Current EV
Historical EV

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)

Based on: 10-K (reporting date: 2023-12-31).

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)

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).

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

The financial trajectory from 2019 through 2023 indicates a period of significant valuation expansion followed by a moderate correction in the final year.

Enterprise Value Evolution: Enterprise value grew substantially from US$ 3.64 billion in 2019 to a peak of US$ 15.64 billion in 2022. This represents a growth of approximately 329% over a three-year period. A subsequent contraction occurred in 2023, with the value declining to US$ 13.97 billion.
Equity Market Valuation: Common equity market value mirrored the trajectory of the enterprise value, escalating from US$ 5.34 billion in 2019 to US$ 18.03 billion in 2022. The 2023 period saw a decrease to US$ 15.49 billion, aligning with the broader downward adjustment in overall valuation.
Capital Structure and Net Cash Position: A consistent disparity is observed where the enterprise value remains lower than the market value of common equity across all reported periods. For example, in 2022, while the market value of equity was US$ 18.03 billion, the enterprise value was US$ 15.64 billion. This pattern indicates a significant net cash position, where cash and cash equivalents exceed total debt, thereby reducing the theoretical acquisition cost of the business relative to its equity market capitalization.
Debt and Equity Correlation: Total equity and debt maintained a tight correlation with equity values, peaking in 2022 at US$ 18.22 billion. The alignment between total equity and common equity market value suggests a consistent equity structure throughout the analyzed timeframe.

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First Solar Inc. (NASDAQ:FSLR)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)