Financials First Solar, Inc.

Equities

FSLR

US3364331070

Renewable Energy Equipment & Services

Market Closed - Nasdaq Other stock markets 01:30:00 10/07/2025 am IST			5-day change	1st Jan Change
165.99 ^USD	+0.31%		+1.86%	-5.82%

09/07	Ubiqd and First Solar Establish Long-Term Quantum Dot Supply Agreement	CI
09/07	First Solar Signs Quantum Dot Supply Deal With UbiQD	MT

Projected Income Statement: First Solar, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,711	2,923	2,619	3,319	4,206	5,060	6,130	6,780
Change	-	7.82%	-10.4%	26.7%	26.75%	20.28%	21.15%	10.62%
EBITDA ¹	556.4	699.4	242.5	1,201	1,818	2,189	3,135	3,605
Change	-	25.69%	-65.33%	395.22%	51.39%	20.39%	43.23%	15%
EBIT ¹	323.5	439.5	-27.24	892.9	1,394	1,691	2,564	3,051
Change	-	35.85%	-106.2%	3,378.22%	56.18%	21.28%	51.61%	19.01%
Interest Paid ¹	-24.04	-13.11	-12.22	-12.96	-38.87	-30.33	-28.09	-26.7
Earnings before Tax (EBT) ¹	293.2	572.2	8.598	891.3	1,406	1,709	2,615	3,223
Change	-	95.15%	-98.5%	10,266.25%	57.79%	21.52%	53.01%	23.25%
Net income ¹	398.4	468.7	-44.17	830.8	1,292	1,598	2,446	2,901
Change	-	17.66%	-109.42%	1,981.03%	55.52%	23.71%	53.02%	18.6%
Announcement Date	25/02/21	01/03/22	28/02/23	27/02/24	25/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	642.4	927.6	609.2	803.4	629.2	583.5	907.3	367	621	628.9	1,002	548.3	810.7	801.1	1,159	794.1	1,010	887.7	1,514	844.6	1,032	1,397	1,759	1,250	1,480	1,643	1,941	1,291
Change	-	44.39%	-34.32%	31.87%	-21.68%	-7.26%	55.49%	-59.55%	69.18%	1.28%	59.38%	-45.3%	47.86%	-1.18%	44.62%	-31.46%	27.25%	-12.15%	70.56%	-44.22%	22.15%	35.43%	25.92%	-28.97%	18.42%	11.02%	18.17%	-33.5%
EBITDA ¹	108.5	266.6	123.4	164.7	177.8	118.4	238.5	7.403	211.4	-0.93	24.64	86.86	240.2	350.7	487.5	333.7	469.8	433.2	581.2	347.1	408.3	617.2	782.8	569.5	657	847	942	886.1
Change	-	145.7%	-53.7%	33.41%	8%	-33.4%	101.35%	-96.9%	2,755.33%	-100.44%	2,748.92%	252.58%	176.57%	45.99%	39%	-31.54%	40.79%	-7.81%	34.17%	-40.27%	17.63%	51.15%	26.84%	-27.25%	15.35%	28.93%	11.22%	-5.94%
EBIT ¹	56.9	207.2	57.77	252.3	110.4	50.87	173.2	-57.8	144.8	-68.35	-45.91	18	168.5	273	397.8	243.1	372.5	322	456.8	221.2	291.4	505.2	647.3	510.8	597.4	719.3	810.7	732.2
Change	-	264.11%	-72.11%	336.78%	-56.26%	-53.92%	240.42%	-133.38%	350.55%	-147.2%	32.84%	139.21%	836.09%	61.98%	45.73%	-38.88%	53.21%	-13.56%	41.85%	-51.56%	31.72%	73.35%	28.13%	-21.09%	16.96%	20.4%	12.71%	-9.69%
Charge d'intérêts ¹	-3.254	-10.98	-3.018	-2.996	-4.623	-2.958	-2.53	-2.865	-3.236	-2.991	-3.133	-0.748	-1.415	-3.734	-7.068	-9.21	-9.765	-9.008	-10.89	-9.525	-7.962	-7.962	-7.83	-7.773	-7.596	-7.596	-7.418	-
Earnings before Tax (EBT) ¹	46.82	193.2	51.58	256.2	102.8	46.04	167.2	-62.75	139.6	-61.68	-6.572	35.67	188.5	290.5	376.7	255.5	377.1	327.3	446.3	217.1	287.2	512.8	651.6	520.8	601.5	724	817.2	739.7
Change	-	312.65%	-73.3%	396.61%	-59.87%	-55.21%	263.09%	-137.54%	322.46%	-144.18%	89.35%	642.8%	428.33%	54.12%	29.68%	-32.17%	47.59%	-13.2%	36.35%	-51.37%	32.32%	78.56%	27.06%	-20.07%	15.48%	20.38%	12.87%	-9.49%
Net income ¹	36.91	155	115.7	209.7	82.45	45.2	131.4	-43.26	55.8	-49.17	-7.548	42.56	170.6	268.4	349.2	236.6	349.4	313	393.1	209.5	280.9	475.8	617.8	492.9	599.3	689.9	756.9	732.3
Change	-	320.03%	-25.37%	81.21%	-60.68%	-45.17%	190.62%	-132.93%	229.01%	-188.11%	84.65%	663.87%	300.79%	57.35%	30.12%	-32.25%	47.65%	-10.42%	25.61%	-46.7%	34.03%	69.4%	29.86%	-20.23%	21.61%	15.1%	9.71%	-3.24%
Announcement Date	06/08/20	27/10/20	25/02/21	29/04/21	29/07/21	04/11/21	01/03/22	28/04/22	28/07/22	27/10/22	28/02/23	27/04/23	27/07/23	31/10/23	27/02/24	01/05/24	30/07/24	29/10/24	25/02/25	29/04/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: First Solar, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,468	-1,586	-2,394	-1,542	-1,183	-710	-2,723	-5,179
Change	-	-8.04%	-50.95%	35.59%	23.28%	39.99%	-283.52%	-90.19%
Announcement Date	25/02/21	01/03/22	28/02/23	27/02/24	25/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: First Solar, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	416.6	540.3	903.6	1,387	1,526	1,238	1,003	782.7
Change	-	29.68%	67.24%	53.47%	10.04%	-18.91%	-18.93%	-21.99%
Free Cash Flow (FCF) ¹	-379.5	-302.7	-30.24	-784.5	-308.1	-424.4	1,394	2,245
Change	-	20.23%	90.01%	-2,494.64%	60.73%	-37.76%	428.41%	61.09%
Announcement Date	25/02/21	01/03/22	28/02/23	27/02/24	25/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: First Solar, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.52%	23.92%	9.26%	36.19%	43.22%	43.26%	51.14%	53.17%
EBIT Margin (%)	11.93%	15.03%	-1.04%	26.9%	33.15%	33.43%	41.83%	45%
EBT Margin (%)	10.81%	19.57%	0.33%	26.86%	33.43%	33.78%	42.66%	47.53%
Net margin (%)	14.69%	16.03%	-1.69%	25.03%	30.72%	31.59%	39.9%	42.78%
FCF margin (%)	-14%	-10.36%	-1.15%	-23.64%	-7.32%	-8.39%	22.74%	33.11%
FCF / Net Income (%)	-95.27%	-64.59%	68.46%	-94.43%	-23.84%	-26.55%	56.98%	77.4%
Profitability
ROA	5.45%	4.79%	-0.56%	8.93%	11.49%	12.17%	16.52%	16.07%
ROE	7.5%	6.06%	-0.75%	13.27%	17.62%	18.2%	21.83%	20.67%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	15.37%	18.48%	34.5%	41.79%	36.28%	24.46%	16.37%	11.54%
CAPEX / EBITDA (%)	74.88%	77.25%	372.64%	115.48%	83.95%	56.54%	32.01%	21.71%
CAPEX / FCF (%)	-109.78%	-178.47%	-2,988.51%	-176.77%	-495.36%	-291.6%	71.99%	34.86%
Items per share
Cash flow per share ¹	0.3479	2.222	8.197	5.609	11.32	14.44	26.92	32.9
Change	-	538.56%	268.92%	-31.57%	101.82%	27.53%	86.49%	22.22%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	52.36	56.05	54.74	62.59	74.51	87.66	110.2	138.5
Change	-	7.05%	-2.33%	14.33%	19.05%	17.64%	25.76%	25.6%
EPS ¹	3.73	4.38	-0.41	7.74	12.02	14.84	22.76	27.43
Change	-	17.43%	-109.36%	1,987.8%	55.3%	23.45%	53.41%	20.51%
Nbr of stocks (in thousands)	1,05,976	1,06,327	1,06,606	1,06,844	1,07,058	1,07,244	1,07,244	1,07,244
Announcement Date	25/02/21	01/03/22	28/02/23	27/02/24	25/02/25	-	-	-