Company Valuation: First Solar, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 9,267 15,968 18,407 18,868 28,032 24,371 - -
Change - 72.31% 15.27% 2.5% 48.57% -13.06% - -
Enterprise Value (EV) 1 7,681 13,575 16,865 17,685 25,675 22,056 20,273 17,540
Change - 76.73% 24.24% 4.86% 45.18% -14.1% -8.08% -13.48%
P/E 19.9x -365x 22.3x 14.7x 18.4x 13x 9.79x 7.96x
PBR 1.56x 2.74x 2.75x 2.37x 2.94x 2.13x 1.75x 1.42x
PEG - 3x -0x 0.3x 1x 0.6x 0.3x 0.3x
Capitalization / Revenue 3.17x 6.1x 5.55x 4.49x 5.37x 4.83x 4.12x 3.73x
EV / Revenue 2.63x 5.18x 5.08x 4.2x 4.92x 4.37x 3.43x 2.69x
EV / EBITDA 11x 56x 14x 9.73x 12.1x 8.39x 6.2x 4.46x
EV / EBIT 17.5x -498x 18.9x 12.7x 16.1x 11.5x 7.84x 5.38x
EV / FCF -25.4x -449x -21.5x -57.4x 21.6x -85.2x 10.5x 6.27x
FCF Yield -3.94% -0.22% -4.65% -1.74% 4.62% -1.17% 9.5% 16%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 4.38 -0.41 7.74 12.02 14.21 17.46 23.17 28.47
Distribution rate - - - - - - - -
Net sales 1 2,923 2,619 3,319 4,206 5,219 5,048 5,909 6,528
EBITDA 1 699.4 242.5 1,201 1,818 2,126 2,629 3,270 3,933
EBIT 1 439.5 -27.24 892.9 1,394 1,597 1,915 2,587 3,258
Net income 1 468.7 -44.17 830.8 1,292 1,528 1,890 2,513 3,076
Net Debt 1 -1,586 -2,394 -1,542 -1,183 -2,357 -2,315 -4,098 -6,831
Reference price 2 87.16 149.79 172.28 176.24 261.23 226.77 226.77 226.77
Nbr of stocks (in thousands) 106,327 106,606 106,844 107,058 107,308 107,470 - -
Announcement Date 3/1/22 2/28/23 2/27/24 2/25/25 2/24/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.8x4.67x8.97x-.--% 24.37B
20.97x5.26x18.08x2.15% 17.76B
28.12x3.39x16.13x-.--% 15.73B
-49.2x0.95x11.44x0.04% 14.73B
-10.59x1.34x11.86x-.--% 8.8B
18.87x2.78x11.7x - 8.05B
-45.7x0.85x6.55x-.--% 6.88B
-32.66x8.79x22.2x-.--% 6.03B
19.79x1.09x11.7x0.83% 5.64B
76.61x4.19x16.44x-.--% 5.39B
Average 4.00x 3.33x 13.51x 0.34% 11.34B
Weighted average by Cap. 4.39x 3.50x 13.18x 0.41%

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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