First Solar Inc (FSLR)

Debt-to-capital ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	373,354	464,068	184,349	236,005	237,691
Total stockholders’ equity	US$ in thousands	7,977,580	6,687,470	5,836,060	5,959,550	5,520,930
Debt-to-capital ratio		0.04	0.06	0.03	0.04	0.04

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $373,354K ÷ ($373,354K + $7,977,580K)
= 0.04

The debt-to-capital ratio of First Solar Inc has remained relatively stable over the years, standing at 0.04 as of December 31, 2020, 0.04 as of December 31, 2021, and 0.04 as of December 31, 2024. However, there was a slight increase to 0.06 as of December 31, 2023, indicating a higher proportion of debt relative to total capital in that year. The lowest ratio was recorded as 0.03 as of December 31, 2022. Overall, the company has maintained a conservative level of debt compared to its total capital structure, which suggests a lower financial risk and a strong ability to meet its debt obligations.