SMA Solar Technology vs First Solar: Fair Value & Quality
Both stocks run through our valuation models. Here is how SMA Solar Technology (S92) and First Solar (FSLR) compare, as of Aug 14, 2026.
As of Aug 14, 2026, Fair Value Calculator sees First Solar as the more attractively valued of the two: SMA Solar Technology trades at €58.00 versus a fair value of €48.74 (-16%), while First Solar trades at $224 versus $392 (+75%).
SMA Solar Technology
S92.XETRA · EUR · Information Technology
-16%
upside to fair value
overvalued
Price€58.00
Fair Value€48.74
Quality52/100
First Solar
FSLR · USD · Information Technology
+75%
upside to fair value
undervalued
Price$224
Fair Value$392
Quality65/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
SMA Solar TechnologyFirst Solar
Valuation
—P/E (TTM)14.7×
1.62×P/S (TTM)4.52×
6.76×P/B2.57×
—EV/EBITDA9.7×
0.80×PEG0.60×
Profitability
-12%Net margin31%
4%Operating margin33%
-41%Return on equity18%
-8%Return on assets8%
Growth
4%Revenue growth (YoY)24%
12.5%Avg. growth/yr (3Y)25.8%
8.1%Avg. growth/yr (5Y)14.0%
Balance & size
—Debt / equity0.03×
$2BMarket cap$24B
mixedGrowth qualityhealthy
First Solar leads: 1 to 9 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.
SMA Solar Technologyof which business quality 54 · market factors 70First Solarof which business quality 66 · market factors 35
ProfitabilityMargins and returns on capital today
21
56
Quality GrowthAre margins and returns improving?
25
54
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
91
14
Low VolatilityCalm price path (market factor)
38
8
MomentumPrice trend over the last 3–12 months (market factor)
81
45
52W MomentumDistance to the 52-week high (market factor)
89
47
Net IssuanceBuybacks instead of dilution
82
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.
SMA Solar Technology
DCF Models€55.62
Multiples€52.78
Asset-Based€7.06
Growth DCF€57.22
5 of 7 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.
SMA Solar Technology
Bear €34.56Fair Value €48.74Bull €62.93
€58.00 = current price (white tick)
First Solar
Bear $224Fair Value $392Bull $485
$224 = 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.
SMA Solar Technology · Information Technology
Quality score52 · below median
Fair value upside-16% · above median
First Solar · Information Technology
Quality score65 · Top 25%
Fair value upside+75% · Top 25%
Bottom line
As of Aug 14, 2026, Fair Value Calculator sees First Solar as the more attractively valued of the two: SMA Solar Technology trades at €58.00 versus a fair value of €48.74 (-16%), while First Solar trades at $224 versus $392 (+75%).
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.
