First Solar Inc (FSLR)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	373,354	373,321	418,695	464,068	464,040	437,410	320,378	184,349	254,224	170,017	247,354	236,005	241,483	276,084	254,447	237,691	—	—	—	454,187
Total stockholders’ equity	US$ in thousands	7,977,580	7,593,650	6,902,510	6,687,470	6,302,380	6,039,640	5,868,730	5,836,060	5,828,340	5,895,830	5,875,180	5,959,550	5,830,080	5,783,640	5,694,780	5,520,930	5,396,110	5,226,800	5,168,620	5,096,770
Debt-to-capital ratio		0.04	0.05	0.06	0.06	0.07	0.07	0.05	0.03	0.04	0.03	0.04	0.04	0.04	0.05	0.04	0.04	0.00	0.00	0.00	0.08

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 shown a relatively stable trend over the analyzed period, ranging between 0.00 to 0.08.

From December 31, 2019, to March 31, 2020, the ratio decreased significantly from 0.08 to 0.00. Subsequently, from June 2020 to September 2020, the ratio remained constant at 0.00, indicating that the company had no debt during this period.

From December 31, 2020, to March 31, 2024, the debt-to-capital ratio fluctuated between 0.03 to 0.07, with no substantial increase or decrease observed.

Overall, the debt-to-capital ratio of First Solar Inc indicates a conservative approach to financing its operations, as the company has kept its debt levels relatively low compared to its total capital throughout the analyzed period.