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First Solar, Inc. (FSLR) vs SolarEdge Technologies, Inc. (SEDG)

First Solar, Inc. and SolarEdge Technologies, Inc. are both Solar companies. First Solar, Inc. is the larger, with a market value of $21.0B against $1.6B — 13.1× the size. SolarEdge Technologies, Inc. has negative trailing earnings, so its P/E is not meaningful; First Solar, Inc. trades at 11.4×. SolarEdge Technologies, Inc. grew revenue faster over the last twelve months: 26.1% against −0.72%. First Solar, Inc. has the higher net margin (37.1% vs −17.3%) and the higher return on invested capital (12.6% vs −43.0%). Across the 20 metrics below, First Solar, Inc. leads on 13 and SolarEdge Technologies, Inc. on 7.

Valuation

Metric FSLR SEDG Solar median
P/E 11.37 n/m 11.37
P/S 4.22 1.19 0.60
P/B 1.95 3.72 0.90
Price to free cash flow 90.94 24.10 15.06
EV/EBITDA 8.01 n/m 10.71
EV/Sales 3.97 1.27 0.85
Earnings yield 8.80% (14.47%) (16.54%)
Free cash flow yield 1.10% 4.15% (1.15%)

Profitability

Metric FSLR SEDG Solar median
Gross margin 49.25% 26.26% 28.56%
Operating margin 37.69% (9.20%) (7.89%)
Net margin 37.12% (17.34%) (7.34%)
Free cash flow margin 4.64% 5.71% (1.48%)
Return on equity 18.71% (50.64%) 7.14%
Return on assets 13.55% (10.16%) (3.25%)
Return on invested capital 12.61% (42.98%) (4.96%)

Growth

Metric FSLR SEDG Solar median
Revenue growth (TTM) (0.72%) 26.11% 10.49%
EPS growth (last fiscal year) 18.22% 78.26% 51.53%
Revenue growth, 5-year CAGR 14.00% (4.09%) 13.86%
Net income growth, 5-year CAGR 30.85% 0.00% 0.00%

Health

Metric FSLR SEDG Solar median
Debt to equity 0.01 0.83 0.01
Current ratio 2.57 2.12 1.50
Net debt to EBITDA (1.11) 0.84 0.19

Dividend

Metric FSLR SEDG Solar median
Dividend yield — — —
Payout ratio — — —

Size

Metric FSLR SEDG Solar median
Market cap 21.04b 1.61b 76.52m

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