Company Valuation: First Solar, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,899 10,483 9,267 15,968 18,407 18,640 18,640 -
Change - 77.72% -11.6% 72.31% 15.27% 1.26% 0% -
Enterprise Value (EV) 1 4,206 9,015 7,681 13,575 16,865 18,008 16,961 14,860
Change - 114.34% -14.8% 76.73% 24.24% 6.78% -5.82% -12.38%
P/E ratio -51.3x 26.5x 19.9x -365x 22.3x 13.2x 8.37x 6.07x
PBR 1.16x 1.89x 1.56x 2.74x 2.75x 2.3x 1.82x 1.41x
PEG - -0x 1.1x 3x -0x 0.2x 0.1x 0.2x
Capitalization / Revenue 1.93x 3.87x 3.17x 6.1x 5.55x 4.4x 3.37x 2.81x
EV / Revenue 1.37x 3.33x 2.63x 5.18x 5.08x 4.25x 3.07x 2.24x
EV / EBITDA 10.3x 16.2x 11x 56x 14x 9.34x 5.78x 3.72x
EV / EBIT 20.9x 27.9x 17.5x -498x 18.9x 11.9x 6.91x 4.31x
EV / FCF -8.51x -23.8x -25.4x -449x -21.5x -18.7x 15.8x 8.97x
FCF Yield -11.8% -4.21% -3.94% -0.22% -4.65% -5.34% 6.32% 11.2%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -1.09 3.73 4.38 -0.41 7.74 13.22 20.81 28.66
Distribution rate - - - - - - - -
Net sales 1 3,063 2,711 2,923 2,619 3,319 4,234 5,530 6,644
EBITDA 1 406.7 556.4 699.4 242.5 1,201 1,927 2,934 3,997
EBIT 1 201.2 323.5 439.5 -27.24 892.9 1,508 2,455 3,445
Net income 1 -114.9 398.4 468.7 -44.17 830.8 1,420 2,242 3,104
Net Debt 1 -1,693 -1,468 -1,586 -2,394 -1,542 -631.5 -1,679 -3,779
Reference price 2 55.96 98.92 87.16 149.79 172.28 174.11 174.11 174.11
Nbr of stocks (in thousands) 105,407 105,976 106,327 106,606 106,844 107,058 107,058 -
Announcement Date 2/20/20 2/25/21 3/1/22 2/28/23 2/27/24 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

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P/E ratio EV / Sales EV / EBITDA Yield Capi. ($)
13.17x4.25x9.34x-.--%18.64B
-14.08x1.03x-100.2x-.--%15.07B
-15.04x1.31x22.3x-.--%11.96B
46.46x0.63x6.44x+0.59%8.44B
96.6x6.13x21.66x-.--%8.69B
-15.51x4.45x28.09x+0.14%6.09B
14.97x1.88x8.48x-.--%6.02B
26.56x2.77x13.46x+1.44%5.6B
-67.75x0.68x10.82x-.--%5.54B
Average 9.49x 2.57x 2.27x +0.24% 9.56B
Weighted average by Cap. 9.92x 2.63x -5.45x +0.16%
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Year-on-year evolution of the PER

evolution-chart FIRST-SOLAR-INC

Historical PBR trend

evolution-chart FIRST-SOLAR-INC

Evolution Enterprise Value / Sales

evolution-chart FIRST-SOLAR-INC

Change in Enterprise Value/EBITDA

evolution-chart FIRST-SOLAR-INC

Year-on-year evolution of the Yield

evolution-chart FIRST-SOLAR-INC
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