First Solar, Inc. Thailand Depositary Receipts Repr 1 Sh Financial Ratios — FSLR03

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	-1.11	-2.66	8.65	8.34	11.26	-7.73	-3.21	2.8	-2.23	7.5	8.17	-0.75	13.27	17.62	17.45
Return on Assets (%)	-0.78	-1.59	5.3	5.82	8.45	-5.89	-2.42	2.06	-1.57	5.45	6.45	-0.56	8.93	11.49	12.01
Return on Capital (%)	- -	- -	7.93	8.01	10.87	- -	-3.41	3.02	- -	- -	7.76	-1.72	12.6	16.59	16.63
Return on Invested Capital (%)	- -	- -	7.68	7.89	12.65	- -	-2.72	0.69	- -	- -	7.72	2.24	11.86	15.84	16.2
Gross Margin (%)	35.13	25.32	26.12	24.33	27.54	21.98	18.66	17.48	17.93	25.1	24.97	2.67	39.19	44.17	40.62
EBITDA Margin (%)	6.02	6.68	18.27	19.69	24.02	-11.61	9.97	7.61	1.43	20.3	28.96	9.26	35.11	43.22	40.73
Operating Margin (%)	13.92	12.81	13.82	12.44	17.75	8.63	7.31	1.79	6.57	11.93	15.03	-10.72	26.7	33.13	30.59
Incremental Operating Margin (%)	- -	7.72	- -	- -	42.71	39.69	- -	25.09	19.67	- -	54.69	236.87	166.85	57.2	20.05
Pretax Margin (%)	-1.94	-1.18	11.51	12.74	17.83	-18.5	6.87	5.04	-3.92	10.81	19.57	0.33	26.86	33.43	30.29
Profit Margin (%)	-1.43	-2.86	10.6	11.68	14.43	-14.33	-5.63	6.43	-3.75	14.69	16.03	-1.69	25.03	30.72	29.28
Net Income to Common Margin (%)	-1.43	-2.86	10.6	11.68	14.43	-14.33	-5.63	6.43	-3.75	14.69	16.03	-1.69	25.03	30.72	29.28
Effective Tax Rate (%)	- -	- -	7.9	7.22	4.41	- -	184.05	3.04	- -	- -	18.08	613.68	6.79	8.13	3.33
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	-1.11	-2.66	8.65	8.34	11.26	-7.73	-3.21	2.8	-2.23	7.5	8.17	-0.75	13.27	17.62	17.45

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	664	563	223	213	289	215	437	467	595	482	399	234	624	719	655
ST Debt	45	62	61	51	38	28	13	6	29	56	17	9	107	250	234
LT Debt	619	500	163	162	251	187	424	461	567	427	382	225	518	469	421
Total Debt/EBITDA	3.98	2.5	0.37	0.32	0.29	-0.64	1.49	2.73	13.63	0.88	0.47	0.97	0.54	0.4	0.31
Net Debt/EBITDA	0.35	-1.5	-1.82	-1.9	-0.85	3.36	-6.25	-5.48	-20.17	-1.72	-1.43	-5.35	-1.19	-0.56	-1.08
Total Debt/EBIT	-9.67	-14.98	0.6	0.51	0.4	-0.38	2.46	11.64	-3.68	1.52	0.68	-8.6	0.73	0.52	0.41
Net Debt/EBIT	-0.85	9.02	-2.97	-3.01	-1.15	1.99	-10.3	-23.35	5.45	-2.99	-2.06	47.62	-1.62	-0.73	-1.44
EBITDA to Interest Expense	1,665.67	16.21	321.01	336.93	141.65	-16.42	11.38	6.59	1.61	22.9	64.6	19.84	89.88	46.77	48.18
EBITDA-CapEx/Interest Expense	-5,652.47	-11.09	171.02	206.99	117.78	-27.59	-8.59	-21.95	-23.09	5.57	23.37	-54.08	-17.09	7.51	28.47
EBIT to Interest Expense	3,850.67	31.07	242.73	212.92	104.68	12.2	8.35	1.55	7.43	13.46	33.53	-22.96	68.34	35.86	36.18
Interest Expense	- -	14	2	2	7	21	26	26	27	24	13	12	13	39	44
Common Equity/Total Assets	63.07	56.79	65.42	74.27	75.84	76.47	74.28	73.19	67.82	77.66	80.39	70.73	64.52	65.8	71.6
Long-Term Debt/Equity (%)	16.99	13.87	3.61	3.25	4.53	3.58	8.31	8.85	11.12	7.73	6.41	3.85	7.74	5.88	4.42
Long-Term Debt/Capital (%)	14.37	12	3.44	3.11	4.31	3.44	7.66	8.12	9.96	7.11	6.01	3.71	7.08	5.39	4.13
Long-Term Debt/Total Assets (%)	10.72	7.88	2.36	2.41	3.44	2.74	6.17	6.48	7.54	6	5.15	2.73	5	3.87	3.16
Total Debt/Equity (%)	18.21	15.6	4.96	4.28	5.22	4.12	8.57	8.96	11.68	8.74	6.69	4.01	9.34	9.01	6.87
Total Debt/Capital (%)	15.41	13.5	4.72	4.1	4.96	3.96	7.89	8.22	10.46	8.03	6.27	3.86	8.54	8.27	6.43
Total Debt/Total Assets (%)	11.49	8.86	3.24	3.18	3.96	3.15	6.37	6.55	7.92	6.78	5.38	2.84	6.02	5.93	4.92
Net Debt to Equity	1.59	-9.39	-24.47	-25.41	-15.09	-21.7	-35.92	-17.97	-17.29	-17.17	-20.32	-22.22	-20.74	-12.68	-24.17
Net Debt/Capital (%)	1.57	-10.37	-32.39	-34.08	-17.78	-27.71	-56.06	-21.91	-20.3	-19.84	-24.67	-28.26	-25.85	-14.3	-31.19
EBITDA	167	225	605	668	988	-337	293	171	44	550	847	242	1,165	1,818	2,126
EBITDA-CapEx	-565	-154	322	410	822	-567	-221	-569	-625	134	306	-661	-222	292	1,256
Operating Income (Loss)	385	432	457	422	730	251	215	40	201	323	439	-281	886	1,394	1,597

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.69	0.91	1.11	1.99	1.9	2.15	4.6	3.01	1.64	2.06	2.51	2.48	1.61	0.86	1.27
Current Ratio	2.68	2.57	2.39	3.08	3.48	4.17	5.89	4.57	2.73	3.56	4.39	3.65	3.55	2.45	2.67
Quick Ratio	1.56	1.79	1.53	2.21	2.54	2.72	5.26	3.74	2.18	2.41	3.14	2.8	2.69	1.73	2.13
CFO/Avg Current Liab	-0.05	0.73	0.64	0.57	-0.33	0.22	1.72	-0.44	0.16	0.03	0.3	0.99	0.51	0.72	0.95
Common Equity/Total Assets	63.07	56.79	65.42	74.27	75.84	76.47	74.28	73.19	67.82	77.66	80.39	70.73	64.52	65.8	71.6
Long-Term Debt/Equity (%)	16.99	13.87	3.61	3.25	4.53	3.58	8.31	8.85	11.12	7.73	6.41	3.85	7.74	5.88	4.42
Long-Term Debt/Capital (%)	14.37	12	3.44	3.11	4.31	3.44	7.66	8.12	9.96	7.11	6.01	3.71	7.08	5.39	4.13
Long-Term Debt/Total Assets (%)	10.72	7.88	2.36	2.41	3.44	2.74	6.17	6.48	7.54	6	5.15	2.73	5	3.87	3.16
Total Debt/Equity (%)	18.21	15.6	4.96	4.28	5.22	4.12	8.57	8.96	11.68	8.74	6.69	4.01	9.34	9.01	6.87
Total Debt/Capital (%)	15.41	13.5	4.72	4.1	4.96	3.96	7.89	8.22	10.46	8.03	6.27	3.86	8.54	8.27	6.43
Total Debt/Total Assets (%)	11.49	8.86	3.24	3.18	3.96	3.15	6.37	6.55	7.92	6.78	5.38	2.84	6.02	5.93	4.92
CFO/Total Liabilities	-1.57	27.79	35.97	42.53	-18.4	12.87	75.92	-17.12	7.2	2.34	16.34	36.16	16.38	29.37	54.37
CFO/CapEx	-0.05	2.01	3.03	2.86	-1.95	0.9	2.61	-0.44	0.26	0.09	0.44	0.97	0.43	0.8	2.36
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	8.96	7.8	9.59	24.95	12.93	7.57	12.29	13.2	10.15	7.32	8.41	6.95	6.74	4.38	4.09
Days Sales Outstanding	40.75	46.82	38.05	14.63	28.23	48.21	29.69	27.66	35.95	49.89	43.42	52.52	54.17	83.38	89.34
Inventory Turnover	4.95	4.73	4.63	4.45	5.19	4.8	7.63	5.73	5.34	3.39	2.88	3.18	2.25	1.99	2.56
Days Inventory Outstanding	73.79	77.15	78.86	81.99	70.28	75.97	47.85	63.67	68.38	107.78	126.6	114.73	162.38	183.45	142.59
Accounts Payable Turnover	16.45	9.57	7.96	11.23	10.38	8.94	16.12	11.86	11.37	11.14	12.27	9.4	8.19	7.79	6.36
Accounts Payable Turnover Days	22.19	38.14	45.86	32.49	35.16	40.82	22.64	30.79	32.1	32.77	29.75	38.83	44.56	46.86	57.39
Cash Conversion Cycle	92.34	85.82	71.05	64.12	63.34	83.36	54.89	60.54	72.23	124.89	140.26	128.41	171.99	219.97	174.54
Inventory to Cash Days	-33.04	-30.33	-40.81	-67.36	-42.05	-27.76	-18.16	-36.01	-32.43	-57.89	-83.18	-62.21	-108.2	-100.06	-53.25
Inventories	530	534	523	630	517	426	201	445	497	702	819	783	1,012	1,348	1,073
Raw Materials	54	99	134	125	137	63	29	57	54	135	153	162	192	264	336
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	476	435	389	505	380	363	172	388	444	568	666	621	820	1,084	737

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	606	901	1,325	1,482	1,127	1,347	2,269	1,404	1,353	1,227	1,451	1,481	1,947	1,621	2,804
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	664	563	223	213	289	215	437	467	595	482	399	234	624	719	655
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	4,308	4,168	4,726	5,205	5,838	5,433	5,536	5,679	5,692	6,003	6,358	6,070	7,312	8,696	10,193
Total Debt/Capital (%)	15.41	13.5	4.72	4.1	4.96	3.96	7.89	8.22	10.46	8.03	6.27	3.86	8.54	8.27	6.43
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	2,766	3,369	3,310	3,391	4,113	2,905	2,941	2,244	3,063	2,711	2,923	2,619	3,319	4,206	5,219
TTM EBITDA	167	225	605	668	988	-337	293	171	44	550	847	242	1,165	1,818	2,126
TTM Operating Income	385	432	457	422	730	251	215	40	201	323	439	-281	886	1,394	1,597
TTM Cash Flow to Firm	- -	- -	858	737	-319	- -	1,319	-302	- -	- -	248	811	614	1,254	2,100
TTM Free Cash Flow to Firm	- -	- -	575	480	-485	- -	805	-1,042	- -	- -	-292	-93	-772	-272	1,230

Multiples (USD)

Valuation Multiples API ChatGPT

No data availableFinancial data will appear here once available

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	341,473	344,149	392,967	396,055	401,891	410,847	412,560	414,206	416,432	418,531	419,921	421,014	421,955	422,796	423,781
Diluted Weighted Avg Shares	339,890	343,022	377,016	401,402	402,081	406,232	412,006	419,055	415,884	421,318	422,258	420,784	424,027	424,631	424,678
Basic Weighted Avg Shares	339,890	343,022	370,022	395,103	398,413	406,232	412,006	413,652	415,884	418,083	419,647	420,784	421,748	422,617	423,486
Revenue per Share	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	0.01	- -	- -	0.01	0.01	0.01	- -	- -	0.01	- -	- -	0.01
Book Value per Share	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.02
Tangible Book Value per Share	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.02