Projected Income Statement: First Solar, Inc.

Forecast Balance Sheet: First Solar, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -1,586 -2,394 -1,542 -1,183 -2,357 -2,828 -4,805 -8,599
Change - -50.95% 35.59% 23.28% -99.24% -19.99% -69.91% -78.96%
Announcement Date 01/03/22 28/02/23 27/02/24 25/02/25 24/02/26 - - -
1USD in Million
Estimates

Cash Flow Forecast: First Solar, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 540.3 903.6 1,387 1,526 869.9 925.1 752.5 605.7
Change - 67.24% 53.47% 10.04% -43% 6.35% -18.66% -19.51%
Free Cash Flow (FCF) 1 -302.7 -30.24 -784.5 -308.1 1,187 417.2 2,511 3,389
Change - 90.01% -2,494.64% 60.73% 485.37% -64.86% 501.99% 34.97%
Announcement Date 01/03/22 28/02/23 27/02/24 25/02/25 24/02/26 - - -
1USD in Million
Estimates

Forecast Financial Ratios: First Solar, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 23.92% 9.26% 36.19% 43.22% 40.73% 48.58% 54.18% 58.7%
EBIT Margin (%) 15.03% -1.04% 26.9% 33.15% 30.59% 38% 45.28% 49.81%
EBT Margin (%) 19.57% 0.33% 26.86% 33.43% 30.29% 36.61% 45.74% 49.39%
Net margin (%) 16.03% -1.69% 25.03% 30.72% 29.28% 36.84% 42.29% 45.82%
FCF margin (%) -10.36% -1.15% -23.64% -7.32% 22.75% 7.9% 40.4% 49.75%
FCF / Net Income (%) -64.59% 68.46% -94.43% -23.84% 77.69% 21.45% 95.54% 108.59%

Profitability

        
ROA 4.79% -0.56% 8.93% 11.49% 12.01% 13.43% 15.37% 14.2%
ROE 6.06% -0.75% 13.27% 17.62% 17.45% 18.2% 20.34% 20.25%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 18.48% 34.5% 41.79% 36.28% 16.67% 17.53% 12.11% 8.89%
CAPEX / EBITDA (%) 77.25% 372.64% 115.48% 83.95% 40.91% 36.07% 22.34% 15.15%
CAPEX / FCF (%) -178.47% -2,988.51% -176.77% -495.36% 73.27% 221.76% 29.96% 17.87%

Items per share

        
Cash flow per share 1 2.222 8.197 5.609 11.32 19.13 25.5 25.63 31.97
Change - 268.92% -31.57% 101.82% 68.98% 33.3% 0.5% 24.75%
Dividend per Share 1 - - - - - - - 20.92
Change - - - - - - - -
Book Value Per Share 1 56.05 54.74 62.59 74.51 88.88 106.5 130.9 159.9
Change - -2.33% 14.33% 19.05% 19.28% 19.79% 22.92% 22.14%
EPS 1 4.38 -0.41 7.74 12.02 14.21 18.39 24.3 28.93
Change - -109.36% 1,987.8% 55.3% 18.22% 29.41% 32.17% 19.05%
Nbr of stocks (in thousands) 1,06,327 1,06,606 1,06,844 1,07,058 1,07,308 1,07,311 1,07,311 1,07,311
Announcement Date 01/03/22 28/02/23 27/02/24 25/02/25 24/02/26 - - -
1USD
Estimates
2026 *2027 *
P/E ratio 10.7x 8.07x
PBR 1.84x 1.5x
EV / Sales 3.45x 2.61x
Yield - -

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
36
Last Close Price
196.07USD
Average target price
257.31USD
Spread / Average Target
+31.23%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. FSLR Stock
  4. Financials First Solar, Inc.
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