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 20,631 - -
Change - 72.31% 15.27% 2.5% 48.57% -26.4% - -
Enterprise Value (EV) 1 7,681 13,575 16,865 17,685 25,675 18,320 16,454 13,719
Change - 76.73% 24.24% 4.86% 45.18% -28.65% -10.18% -16.63%
P/E 19.9x -365x 22.3x 14.7x 18.4x 9.84x 7.42x 6.06x
PBR 1.56x 2.74x 2.75x 2.37x 2.94x 1.62x 1.33x 1.08x
PEG - 3x -0x 0.3x 1x 0.4x 0.2x 0.3x
Capitalization / Revenue 3.17x 6.1x 5.55x 4.49x 5.37x 4.1x 3.49x 3.14x
EV / Revenue 2.63x 5.18x 5.08x 4.2x 4.92x 3.64x 2.79x 2.09x
EV / EBITDA 11x 56x 14x 9.73x 12.1x 6.96x 5.02x 3.5x
EV / EBIT 17.5x -498x 18.9x 12.7x 16.1x 9.54x 6.34x 4.21x
EV / FCF -25.4x -449x -21.5x -57.4x 21.6x -125x 8.29x 4.86x
FCF Yield -3.94% -0.22% -4.65% -1.74% 4.62% -0.8% 12.1% 20.6%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 4.38 -0.41 7.74 12.02 14.21 17.49 23.19 28.41
Distribution rate - - - - - - - -
Net sales 1 2,923 2,619 3,319 4,206 5,219 5,036 5,907 6,568
EBITDA 1 699.4 242.5 1,201 1,818 2,126 2,632 3,278 3,924
EBIT 1 439.5 -27.24 892.9 1,394 1,597 1,920 2,594 3,255
Net income 1 468.7 -44.17 830.8 1,292 1,528 1,892 2,523 3,082
Net Debt 1 -1,586 -2,394 -1,542 -1,183 -2,357 -2,311 -4,177 -6,912
Reference price 2 87.16 149.79 172.28 176.24 261.23 172.16 172.16 172.16
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.98x3.64x6.96x-.--% 20.63B
16.72x3.83x13.82x4.07% 14.8B
-14.31x1.01x25.15x-.--% 12.85B
21.67x2.57x12.17x-.--% 12.41B
-7.66x1.39x12.91x-.--% 7.59B
16.42x2.13x10.48x0.14% 7.54B
-16.8x0.83x7.58x-.--% 5.89B
-6.75x2.18x25.07x-.--% 5.78B
-21.3x11.78x87.85x-.--% 5.16B
22.54x0.97x8.17x1.17% 4.57B
Average 2.15x 3.03x 21.02x 0.54% 9.72B
Weighted average by Cap. 4.93x 2.94x 17.28x 0.69%

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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