The energy-saving and environmental protection industry in China has experienced rapid development, driven by national policies and increased financial investments. This growth has generated heightened investor interest in investing in listed companies operating in this sector. Taking 112 energy-saving and environmental protection-listed companies as research samples, this paper applies the Necessary Condition Analysis (NCA) and Fuzzy Set Qualitative Comparative Analysis (fsQCA) methods to select variables from the five dimensions of a company’s financial performance and constructs a configurational analytical framework that explores the association between the financial performance characteristics and the stock price from a configurational point of view. Our analyses show that stock price performance is the result of a synergistic effect of multiple preconditions. We identify three driving paths that lead to high stock prices. In addition, we find that earnings per share and net assets per share are the core conditions for the three high stock price configurations, suggesting that profitability is the key factor that makes energy-saving and environmental protection firms have higher stock prices among their peers. This study not only reveals the impact of financial performance on share price, but also identifies the equivalent paths that affect share price performance. The results of this study can help firms and investors make better use of financial performance information.