First Solar Inc., current enterprise value calculation

Current share price (P)	$199.67
No. shares of common stock outstanding	107,057,732
US$ in thousands
Common equity (market value)¹	21,376,217)
Total equity	21,376,217)
Add: Current portion of debt (per books)	96,238)
Add: Finance lease liabilities, current (per books)	51)
Add: Long-term debt, noncurrent portion (per books)	464,068)
Add: Finance lease liabilities, noncurrent (per books)	17,063)
Total equity and debt	21,953,637)
Less: Cash and cash equivalents	1,946,994)
Less: Marketable securities	155,495)
Enterprise value (EV)	19,851,148)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 199.67 × 107,057,732

First Solar Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$144.99	$169.14	$75.62	$81.02	$50.59
No. shares of common stock outstanding¹	106,848,929	106,609,094	106,333,764	105,986,398	105,457,669
US$ in thousands
Common equity (market value)³	15,492,026)	18,031,862)	8,040,959)	8,587,018)	5,335,103)
Total equity	15,492,026)	18,031,862)	8,040,959)	8,587,018)	5,335,103)
Add: Current portion of debt (book value)	96,238)	—)	3,896)	41,540)	17,510)
Add: Finance lease liabilities, current (book value)	51)	—)	—)	—)	—)
Add: Long-term debt, noncurrent portion (book value)	464,068)	184,349)	236,005)	237,691)	454,187)
Add: Finance lease liabilities, noncurrent (book value)	17,063)	—)	—)	—)	—)
Total equity and debt	16,069,446)	18,216,211)	8,280,860)	8,866,249)	5,806,800)
Less: Cash and cash equivalents	1,946,994)	1,481,269)	1,450,654)	1,227,002)	1,352,741)
Less: Marketable securities	155,495)	1,096,712)	375,389)	520,066)	811,506)
Enterprise value (EV)	13,966,957)	15,638,230)	6,454,817)	7,119,181)	3,642,553)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of First Solar Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 144.99 × 106,848,929

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	First Solar Inc. EV increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

First Solar Inc. (NASDAQ:FSLR)

Enterprise Value (EV)