What is Shoals Technologies Group, Inc.'s earnings per share (EPS)?

Shoals Technologies Group, Inc. (SHLS) reported diluted earnings per share of $0.20 for fiscal year 2025. This represents a 42.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Shoals Technologies Group, Inc. (SHLS) Financials

SHLS

Trailing 12 months to June 30, 2026

Revenue $588.1M +46.9% YoY

Net Income $31.8M +50.7% YoY

EPS (Diluted) $0.19 +58.3% YoY

Free Cash Flow -$51.6M -526.8% YoY

Market Cap $1.2B as of Sep 12, 2026

Price / Sales 2.1x on $588.1M revenue, trailing 12 months to June 30, 2026

Price / Earnings 38.6x on $31.8M net income, trailing 12 months to June 30, 2026

Price / Book 2.0x on $617.2M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SHLS SEC filings page.

Shoals Technologies Group, Inc. (SHLS) reported $588.1M in revenue over the twelve months to Jun 30, 2026, up 46.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SHLS FY2025 2026-08-29

Shoals’ dominant mechanic is profitable growth paired with heavy reinvestment and working-capital absorption that weakens cash conversion.

FY2025 remained profitable, with net income of $33.6M, but operating cash flow was only $17.1M. After $33.0M of capital expenditures, free cash flow was -$16.0M; inventory and receivables also expanded, so cash conversion weakened for reasons beyond the income statement.

Gross margin recovered to 35.0% in FY2025, near FY2023’s 34.4%, so product-level profitability was broadly intact. Operating margin nevertheless fell to 11.9% from 16.2%, placing the pressure below gross profit as selling, general and administrative costs rose faster than revenue.

Debt-to-equity fell from 96.0x in FY2021 to 0.5x in FY2025, indicating a major shift away from debt-dependent financing. Yet the current ratio declined from 2.5x in FY2023 to 2.0x in FY2025 as current liabilities rose, suggesting the stronger capital structure has not prevented tighter short-term funding conditions.

Financial Health Signals

Financial Health Score 57/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Shoals Technologies Group, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Shoals Technologies Group, Inc. has an operating margin of 11.9%, meaning the company retains $12 of operating profit per $100 of revenue. This strong profitability earns a score of 75/100, reflecting efficient cost management and pricing power. This is down from 12.8% the prior year.

Growth

Shoals Technologies Group, Inc.'s revenue surged 19.1% year-over-year to $475.3M, reflecting rapid business expansion. This strong growth earns a score of 26/100.

Leverage

Shoals Technologies Group, Inc. has a moderate D/E ratio of 0.51. This balance of debt and equity financing earns a leverage score of 61/100.

Liquidity

Shoals Technologies Group, Inc.'s current ratio of 2.03 indicates adequate short-term liquidity, earning a score of 59/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Shoals Technologies Group, Inc. generated $17.1M in operating cash flow, capex of $33.0M consumed most of it, leaving -$16.0M in free cash flow. This results in a low score of 55/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Shoals Technologies Group, Inc. earns a strong 5.6% return on equity (ROE), meaning it generates $6 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is up from 4.3% the prior year.

Altman Z-Score Safe

3.53

Shoals Technologies Group, Inc. scores 3.53, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.2B) relative to total liabilities ($304.1M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/7

Shoals Technologies Group, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed

0.51x

For every $1 of reported earnings, Shoals Technologies Group, Inc. generates $0.51 in operating cash flow ($17.1M OCF vs $33.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe

5.64x

Shoals Technologies Group, Inc. earns $5.64 in operating income for every $1 of interest expense ($56.4M vs $10.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$163.4M

YoY+47.4%

QoQ+16.2%

5Y CAGR+22.3%

Shoals Technologies Group, Inc. generated $163.4M in revenue in Q2 2026. This represents an increase of 47.4% from the same quarter a year earlier. Against the prior quarter it is up 16.2%.

EBITDA

$21.1M

YoY+16.1%

QoQ+78.2%

5Y CAGR+5.4%

Shoals Technologies Group, Inc.'s EBITDA was $21.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.1% from the same quarter a year earlier. Against the prior quarter it is up 78.2%.

Net Income

$12.1M

YoY-12.4%

QoQ+4186.9%

5Y CAGR+21.6%

Shoals Technologies Group, Inc. reported $12.1M in net income in Q2 2026. This represents a decrease of 12.4% from the same quarter a year earlier. Against the prior quarter it is up 4186.9%.

EPS (Diluted)

$0.07

YoY-12.5%

Shoals Technologies Group, Inc. earned $0.07 per diluted share (EPS) in Q2 2026. This represents a decrease of 12.5% from the same quarter a year earlier.

Cash & Balance Sheet

Free Cash Flow

-$207K

YoY+99.2%

QoQ+99.6%

Shoals Technologies Group, Inc. recorded an outflow of $207K in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 99.2% from the same quarter a year earlier. Against the prior quarter it is up 99.6%.

Cash & Debt

$15.7M

YoY+235.6%

QoQ+737.7%

5Y CAGR+3.6%

Shoals Technologies Group, Inc. held $15.7M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

Diluted avg 170M

Shoals Technologies Group, Inc. had a weighted average of 170M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

30.3%

YoY-6.9pp

QoQ+1.1pp

5Y change-13.5pp

Shoals Technologies Group, Inc.'s gross margin was 30.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 6.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.

Operating Margin

11.5%

YoY-3.0pp

QoQ+6.0pp

5Y change-12.2pp

Shoals Technologies Group, Inc.'s operating margin was 11.5% in Q2 2026, reflecting core business profitability. This is down 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.0 percentage points.

Net Margin

7.4%

YoY-5.1pp

QoQ+7.6pp

5Y change-0.2pp

Shoals Technologies Group, Inc.'s net profit margin was 7.4% in Q2 2026, showing the share of revenue converted to profit. This is down 5.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.6 percentage points.

Return on Equity

2.0%

YoY-0.4pp

QoQ+2.0pp

Shoals Technologies Group, Inc.'s ROE was 2.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Capital Allocation

Capital Expenditures

$7.0M

YoY-42.6%

QoQ-8.3%

5Y CAGR+51.7%

Shoals Technologies Group, Inc. invested $7.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 42.6% from the same quarter a year earlier. Against the prior quarter it is down 8.3%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

SHLS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SHLS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Revenue	$588.1M	$475.3M+19.1%	$399.2M-18.4%	$488.9M+49.6%	$326.9M+53.3%	$213.2M+21.5%	$175.5M+21.5%	$144.5M
Cost of Revenue	$400.4M	$308.8M+20.1%	$257.2M-19.8%	$320.6M+63.9%	$195.6M+49.8%	$130.6M+19.8%	$109.0M+8.7%	$100.3M
Gross Profit	$187.7M	$166.5M+17.2%	$142.0M-15.6%	$168.3M+28.2%	$131.3M+58.9%	$82.6M+24.2%	$66.5M+50.5%	$44.2M
SG&A Expenses	$116.2M	$101.5M+23.4%	$82.3M+1.9%	$80.7M+44.4%	$55.9M+47.5%	$37.9M+80.4%	$21.0M+131.7%	$9.1M
Operating Income	$62.5M	$56.4M+10.2%	$51.2M-35.3%	$79.0M+19.2%	$66.3M+83.1%	$36.2M-2.8%	$37.3M+38.4%	$26.9M
EBITDA	N/A	$70.2M+10.0%	$63.8M-28.8%	$89.6M+16.6%	$76.8M+66.0%	$46.3M-0.8%	$46.7M+29.3%	$36.1M
Interest Expense	$11.7M	$10.0M-27.7%	$13.8M-42.6%	$24.1M+30.0%	$18.5M+27.4%	$14.5M+314.5%	$3.5M+96.4%	$1.8M
Income Tax	$12.8M	$14.9M+8.8%	$13.7M+11.9%	$12.3M+36.6%	$9.0M+10350.0%	$86K	$0	$0
Net Income	$31.8M	$33.6M+39.2%	$24.1M-39.6%	$40.0M-68.7%	$127.6M+5334.9%	$2.3M-93.0%	$33.8M+34.3%	$25.1M
EPS (Basic)	N/A	$0.20+42.9%	$0.14-41.7%	$0.24-78.4%	$1.11	$0.00	N/A	N/A
EPS (Diluted)	$0.19	$0.20+42.9%	$0.14-41.7%	$0.24-71.8%	$0.85	$0.00	N/A	N/A
Diluted Shares (Avg)	N/A	168M-0.2%	169M+2.6%	165M-1.9%	168M+68.9%	99M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$163.4M+47.4%	$140.6M+74.9%	$148.3M+38.6%	$135.8M+32.9%	$110.8M+11.7%	$80.4M-11.5%	$107.0M-18.0%	$102.2M-23.9%
Cost of Revenue	$113.8M+63.5%	$99.5M+90.6%	$101.4M+51.8%	$85.6M+11.4%	$69.6M+17.5%	$52.2M-3.9%	$66.8M-11.0%	$76.8M-36.0%
Gross Profit	$49.5M+20.2%	$41.0M+45.7%	$46.9M+16.7%	$50.3M+98.0%	$41.2M+3.0%	$28.1M-22.8%	$40.2M-27.4%	$25.4M+79.3%
SG&A Expenses	$28.5M+23.4%	$31.0M+43.0%	$27.3M+27.1%	$29.4M+57.0%	$23.1M+20.0%	$21.7M-4.7%	$21.5M+0.3%	$18.7M-16.9%
Operating Income	$18.7M+17.0%	$7.7M+79.0%	$17.4M+5.6%	$18.7M+312.7%	$16.0M-13.9%	$4.3M-62.8%	$16.5M-48.3%	$4.5M+142.8%
EBITDA	$21.1M+16.1%	$11.8M+55.5%	$23.6M+8.4%	$20.8M+214.0%	$18.1M-12.7%	$7.6M-47.9%	$21.8M-38.7%	$6.6M+179.0%
Interest Expense	$3.5M+55.4%	$2.9M+20.2%	$2.5M-17.0%	$2.8M-10.7%	$2.2M-31.5%	$2.4M-44.6%	$3.0M-46.9%	$3.2M-46.2%
Income Tax	$3.4M+7.7%	-$89K-103.9%	$5.5M-5.6%	$4.0M+134.4%	$3.1M-16.1%	$2.3M-6.2%	$5.9M-38.8%	$1.7M+125.6%
Net Income	$12.1M-12.4%	-$297K-5.3%	$8.1M+3.9%	$11.9M+4549.1%	$13.9M+17.4%	-$282K-105.9%	$7.8M-52.9%	-$267K+97.3%
EPS (Basic)	$0.07-12.5%	$0.00	$0.05+25.0%	$0.07	$0.08+14.3%	$0.00-100.0%	$0.04-60.0%	$0.00+100.0%
EPS (Diluted)	$0.07-12.5%	$0.00	$0.05+25.0%	$0.07	$0.08+14.3%	$0.00-100.0%	$0.04-60.0%	$0.00+100.0%
Diluted Shares (Avg)	170M+1.5%	168M+0.4%	N/A	169M+0.8%	168M-1.5%	167M-2.1%	N/A	167M-1.5%

Not reported in any period shown, so not listed: R&D Expenses.

SHLS Balance Sheet

SHLS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Total Assets	$904.1M+14.0%	$793.1M-6.0%	$844.0M+41.9%	$594.9M+39.5%	$426.4M+118.3%	$195.3M	N/A
Current Assets	$257.9M+36.9%	$188.4M-17.1%	$227.2M+48.0%	$153.5M+64.3%	$93.4M+66.4%	$56.1M	N/A
Cash & Equivalents	$7.3M-68.9%	$23.5M+3.5%	$22.7M+159.0%	$8.8M+75.1%	$5.0M-50.3%	$10.1M+42.2%	$7.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0
Inventory	$89.9M+60.6%	$56.0M+6.0%	$52.8M-27.5%	$72.9M+89.9%	$38.4M+153.7%	$15.1M	N/A
Accounts Receivable	$128.8M+64.7%	$78.2M-27.0%	$107.1M+111.8%	$50.6M+60.6%	$31.5M+16.6%	$27.0M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0
Goodwill	$69.9M0.0%	$69.9M0.0%	$69.9M0.0%	$69.9M+0.7%	$69.4M+38.4%	$50.2M0.0%	$50.2M
Total Liabilities	$304.1M+28.7%	$236.3M-21.0%	$299.0M+1.7%	$293.9M-32.3%	$433.9M+14.4%	$379.4M	N/A
Current Liabilities	$127.3M+57.4%	$80.9M-12.7%	$92.6M+76.0%	$52.6M+66.8%	$31.6M+30.9%	$24.1M	N/A
Non-Current Liabilities	$176.8M+13.8%	$155.4M-24.7%	$206.4M-14.5%	$241.3M-40.0%	$402.4M+13.2%	$355.3M	N/A
Long-Term Debt	N/A	$141.8M-21.0%	$179.4M-24.3%	$237.1M-3.3%	$245.1M-31.0%	$355.3M	N/A
Total Equity	$600.0M+7.8%	$556.8M+2.2%	$545.0M+87.0%	$291.4M+11313.0%	$2.6M+101.4%	-$184.1M-222.8%	$149.9M
Retained Earnings	$132.2M+34.1%	$98.6M+32.4%	$74.5M+115.9%	$34.5M+137.0%	-$93.1M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.0B+27.9%	$1.0B+30.8%	$904.1M+14.0%	$851.8M+6.3%	$795.0M+0.8%	$788.4M-4.5%	$793.1M-6.0%	$801.3M-4.6%
Current Assets	$369.5M+94.4%	$382.5M+103.8%	$257.9M+36.9%	$201.2M+5.5%	$190.1M+7.2%	$187.7M-9.9%	$188.4M-17.1%	$190.8M-11.0%
Cash & Equivalents	$15.7M+235.6%	$1.9M-94.7%	$7.3M-68.9%	$8.6M-22.7%	$4.7M+46.9%	$35.6M+133.7%	$23.5M+3.5%	$11.1M+20.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$184.7M+224.6%	$159.0M+159.9%	$89.9M+60.6%	$60.4M-8.4%	$56.9M-5.2%	$61.2M+2.7%	$56.0M+6.0%	$65.9M+8.0%
Accounts Receivable	$134.8M+30.3%	$129.2M+90.8%	$128.8M+64.7%	$117.5M+23.3%	$103.4M+12.1%	$67.7M-34.5%	$78.2M-27.0%	$95.3M-12.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$69.9M0.0%	$69.9M0.0%	$69.9M0.0%	$69.9M0.0%	$69.9M0.0%	$69.9M0.0%	$69.9M0.0%	$69.9M0.0%
Total Liabilities	$399.7M+82.0%	$429.2M+87.0%	$304.1M+28.7%	$262.2M+2.4%	$219.6M-10.0%	$229.5M-15.4%	$236.3M-21.0%	$256.1M-18.8%
Current Liabilities	$164.5M+102.2%	$208.3M+159.5%	$127.3M+57.4%	$91.9M0.0%	$81.3M+3.9%	$80.3M+0.8%	$80.9M-12.7%	$91.9M+8.9%
Non-Current Liabilities	$235.2M+70.2%	$220.9M+48.1%	$176.8M+13.8%	$170.3M+3.7%	$138.2M-16.5%	$149.2M-22.2%	$155.4M-24.7%	$164.2M-29.0%
Long-Term Debt	N/A	N/A	N/A	$126.8M-10.6%	$131.8M-10.2%	$141.8M-16.0%	$141.8M-21.0%	$141.8M-24.8%
Total Equity	$617.2M+7.3%	$601.6M+7.6%	$600.0M+7.8%	$589.6M+8.2%	$575.4M+5.7%	$558.9M+0.9%	$556.8M+2.2%	$545.2M+3.9%
Retained Earnings	$144.0M+28.4%	$131.9M+34.1%	$132.2M+34.1%	$124.0M+36.7%	$112.2M+23.2%	$98.3M+24.1%	$98.6M+32.4%	$90.8M+56.8%

SHLS Cash Flow Statement

SHLS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Operating Cash Flow	-$19.3M	$17.1M-78.8%	$80.4M-12.6%	$92.0M+133.1%	$39.5M+1066.3%	-$4.1M-107.5%	$54.1M+49.5%	$36.2M
Depreciation & Amortization	N/A	$13.8M+9.4%	$12.6M+19.9%	$10.5M+0.2%	$10.5M+4.5%	$10.1M+6.9%	$9.4M+2.6%	$9.2M
Stock-Based Compensation	N/A	$9.9M-30.4%	$14.2M-31.8%	$20.9M+29.5%	$16.1M+42.7%	$11.3M+36.8%	$8.3M	$0
Capital Expenditures	$32.3M	$33.0M+293.7%	$8.4M-20.7%	$10.6M+235.4%	$3.2M-23.6%	$4.1M+27.5%	$3.2M+88.2%	$1.7M
Free Cash Flow	-$51.6M	-$16.0M-122.2%	$72.0M-11.5%	$81.4M+124.2%	$36.3M+542.2%	-$8.2M-116.1%	$50.8M+47.5%	$34.5M
Investing Cash Flow	-$32.3M	-$28.0M-233.1%	-$8.4M+22.6%	-$10.8M-196.6%	-$3.7M+78.5%	-$17.0M-426.4%	-$3.2M-88.2%	-$1.7M
Financing Cash Flow	$62.6M	-$5.3M+92.6%	-$71.2M-6.0%	-$67.2M-83.6%	-$36.6M-277.6%	$20.6M+143.1%	-$47.9M-74.1%	-$27.5M
Share Buybacks	N/A	$0-100.0%	$25.3M	$0	$0	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$6.8M+149.3%	-$41.4M-366.4%	-$4.1M-129.2%	$19.4M+23.7%	-$13.8M-136.5%	$15.6M+21.0%	$14.0M-47.1%	$15.7M-43.3%
Depreciation & Amortization	$2.3M+9.3%	$4.1M+24.8%	$3.8M+16.4%	$2.2M+2.3%	$2.1M-2.6%	$3.3M+9.5%	$3.3M+18.3%	$2.1M-2.8%
Stock-Based Compensation	$4.4M+69.2%	$3.3M+24.7%	N/A	$2.4M+84.6%	$2.6M-36.6%	$2.7M-47.0%	N/A	$1.3M-74.5%
Capital Expenditures	$7.0M-42.6%	$7.6M+138.3%	$7.2M+367.9%	$10.4M+339.6%	$12.2M+510.4%	$3.2M+29.2%	$1.5M-47.9%	$2.4M-27.2%
Free Cash Flow	-$207K+99.2%	-$49.1M-497.6%	-$11.3M-190.3%	$9.0M-32.7%	-$26.0M-172.7%	$12.3M+19.0%	$12.5M-47.0%	$13.3M-45.4%
Investing Cash Flow	-$7.0M+1.7%	-$7.6M-138.3%	-$7.2M-367.9%	-$10.4M-339.6%	-$7.1M-256.3%	-$3.2M-29.2%	-$1.5M+47.9%	-$2.4M+32.7%
Financing Cash Flow	$14.1M+241.0%	$43.7M+17491.6%	$10.0M+19296.2%	-$5.1M+6.3%	-$10.0M+79.2%	-$251K+98.6%	-$52K+99.5%	-$5.4M+74.0%
Share Buybacks	N/A	N/A	$0	$0-100.0%	N/A	N/A	$0	$100K

Not reported in any period shown, so not listed: Dividends Paid.

SHLS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SHLS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Gross Margin	35.0%-0.5pp	35.6%+1.2pp	34.4%-5.7pp	40.2%+1.4pp	38.8%+0.9pp	37.9%+7.3pp	30.6%
Operating Margin	11.9%-1.0pp	12.8%-3.3pp	16.2%-4.1pp	20.3%+3.3pp	17.0%-4.3pp	21.2%+2.6pp	18.6%
Net Margin	7.1%+1.0pp	6.0%-2.1pp	8.2%-30.9pp	39.0%+37.9pp	1.1%-18.1pp	19.2%+1.8pp	17.4%
Return on Equity	5.6%+1.3pp	4.3%-3.0pp	7.3%-36.5pp	43.8%-48.2pp	92.0%	N/A	16.8%
Return on Assets	3.7%+0.7pp	3.0%-1.7pp	4.7%-16.7pp	21.4%+20.9pp	0.5%-16.7pp	17.3%	N/A
Current Ratio	2.03-0.3x	2.33-0.1x	2.45-0.5x	2.920.0x	2.96+0.6x	2.33	N/A
Debt-to-Equity	0.51+0.3x	0.25-0.1x	0.33-0.5x	0.81-95.2x	95.99	N/A	N/A
Asset Turnover	0.530.0x	0.50-0.1x	0.580.0x	0.550.0x	0.50-0.4x	0.90	N/A
FCF Margin	-3.4%-21.4pp	18.0%+1.4pp	16.6%+5.5pp	11.1%+14.9pp	-3.9%-32.8pp	29.0%+5.1pp	23.8%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	30.3%-6.9pp	29.2%-5.8pp	31.6%-5.9pp	37.0%+12.2pp	37.2%-3.1pp	35.0%-5.1pp	37.6%-4.9pp	24.8%+14.3pp
Operating Margin	11.5%-3.0pp	5.5%+0.1pp	11.7%-3.7pp	13.8%+9.3pp	14.4%-4.3pp	5.4%-7.4pp	15.4%-9.0pp	4.4%+12.3pp
Net Margin	7.4%-5.1pp	-0.2%+0.1pp	5.5%-1.8pp	8.8%+9.0pp	12.5%+0.6pp	-0.4%-5.6pp	7.3%-5.4pp	-0.3%+7.1pp
Return on Equity	2.0%-0.4pp	-0.1%0.0pp	1.4%-0.1pp	2.0%+2.1pp	2.4%+0.2pp	-0.1%-0.9pp	1.4%-1.6pp	-0.1%+1.8pp
Return on Assets	1.2%-0.5pp	0.0%0.0pp	0.9%-0.1pp	1.4%+1.4pp	1.7%+0.2pp	0.0%-0.6pp	1.0%-1.0pp	0.0%+1.1pp
Current Ratio	2.25-0.1x	1.84-0.5x	2.03-0.3x	2.19+0.1x	2.34+0.1x	2.34-0.3x	2.33-0.1x	2.08-0.5x
Debt-to-Equity	0.65+0.4x	0.71+0.5x	0.51+0.3x	0.210.0x	0.230.0x	0.25-0.1x	0.25-0.1x	0.26-0.1x
Asset Turnover	0.160.0x	0.140.0x	0.160.0x	0.160.0x	0.140.0x	0.100.0x	0.130.0x	0.130.0x
FCF Margin	-0.1%+23.4pp	-34.9%-50.3pp	-7.6%-19.2pp	6.6%-6.4pp	-23.5%-59.6pp	15.4%+3.9pp	11.6%-6.4pp	13.0%-5.2pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Shoals Technologies Group, Inc. SHLS	FY2025	$475.3M	$33.6M	7.1%	$1.2B	57/100
Canadian Solar CSIQ	FY2025	$5.6B	-$104.1M	-1.9%	$884.7M	19/100
Solaredge Technologies Inc SEDG	FY2025	$1.2B	-$405.4M	-34.2%	$2.3B	18/100
Array Technologies, Inc. ARRY	FY2025	$1.3B	-$52.2M	-4.1%	$690.0M	34/100
Jinkosolar Hold JKS	FY2025	$9.4B	-$635.6M	-6.8%	$611.7M	17/100
TOYO CO LTD TOYO	FY2025	$427.4M	$39.7M	9.3%	$187.1M	47/100

Where Shoals Technologies Group, Inc. Ranks

Frequently Asked Questions

What is Shoals Technologies Group, Inc.'s annual revenue?

Shoals Technologies Group, Inc. (SHLS) reported $475.3M in total revenue for fiscal year 2025. This represents a 19.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Shoals Technologies Group, Inc.'s revenue growing?

Shoals Technologies Group, Inc. (SHLS) revenue grew by 19.1% year-over-year, from $399.2M to $475.3M in fiscal year 2025.

Is Shoals Technologies Group, Inc. profitable?

Yes, Shoals Technologies Group, Inc. (SHLS) reported a net income of $33.6M in fiscal year 2025, with a net profit margin of 7.1%.

What is Shoals Technologies Group, Inc.'s EBITDA?

Shoals Technologies Group, Inc. (SHLS) had EBITDA of $70.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Shoals Technologies Group, Inc.'s gross margin?

Shoals Technologies Group, Inc. (SHLS) had a gross margin of 35.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Shoals Technologies Group, Inc.'s operating margin?

Shoals Technologies Group, Inc. (SHLS) had an operating margin of 11.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Shoals Technologies Group, Inc.'s net profit margin?

Shoals Technologies Group, Inc. (SHLS) had a net profit margin of 7.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Shoals Technologies Group, Inc.'s return on equity (ROE)?

Shoals Technologies Group, Inc. (SHLS) has a return on equity of 5.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Shoals Technologies Group, Inc.'s free cash flow?

Shoals Technologies Group, Inc. (SHLS) recorded an outflow of $16.0M in free cash flow during fiscal year 2025. This represents a -122.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Shoals Technologies Group, Inc.'s operating cash flow?

Shoals Technologies Group, Inc. (SHLS) generated $17.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Shoals Technologies Group, Inc.'s total assets?

Shoals Technologies Group, Inc. (SHLS) had $904.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Shoals Technologies Group, Inc.'s capital expenditures?

Shoals Technologies Group, Inc. (SHLS) invested $33.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Shoals Technologies Group, Inc.'s current ratio?

Shoals Technologies Group, Inc. (SHLS) had a current ratio of 2.03 as of fiscal year 2025, which is generally considered healthy.

What is Shoals Technologies Group, Inc.'s debt-to-equity ratio?

Shoals Technologies Group, Inc. (SHLS) had a debt-to-equity ratio of 0.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Shoals Technologies Group, Inc.'s return on assets (ROA)?

Shoals Technologies Group, Inc. (SHLS) had a return on assets of 3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Shoals Technologies Group, Inc.'s P/E ratio?

Shoals Technologies Group, Inc. (SHLS) trades at 38.6x earnings, its market capitalization divided by net income of $31.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.2B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Shoals Technologies Group, Inc.'s price-to-sales ratio?

Shoals Technologies Group, Inc. (SHLS) trades at 2.1x sales, its market capitalization divided by revenue of $588.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.2B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Shoals Technologies Group, Inc.'s Altman Z-Score?

Shoals Technologies Group, Inc. (SHLS) has an Altman Z-Score of 3.53, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Shoals Technologies Group, Inc.'s Piotroski F-Score?

Shoals Technologies Group, Inc. (SHLS) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Shoals Technologies Group, Inc.'s earnings high quality?

Shoals Technologies Group, Inc. (SHLS) has an earnings quality ratio of 0.51x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Shoals Technologies Group, Inc. cover its interest payments?

Shoals Technologies Group, Inc. (SHLS) has an interest coverage ratio of 5.64x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Shoals Technologies Group, Inc.?

Shoals Technologies Group, Inc. (SHLS) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.