
0.05
0.04
0.03
0.08
0.05
0.09
Interest Coverage Ratio
-4.83
-1.89
39.67
55.80
Working Capital/Sales
0.32
0.20
0.01
0.16
0.22
0.19
0.10
0.12
0.20
0.36
0.27
0.12
0.25
0.26
0.67
R&D/Sales
0.05
0.04
0.04
0.04
0.04
0.04
0.03
0.04
0.03
0.03
0.03
0.04
0.05
0.06
0.05
Total Payout
$-422.08
128.76
-83.95
2.10
-98.95
110.55
-191.34
-271.99
-90.03
68.66
-56.54
-321.48
-367.98
-136.00
-59.65
56.14%Payout Ratio %
-486.03%
815.54%
-24.40%
0.52%
-18.93%
19.58%
-128.00%
-658.04%
-53.22%
15.83%
-11.76%
-229.79%
-46.05%
-633.21%
-26.49%