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STOCK COMPARISON

First Solar vs Shoals Technologies Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how First Solar (FSLR) and Shoals Technologies Group (SHLS) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees First Solar as the more attractively valued of the two: First Solar trades at $207 versus a fair value of $392 (+89%), while Shoals Technologies Group trades at $7.03 versus $4.20 (-40%).
First Solar
FSLR · USD · Information Technology
+89%
upside to fair value
undervalued
Price$207
Fair Value$392
Quality65/100
Shoals Technologies Group
SHLS · USD · Industrials
-40%
upside to fair value
overvalued
Price$7.03
Fair Value$4.20
Quality44/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

First SolarShoals Technologies Group
Valuation
14.7×P/E (TTM)35.2×
4.52×P/S (TTM)3.43×
2.57×P/B3.06×
9.7×EV/EBITDA20.9×
0.60×PEG0.95×
+89.0%Fair value upside−40.3%
—Dividend yield0.1%
Profitability
33%Operating margin8%
2.76×EBIT margin trend (5Y)0.56×
18%Return on equity6%
8%Return on assets5%
Growth
24%Revenue growth (YoY)75%
25.8%Avg. growth/yr (3Y)13.3%
14.0%Avg. growth/yr (5Y)22.0%
+38.9%Value creation/yr+5.8%
Balance & size
38.1×Interest coverage (EBIT/interest)5.6×
0.03×Debt / equity0.23×
$24BMarket cap$2B
healthyGrowth qualityexpensive
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: 10 to 1 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.

First Solarof which business quality 66 · market factors 27 Shoals Technologies Groupof which business quality 44 · market factors 27
ProfitabilityMargins and returns on capital today
56
34
Quality GrowthAre margins and returns improving?
54
55
CashflowEarnings quality: real cash, not paper profit
72
8
Fin. StrengthBalance sheet, leverage, solvency risk
94
64
InvestmentDisciplined investing over empire-building
14
33
Low VolatilityCalm price path (market factor)
11
0
MomentumPrice trend over the last 3–12 months (market factor)
35
40
52W MomentumDistance to the 52-week high (market factor)
32
35
Net IssuanceBuybacks instead of dilution
80
82

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 familyFirst SolarPrice $207Shoals Technologies GroupPrice $7.03
DCF Models+123%above the price$463-77%below the price$1.59
Earnings-Based+50%above the price$310-40%below the price$4.25
Dividend Discountn/a-99%below the price$0.11
Multiples+53%above the price$318-45%below the price$3.90
Asset-Based-71%below the price$59.47-66%below the price$2.40
Growth DCF+68%above the price$348n/a
Economic Profit-3%close to the price$202-71%below the price$2.02
Growth Earnings+127%above the price$471-19%below the price$5.71
Minimum-71%below the price$59.47-99%below the price$0.11
Maximum+127%above the price$471-19%below the price$5.71
Median+53%above the price$318-66%below the price$2.40
Geometric mean+27%above the price$264-74%below the price$1.86

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%.

First Solar: 3 of 24 models see the stock below the current price.

Shoals Technologies Group: 16 of 17 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.

First Solar
Bear $224Fair Value $392Bull $485
$207 = current price (white tick)
Shoals Technologies Group
Bear $3.11Fair Value $4.20Bull $5.25
$7.03 = 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.

First Solar · Information Technology

Quality score65 · Top 25%
Fair value upside+89% · Top 25%

Shoals Technologies Group · Industrials

Quality score44 · below median
Fair value upside-40% · below median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees First Solar as the more attractively valued of the two: First Solar trades at $207 versus a fair value of $392 (+89%), while Shoals Technologies Group trades at $7.03 versus $4.20 (-40%).

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

See the full analysis →
First Solar · Shoals Technologies Group

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