Discounted Cash Flow

First Solar, Inc.

FSLR · Based on 10 years of SEC filings · Converted from EUR to USD

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⚠ Cash flow predictability 34/100 (unstable) — FCF YoY std dev 74%, net income 74% (full history)

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales — — —
Free Cash Flow — — —
Average (FCF & NI) — — —
Net Income — — —
Dividends — — —

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales — — —
Free Cash Flow — — —
Average (FCF & NI) — — —
Net Income — — —

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

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Free cash flow growth —
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI) —
10-year: — 5-year: — 3-year: —
Net income growth —
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations) —
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

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Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $3.4b $-417.1m $-26.4m -12.1% $-3.48
2017 $3.4b (-0.3%) $-193.0m (53.7%) $962.8m (3740.3%) -5.6% (53.6%) $-1.59 (54.3%)
2018 $2.6b (-23.7%) $168.2m (187.1%) $-1.2b (-229.1%) 6.4% (214.2%) $1.38 (186.8%)
2019 $3.6b (36.5%) $-133.9m (-179.6%) $-576.2m (53.6%) -3.8% (-158.3%) $-1.09 (-179.0%)
2020 $3.2b (-11.5%) $464.2m (446.6%) $-442.2m (23.3%) 14.7% (491.6%) $3.76 (445.0%)
2021 $3.4b (7.8%) $546.1m (17.7%) $-352.7m (20.2%) 16.0% (9.1%) $4.41 (17.3%)
2022 $3.1b (-10.4%) $-51.5m (-109.4%) $-35.2m (90.0%) -1.7% (-110.5%) $-0.41 (-109.3%)
2023 $3.9b (26.7%) $968.0m (1981.0%) $-914.1m (-2494.6%) 25.0% (1584.7%) $7.78 (1997.6%)
2024 $4.9b (26.7%) $1.5b (55.5%) $-359.0m (60.7%) 30.7% (22.7%) $12.07 (55.1%)
2025 $6.1b (24.1%) $1.8b (18.3%) $1.4b (485.4%) 29.3% (-4.7%) $14.25 (18.1%)

Base FCF: — (latest fiscal year)

Discount rate: %

Terminal growth: —

Projection period: — years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in EUR. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF: —

Terminal FCF: —

Terminal value: —

PV of terminal value: —

Enterprise value (DCF): —

DCF price per share: —

Current price: —

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) ⓘ — — — — 10 + TV
Alt A (Gradual Decline) ⓘ — — — — —
Alt B (30yr Hard Stop) ⓘ — — — N/A —

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model