First Solar (FSLR) FY2023 results: revenue $3.3 billion, up 26.7% on the year
First Solar, Inc. (FSLR) reported revenue of $3.3 billion for fiscal 2023, the year ended 31 December 2023, up 26.7% on the year before. Net income was $831 million, and diluted earnings per share $7.74. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.
Revenue
$3.3 billion
+26.7% on the year
FY2016FY2023
Operating margin
25.8%
-1.0% a year earlier
FY2016FY2023
Net income
$831 million
FY2016FY2023
Diluted EPS
$7.74
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
602
873
238
-31.0%
Capital expenditure
1,387
904
540
+53.5%
Free cash flow
-785
-30.2
-303
Free cash flow margin
-23.6%
-1.2%
-10.4%
Cash from investing
-473
-1,193
-99.0
Cash from financing
337
309
40.5
+8.9%
Depreciation and amortisation
308
270
260
+14.2%
Share-based compensation
34.2
28.7
20.9
+19.4%
Diluted shares, weighted
107m
107m
107m
+0.8%
Shares outstanding at period end
107m
107m
106m
+0.2%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
6,687
5,836
5,960
+14.6%
Debt
560
184
240
+203.9%
Operating lease liabilities
36.7
40.6
146
-9.7%
Finance lease liabilities
17.1
n/a
n/a
Other liabilities
3,064
2,190
1,068
+39.9%
Total liabilities and equity
10,365
8,251
7,414
+25.6%
Fixed assets
4,397
3,537
2,650
+24.3%
Goodwill
29.7
14.5
14.5
+105.3%
Intangible assets
64.5
31.1
45.5
+107.4%
Investments
155
1,097
375
-85.8%
Cash and equivalents
1,947
1,481
1,451
+31.4%
Receivables
661
324
429
+103.7%
Inventory
820
621
666
+31.9%
Other assets
2,290
1,145
1,782
+100.0%
Total assets
10,365
8,251
7,414
+25.6%
10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.