Company Valuation: First Solar, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 9,267 15,968 18,407 18,868 28,032 21,040 - -
Change - 72.31% 15.27% 2.5% 48.57% -24.94% - -
Enterprise Value (EV) 1 7,681 13,575 16,865 17,685 25,675 18,212 16,235 12,442
Change - 76.73% 24.24% 4.86% 45.18% -29.07% -10.86% -23.37%
P/E ratio 19.9x -365x 22.3x 14.7x 18.4x 10.7x 8.07x 6.78x
PBR 1.56x 2.74x 2.75x 2.37x 2.94x 1.84x 1.5x 1.23x
PEG - 3x -0x 0.3x 1x 0.4x 0.3x 0.4x
Capitalization / Revenue 3.17x 6.1x 5.55x 4.49x 5.37x 4.01x 3.39x 3.09x
EV / Revenue 2.63x 5.18x 5.08x 4.2x 4.92x 3.47x 2.61x 1.83x
EV / EBITDA 11x 56x 14x 9.73x 12.1x 7.1x 4.82x 3.11x
EV / EBIT 17.5x -498x 18.9x 12.7x 16.1x 9.08x 5.77x 3.67x
EV / FCF -25.4x -449x -21.5x -57.4x 21.6x 43.7x 6.46x 3.67x
FCF Yield -3.94% -0.22% -4.65% -1.74% 4.62% 2.29% 15.5% 27.2%
Dividend per Share 2 - - - - - - - 20.92
Rate of return - - - - - - - 10.7%
EPS 2 4.38 -0.41 7.74 12.02 14.21 18.39 24.3 28.93
Distribution rate - - - - - - - 72.3%
Net sales 1 2,923 2,619 3,319 4,206 5,219 5,249 6,216 6,813
EBITDA 1 699.4 242.5 1,201 1,818 2,126 2,564 3,368 3,999
EBIT 1 439.5 -27.24 892.9 1,394 1,597 2,006 2,814 3,394
Net income 1 468.7 -44.17 830.8 1,292 1,528 1,945 2,629 3,121
Net Debt 1 -1,586 -2,394 -1,542 -1,183 -2,357 -2,828 -4,805 -8,599
Reference price 2 87.16 149.79 172.28 176.24 261.23 196.07 196.07 196.07
Nbr of stocks (in thousands) 1,06,327 1,06,606 1,06,844 1,07,058 1,07,308 1,07,311 - -
Announcement Date 01/03/22 28/02/23 27/02/24 25/02/25 24/02/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.66x3.47x7.1x-.--% 2.1TCr
-33.15x1.64x36.73x-.--% 2.07TCr
33.07x4.77x20.03x-.--% 1.78TCr
35.36x8.73x29.44x1.47% 1.76TCr
-13.11x1.6x18.47x-.--% 1.23TCr
-14.22x1.22x17.4x-.--% 1.14TCr
19.1x2.81x11.85x - 847.94Cr
41.25x1.56x12.2x0.34% 808.15Cr
-40.2x8.85x81.72x-.--% 736.8Cr
13.96x2.24x10.51x1.23% 617.05Cr
Average 5.27x 3.69x 24.54x 0.34% 1.31TCr
Weighted average by Cap. 5.43x 3.78x 23.49x 0.3%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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