SHLS · Shoals Technologies Group, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $140.56M | - | $135.80M | $110.84M | $80.36M | - | $102.17M | $99.25M | $90.81M | - |
| Cost of Revenue | $99.55M | - | $85.55M | $69.64M | $52.22M | - | $76.79M | $59.25M | $54.35M | - |
| Gross Profit | $41.01M | - | $50.25M | $41.20M | $28.14M | - | $25.38M | $40.00M | $36.46M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $31.01M | - | $29.42M | $23.06M | $21.69M | - | $18.74M | $19.22M | $22.77M | - |
| Total Operating Expenses | $33.29M | - | $31.58M | $25.20M | $23.83M | - | $20.85M | $21.42M | $24.88M | - |
| D&A | $4.10M | - | $2.16M | $2.14M | $3.29M | - | $2.11M | $2.20M | $3.00M | - |
| Operating Income | $7.72M | - | $18.67M | $16.00M | $4.31M | - | $4.52M | $18.58M | $11.58M | - |
| Interest Expense | $2.90M | - | $2.83M | $2.24M | $4.47M | - | $3.09M | $3.06M | $4.36M | - |
| Income Tax | ($89.0K) | - | $3.99M | $3.12M | $2.30M | - | $1.70M | $3.72M | $2.45M | - |
| Net Income | ($297.0K) | - | $11.88M | $13.86M | ($282.0K) | - | ($267.0K) | $11.80M | $4.77M | - |
| EPS - Basic | $0.00 | - | $0.07 | $0.08 | $0.00 | - | $0.00 | $0.07 | $0.03 | - |
| EPS - Diluted | $0.00 | - | $0.07 | $0.08 | $0.00 | - | $0.00 | $0.07 | $0.03 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.88M | $7.32M | $8.59M | $4.69M | $35.61M | $23.51M | $11.11M | $3.19M | $15.24M | $22.71M |
| Accounts Receivable | $129.21M | $128.79M | $117.46M | $103.43M | $67.70M | $78.18M | $95.30M | $92.26M | $103.40M | $107.12M |
| Inventory | $158.99M | $89.88M | $60.35M | $56.90M | $61.17M | $55.98M | $65.85M | $60.01M | $59.56M | $52.80M |
| Accounts Payable | $80.42M | $64.88M | $33.94M | $29.24M | $26.71M | $20.03M | $23.74M | $16.19M | $15.73M | $14.40M |
| Current Assets | $382.54M | $257.89M | $201.19M | $190.07M | $187.75M | $188.35M | $190.77M | $177.25M | $208.48M | $227.19M |
| Total Assets | $1.03B | $904.10M | $851.79M | $794.96M | $788.42M | $793.08M | $801.30M | $788.44M | $825.31M | $843.99M |
| Current Liabilities | $208.31M | $127.32M | $91.88M | $81.35M | $80.28M | $80.91M | $91.91M | $78.26M | $79.62M | $92.63M |
| Long-term Debt | - | - | $126.75M | $131.75M | $141.75M | $141.75M | $141.75M | $146.75M | $168.75M | $179.44M |
| Total Liabilities | $429.25M | $304.13M | $262.15M | $219.56M | $229.49M | $236.28M | $256.11M | $243.85M | $271.33M | $299.00M |
| Stockholders' Equity | $599.97M | $599.97M | $545.20M | $575.41M | $558.93M | $556.80M | $545.20M | $544.59M | $553.98M | $545.00M |
| Retained Earnings | $131.86M | $132.15M | $124.03M | $112.15M | $98.30M | $98.58M | $90.76M | $91.03M | $79.23M | $74.45M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($41.45M) | - | - | - | $15.56M | - | - | - | $12.86M | - |
| Investing Cash Flow | ($7.65M) | - | - | - | ($3.21M) | - | - | - | ($2.48M) | - |
| Financing Cash Flow | $43.65M | - | - | - | ($251.0K) | - | - | - | ($17.85M) | - |
| CapEx | $7.65M | - | - | - | $3.21M | - | - | - | $2.48M | - |
| Free Cash Flow | ($49.10M) | - | - | - | $12.35M | - | - | - | $10.38M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 29.2% | - | 37.0% | 37.2% | 35.0% | - | 24.8% | 40.3% | 40.2% | - |
| Operating margin | 5.5% | - | 13.7% | 14.4% | 5.4% | - | 4.4% | 18.7% | 12.8% | - |
| EBITDA margin | 8.4% | - | 15.3% | 16.4% | 9.5% | - | 6.5% | 20.9% | 16.1% | - |
| Net margin | -0.2% | - | 8.7% | 12.5% | -0.4% | - | -0.3% | 11.9% | 5.3% | - |
| Free cash flow margin | -34.9% | - | - | - | 15.4% | - | - | - | 11.4% | - |
| FCF / Net income | 165.31 | - | - | - | -43.79 | - | - | - | 2.17 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 22.1% | - | 21.7% | 20.8% | 27.0% | - | 18.3% | 19.4% | 25.1% | - |
| Effective tax rate | - | - | 25.1% | 18.4% | 114.0% | - | 118.6% | 23.9% | 33.9% | - |
| Return on assets | -0.0% | - | 1.4% | 1.7% | -0.0% | - | -0.0% | 1.5% | 0.6% | - |
| Return on equity | -0.0% | - | 2.2% | 2.4% | -0.1% | - | -0.0% | 2.2% | 0.9% | - |
| Return on invested capital | - | - | 2.1% | 1.8% | 0.3% | - | 0.3% | 2.0% | 1.1% | - |
| Liquidity | ||||||||||
| Current ratio | 1.84 | 2.03 | 2.19 | 2.34 | 2.34 | 2.33 | 2.08 | 2.26 | 2.62 | 2.45 |
| Quick ratio | 1.07 | 1.32 | 1.53 | 1.64 | 1.58 | 1.64 | 1.36 | 1.50 | 1.87 | 1.88 |
| Cash ratio | 0.01 | 0.06 | 0.09 | 0.06 | 0.44 | 0.29 | 0.12 | 0.04 | 0.19 | 0.25 |
| Leverage | ||||||||||
| Debt / Equity | - | - | 0.23 | 0.23 | 0.25 | 0.25 | 0.26 | 0.27 | 0.30 | 0.33 |
| Debt / Assets | - | - | 0.15 | 0.17 | 0.18 | 0.18 | 0.18 | 0.19 | 0.20 | 0.21 |
| Debt / EBITDA | - | - | 6.09 | 7.26 | 18.65 | - | 21.37 | 7.06 | 11.57 | - |
| Interest coverage | 2.7x | - | 6.6x | 7.2x | 1.0x | - | 1.5x | 6.1x | 2.7x | - |
| Equity multiplier | 1.72 | 1.51 | 1.56 | 1.38 | 1.41 | 1.42 | 1.47 | 1.45 | 1.49 | 1.55 |
| Liabilities / Assets | 0.42 | 0.34 | 0.31 | 0.28 | 0.29 | 0.30 | 0.32 | 0.31 | 0.33 | 0.35 |
| Efficiency | ||||||||||
| Asset turnover | 0.14 | - | 0.16 | 0.14 | 0.10 | - | 0.13 | 0.13 | 0.11 | - |
| Inventory turnover | 0.63 | - | 1.42 | 1.22 | 0.85 | - | 1.17 | 0.99 | 0.91 | - |
| Days sales outstanding | 336d | - | 316d | 341d | 308d | - | 340d | 339d | 416d | - |
| Days inventory outstanding | 583d | - | 257d | 298d | 428d | - | 313d | 370d | 400d | - |
| Days payable outstanding | 295d | - | 145d | 153d | 187d | - | 113d | 100d | 106d | - |
| Cash conversion cycle | 624d | - | 428d | 486d | 548d | - | 541d | 609d | 710d | - |
| Valuation | ||||||||||
| P / E | - | - | 105.9x | 53.1x | - | - | - | 89.1x | 372.7x | - |
| P / B | 1.8x | - | 2.3x | 1.2x | 1.0x | - | 1.7x | 1.9x | 3.4x | - |
| P / S | 7.8x | - | 9.2x | 6.4x | 6.9x | - | 9.2x | 10.7x | 21.0x | - |
| EV / EBITDA | 93.1x | - | 65.7x | 46.3x | 86.9x | - | 161.3x | 58.0x | 141.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 74.9% | - | 32.9% | 11.7% | -11.5% | - | -23.9% | -16.7% | -13.6% | - |
| Revenue CAGR (3y) | 10.2% | - | 14.4% | 14.7% | 5.7% | - | 24.8% | 18.4% | 30.6% | - |
| Revenue CAGR (5y) | 28.1% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 45.7% | - | 98.0% | 3.0% | -22.8% | - | 79.3% | -20.8% | -24.4% | - |
| Operating income growth (YoY) | 79.0% | - | 312.7% | -13.9% | -62.8% | - | - | -41.3% | -55.6% | - |
| Net income growth (YoY) | -5.3% | - | - | 17.4% | - | - | 97.3% | -37.6% | -66.6% | - |
| EPS growth (YoY) | - | - | - | 14.3% | - | - | - | -36.4% | -70.0% | - |
| EPS CAGR (3y) | - | - | 0.0% | 26.0% | - | - | - | 11.9% | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | 19.0% | - | - | - | 31.2% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 7.3% | 7.8% | 0.0% | 5.7% | 0.9% | 2.2% | 3.9% | 2.9% | 9.5% | 87.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$475.33M totalElectrical Balance Of System EBOSSolutions And Components$475.33M · 100.0%
Product / service
$475.33M totalSystem Solutions$374.19M · 78.7%
Components$101.14M · 21.3%
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing Shoals Technologies Group against the 5 most active filers in the same SIC group.