Hanwha Solutions vs First Solar: Fair Value & Quality
Both stocks run through our valuation models. Here is how Hanwha Solutions (009830) and First Solar (FSLR) compare, as of Aug 20, 2026.
As of Aug 20, 2026, Fair Value Calculator sees First Solar as the more attractively valued of the two: Hanwha Solutions trades at KRW 35,200 versus a fair value of KRW 14,307 (-59%), while First Solar trades at $222 versus $392 (+76%).
Hanwha Solutions
009830.KO · KRW · Materials
-59%
upside to fair value
overvalued
PriceKRW 35,200
Fair ValueKRW 14,307
Quality33/100
First Solar
FSLR · USD · Information Technology
+76%
upside to fair value
undervalued
Price$222
Fair Value$392
Quality65/100
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Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
Hanwha SolutionsFirst Solar
Valuation
—P/E (TTM)14.7×
—P/S (TTM)4.52×
—P/B2.57×
10.7×EV/EBITDA9.7×
—PEG0.60×
2.5%Dividend yield—
Profitability
-6%Net margin31%
2%Operating margin33%
-8%Return on equity18%
-1%Return on assets8%
Growth
25%Revenue growth (YoY)24%
-0.8%Avg. growth/yr (3Y)25.8%
7.7%Avg. growth/yr (5Y)14.0%
Balance & size
0.86×Debt / equity0.03×
$4BMarket cap$24B
expensiveGrowth qualityhealthy
First Solar leads: 1 to 8 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
Hanwha Solutionsof which business quality 32 · market factors 26First Solarof which business quality 66 · market factors 28
ProfitabilityMargins and returns on capital today
9
56
Quality GrowthAre margins and returns improving?
48
54
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
55
14
Low VolatilityCalm price path (market factor)
14
10
MomentumPrice trend over the last 3–12 months (market factor)
29
35
52W MomentumDistance to the 52-week high (market factor)
33
36
Net IssuanceBuybacks instead of dilution
83
80
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Hanwha Solutions
Dividend DiscountKRW 16,376
Asset-BasedKRW 34,235
3 of 3 models see the stock below the current price.
First Solar
DCF Models$463
Earnings-Based$310
Multiples$318
Asset-Based$59.47
Growth DCF$348
Economic Profit$202
Growth Earnings$471
3 of 24 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
Hanwha Solutions
Bear KRW 7,766Fair Value KRW 14,307Bull KRW 21,408
KRW 35,200 = current price (white tick)
First Solar
Bear $224Fair Value $392Bull $485
$222 = current price (white tick)
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
Hanwha Solutions · Materials
Quality score33 · bottom 25%
Fair value upside-59% · bottom 25%
First Solar · Information Technology
Quality score65 · Top 25%
Fair value upside+76% · Top 25%
Bottom line
As of Aug 20, 2026, Fair Value Calculator sees First Solar as the more attractively valued of the two: Hanwha Solutions trades at KRW 35,200 versus a fair value of KRW 14,307 (-59%), while First Solar trades at $222 versus $392 (+76%).
First Solar has the higher quality score (65/100).
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
