First Solar Inc (FSLR)

Debt-to-equity 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-equity ratio		0.05	0.05	0.06	0.07	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	0.09

December 31, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $373,354K ÷ $7,977,580K
= 0.05

The debt-to-equity ratio of First Solar Inc has shown fluctuations over the past few years. As of December 31, 2019, the ratio was 0.09, indicating that the company had a higher level of debt relative to equity. However, in the following periods, from March 31, 2020 to September 30, 2021, the ratio dropped to 0.00, suggesting that the company had either reduced its debt levels significantly or increased its equity base.

From December 31, 2021 to June 30, 2022, there was a slight increase in the ratio to 0.05, indicating a moderate level of debt compared to equity. The ratio then decreased to 0.03 by December 31, 2022, signaling a lower reliance on debt financing.

Subsequently, the ratio increased to 0.07 by March 31, 2023, and remained at this level until December 31, 2023. This uptick may suggest that the company took on more debt relative to its equity during this period.

However, from March 31, 2024 to December 31, 2024, the ratio decreased to 0.05 and remained stable at that level as of September 30, 2024. Overall, the trend indicates some volatility in the debt-to-equity ratio of First Solar Inc, but the company appears to have maintained a relatively conservative level of debt in relation to its equity position.