First Solar Inc.

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FSLR : NASDAQ : Electronic Technology
$61.79 | %
Today's Range: 60.41 - 66.02
Avg. Daily Volume: 2034700.0
02/23/18 - 4:00 PM ET

Financial Analysis

FIRST SOLAR INC's gross profit margin for the third quarter of its fiscal year 2017 has decreased when compared to the same period a year ago. The company has grown sales and net income significantly, outpacing the average growth rates of competitors within its industry. FIRST SOLAR INC is extremely liquid. Currently, the Quick Ratio is 6.12 which clearly shows the ability to cover any short-term cash needs. The company managed to increase its liquidity from the same period a year ago, despite already having strong liquidity to begin with. This would indicate improved cash flow.

During the same period, stockholders' equity ("net worth") has decreased by 7.28% from the same quarter last year. Overall, the key liquidity measurements indicate that the company is very unlikely to face financial difficulties in the near future.

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Income Statement Q3 FY17 Q3 FY16
Net Sales ($mil)1087.03681.28
EBITDA ($mil)237.38135.64
EBIT ($mil)207.7877.64
Net Income ($mil)205.75150.46

Balance Sheet Q3 FY17 Q3 FY16
Cash & Equiv. ($mil)2735.172123.64
Total Assets ($mil)7054.698087.66
Total Debt ($mil)449.16826.23
Equity ($mil)5512.45945.76

Profitability Q3 FY17 Q3 FY16
Gross Profit Margin29.5733.6
EBITDA Margin21.8319.9
Operating Margin19.1111.4
Sales Turnover0.440.43
Return on Assets-6.426.16
Return on Equity-8.218.38
Debt Q3 FY17 Q3 FY16
Current Ratio6.852.46
Interest Expense4.776.0
Interest Coverage43.5212.95

Share Data Q3 FY17 Q3 FY16
Shares outstanding (mil)104.43103.91
Div / share0.00.0
Book value / share52.7857.22
Institutional Own % n/a n/a
Avg Daily Volume2118379.02443998.0


HOLD. The current P/E ratio is negative, which has no meaningful value in the assessment of premium or discount valuation, it simply displays that the company has negative earnings. For additional comparison, its price-to-book ratio of 1.25 indicates a significant discount versus the S&P 500 average of 3.26 and a significant discount versus the industry average of 6.88. The price-to-sales ratio is similar to the S&P 500 average, but it is significantly below the industry average, indicating a discount. After reviewing these and other key valuation criteria, FIRST SOLAR INC proves to trade at a discount to investment alternatives within the industry.

1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
FSLR NM Peers 37.56   FSLR 5.66 Peers 23.82

Neutral. The absence of a valid P/E ratio happens when a stock can not be valued on the basis of a negative stream of earnings.

FSLR's P/E is negative making this valuation measure meaningless.


Discount. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

FSLR is trading at a significant discount to its peers.

1 2 3 4 5
premium   discount
  Price to
1 2 3 4 5
premium   discount
FSLR 43.16 Peers 20.48   FSLR NA Peers 0.82

Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations.

FSLR is trading at a significant premium to its peers.


Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

Ratio not available.

1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
FSLR 1.25 Peers 6.88   FSLR -190.49 Peers 103.74

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

FSLR is trading at a significant discount to its peers.


Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, FSLR is expected to significantly trail its peers on the basis of its earnings growth rate.

1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
FSLR 2.23 Peers 5.96   FSLR -12.33 Peers 22.16

Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

FSLR is trading at a significant discount to its industry on this measurement.


Lower. A sales growth rate that trails the industry implies that a company is losing market share.

FSLR significantly trails its peers on the basis of sales growth



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