Analysis of Debt
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- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2006
- Total Asset Turnover since 2006
- Price to Operating Profit (P/OP) since 2006
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Total Debt (Carrying Amount)
First Solar Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- Current portion of debt
- The current portion of debt experienced notable fluctuation over the observed periods. It increased significantly from 17,510 thousand USD at the end of 2019 to 41,540 thousand USD by the end of 2020. In 2021, there was a sharp decline to 3,896 thousand USD. No data for 2022 is available, however, by the end of 2023, it surged markedly to 96,238 thousand USD, representing the highest value in the series.
- Finance lease liabilities, current
- Data for current finance lease liabilities is largely absent until 2023, where it is reported at 51 thousand USD. This indicates either a new classification or acquisition of such liabilities during the latest period.
- Long-term debt, noncurrent portion
- The noncurrent portion of long-term debt displayed a downward trend from 2019 to 2022, decreasing from 454,187 thousand USD to 184,349 thousand USD. This suggests active repayment or restructuring of long-term debt. However, in 2023, there was a substantial increase to 464,068 thousand USD, the highest level over the five-year horizon, implying new long-term borrowings or reclassification of existing liabilities.
- Finance lease liabilities, noncurrent
- Noncurrent finance lease liabilities are reported only for 2023 at 17,063 thousand USD, which may reflect the recognition of new lease obligations or changes in reporting standards during that period.
- Total debt and finance lease liabilities (carrying amount)
- The total carrying amount of debt and finance lease liabilities showed a consistent decline from 471,697 thousand USD in 2019 to 184,349 thousand USD in 2022, indicating a reduction in overall indebtedness. This trend reverses sharply in 2023, where total liabilities more than triple to 577,420 thousand USD, surpassing all previous years. This sharp increase suggests significant new debt issuance or recognition of financial lease obligations, substantially altering the company’s leverage position.
Total Debt (Fair Value)
| Dec 31, 2023 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| India Credit Facility | |
| India Working Capital Facility | |
| Finance lease liabilities | |
| Total debt and finance lease liabilities (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2023-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × ÷ =