Shoals Technologies Group, Inc.(SHLS)Earnings, Financials & Key Ratios

SHLS•NASDAQ

52.1× P/E·Price updated Jun 19, 2026

SectorEnergy IndustrySolar Sub-IndustrySolar racking, trackers and BOS 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$475M+19.1%
EBITDA$65M+1.9%
Net Income$34M+39.2%
EPS (Diluted)0.20+42.9%
Gross Margin35.03%-1.5%
EBITDA Margin13.67%-14.5%
Operating Margin11.86%-7.5%
Net Margin7.06%+16.9%
ROE5.8%+32.5%

SHLS Key Insights

Shoals Technologies Group, Inc. (SHLS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Momentum leader: RS Rating 83 (top 17%)
✓Strong 5Y sales CAGR of 22.0%
✓Healthy 5Y average net margin of 12.3%

✗Weaknesses

✗Negative free cash flow

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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SHLS Price & Volume

Shoals Technologies Group, Inc. (SHLS) stock price & volume — 10-year historical chart

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SHLS Growth Metrics

Shoals Technologies Group, Inc. (SHLS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years22.05%

3 Years13.29%

TTM37.75%

Profit CAGR

10 Years-

5 Years-0.11%

3 Years-35.92%

TTM49.3%

EPS CAGR

10 Years-

5 Years-0.97%

3 Years-38.26%

TTM49.03%

Return on Capital

10 Years12.3%

5 Years10.75%

3 Years8.93%

Last Year7.57%

SHLS Recent Earnings

Shoals Technologies Group, Inc. (SHLS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 6/12 qtrs (50%)●Beat Revenue 7/12 qtrs (58%)

Q2 2026Latest

May 5, 2026

Metric

Actual

Est

EPS

$0.07+16.7%

$0.06

Rev

$141M+8.8%

$129M

Q1 2026

Feb 24, 2026

Metric

Actual

Est

EPS

$0.10-28.6%

$0.14

Rev

$148M+2.4%

$145M

Q4 2025

Nov 4, 2025

Metric

Actual

Est

EPS

$0.12-4.2%

$0.13

Rev

$136M+3.8%

$131M

Q3 2025

Aug 5, 2025

Metric

Actual

Est

EPS

$0.10+25.0%

$0.08

Rev

$111M-15.7%

$131M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 5, 2026	$0.07vs $0.06+16.7%	$141Mvs $129M+8.8%
Q1 2026	Feb 24, 2026	$0.10vs $0.14-28.6%	$148Mvs $145M+2.4%
Q4 2025	Nov 4, 2025	$0.12vs $0.13-4.2%	$136Mvs $131M+3.8%
Q3 2025	Aug 5, 2025	$0.10vs $0.08+25.0%	$111Mvs $131M-15.7%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
GNRCGenerac Holdings Inc.Direct Competitor	16.38B	279.15	103.77	-2.02%	4.37%	7.18%	0.51
REZIResideo Technologies, Inc.Direct Competitor	4.83B	31.91	-8.46	10.52%	-6.5%	-17.64%	1.09
ARRYArray Technologies, Inc.Direct Competitor	1.23B	8.00	-10.96	40.22%	-5.56%	-20.64%	2.94
FTCIFTC Solar, Inc.Direct Competitor	82.27M	5.14	-0.94	110.51%	-42.13%
ENPHEnphase Energy, Inc.Product Competitor	6.89B	52.28	40.53	10.72%	9.64%	13.28%	1.14
SEDGSolarEdge Technologies, Inc.Product Competitor	3.53B	58.05	-8.41	31.39%	-28.56%	-79.58%	0.99
FSLRFirst Solar, Inc.Product Competitor	27.69B	257.70	18.14	24.09%	30.73%	18.01%	0.05
SPWRSunPower Inc.Product Competitor	127.72M	0.78	-11.66	2.92%	-8.66%

Compare SHLS vs Peers

Shoals Technologies Group, Inc. (SHLS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GNRC

Most directly comparable listed peer for SHLS.

Scale Benchmark

vs NEE

Larger-name benchmark to compare SHLS against a more recognizable public peer.

Peer Set

Compare Top 5

vs GNRC, REZI, ARRY, FTCI

SHLS Income Statement

Shoals Technologies Group, Inc. (SHLS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	103.75M	144.5M	175.52M	213.21M	326.94M	488.94M	399.21M	475.33M	535.53M
Revenue Growth %	-	39.27%	21.47%	21.48%	53.34%	49.55%	-18.35%	19.07%	37.75%
Cost of Goods Sold	75.58M	100.28M	108.97M	130.57M	195.63M	320.63M	257.19M	308.82M	356.15M
COGS % of Revenue	72.85%	69.4%	62.09%	61.24%	59.84%	65.58%	64.43%	64.97%	-
Gross Profit	28.17M▲ 0%	44.21M▲ 57.0%	66.55M▲ 50.5%	82.64M▲ 24.2%	131.31M▲ 58.9%	168.3M▲ 28.2%	142.02M▼ 15.6%	166.51M▲ 17.2%	179.38M▲ 0%
Gross Margin %	27.15%	30.6%	37.91%	38.76%	40.16%	34.42%	35.57%	35.03%	33.5%
Gross Profit Growth %	-	56.96%	50.52%	24.19%	58.89%	28.17%	-15.62%	17.25%	-
Operating Expenses	17.08M	17.28M	29.27M	46.41M	64.98M	89.27M	90.84M	110.12M	119.59M
OpEx % of Revenue	16.46%	11.96%	16.68%	21.77%	19.88%	18.26%	22.76%	23.17%	-
Selling, General & Admin	8.9M	9.06M	21.01M	37.89M	55.91M	80.72M	82.25M	101.52M	110.84M
SG&A % of Revenue	8.58%	6.27%	11.97%	17.77%	17.1%	16.51%	20.6%	21.36%	-
Research & Development	0	0	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	8.6M	2M
Operating Income	11.09M▲ 0%	26.93M▲ 142.9%	37.28M▲ 38.4%	36.23M▼ 2.8%	66.33M▲ 83.1%	79.03M▲ 19.2%	51.17M▼ 35.3%	56.38M▲ 10.2%	59.79M▲ 0%
Operating Margin %	10.69%	18.64%	21.24%	16.99%	20.29%	16.16%	12.82%	11.86%	11.16%
Operating Income Growth %	-	142.9%	38.42%	-2.8%	83.07%	19.15%	-35.25%	10.19%	-
EBITDA	20.08M	36.09M	46.68M	46.28M	76.84M	89.56M	63.8M	64.98M	72.75M
EBITDA Margin %	19.35%	24.98%	26.6%	21.71%	23.5%	18.32%	15.98%	13.67%	13.59%
EBITDA Growth %	-	79.77%	29.34%	-0.85%	66.01%	16.56%	-28.77%	1.86%	28.07%
D&A (Non-Cash Add-back)	8.99M	9.16M	9.4M	10.05M	10.51M	10.53M	12.63M	8.6M	12.96M
EBIT	11.09M	26.93M	37.28M	18.58M	170.54M	79.03M	51.69M	58.51M	61.76M
Net Interest Income	-2.44M	-1.79M	-3.51M	-14.55M	-18.54M	-24.1M	-13.31M	-9.69M	-10.24M
Interest Income	0	0	0	0	0	0	518K	305K	208K
Interest Expense	2.44M	1.79M	3.51M	14.55M	18.54M	24.1M	13.83M	9.99M	10.44M
Other Income/Expense	-2.44M	-1.79M	-3.51M	-32.2M	85.67M	-24.1M	-13.31M	-7.87M	-13.67M
Pretax Income	8.65M▲ 0%	25.14M▲ 190.8%	33.77M▲ 34.3%	4.03M▼ 88.1%	152M▲ 3671.7%	54.94M▼ 63.9%	37.86M▼ 31.1%	48.52M▲ 28.1%	46.12M▲ 0%
Pretax Margin %	8.33%	17.4%	19.24%	1.89%	46.49%	11.24%	9.48%	10.21%	8.61%
Income Tax	0	0	0	86K	8.99M	12.27M	13.74M	14.94M	12.56M
Effective Tax Rate %	0%	0%	0%	2.13%	5.91%	22.34%	36.28%	30.8%	27.23%
Net Income	8.65M▲ 0%	25.14M▲ 190.8%	33.77M▲ 34.3%	2.35M▼ 93.0%	127.61M▲ 5334.9%	39.97M▼ 68.7%	24.13M▼ 39.6%	33.57M▲ 39.2%	33.56M▲ 0%
Net Margin %	8.33%	17.4%	19.24%	1.1%	39.03%	8.18%	6.04%	7.06%	6.27%
Net Income Growth %	-	190.77%	34.3%	-93.05%	5334.88%	-68.68%	-39.64%	39.16%	49.3%
Net Income (Continuing)	8.65M	25.14M	33.77M	3.94M	143.01M	42.66M	24.13M	33.57M	33.56M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	-10.05M	9.62M	0	0	0	0
EPS (Diluted)	0.05▲ 0%	0.15▲ 189.0%	0.21▲ 40.0%	0.02▼ 90.0%	0.85▲ 3947.6%	0.24▼ 71.8%	0.14▼ 41.7%	0.20▲ 42.9%	0.20▲ 0%
EPS Growth %	-	189.02%	40%	-90%	3947.62%	-71.76%	-41.67%	42.86%	49.03%
EPS (Basic)	0.05	0.15	0.21	0.02	1.11	0.24	0.14	0.20	-
Diluted Shares Outstanding	166.59M	166.59M	160.28M	112.05M	167.63M	164.5M	168.72M	168.38M	167.56M
Basic Shares Outstanding	160.28M	160.28M	160.28M	112.05M	114.5M	164.16M	168.57M	167.26M	167.56M
Dividend Payout Ratio	123.29%	55.64%	1113.68%	-	-	-	-	-	-

SHLS Balance Sheet

Shoals Technologies Group, Inc. (SHLS) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	36.99M	46.51M	56.15M	93.45M	153.54M	227.19M	188.35M	257.89M	382.54M
Cash & Short-Term Investments	108K	7.08M	10.07M	5.01M	8.77M	22.71M	23.51M	7.32M	1.88M
Cash Only	108K	7.08M	10.07M	5.01M	8.77M	22.71M	23.51M	7.32M	1.88M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	26.01M	29.8M	30.8M	45.03M	67.29M	147.25M	99.02M	150.93M	144.35M
Days Sales Outstanding	91.5	75.27	64.05	77.09	75.12	109.93	90.53	115.89	90.94
Inventory	9.94M	8.83M	15.12M	38.37M	72.85M	52.8M	55.98M	89.88M	158.99M
Days Inventory Outstanding	48.01	32.15	50.65	107.26	135.93	60.11	79.44	106.23	93.8
Other Current Assets	935K	798K	155K	5.04M	4.63M	4.42M	9.85M	9.76M	77.32M
Total Non-Current Assets	148.54M	141.1M	139.16M	332.97M	441.36M	616.81M	604.73M	646.22M	648.35M
Property, Plant & Equipment	10.41M	10.95M	12.76M	15.57M	16.87M	24.84M	28.22M	99.35M	104.07M
Fixed Asset Turnover	9.97x	13.20x	13.75x	13.69x	19.38x	19.69x	14.15x	4.78x	6.27x
Goodwill	50.18M	50.18M	50.18M	69.44M	69.94M	69.94M	69.94M	69.94M	69.94M
Intangible Assets	87.96M	79.97M	71.99M	65.24M	56.59M	48.67M	41.08M	33.5M	31.6M
Long-Term Investments	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	0	0	4.24M	5.76M	6.33M	5.17M	11.32M	5.4M	4.62M
Total Assets	185.53M▲ 0%	187.61M▲ 1.1%	195.31M▲ 4.1%	426.41M▲ 118.3%	594.89M▲ 39.5%	843.99M▲ 41.9%	793.08M▼ 6.0%	904.1M▲ 14.0%	1.03B▲ 0%
Asset Turnover	0.56x	0.77x	0.90x	0.50x	0.55x	0.58x	0.50x	0.53x	0.60x
Asset Growth %	-	1.12%	4.11%	118.33%	39.51%	41.87%	-6.03%	14%	51.88%
Total Current Liabilities	11.23M	24.54M	24.1M	31.55M	52.62M	92.63M	80.91M	127.32M	208.31M
Accounts Payable	6.19M	10.38M	14.63M	19.98M	9.48M	14.4M	20.03M	64.88M	80.42M
Days Payables Outstanding	29.88	37.79	49.02	55.87	17.69	16.39	28.43	76.68	53.42
Short-Term Debt	3.5M	12.89M	3.5M	2M	2M	2M	0	0	0
Deferred Revenue (Current)	0	0	0	1.84M	23.26M	22.23M	18.74M	37.03M	113.55M
Other Current Liabilities	0	0	0	0	5.48M	41.9M	34.61M	25.42M	97.54M
Current Ratio	3.29x	1.90x	2.33x	2.96x	2.92x	2.45x	2.33x	2.03x	1.84x
Quick Ratio	2.41x	1.54x	1.70x	1.75x	1.53x	1.88x	1.64x	1.32x	1.07x
Cash Conversion Cycle	109.63	69.63	65.68	128.48	193.36	153.65	141.54	145.45	131.33
Total Non-Current Liabilities	36.02M	13.16M	355.33M	402.36M	241.28M	206.37M	155.37M	176.81M	220.94M
Long-Term Debt	36.02M	13.16M	355.33M	245.05M	237.06M	179.44M	141.75M	175.41M	219.55M
Capital Lease Obligations	0	0	0	0	0	0	0	0	39.49M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	157.31M	4.22M	26.92M	13.62M	1.39M	1.39M
Total Liabilities	47.25M	37.7M	379.43M	433.91M	293.91M	299M	236.28M	304.13M	429.25M
Total Debt	39.52M	26.05M	358.83M	247.05M	239.06M	181.44M	141.75M	175.41M	219.55M
Net Debt	39.41M	18.97M	348.76M	242.05M	230.3M	158.74M	118.24M	168.09M	217.67M
Debt / Equity	0.29x	0.17x	-	-	0.79x	0.33x	0.25x	0.29x	0.36x
Debt / EBITDA	1.97x	0.72x	7.69x	5.34x	3.11x	2.03x	2.22x	2.70x	3.02x
Net Debt / EBITDA	1.96x	0.53x	7.47x	5.23x	3.00x	1.77x	1.85x	2.59x	2.99x
Interest Coverage	4.54x	15.07x	10.62x	1.28x	9.20x	3.28x	3.74x	5.85x	5.91x
Total Equity	138.28M▲ 0%	149.91M▲ 8.4%	-184.12M▼ 222.8%	-7.5M▲ 95.9%	300.99M▲ 4114.3%	545M▲ 81.1%	556.8M▲ 2.2%	599.97M▲ 7.8%	601.65M▲ 0%
Equity Growth %	-	8.41%	-222.83%	95.93%	4114.26%	81.07%	2.17%	7.75%	29.21%
Book Value per Share	0.83	0.90	-1.15	-0.07	1.80	3.31	3.30	3.56	3.59
Total Shareholders' Equity	138.28M	149.91M	-184.12M	2.55M	291.37M	545M	556.8M	599.97M	601.65M
Common Stock	138.28M	0	0	2K	2K	2K	2K	2K	2K
Retained Earnings	0	0	0	-93.13M	34.48M	74.45M	98.58M	132.15M	131.86M
Treasury Stock	0	0	0	0	0	0	-25.33M	0	0
Accumulated OCI	-1.47M	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	-10.05M	9.62M	0	0	0	0

SHLS Cash Flow Statement

Shoals Technologies Group, Inc. (SHLS) cash flow — operating, investing & free cash flow history

Metric	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	3M	36.18M	54.08M	-4.08M	39.45M	91.95M	80.39M	17.07M	-39.94M
Operating CF Margin %	2.89%	25.04%	30.81%	-1.92%	12.07%	18.81%	20.14%	3.59%	-
Operating CF Growth %	-	1105.66%	49.47%	-107.55%	1066.32%	133.06%	-12.58%	-78.77%	-608.47%
Net Income	8.65M	25.14M	33.77M	3.94M	143.01M	42.66M	24.13M	33.57M	33.56M
Depreciation & Amortization	8.99M	9.16M	9.4M	10.05M	10.51M	10.53M	12.63M	14.44M	14.79M
Stock-Based Compensation	0	0	8.25M	11.29M	16.11M	20.86M	14.23M	9.9M	10.56M
Deferred Taxes	0	0	0	-1.48M	8.41M	11.33M	14.04M	16.13M	13.76M
Other Non-Cash Items	-2K	339K	539K	6.33M	-100.57M	67.06M	20.97M	2.78M	5.54M
Working Capital Changes	-14.63M	1.54M	2.12M	-34.22M	-38.01M	-60.49M	-5.6M	-59.76M	-118.14M
Change in Receivables	-9.84M	-473K	-1M	-8.92M	-19.21M	-80.26M	48.24M	-51.91M	-66.24M
Change in Inventory	-4.45M	-694K	-6.47M	-17.19M	-36.93M	15.01M	-5.84M	-35.11M	-99.29M
Change in Payables	-656K	4.2M	4.25M	-3.88M	-11.03M	5.17M	5.64M	43.32M	51.86M
Cash from Investing	-1.41M	-1.72M	-3.24M	-17.04M	-3.66M	-10.85M	-8.39M	-27.95M	-32.39M
Capital Expenditures	-1.41M	-1.72M	-3.24M	-4.13M	-3.15M	-10.58M	-8.39M	-33.04M	-37.48M
CapEx % of Revenue	1.35%	1.19%	1.84%	1.94%	0.96%	2.16%	2.1%	6.95%	7%
Acquisitions	0	0	0	-12.91M	0	0	0	5.09M	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	-503K	-269K	0	0	5.09M
Cash from Financing	-19.16M	-27.49M	-47.85M	20.6M	-36.59M	-67.17M	-71.19M	-5.3M	38.6M
Debt Issued (Net)	-8.5M	-13.5M	343.75M	-119.15M	-9.14M	-59.5M	-42M	-5M	40M
Equity Issued (Net)	0	0	0	559.9M	-1.3M	0	-25.33M	-362K	-46K
Dividends Paid	-10.66M	-13.99M	-376.05M	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	-25.33M	-362K	-46K
Other Financing	0	0	-15.56M	-420.15M	-26.15M	-7.67M	-3.86M	59K	-1.35M
Net Change in Cash	-17.57M▲ 0%	6.97M▲ 139.7%	2.99M▼ 57.1%	-516K▼ 117.3%	-791K▼ 53.3%	13.94M▲ 1862.5%	804K▼ 94.2%	-16.19M▼ 2113.8%	-33.73M▲ 0%
Free Cash Flow	1.6M▲ 0%	34.46M▲ 2059.3%	50.85M▲ 47.5%	-8.21M▼ 116.1%	36.3M▲ 542.2%	81.38M▲ 124.2%	72M▼ 11.5%	-15.98M▼ 122.2%	-77.42M▲ 0%
FCF Margin %	1.54%	23.85%	28.97%	-3.85%	11.1%	16.64%	18.03%	-3.36%	-14.46%
FCF Growth %	-	2059.34%	47.54%	-116.14%	542.21%	124.17%	-11.53%	-122.19%	-204.67%
FCF per Share	0.01	0.21	0.32	-0.07	0.22	0.49	0.43	-0.09	-0.46
FCF Conversion (FCF/Net Income)	0.35x	1.44x	1.60x	-1.74x	0.31x	2.30x	3.33x	0.51x	-2.31x
Interest Paid	0	0	3.03M	10.81M	12.84M	23.1M	16.29M	0	0
Taxes Paid	0	0	0	1.19M	786K	1.32M	109K	0	0

SHLS Key Ratios

Shoals Technologies Group, Inc. (SHLS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	17.45%	-	-	86.96%	9.45%	4.38%	5.8%	5.67%
Return on Invested Capital (ROIC)	11.66%	16.77%	13.61%	12.99%	9.6%	5.57%	5.86%	5.91%
Gross Margin	30.6%	37.91%	38.76%	40.16%	34.42%	35.57%	35.03%	33.5%
Net Margin	17.4%	19.24%	1.1%	39.03%	8.18%	6.04%	7.06%	6.27%
Debt / Equity	0.17x	-	-	0.79x	0.33x	0.25x	0.29x	0.36x
Interest Coverage	15.07x	10.62x	1.28x	9.20x	3.28x	3.74x	5.85x	5.91x
FCF Conversion	1.44x	1.60x	-1.74x	0.31x	2.30x	3.33x	0.51x	-2.31x
Revenue Growth	39.27%	21.47%	21.48%	53.34%	49.55%	-18.35%	19.07%	37.75%

SHLS SEC Filings & Documents

Shoals Technologies Group, Inc. (SHLS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 5, 2026·SEC

Material company update

May 1, 2026·SEC

Material company update

Feb 24, 2026·SEC

10-K Annual Reports

FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

FY 2026

May 5, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 5, 2025·SEC

SHLS Frequently Asked Questions

Shoals Technologies Group, Inc. (SHLS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Shoals Technologies Group, Inc. (SHLS) reported $535.5M in revenue for fiscal year 2025. This represents a 416% increase from $103.8M in 2018.

Shoals Technologies Group, Inc. (SHLS) grew revenue by 19.1% over the past year. This is strong growth.

Yes, Shoals Technologies Group, Inc. (SHLS) is profitable, generating $33.6M in net income for fiscal year 2025 (7.1% net margin).

Dividend & Returns

Shoals Technologies Group, Inc. (SHLS) has a return on equity (ROE) of 5.8%. This is below average, suggesting room for improvement.

Shoals Technologies Group, Inc. (SHLS) had negative free cash flow of $77.4M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in SHLS back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →

How much would $100/month in SHLS be worth today?

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Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

May 5, 2026

$0.07vs $0.06+16.7%

$141Mvs $129M+8.8%

Q1 2026

Feb 24, 2026

$0.10vs $0.14-28.6%

$148Mvs $145M+2.4%

Q4 2025

Nov 4, 2025

$0.12vs $0.13-4.2%

$136Mvs $131M+3.8%

Q3 2025

Aug 5, 2025

$0.10vs $0.08+25.0%

$111Mvs $131M-15.7%

Metric

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Sales/Revenue

103.75M

144.5M

175.52M

213.21M

326.94M

488.94M

399.21M

475.33M

535.53M

Revenue Growth %

39.27%

21.47%

21.48%

53.34%

49.55%

-18.35%

19.07%

37.75%

Cost of Goods Sold

75.58M

100.28M

108.97M

130.57M

195.63M

320.63M

257.19M

308.82M

356.15M

COGS % of Revenue

72.85%

69.4%

62.09%

61.24%

59.84%

65.58%

64.43%

64.97%

Gross Profit

28.17M▲ 0%

44.21M▲ 57.0%

66.55M▲ 50.5%

82.64M▲ 24.2%

131.31M▲ 58.9%

168.3M▲ 28.2%

142.02M▼ 15.6%

166.51M▲ 17.2%

179.38M▲ 0%

Gross Margin %

27.15%

30.6%

37.91%

38.76%

40.16%

34.42%

35.57%

35.03%

33.5%

Gross Profit Growth %

56.96%

50.52%

24.19%

58.89%

28.17%

-15.62%

17.25%

Operating Expenses

17.08M

17.28M

29.27M

46.41M

64.98M

89.27M

90.84M

110.12M

119.59M

OpEx % of Revenue

16.46%

11.96%

16.68%

21.77%

19.88%

18.26%

22.76%

23.17%

Selling, General & Admin

8.9M

9.06M

21.01M

37.89M

55.91M

80.72M

82.25M

101.52M

110.84M

SG&A % of Revenue

8.58%

6.27%

11.97%

17.77%

17.1%

16.51%

20.6%

21.36%

Research & Development

R&D % of Revenue

Other Operating Expenses

8.18M

8.22M

8.26M

8.52M

9.07M

8.55M

8.59M

8.6M

Operating Income

11.09M▲ 0%

26.93M▲ 142.9%

37.28M▲ 38.4%

36.23M▼ 2.8%

66.33M▲ 83.1%

79.03M▲ 19.2%

51.17M▼ 35.3%

56.38M▲ 10.2%

59.79M▲ 0%

Operating Margin %

10.69%

18.64%

21.24%

16.99%

20.29%

16.16%

12.82%

11.86%

11.16%

Operating Income Growth %

142.9%

38.42%

-2.8%

83.07%

19.15%

-35.25%

10.19%

EBITDA

20.08M

36.09M

46.68M

46.28M

76.84M

89.56M

63.8M

64.98M

72.75M

EBITDA Margin %

19.35%

24.98%

26.6%

21.71%

23.5%

18.32%

15.98%

13.67%

13.59%

EBITDA Growth %

79.77%

29.34%

-0.85%

66.01%

16.56%

-28.77%

1.86%

28.07%

D&A (Non-Cash Add-back)

8.99M

9.16M

9.4M

10.05M

10.51M

10.53M

12.63M

8.6M

12.96M

EBIT

11.09M

26.93M

37.28M

18.58M

170.54M

79.03M

51.69M

58.51M

61.76M

Net Interest Income

-2.44M

-1.79M

-3.51M

-14.55M

-18.54M

-24.1M

-13.31M

-9.69M

-10.24M

Interest Income

518K

305K

208K

Interest Expense

2.44M

1.79M

3.51M

14.55M

18.54M

24.1M

13.83M

9.99M

10.44M

Other Income/Expense

-2.44M

-1.79M

-3.51M

-32.2M

85.67M

-24.1M

-13.31M

-7.87M

-13.67M

Pretax Income

8.65M▲ 0%

25.14M▲ 190.8%

33.77M▲ 34.3%

4.03M▼ 88.1%

152M▲ 3671.7%

54.94M▼ 63.9%

37.86M▼ 31.1%

48.52M▲ 28.1%

46.12M▲ 0%

Pretax Margin %

8.33%

17.4%

19.24%

1.89%

46.49%

11.24%

9.48%

10.21%

8.61%

Income Tax

86K

8.99M

12.27M

13.74M

14.94M

12.56M

Effective Tax Rate %

2.13%

5.91%

22.34%

36.28%

30.8%

27.23%

Net Income

8.65M▲ 0%

25.14M▲ 190.8%

33.77M▲ 34.3%

2.35M▼ 93.0%

127.61M▲ 5334.9%

39.97M▼ 68.7%

24.13M▼ 39.6%

33.57M▲ 39.2%

33.56M▲ 0%

Net Margin %

8.33%

17.4%

19.24%

1.1%

39.03%

8.18%

6.04%

7.06%

6.27%

Net Income Growth %

190.77%

34.3%

-93.05%

5334.88%

-68.68%

-39.64%

39.16%

49.3%

Net Income (Continuing)

8.65M

25.14M

33.77M

3.94M

143.01M

42.66M

24.13M

33.57M

33.56M

Discontinued Operations

Minority Interest

-10.05M

9.62M

EPS (Diluted)

0.05▲ 0%

0.15▲ 189.0%

0.21▲ 40.0%

0.02▼ 90.0%

0.85▲ 3947.6%

0.24▼ 71.8%

0.14▼ 41.7%

0.20▲ 42.9%

0.20▲ 0%

EPS Growth %

189.02%

40%

-90%

3947.62%

-71.76%

-41.67%

42.86%

49.03%

EPS (Basic)

0.05

0.15

0.21

0.02

1.11

0.24

0.14

0.20

Diluted Shares Outstanding

166.59M

160.28M

112.05M

167.63M

164.5M

168.72M

168.38M

167.56M

Basic Shares Outstanding

160.28M

112.05M

114.5M

164.16M

168.57M

167.26M

167.56M

Dividend Payout Ratio

123.29%

55.64%

1113.68%

Metric

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Total Current Assets

36.99M

46.51M

56.15M

93.45M

153.54M

227.19M

188.35M

257.89M

382.54M

Cash & Short-Term Investments

108K

7.08M

10.07M

5.01M

8.77M

22.71M

23.51M

7.32M

1.88M

Cash Only

108K

7.08M

10.07M

5.01M

8.77M

22.71M

23.51M

7.32M

1.88M

Short-Term Investments

Accounts Receivable

26.01M

29.8M

30.8M

45.03M

67.29M

147.25M

99.02M

150.93M

144.35M

Days Sales Outstanding

91.5

75.27

64.05

77.09

75.12

109.93

90.53

115.89

90.94

Inventory

9.94M

8.83M

15.12M

38.37M

72.85M

52.8M

55.98M

89.88M

158.99M

Days Inventory Outstanding

48.01

32.15

50.65

107.26

135.93

60.11

79.44

106.23

93.8

Other Current Assets

935K

798K

155K

5.04M

4.63M

4.42M

9.85M

9.76M

77.32M

Total Non-Current Assets

148.54M

141.1M

139.16M

332.97M

441.36M

616.81M

604.73M

646.22M

648.35M

Property, Plant & Equipment

10.41M

10.95M

12.76M

15.57M

16.87M

24.84M

28.22M

99.35M

104.07M

Fixed Asset Turnover

9.97x

13.20x

13.75x

13.69x

19.38x

19.69x

14.15x

4.78x

6.27x

Goodwill

50.18M

69.44M

69.94M

Intangible Assets

87.96M

79.97M

71.99M

65.24M

56.59M

48.67M

41.08M

33.5M

31.6M

Long-Term Investments

Other Non-Current Assets

4.24M

5.76M

6.33M

5.17M

11.32M

5.4M

4.62M

Total Assets

185.53M▲ 0%

187.61M▲ 1.1%

195.31M▲ 4.1%

426.41M▲ 118.3%

594.89M▲ 39.5%

843.99M▲ 41.9%

793.08M▼ 6.0%

904.1M▲ 14.0%

1.03B▲ 0%

Asset Turnover

0.56x

0.77x

0.90x

0.50x

0.55x

0.58x

0.50x

0.53x

0.60x

Asset Growth %

1.12%

4.11%

118.33%

39.51%

41.87%

-6.03%

14%

51.88%

Total Current Liabilities

11.23M

24.54M

24.1M

31.55M

52.62M

92.63M

80.91M

127.32M

208.31M

Accounts Payable

6.19M

10.38M

14.63M

19.98M

9.48M

14.4M

20.03M

64.88M

80.42M

Days Payables Outstanding

29.88

37.79

49.02

55.87

17.69

16.39

28.43

76.68

53.42

Short-Term Debt

3.5M

12.89M

3.5M

Deferred Revenue (Current)

1.84M

23.26M

22.23M

18.74M

37.03M

113.55M

Other Current Liabilities

5.48M

41.9M

34.61M

25.42M

97.54M

Current Ratio

3.29x

1.90x

2.33x

2.96x

2.92x

2.45x

2.33x

2.03x

1.84x

Quick Ratio

2.41x

1.54x

1.70x

1.75x

1.53x

1.88x

1.64x

1.32x

1.07x

Cash Conversion Cycle

109.63

69.63

65.68

128.48

193.36

153.65

141.54

145.45

131.33

Total Non-Current Liabilities

36.02M

13.16M

355.33M

402.36M

241.28M

206.37M

155.37M

176.81M

220.94M

Long-Term Debt

36.02M

13.16M

355.33M

245.05M

237.06M

179.44M

141.75M

175.41M

219.55M

Capital Lease Obligations

39.49M

Deferred Tax Liabilities

Other Non-Current Liabilities

157.31M

4.22M

26.92M

13.62M

1.39M

Total Liabilities

47.25M

37.7M

379.43M

433.91M

293.91M

299M

236.28M

304.13M

429.25M

Total Debt

39.52M

26.05M

358.83M

247.05M

239.06M

181.44M

141.75M

175.41M

219.55M

Net Debt

39.41M

18.97M

348.76M

242.05M

230.3M

158.74M

118.24M

168.09M

217.67M

Debt / Equity

0.29x

0.17x

0.79x

0.33x

0.25x

0.29x

0.36x

Debt / EBITDA

1.97x

0.72x

7.69x

5.34x

3.11x

2.03x

2.22x

2.70x

3.02x

Net Debt / EBITDA

1.96x

0.53x

7.47x

5.23x

3.00x

1.77x

1.85x

2.59x

2.99x

Interest Coverage

4.54x

15.07x

10.62x

1.28x

9.20x

3.28x

3.74x

5.85x

5.91x

Total Equity

138.28M▲ 0%

149.91M▲ 8.4%

-184.12M▼ 222.8%

-7.5M▲ 95.9%

300.99M▲ 4114.3%

545M▲ 81.1%

556.8M▲ 2.2%

599.97M▲ 7.8%

601.65M▲ 0%

Equity Growth %

8.41%

-222.83%

95.93%

4114.26%

81.07%

2.17%

7.75%

29.21%

Book Value per Share

0.83

0.90

-1.15

-0.07

1.80

3.31

3.30

3.56

3.59

Total Shareholders' Equity

138.28M

149.91M

-184.12M

2.55M

291.37M

545M

556.8M

599.97M

601.65M

Common Stock

138.28M

Retained Earnings

-93.13M

34.48M

74.45M

98.58M

132.15M

131.86M

Treasury Stock

-25.33M

Accumulated OCI

-1.47M

Minority Interest

-10.05M

9.62M

Metric

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Cash from Operations

36.18M

54.08M

-4.08M

39.45M

91.95M

80.39M

17.07M

-39.94M

Operating CF Margin %

2.89%

25.04%

30.81%

-1.92%

12.07%

18.81%

20.14%

3.59%

Operating CF Growth %

1105.66%

49.47%

-107.55%

1066.32%

133.06%

-12.58%

-78.77%

-608.47%

Net Income

8.65M

25.14M

33.77M

3.94M

143.01M

42.66M

24.13M

33.57M

33.56M

Depreciation & Amortization

8.99M

9.16M

9.4M

10.05M

10.51M

10.53M

12.63M

14.44M

14.79M

Stock-Based Compensation

8.25M

11.29M

16.11M

20.86M

14.23M

9.9M

10.56M

Deferred Taxes

-1.48M

8.41M

11.33M

14.04M

16.13M

13.76M

Other Non-Cash Items

-2K

339K

539K

6.33M

-100.57M

67.06M

20.97M

2.78M

5.54M

Working Capital Changes

-14.63M

1.54M

2.12M

-34.22M

-38.01M

-60.49M

-5.6M

-59.76M

-118.14M

Change in Receivables

-9.84M

-473K

-1M

-8.92M

-19.21M

-80.26M

48.24M

-51.91M

-66.24M

Change in Inventory

-4.45M

-694K

-6.47M

-17.19M

-36.93M

15.01M

-5.84M

-35.11M

-99.29M

Change in Payables

-656K

4.2M

4.25M

-3.88M

-11.03M

5.17M

5.64M

43.32M

51.86M

Cash from Investing

-1.41M

-1.72M

-3.24M

-17.04M

-3.66M

-10.85M

-8.39M

-27.95M

-32.39M

Capital Expenditures

-1.41M

-1.72M

-3.24M

-4.13M

-3.15M

-10.58M

-8.39M

-33.04M

-37.48M

CapEx % of Revenue

1.35%

1.19%

1.84%

1.94%

0.96%

2.16%

2.1%

6.95%

Acquisitions

-12.91M

5.09M

Investments

Other Investing

-503K

-269K

5.09M

Cash from Financing

-19.16M

-27.49M

-47.85M

20.6M

-36.59M

-67.17M

-71.19M

-5.3M

38.6M

Debt Issued (Net)

-8.5M

-13.5M

343.75M

-119.15M

-9.14M

-59.5M

-42M

-5M

40M

Equity Issued (Net)

559.9M

-1.3M

-25.33M

-362K

-46K

Dividends Paid

-10.66M

-13.99M

-376.05M

Share Repurchases

-25.33M

-362K

-46K

Other Financing

-15.56M

-420.15M

-26.15M

-7.67M

-3.86M

59K

-1.35M

Net Change in Cash

-17.57M▲ 0%

6.97M▲ 139.7%

2.99M▼ 57.1%

-516K▼ 117.3%

-791K▼ 53.3%

13.94M▲ 1862.5%

804K▼ 94.2%

-16.19M▼ 2113.8%

-33.73M▲ 0%

Free Cash Flow

1.6M▲ 0%

34.46M▲ 2059.3%

50.85M▲ 47.5%

-8.21M▼ 116.1%

36.3M▲ 542.2%

81.38M▲ 124.2%

72M▼ 11.5%

-15.98M▼ 122.2%

-77.42M▲ 0%

FCF Margin %

1.54%

23.85%

28.97%

-3.85%

11.1%

16.64%

18.03%

-3.36%

-14.46%

FCF Growth %

2059.34%

47.54%

-116.14%

542.21%

124.17%

-11.53%

-122.19%

-204.67%

FCF per Share

0.01

0.21

0.32

-0.07

0.22

0.49

0.43

-0.09

-0.46

FCF Conversion (FCF/Net Income)

0.35x

1.44x

1.60x

-1.74x

0.31x

2.30x

3.33x

0.51x

-2.31x

Interest Paid

3.03M

10.81M

12.84M

23.1M

16.29M

Taxes Paid

1.19M

786K

1.32M

109K

Metric

2019

2020

2021

2022

2023

2024

2025

TTM

Return on Equity (ROE)

17.45%

86.96%

9.45%

4.38%

5.8%

5.67%

Return on Invested Capital (ROIC)

11.66%

16.77%

13.61%

12.99%

9.6%

5.57%

5.86%

5.91%

Gross Margin

30.6%

37.91%

38.76%

40.16%

34.42%

35.57%

35.03%

33.5%

Net Margin

17.4%

19.24%

1.1%

39.03%

8.18%

6.04%

7.06%

6.27%

Debt / Equity

0.17x

0.79x

0.33x

0.25x

0.29x

0.36x

Interest Coverage

15.07x

10.62x

1.28x

9.20x

3.28x

3.74x

5.85x

5.91x

FCF Conversion

1.44x

1.60x

-1.74x

0.31x

2.30x

3.33x

0.51x

-2.31x

Revenue Growth

39.27%

21.47%

21.48%

53.34%

49.55%

-18.35%

19.07%

37.75%

Shoals Technologies Group, Inc.(SHLS)Earnings, Financials & Key Ratios

SHLS Key Insights

✓Strengths

✗Weaknesses

SHLS Price & Volume

SHLS Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

SHLS Recent Earnings

SHLS Peer Comparison

Compare SHLS vs Peers

vs GNRC

vs NEE

Compare Top 5

SHLS Income Statement

SHLS Balance Sheet

SHLS Cash Flow Statement

SHLS Key Ratios

SHLS SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

SHLS Frequently Asked Questions

Shoals Technologies Group, Inc.(SHLS)Earnings, Financials & Key Ratios

SHLS Key Insights

✓Strengths

✗Weaknesses

SHLS Price & Volume

SHLS Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

SHLS Recent Earnings

SHLS Peer Comparison

Compare SHLS vs Peers

vs GNRC

vs NEE

Compare Top 5

SHLS Income Statement

SHLS Balance Sheet

SHLS Cash Flow Statement

SHLS Key Ratios

SHLS SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

SHLS Frequently Asked Questions