Shoals Technologies Group, Inc. (SHLS) 10-Year Financial Performance & Capital Metrics

SHLS • • Industrial / General

EnergySolarSolar System Components & Balance of SystemsBalance of System Components

AboutShoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices. The company also sells EV Charging solutions for public and fleet electric vehicle charging stations; and EBOS systems. It sells its products principally to engineering, procurement, and construction firms that build solar energy projects and install electric vehicle charging stations. Shoals Technologies Group, Inc. was founded in 1996 and is headquartered in Portland, Tennessee.Show more

Revenue $399M -18.4%
EBITDA $64M -28.8%
Net Income $24M -39.6%
EPS (Diluted) 0.14 -41.7%
Gross Margin 35.57% +3.3%
EBITDA Margin 15.98% -12.8%
Operating Margin 12.82% -20.7%
Net Margin 6.04% -26.1%
ROE 4.38% -53.7%
ROIC 5.56% -42.1%
Debt/Equity 0.26 -22.4%
Interest Coverage 3.70 +12.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.6%
✓FCF machine: 18.0% free cash flow margin
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.5%
✓Healthy 5Y average net margin of 14.7%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y22.54%

3Y23.25%

TTM2.68%

Profit (Net Income) CAGR

10Y-

5Y-0.82%

3Y117.4%

TTM-8.34%

EPS CAGR

10Y-

5Y-1.37%

3Y88.21%

TTM-9.3%

ROCE

10Y Avg12.97%

5Y Avg13.69%

3Y Avg11.12%

Latest6.99%

Peer Comparison

Balance of System Components

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHLSShoals Technologies Group, Inc.	1.57B	9.37	66.93	-18.35%	7.67%	5.64%	4.59%	0.26
PNSkycorp Solar Group Limited	11.32M	0.81	47.65	-1.87%	0.94%	2.63%	10.53%	0.15

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	103.75M	144.5M	175.52M	213.21M	326.94M	488.94M	399.21M
Revenue Growth %	-	0.39%	0.21%	0.21%	0.53%	0.5%	-0.18%
Cost of Goods Sold+	75.58M	100.28M	108.97M	130.57M	195.63M	320.63M	257.19M
COGS % of Revenue	0.73%	0.69%	0.62%	0.61%	0.6%	0.66%	0.64%
Gross Profit+	28.17M	44.21M	66.55M	82.64M	131.31M	168.3M	142.02M
Gross Margin %	0.27%	0.31%	0.38%	0.39%	0.4%	0.34%	0.36%
Gross Profit Growth %	-	0.57%	0.51%	0.24%	0.59%	0.28%	-0.16%
Operating Expenses+	17.08M	17.28M	29.27M	46.41M	64.98M	89.27M	90.84M
OpEx % of Revenue	0.16%	0.12%	0.17%	0.22%	0.2%	0.18%	0.23%
Selling, General & Admin	8.9M	9.06M	21.01M	37.89M	55.91M	80.72M	82.25M
SG&A % of Revenue	0.09%	0.06%	0.12%	0.18%	0.17%	0.17%	0.21%
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	8.18M	8.22M	8.26M	8.52M	9.07M	8.55M	8.59M
Operating Income+	11.09M	26.93M	37.28M	36.23M	66.33M	79.03M	51.17M
Operating Margin %	0.11%	0.19%	0.21%	0.17%	0.2%	0.16%	0.13%
Operating Income Growth %	-	1.43%	0.38%	-0.03%	0.83%	0.19%	-0.35%
EBITDA+	20.08M	36.09M	46.68M	46.28M	76.84M	89.56M	63.8M
EBITDA Margin %	0.19%	0.25%	0.27%	0.22%	0.24%	0.18%	0.16%
EBITDA Growth %	-	0.8%	0.29%	-0.01%	0.66%	0.17%	-0.29%
D&A (Non-Cash Add-back)	8.99M	9.16M	9.4M	10.05M	10.51M	10.53M	12.63M
EBIT	11.09M	26.93M	37.28M	18.58M	170.54M	79.03M	51.69M
Net Interest Income+	-2.44M	-1.79M	-3.51M	-14.55M	-18.54M	-24.1M	-13.31M
Interest Income	0	0	0	0	0	0	518K
Interest Expense	2.44M	1.79M	3.51M	14.55M	18.54M	24.1M	13.83M
Other Income/Expense	-2.44M	-1.79M	-3.51M	-32.2M	85.67M	-24.1M	-13.31M
Pretax Income+	8.65M	25.14M	33.77M	4.03M	152M	54.94M	37.86M
Pretax Margin %	0.08%	0.17%	0.19%	0.02%	0.46%	0.11%	0.09%
Income Tax+	0	0	0	86K	8.99M	12.27M	13.74M
Effective Tax Rate %	1%	1%	1%	0.58%	0.84%	0.73%	0.64%
Net Income+	8.65M	25.14M	33.77M	2.35M	127.61M	39.97M	24.13M
Net Margin %	0.08%	0.17%	0.19%	0.01%	0.39%	0.08%	0.06%
Net Income Growth %	-	1.91%	0.34%	-0.93%	53.35%	-0.69%	-0.4%
Net Income (Continuing)	8.65M	25.14M	33.77M	3.94M	143.01M	42.66M	24.13M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	-10.05M	9.62M	0	0
EPS (Diluted)+	0.05	0.15	0.21	0.02	0.85	0.24	0.14
EPS Growth %	-	1.89%	0.4%	-0.9%	39.48%	-0.72%	-0.42%
EPS (Basic)	0.05	0.15	0.21	0.02	1.11	0.24	0.14
Diluted Shares Outstanding	166.59M	166.59M	160.28M	112.05M	167.63M	164.5M	168.72M
Basic Shares Outstanding	160.28M	160.28M	160.28M	112.05M	114.5M	164.16M	168.57M
Dividend Payout Ratio	1.23%	0.56%	11.14%	-	-	-	-

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	36.99M	46.51M	56.15M	93.45M	153.54M	227.19M	188.35M
Cash & Short-Term Investments	108K	7.08M	10.07M	5.01M	8.77M	22.71M	23.51M
Cash Only	108K	7.08M	10.07M	5.01M	8.77M	22.71M	23.51M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	26.01M	29.8M	30.8M	45.03M	67.29M	147.25M	99.02M
Days Sales Outstanding	91.5	75.27	64.05	77.09	75.12	109.93	90.53
Inventory	9.94M	8.83M	15.12M	38.37M	72.85M	52.8M	55.98M
Days Inventory Outstanding	48.01	32.15	50.65	107.26	135.93	60.11	79.44
Other Current Assets	935K	798K	155K	5.04M	4.63M	4.42M	9.85M
Total Non-Current Assets+	148.54M	141.1M	139.16M	332.97M	441.36M	616.81M	604.73M
Property, Plant & Equipment	10.41M	10.95M	12.76M	15.57M	16.87M	24.84M	28.22M
Fixed Asset Turnover	9.97x	13.20x	13.75x	13.69x	19.38x	19.69x	14.15x
Goodwill	50.18M	50.18M	50.18M	69.44M	69.94M	69.94M	69.94M
Intangible Assets	87.96M	79.97M	71.99M	65.24M	56.59M	48.67M	41.08M
Long-Term Investments	0	0	0	0	0	0	4.25M
Other Non-Current Assets	0	0	4.24M	5.76M	6.33M	5.17M	7.07M
Total Assets+	185.53M	187.61M	195.31M	426.41M	594.89M	843.99M	793.08M
Asset Turnover	0.56x	0.77x	0.90x	0.50x	0.55x	0.58x	0.50x
Asset Growth %	-	0.01%	0.04%	1.18%	0.4%	0.42%	-0.06%
Total Current Liabilities+	11.23M	24.54M	24.1M	31.55M	52.62M	92.63M	80.91M
Accounts Payable	6.19M	10.38M	14.63M	19.98M	9.48M	14.4M	20.03M
Days Payables Outstanding	29.88	37.79	49.02	55.87	17.69	16.39	28.43
Short-Term Debt	3.5M	12.89M	3.5M	2M	2M	2M	881K
Deferred Revenue (Current)	0	0	0	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	5.48M	41.9M	33.73M
Current Ratio	3.29x	1.90x	2.33x	2.96x	2.92x	2.45x	2.33x
Quick Ratio	2.41x	1.54x	1.70x	1.75x	1.53x	1.88x	1.64x
Cash Conversion Cycle	109.63	69.63	65.68	128.48	193.36	153.65	141.54
Total Non-Current Liabilities+	36.02M	13.16M	355.33M	402.36M	241.28M	206.37M	155.37M
Long-Term Debt	36.02M	13.16M	355.33M	245.05M	237.06M	179.44M	141.75M
Capital Lease Obligations	0	0	0	0	0	0	1.24M
Deferred Tax Liabilities	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	157.31M	4.22M	26.92M	12.38M
Total Liabilities	47.25M	37.7M	379.43M	433.91M	293.91M	299M	236.28M
Total Debt+	39.52M	26.05M	358.83M	247.05M	239.06M	181.44M	143.87M
Net Debt	39.41M	18.97M	348.76M	242.05M	230.3M	158.74M	120.36M
Debt / Equity	0.29x	0.17x	-	-	0.79x	0.33x	0.26x
Debt / EBITDA	1.97x	0.72x	7.69x	5.34x	3.11x	2.03x	2.26x
Net Debt / EBITDA	1.96x	0.53x	7.47x	5.23x	3.00x	1.77x	1.89x
Interest Coverage	4.54x	15.07x	10.62x	2.49x	3.58x	3.28x	3.70x
Total Equity+	138.28M	149.91M	-184.12M	-7.5M	300.99M	545M	556.8M
Equity Growth %	-	0.08%	-2.23%	0.96%	41.14%	0.81%	0.02%
Book Value per Share	0.83	0.90	-1.15	-0.07	1.80	3.31	3.30
Total Shareholders' Equity	138.28M	149.91M	-184.12M	2.55M	291.37M	545M	556.8M
Common Stock	138.28M	0	0	2K	2K	2K	2K
Retained Earnings	0	0	0	-93.13M	34.48M	74.45M	98.58M
Treasury Stock	0	0	0	0	0	0	-25.33M
Accumulated OCI	-1.47M	0	0	0	0	0	0
Minority Interest	0	0	0	-10.05M	9.62M	0	0

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3M	36.18M	54.08M	-4.08M	39.45M	91.95M	80.39M
Operating CF Margin %	0.03%	0.25%	0.31%	-0.02%	0.12%	0.19%	0.2%
Operating CF Growth %	-	11.06%	0.49%	-1.08%	10.66%	1.33%	-0.13%
Net Income	8.65M	25.14M	33.77M	3.94M	143.01M	42.66M	24.13M
Depreciation & Amortization	8.99M	9.16M	9.4M	10.05M	10.51M	10.53M	12.63M
Stock-Based Compensation	0	0	8.25M	11.29M	16.11M	20.86M	14.23M
Deferred Taxes	0	0	0	-1.48M	8.41M	11.33M	14.04M
Other Non-Cash Items	-2K	339K	539K	6.33M	-100.57M	67.06M	20.97M
Working Capital Changes	-14.63M	1.54M	2.12M	-34.22M	-38.01M	-60.49M	-5.6M
Change in Receivables	-9.84M	-473K	-1M	-8.92M	-19.21M	-80.26M	48.24M
Change in Inventory	-4.45M	-694K	-6.47M	-17.19M	-36.93M	15.01M	-5.84M
Change in Payables	-656K	4.2M	4.25M	-3.88M	-11.03M	5.17M	5.64M
Cash from Investing+	-1.41M	-1.72M	-3.24M	-17.04M	-3.66M	-10.85M	-8.39M
Capital Expenditures	-1.41M	-1.72M	-3.24M	-4.13M	-3.15M	-10.58M	-8.39M
CapEx % of Revenue	0.01%	0.01%	0.02%	0.02%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	0	0	0	0	-503K	-269K	0
Cash from Financing+	-19.16M	-27.49M	-47.85M	20.6M	-36.59M	-67.17M	-71.19M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	-10.66M	-13.99M	-376.05M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	0	0	-15.56M	-420.15M	-26.15M	-7.67M	-3.86M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	1.6M	34.46M	50.85M	-8.21M	36.3M	81.38M	72M
FCF Margin %	0.02%	0.24%	0.29%	-0.04%	0.11%	0.17%	0.18%
FCF Growth %	-	20.59%	0.48%	-1.16%	5.42%	1.24%	-0.12%
FCF per Share	0.01	0.21	0.32	-0.07	0.22	0.49	0.43
FCF Conversion (FCF/Net Income)	0.35x	1.44x	1.60x	-1.74x	0.31x	2.30x	3.33x
Interest Paid	0	0	3.03M	10.81M	12.84M	23.1M	16.29M
Taxes Paid	0	0	0	1.19M	786K	1.32M	109K

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.25%	17.45%	-	-	86.96%	9.45%	4.38%
Return on Invested Capital (ROIC)	-	11.66%	16.77%	13.61%	12.99%	9.6%	5.56%
Gross Margin	27.15%	30.6%	37.91%	38.76%	40.16%	34.42%	35.57%
Net Margin	8.33%	17.4%	19.24%	1.1%	39.03%	8.18%	6.04%
Debt / Equity	0.29x	0.17x	-	-	0.79x	0.33x	0.26x
Interest Coverage	4.54x	15.07x	10.62x	2.49x	3.58x	3.28x	3.70x
FCF Conversion	0.35x	1.44x	1.60x	-1.74x	0.31x	2.30x	3.33x
Revenue Growth	-	39.27%	21.47%	21.48%	53.34%	49.55%	-18.35%

Revenue by Segment

	2021	2022	2023	2024
System Solutions	155.82M	254.41M	398.38M	306.14M
System Solutions Growth	-	63.28%	56.59%	-23.15%
Components	-	72.53M	90.56M	93.06M
Components Growth	-	-	24.86%	2.77%
Solar Components	57.39M	-	-	-
Solar Components Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

Shoals Technologies Group, Inc. (SHLS) has a price-to-earnings (P/E) ratio of 66.9x. This suggests investors expect higher future growth.

Growth & Financials

Shoals Technologies Group, Inc. (SHLS) reported $434.0M in revenue for fiscal year 2024. This represents a 318% increase from $103.8M in 2018.

Shoals Technologies Group, Inc. (SHLS) saw revenue decline by 18.4% over the past year.

Yes, Shoals Technologies Group, Inc. (SHLS) is profitable, generating $33.3M in net income for fiscal year 2024 (6.0% net margin).

Dividend & Returns

Shoals Technologies Group, Inc. (SHLS) has a return on equity (ROE) of 4.4%. This is below average, suggesting room for improvement.

Shoals Technologies Group, Inc. (SHLS) generated $7.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Shoals Technologies Group, Inc. (SHLS) 10-Year Financial Performance & Capital Metrics

SHLS • • Industrial / General

EnergySolarSolar System Components & Balance of SystemsBalance of System Components

Revenue $399M -18.4%
EBITDA $64M -28.8%
Net Income $24M -39.6%
EPS (Diluted) 0.14 -41.7%
Gross Margin 35.57% +3.3%
EBITDA Margin 15.98% -12.8%
Operating Margin 12.82% -20.7%
Net Margin 6.04% -26.1%
ROE 4.38% -53.7%
ROIC 5.56% -42.1%
Debt/Equity 0.26 -22.4%
Interest Coverage 3.70 +12.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.6%
✓FCF machine: 18.0% free cash flow margin
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.5%
✓Healthy 5Y average net margin of 14.7%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y22.54%

3Y23.25%

TTM2.68%

Profit (Net Income) CAGR

10Y-

5Y-0.82%

3Y117.4%

TTM-8.34%

EPS CAGR

10Y-

5Y-1.37%

3Y88.21%

TTM-9.3%

ROCE

10Y Avg12.97%

5Y Avg13.69%

3Y Avg11.12%

Latest6.99%

Peer Comparison

Balance of System Components

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHLSShoals Technologies Group, Inc.	1.57B	9.37	66.93	-18.35%	7.67%	5.64%	4.59%	0.26
PNSkycorp Solar Group Limited	11.32M	0.81	47.65	-1.87%	0.94%	2.63%	10.53%	0.15

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	103.75M	144.5M	175.52M	213.21M	326.94M	488.94M	399.21M
Revenue Growth %	-	0.39%	0.21%	0.21%	0.53%	0.5%	-0.18%
Cost of Goods Sold+	75.58M	100.28M	108.97M	130.57M	195.63M	320.63M	257.19M
COGS % of Revenue	0.73%	0.69%	0.62%	0.61%	0.6%	0.66%	0.64%
Gross Profit+	28.17M	44.21M	66.55M	82.64M	131.31M	168.3M	142.02M
Gross Margin %	0.27%	0.31%	0.38%	0.39%	0.4%	0.34%	0.36%
Gross Profit Growth %	-	0.57%	0.51%	0.24%	0.59%	0.28%	-0.16%
Operating Expenses+	17.08M	17.28M	29.27M	46.41M	64.98M	89.27M	90.84M
OpEx % of Revenue	0.16%	0.12%	0.17%	0.22%	0.2%	0.18%	0.23%
Selling, General & Admin	8.9M	9.06M	21.01M	37.89M	55.91M	80.72M	82.25M
SG&A % of Revenue	0.09%	0.06%	0.12%	0.18%	0.17%	0.17%	0.21%
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	8.18M	8.22M	8.26M	8.52M	9.07M	8.55M	8.59M
Operating Income+	11.09M	26.93M	37.28M	36.23M	66.33M	79.03M	51.17M
Operating Margin %	0.11%	0.19%	0.21%	0.17%	0.2%	0.16%	0.13%
Operating Income Growth %	-	1.43%	0.38%	-0.03%	0.83%	0.19%	-0.35%
EBITDA+	20.08M	36.09M	46.68M	46.28M	76.84M	89.56M	63.8M
EBITDA Margin %	0.19%	0.25%	0.27%	0.22%	0.24%	0.18%	0.16%
EBITDA Growth %	-	0.8%	0.29%	-0.01%	0.66%	0.17%	-0.29%
D&A (Non-Cash Add-back)	8.99M	9.16M	9.4M	10.05M	10.51M	10.53M	12.63M
EBIT	11.09M	26.93M	37.28M	18.58M	170.54M	79.03M	51.69M
Net Interest Income+	-2.44M	-1.79M	-3.51M	-14.55M	-18.54M	-24.1M	-13.31M
Interest Income	0	0	0	0	0	0	518K
Interest Expense	2.44M	1.79M	3.51M	14.55M	18.54M	24.1M	13.83M
Other Income/Expense	-2.44M	-1.79M	-3.51M	-32.2M	85.67M	-24.1M	-13.31M
Pretax Income+	8.65M	25.14M	33.77M	4.03M	152M	54.94M	37.86M
Pretax Margin %	0.08%	0.17%	0.19%	0.02%	0.46%	0.11%	0.09%
Income Tax+	0	0	0	86K	8.99M	12.27M	13.74M
Effective Tax Rate %	1%	1%	1%	0.58%	0.84%	0.73%	0.64%
Net Income+	8.65M	25.14M	33.77M	2.35M	127.61M	39.97M	24.13M
Net Margin %	0.08%	0.17%	0.19%	0.01%	0.39%	0.08%	0.06%
Net Income Growth %	-	1.91%	0.34%	-0.93%	53.35%	-0.69%	-0.4%
Net Income (Continuing)	8.65M	25.14M	33.77M	3.94M	143.01M	42.66M	24.13M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	-10.05M	9.62M	0	0
EPS (Diluted)+	0.05	0.15	0.21	0.02	0.85	0.24	0.14
EPS Growth %	-	1.89%	0.4%	-0.9%	39.48%	-0.72%	-0.42%
EPS (Basic)	0.05	0.15	0.21	0.02	1.11	0.24	0.14
Diluted Shares Outstanding	166.59M	166.59M	160.28M	112.05M	167.63M	164.5M	168.72M
Basic Shares Outstanding	160.28M	160.28M	160.28M	112.05M	114.5M	164.16M	168.57M
Dividend Payout Ratio	1.23%	0.56%	11.14%	-	-	-	-

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	36.99M	46.51M	56.15M	93.45M	153.54M	227.19M	188.35M
Cash & Short-Term Investments	108K	7.08M	10.07M	5.01M	8.77M	22.71M	23.51M
Cash Only	108K	7.08M	10.07M	5.01M	8.77M	22.71M	23.51M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	26.01M	29.8M	30.8M	45.03M	67.29M	147.25M	99.02M
Days Sales Outstanding	91.5	75.27	64.05	77.09	75.12	109.93	90.53
Inventory	9.94M	8.83M	15.12M	38.37M	72.85M	52.8M	55.98M
Days Inventory Outstanding	48.01	32.15	50.65	107.26	135.93	60.11	79.44
Other Current Assets	935K	798K	155K	5.04M	4.63M	4.42M	9.85M
Total Non-Current Assets+	148.54M	141.1M	139.16M	332.97M	441.36M	616.81M	604.73M
Property, Plant & Equipment	10.41M	10.95M	12.76M	15.57M	16.87M	24.84M	28.22M
Fixed Asset Turnover	9.97x	13.20x	13.75x	13.69x	19.38x	19.69x	14.15x
Goodwill	50.18M	50.18M	50.18M	69.44M	69.94M	69.94M	69.94M
Intangible Assets	87.96M	79.97M	71.99M	65.24M	56.59M	48.67M	41.08M
Long-Term Investments	0	0	0	0	0	0	4.25M
Other Non-Current Assets	0	0	4.24M	5.76M	6.33M	5.17M	7.07M
Total Assets+	185.53M	187.61M	195.31M	426.41M	594.89M	843.99M	793.08M
Asset Turnover	0.56x	0.77x	0.90x	0.50x	0.55x	0.58x	0.50x
Asset Growth %	-	0.01%	0.04%	1.18%	0.4%	0.42%	-0.06%
Total Current Liabilities+	11.23M	24.54M	24.1M	31.55M	52.62M	92.63M	80.91M
Accounts Payable	6.19M	10.38M	14.63M	19.98M	9.48M	14.4M	20.03M
Days Payables Outstanding	29.88	37.79	49.02	55.87	17.69	16.39	28.43
Short-Term Debt	3.5M	12.89M	3.5M	2M	2M	2M	881K
Deferred Revenue (Current)	0	0	0	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	5.48M	41.9M	33.73M
Current Ratio	3.29x	1.90x	2.33x	2.96x	2.92x	2.45x	2.33x
Quick Ratio	2.41x	1.54x	1.70x	1.75x	1.53x	1.88x	1.64x
Cash Conversion Cycle	109.63	69.63	65.68	128.48	193.36	153.65	141.54
Total Non-Current Liabilities+	36.02M	13.16M	355.33M	402.36M	241.28M	206.37M	155.37M
Long-Term Debt	36.02M	13.16M	355.33M	245.05M	237.06M	179.44M	141.75M
Capital Lease Obligations	0	0	0	0	0	0	1.24M
Deferred Tax Liabilities	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	157.31M	4.22M	26.92M	12.38M
Total Liabilities	47.25M	37.7M	379.43M	433.91M	293.91M	299M	236.28M
Total Debt+	39.52M	26.05M	358.83M	247.05M	239.06M	181.44M	143.87M
Net Debt	39.41M	18.97M	348.76M	242.05M	230.3M	158.74M	120.36M
Debt / Equity	0.29x	0.17x	-	-	0.79x	0.33x	0.26x
Debt / EBITDA	1.97x	0.72x	7.69x	5.34x	3.11x	2.03x	2.26x
Net Debt / EBITDA	1.96x	0.53x	7.47x	5.23x	3.00x	1.77x	1.89x
Interest Coverage	4.54x	15.07x	10.62x	2.49x	3.58x	3.28x	3.70x
Total Equity+	138.28M	149.91M	-184.12M	-7.5M	300.99M	545M	556.8M
Equity Growth %	-	0.08%	-2.23%	0.96%	41.14%	0.81%	0.02%
Book Value per Share	0.83	0.90	-1.15	-0.07	1.80	3.31	3.30
Total Shareholders' Equity	138.28M	149.91M	-184.12M	2.55M	291.37M	545M	556.8M
Common Stock	138.28M	0	0	2K	2K	2K	2K
Retained Earnings	0	0	0	-93.13M	34.48M	74.45M	98.58M
Treasury Stock	0	0	0	0	0	0	-25.33M
Accumulated OCI	-1.47M	0	0	0	0	0	0
Minority Interest	0	0	0	-10.05M	9.62M	0	0

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3M	36.18M	54.08M	-4.08M	39.45M	91.95M	80.39M
Operating CF Margin %	0.03%	0.25%	0.31%	-0.02%	0.12%	0.19%	0.2%
Operating CF Growth %	-	11.06%	0.49%	-1.08%	10.66%	1.33%	-0.13%
Net Income	8.65M	25.14M	33.77M	3.94M	143.01M	42.66M	24.13M
Depreciation & Amortization	8.99M	9.16M	9.4M	10.05M	10.51M	10.53M	12.63M
Stock-Based Compensation	0	0	8.25M	11.29M	16.11M	20.86M	14.23M
Deferred Taxes	0	0	0	-1.48M	8.41M	11.33M	14.04M
Other Non-Cash Items	-2K	339K	539K	6.33M	-100.57M	67.06M	20.97M
Working Capital Changes	-14.63M	1.54M	2.12M	-34.22M	-38.01M	-60.49M	-5.6M
Change in Receivables	-9.84M	-473K	-1M	-8.92M	-19.21M	-80.26M	48.24M
Change in Inventory	-4.45M	-694K	-6.47M	-17.19M	-36.93M	15.01M	-5.84M
Change in Payables	-656K	4.2M	4.25M	-3.88M	-11.03M	5.17M	5.64M
Cash from Investing+	-1.41M	-1.72M	-3.24M	-17.04M	-3.66M	-10.85M	-8.39M
Capital Expenditures	-1.41M	-1.72M	-3.24M	-4.13M	-3.15M	-10.58M	-8.39M
CapEx % of Revenue	0.01%	0.01%	0.02%	0.02%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	0	0	0	0	-503K	-269K	0
Cash from Financing+	-19.16M	-27.49M	-47.85M	20.6M	-36.59M	-67.17M	-71.19M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	-10.66M	-13.99M	-376.05M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	0	0	-15.56M	-420.15M	-26.15M	-7.67M	-3.86M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	1.6M	34.46M	50.85M	-8.21M	36.3M	81.38M	72M
FCF Margin %	0.02%	0.24%	0.29%	-0.04%	0.11%	0.17%	0.18%
FCF Growth %	-	20.59%	0.48%	-1.16%	5.42%	1.24%	-0.12%
FCF per Share	0.01	0.21	0.32	-0.07	0.22	0.49	0.43
FCF Conversion (FCF/Net Income)	0.35x	1.44x	1.60x	-1.74x	0.31x	2.30x	3.33x
Interest Paid	0	0	3.03M	10.81M	12.84M	23.1M	16.29M
Taxes Paid	0	0	0	1.19M	786K	1.32M	109K

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.25%	17.45%	-	-	86.96%	9.45%	4.38%
Return on Invested Capital (ROIC)	-	11.66%	16.77%	13.61%	12.99%	9.6%	5.56%
Gross Margin	27.15%	30.6%	37.91%	38.76%	40.16%	34.42%	35.57%
Net Margin	8.33%	17.4%	19.24%	1.1%	39.03%	8.18%	6.04%
Debt / Equity	0.29x	0.17x	-	-	0.79x	0.33x	0.26x
Interest Coverage	4.54x	15.07x	10.62x	2.49x	3.58x	3.28x	3.70x
FCF Conversion	0.35x	1.44x	1.60x	-1.74x	0.31x	2.30x	3.33x
Revenue Growth	-	39.27%	21.47%	21.48%	53.34%	49.55%	-18.35%

Revenue by Segment

	2021	2022	2023	2024
System Solutions	155.82M	254.41M	398.38M	306.14M
System Solutions Growth	-	63.28%	56.59%	-23.15%
Components	-	72.53M	90.56M	93.06M
Components Growth	-	-	24.86%	2.77%
Solar Components	57.39M	-	-	-
Solar Components Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

Shoals Technologies Group, Inc. (SHLS) has a price-to-earnings (P/E) ratio of 66.9x. This suggests investors expect higher future growth.

Growth & Financials

Shoals Technologies Group, Inc. (SHLS) reported $434.0M in revenue for fiscal year 2024. This represents a 318% increase from $103.8M in 2018.

Shoals Technologies Group, Inc. (SHLS) saw revenue decline by 18.4% over the past year.

Yes, Shoals Technologies Group, Inc. (SHLS) is profitable, generating $33.3M in net income for fiscal year 2024 (6.0% net margin).

Dividend & Returns

Shoals Technologies Group, Inc. (SHLS) has a return on equity (ROE) of 4.4%. This is below average, suggesting room for improvement.

Shoals Technologies Group, Inc. (SHLS) generated $7.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.