Enterprise Value (EV)
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First Solar Inc. pages available for free this week:
- Income Statement
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Total Asset Turnover since 2006
- Price to Earnings (P/E) since 2006
- Price to Sales (P/S) since 2006
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Current Enterprise Value (EV)
First Solar Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Total equity | |
| Add: Current portion of debt (per books) | |
| Add: Finance lease liabilities, current (per books) | |
| Add: Long-term debt, noncurrent portion (per books) | |
| Add: Finance lease liabilities, noncurrent (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
First Solar Inc., EV calculation
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
= ×
- Equity Trends
- The common equity, which is equal to total equity in this data set, showed a notable increase from 2019 through 2023. Starting at approximately 5.34 billion USD in 2019, it rose significantly to about 8.59 billion USD in 2020. Thereafter, there was a slight decline to 8.04 billion USD in 2021. Following this dip, the equity value nearly doubled in 2022 to approximately 18.03 billion USD, before decreasing to around 15.49 billion USD in 2023. This pattern suggests fluctuations in shareholder value, with a substantial boost in 2022 before a moderate reduction the subsequent year.
- Total Equity and Debt
- The total combination of equity and debt mirrors the equity trend, indicating consistency in debt levels relative to equity. The total was about 5.81 billion USD in 2019, increased to roughly 8.87 billion USD in 2020, then marginally decreased to 8.28 billion USD in 2021. It then surged to approximately 18.22 billion USD in 2022, followed by a decline to 16.07 billion USD in 2023. This movement reflects the changes in the overall capital structure, largely driven by equity fluctuations.
- Enterprise Value (EV)
- Enterprise value exhibited a similar volatile trend. It started at around 3.64 billion USD in 2019 and nearly doubled to 7.12 billion USD in 2020. A decline followed in 2021, reducing EV to about 6.45 billion USD. The value then increased sharply to approximately 15.64 billion USD in 2022 before falling to roughly 13.97 billion USD in 2023. This trajectory indicates market volatility and potential shifts in operational performance or market perceptions affecting the firm's valuation.
- Overall Summary
- The financial data reveals considerable variability in key financial indicators over the five-year span. There are strong growth phases notably in 2020 and 2022, interrupted by downward adjustments in 2021 and 2023. Both equity and enterprise value reflect periods of expansion and contraction, suggesting that the company may have experienced changing market conditions, capital restructuring, or operational shifts influencing its market and book valuations. The rise in equity in 2022 is particularly pronounced, indicating either capital inflows, retained earnings growth, or asset revaluation, which then moderated in the following year.