FSLR — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($199.86)
DCF	$760.26	+280.4%
Graham Number	$168.58	-15.7%
Reverse DCF	—	implied g: 7.2%
DDM	—	—
EV/EBITDA	$199.86	+0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $963.92M

Near-term growth (yrs 1–5)(%)Rev: 11.1% / EPS: 32.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.85%

Computed WACC: 12.85%

Cost of equity (Re)13.24%(Rf 4.30% + β 1.63 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)97.04%

Debt weight (D/V)2.96%

Results

Intrinsic Value / share$431.42

Current Price$199.86

Upside / Downside+115.9%

Net Debt (used)-$2.20B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	24.3%	28.3%	32.3%	36.3%	40.3%
7.0%	$868.85	$1010.07	$1169.74	$1349.64	$1551.63
8.0%	$691.33	$802.18	$927.45	$1068.53	$1226.88
9.0%	$569.75	$659.82	$761.56	$876.10	$1004.60
10.0%	$481.64	$556.67	$641.38	$736.71	$843.61
11.0%	$415.11	$478.80	$550.68	$631.52	$722.15

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $14.21

Book Value / share($)Yahoo: $88.88

Results

Graham Number$168.58

Current Price$199.86

Margin of Safety-15.7%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.85%

Terminal growth rate(%)

Computed WACC: 12.85%

Cost of equity (Re)13.24%(Rf 4.30% + β 1.63 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)97.04%

Debt weight (D/V)2.96%

Results

Current Price$199.86

Implied Near-term FCF Growth16.4%

Historical Revenue Growth11.1%

Historical Earnings Growth32.3%

Base FCF (TTM)$963.92M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$199.86

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.13B

Target EV/EBITDA multipleCurrent: 9.1×

Net Debt($B)Default: -$2.20B

Results

Implied Equity Value / share$199.86

Current Price$199.86

Upside / Downside+0.0%

Implied EV$19.25B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$4.20B	-$3.20B	-$2.20B	-$1.20B	-$200.03M
5.1x	$139.25	$129.93	$120.61	$111.29	$101.98
7.1x	$178.88	$169.56	$160.24	$150.92	$141.60
9.1x	$218.50	$209.18	$199.86	$190.54	$181.22
11.1x	$258.12	$248.81	$239.49	$230.17	$220.85
13.1x	$297.75	$288.43	$279.11	$269.79	$260.47

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