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STOCK COMPARISON

Flat Glass Group Co. vs First Solar: Fair Value & Quality

Both stocks run through our valuation models. Here is how Flat Glass Group Co. (601865) and First Solar (FSLR) compare, as of Sep 30, 2026.

As of Sep 30, 2026, Fair Value Calculator sees First Solar as the more attractively valued of the two: Flat Glass Group Co. trades at ¥9.10 versus a fair value of ¥7.14 (−21.5%), while First Solar trades at $177 versus $392 (+121.6%).
Flat Glass Group Co.
601865.SHG · CNY · Industrials
−21.5%
upside to fair value
overvalued
Price¥9.10
Fair Value¥7.14
Quality39/100
First Solar
FSLR · USD · Information Technology
+121.6%
upside to fair value
undervalued
Price$177
Fair Value$392
Quality65/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Flat Glass Group Co.First Solar
Valuation
21.6×P/E (TTM)10.9×
15.8×Forward P/E (FY2027)7.6×
n/aMedian P/E at FY-end (8 FY, ex one-offs where documented)25.1×
1.47×P/S (TTM)3.54×
0.96×P/B2.00×
8.9×EV/EBITDA6.9×
n/aPEG0.36×
−21.5%Fair value upside+121.6%
1.6%Dividend yieldn/a
¥0.15Dividend per sharen/a
Profitability
-12.0%Operating margin42.6%
0.35×EBIT margin trend (5Y)2.76×
1.7%Return on equity18.5%
1.5%Return on assets8.6%
Growth
-18.1%Revenue growth (YoY)-3.7%
28.9%Avg. growth/yr (3Y)25.8%
31.2%Avg. growth/yr (5Y)14.0%
−4.1%Value creation/yr+38.9%
Balance & size
3.1×Interest coverage (EBIT/interest)38.1×
0.48×Debt / equity0.03×
$3BMarket cap$19B
expensiveGrowth qualityhealthy
First Solar, median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings, 7 of the years ex one-offs: 25.1.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.
Valuation multiples (P/E, P/S, P/B, EV/EBITDA) are shown but not scored here: the two companies sit in different sectors, and multiples only compare fairly between similar business models. PEG stays scored, as it relates the P/E to growth.

First Solar leads: 2 to 8 metric wins.

n/a = 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.

Flat Glass Group Co.of which business quality 41 · market factors 15 First Solarof which business quality 66 · market factors 16
ProfitabilityMargins and returns on capital today
24
56
Quality GrowthAre margins and returns improving?
41
54
CashflowEarnings quality: real cash, not paper profit
47
72
Fin. StrengthBalance sheet, leverage, solvency risk
44
94
InvestmentDisciplined investing over empire-building
26
14
Low VolatilityCalm price path (market factor)
34
8
MomentumPrice trend over the last 3–12 months (market factor)
11
26
52W MomentumDistance to the 52-week high (market factor)
1
8
Net IssuanceShare count: buybacks or dilution?
68
80

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyFlat Glass Group Co.Price ¥9.10First SolarPrice $177
DCF Models+2.7%close to the price¥9.35+166.0%above the price$471
Earnings-Based+6.8%close to the price¥9.72+75.3%above the price$310
Dividend Discount−74.2%below the price¥2.35n/a
Multiples−12.3%close to the price¥7.98+79.7%above the price$318
Asset-Based−30.5%below the price¥6.32−66.4%below the price$59.46
Growth DCF−65.5%below the price¥3.14+100.6%above the price$355
Economic Profit−40.9%below the price¥5.38+13.9%close to the price$202
Growth Earnings+40.0%above the price¥12.74+166.0%above the price$471
Minimum−74.2%below the price¥2.35−66.4%below the price$59.46
Maximum+40.0%above the price¥12.74+166.0%above the price$471
Median−21.4%below the price¥7.15+79.7%above the price$318
Geometric mean−31.4%below the price¥6.25+50.0%above the price$265

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Flat Glass Group Co.: 15 of 25 models see the stock below the current price.

First Solar: 2 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Flat Glass Group Co.
Price ¥9.10
Fair Value ¥7.14
Bear ¥5.35Bull ¥9.98
First Solar
Price $177
Fair Value $392
Bear $227Bull $485

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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.

Flat Glass Group Co. · Industrials

Quality score39 · bottom 25%
Fair value upside−21.5% · below median

First Solar · Information Technology

Quality score65 · Top 25%
Fair value upside+121.6% · Top 25%

Bottom line

As of Sep 30, 2026, Fair Value Calculator sees First Solar as the more attractively valued of the two: Flat Glass Group Co. trades at ¥9.10 versus a fair value of ¥7.14 (−21.5%), while First Solar trades at $177 versus $392 (+121.6%).

First Solar has the higher quality score (65/100).

Open First Solar live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.