Evergreen Solar - ROE & FCFE Analysis The growth potential of the solar industry as a whole -- and Evergreen Solar (ESLR) in particular, with a geographically diversified contractual backlog -- remains a compelling story. Positive factors include ongoing expansion programs over the next few years, improving operating efficiencies and technological upgrades.However, continuing near-term earnings losses due to high start-up costs, significant capital expenditures, oversupply of solar modules, absence of deep pockets unlike its peers and earnings-dilutive stock issuances may present risks to the near-term share price upside potential.From 2003 through 2008, as the company recorded net earnings losses since inception, stockholders suffered from negative annual returns-on-equity (ROE).Historically, year-over-year, operating profit margins remained volatile and negative, while sales per dollar of assets and financial leverage exhibited relatively high volatility from one year to the next, where the ...