First Gen Corp (FSGCY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of First Gen Corp $10.73, price $6.21, upside +72.8%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch First Gen Corp ADR for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
First Gen Corporation engages in the power generation business in the Philippines. The company operates 1,000 megawatts (MW) Santa Rita, 500 MW San Lorenzo, 420 MW San Gabriel, and 97 MW Avion natural gas-fired power plants, as well as owns and operates the offshore LNG terminal.
Show more
First Gen Corporation engages in the power generation business in the Philippines. The company operates 1,000 megawatts (MW) Santa Rita, 500 MW San Lorenzo, 420 MW San Gabriel, and 97 MW Avion natural gas-fired power plants, as well as owns and operates the offshore LNG terminal. It also owns and operates 150 MW Burgos wind and 6.82 MW Burgos solar power plants; 132 MW Pantabangan-Masiway hydroelectric plant; and 165 MW Casecnan hydroelectric power plant. The company was founded in 1993 and is based in Pasig, the Philippines. First Gen Corporation operates as a subsidiary of First Philippine Holdings Corporation.
Stock analysis
First Gen Corp ADR (FSGCY) currently trades at $6.21, while our model-based Fair Value estimate is $10.73, implying the stock looks roughly 42.1% undervalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of $28.27 per share, and 15 of the 24 models we run sit above the $6.21 price.
Bear case: the Dividend Discount group reads lowest at $2.37, and 9 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: $6.19 (bear) to $15.64 (bull), the price of $6.21 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Utilities sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
First Gen Corp ADR reported revenue of $906M in FY2025 versus $2.2B in FY2021, a compound −19.6%/yr. Reported net income was $371M in FY2025, compounding +9.5%/yr from FY2021.
Key figures
Market cap $1.1B · P/E ratio 5.2 · P/S ratio 2.14 · EPS (TTM) $1.19 · Dividend yield 5.0% · Net margin 40.9% · Return on equity 7.8% · Return on assets (EBIT) 7.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −40% fair-value upside, at 73%, FSGCY screens cheaper than that median.
Fair Value models
Bear $6.19Fair Value $10.73Bull $15.64
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.8998 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.25/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−62.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−30.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−13.2%
Start year 2020 (pandemic). Over 10 years: −6.8% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.5%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+10.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.8%
Dividend (yield on the price)5.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.8% vs 6.4%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.29% → 17%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+18.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +15.9% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Renewable · 200 stocks
Beats the industry median on 9/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Top 25%
Fair Value upside+63.3% · Top 25%
Profitability
Return on equity (TTM)7.8% · Above median
Return on assets1.5% · Below median
Net margin (TTM)36.4% · Top 25%
Operating margin (TTM)31.8% · Top 25%
Growth and dividend
Revenue growth32.2% · Top 25%
Dividend yield (TTM)5.0% · Top 25%
Balance sheet
Debt / equity0.54× · Below median
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "First Gen Corp ADR Fair Value". https://www.fairvalue-calculator.com/stock/FSGCY
Frequently asked questions
Is First Gen Corp (FSGCY) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of $10.73 versus a price of $6.21, about +73% upside (undervalued).
What is the fair value of FSGCY?
Our model-based fair value for First Gen Corp ADR is $10.73 (as of Oct 2, 2026), built from audited fundamentals. The current price: $6.21.
What is the quality score of FSGCY?
First Gen Corp ADR has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Gen Corp (FSGCY)?
Our model-based price target is the fair value of $10.73 (as of Oct 2, 2026) from 24 valuation models. Cautious scenario $6.19, optimistic scenario $15.64. It is a calculation from audited fundamentals, not an analyst target.
What is the First Gen Corp ADR stock forecast for 2026?
Our models put fair value at $10.73, about +73% upside versus a price of $6.21 (undervalued). Cautious scenario $6.19, optimistic scenario $15.64. The calculation is refreshed regularly with new filings.
Does First Gen Corp ADR pay a dividend?
First Gen Corp ADR currently shows a dividend yield of about 4.97% relative to its recent price (as of Oct 2, 2026).
What growth is priced into First Gen Corp (FSGCY)?
For today's price to be fair in a discounted-cash-flow model, First Gen Corp ADR would have to grow free cash flow by +18.6 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -13.2 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of FSGCY use?
Our models discount First Gen Corp ADR at 9.8 %: a base by market capitalisation (small), damped by beta 0.19, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For First Gen Corp ADR that is +18.6 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has First Gen Corp (FSGCY) delivered so far?
Over the past 5 years revenue at First Gen Corp ADR grew -13.2 % a year. The price currently implies +18.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of First Gen Corp (FSGCY) growing?
The median revenue growth in the sector is +3.4 % a year. That is the yardstick for the growth priced into First Gen Corp ADR (+18.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Gen Corp (FSGCY)?
The free-cash-flow yield on the price is 5.15 %: that much free cash flow First Gen Corp ADR produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Gen Corp (FSGCY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Gen Corp ADR it is $10.73 per share (as of Oct 2, 2026), against a price of $6.21. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is First Gen Corp ADR stock overvalued or undervalued in 2026?
As of Oct 2, 2026, FSGCY trades below its calculated fair value: price $6.21, fair value $10.73, a gap of about +73% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FSGCY?
No. The price is what the market pays today ($6.21); the fair value is what the company's own numbers justify ($10.73). For First Gen Corp ADR the two are $4.52 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Gen Corp ADR worth?
The market values First Gen Corp ADR at about $1.1B (market capitalisation, as of Oct 2, 2026). Per share that is $6.21; our models calculate a fair value of $10.73 per share.
What do the bullish and bearish scenarios say about FSGCY?
Our models span a range for First Gen Corp ADR: cautious scenario $6.19, base $10.73, optimistic $15.64 per share (as of Oct 2, 2026, price $6.21). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FSGCY?
First Gen Corp ADR trades at a price-to-earnings ratio of 5.2 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $10.73 is built from several models across several years.
How solid is the balance sheet of First Gen Corp (FSGCY)?
Balance-sheet figures for First Gen Corp ADR (as of Oct 2, 2026): return on equity 7.8%, debt of 0.54 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is FSGCY from its 52-week high?
First Gen Corp ADR trades at $6.21, about 19% below its 52-week high of $7.70 and 24% above the low of $5.00 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $10.73 is for.
Which stocks are comparable to First Gen Corp ADR?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, Fortum Oyj, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Gen Corp ADR stock attractive at the current price?
The data as of Oct 2, 2026: price $6.21, calculated fair value $10.73 (+73%), Quality Score 53/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FSGCY calculated?
We run First Gen Corp ADR through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $10.73, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. First Gen Corp ADR currently trades 42 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Gen Corp (FSGCY)?
The closing price on Oct 2, 2026 was $6.21. Our model-based fair value is $10.73, about +73% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Gen Corp ADR right now?
Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($6.19 to $15.64) leaves room in how you read the outcome.
Where does the earnings growth of First Gen Corp (FSGCY) come from?
Earnings per share at First Gen Corp ADR grew +5.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.7 %, EBIT margin −3.4 %, tax rate +2.2 %, residual (interest, one-offs) +6.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of First Gen Corp ADR
How large is the market capitalisation of First Gen Corp (FSGCY)?
The market capitalisation of First Gen Corp ADR is $1.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Gen Corp (FSGCY)?
The price-to-sales ratio of First Gen Corp ADR is 2.14 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Gen Corp (FSGCY)?
Earnings per share at First Gen Corp ADR are $1.19 (price ÷ EPS = P/E 5.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Gen Corp (FSGCY)?
The dividend yield of First Gen Corp ADR is 5.0% (payout 25.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of First Gen Corp (FSGCY)?
The net margin of First Gen Corp ADR is 40.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Gen Corp (FSGCY)?
The return on equity (ROE) of First Gen Corp ADR is 7.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Gen Corp (FSGCY)?
On an EBIT basis the return on assets of First Gen Corp ADR is 7.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Gen Corp (FSGCY)?
The operating margin of First Gen Corp ADR is 31.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Gen Corp (FSGCY)?
Revenue at First Gen Corp ADR is growing +32.2% versus a year earlier (3y avg −30.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Gen Corp (FSGCY)?
Earnings per share at First Gen Corp ADR are growing −23.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does First Gen Corp (FSGCY) carry?
The net debt of First Gen Corp ADR is $1.1B (fiscal year 2025, ≈ 18.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch First Gen Corp ADR in the live analysis
One click puts First Gen Corp ADR on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Some data
Oct 2, 2026