First Solar Inc (FSLR) is undervalued and Shoals Technologies Group Inc (SHLS) is undervalued.
Against our estimates of intrinsic value, SHLS trades at the wider discount: a margin of safety of +77%, against +69% for FSLR.
Values as of the 22 Sept 2026 close.
A 12.5x revenue multiple, adjusted for growth and margin, values the shares at $645.98; the price of $200.78 is 69% below that value.
Leak Score 73/100 on 10 of 12 signals
A 10.4x revenue multiple, adjusted for growth and margin, values the shares at $35.04; the price of $8.15 is 77% below that value.
Leak Score 47/100 on 7 of 12 signals
| Metric | FSLR | SHLS |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $200.78 | $8.15 |
| Intrinsic value | $645.98 | $35.04 |
| Margin of safety | +69% | +77% |
| Leak Score | 73/100 (10/12) | 47/100 (7/12) |
| Market cap | $21.6B | $1.4B |
| Revenue growth, 5 years | 14.0% | 22.1% |
| Operating margin | 35.0% | 10.6% |
| Net margin | 32.5% | 5.4% |
| Return on equity | 18.5% | 5.3% |
| Debt to equity | 0.02 | 0.38 |
| P/E | 12.4x | 43.4x |
| Forward P/E | 8.6x | 14.8x |
| P/B | 2.1x | 2.2x |