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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Revenue | $475.33M | $399.21M | $488.94M | $326.94M | $175.52M |
| Cost of Revenue | $308.82M | $257.19M | $320.63M | $195.63M | $108.97M |
| Gross Profit | $166.51M | $142.02M | $168.30M | $131.31M | $66.55M |
| R&D | - | - | - | - | - |
| SG&A | $101.52M | $82.25M | $80.72M | $55.91M | $21.01M |
| Total Operating Expenses | $110.12M | $90.84M | $89.27M | $64.98M | $29.27M |
| D&A | $13.82M | $12.63M | $10.53M | $10.51M | $9.40M |
| Operating Income | $56.38M | $51.17M | $79.03M | $66.33M | $37.28M |
| Interest Expense | $9.99M | $13.83M | $24.10M | $18.54M | $3.51M |
| Income Tax | $14.94M | $13.74M | $12.27M | $8.99M | $0 |
| Net Income | $33.57M | $24.13M | $39.97M | $127.61M | $33.77M |
| EPS - Basic | $0.20 | $0.14 | $0.24 | $1.11 | $0.00 |
| EPS - Diluted | $0.20 | $0.14 | $0.24 | $0.85 | $0.00 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Cash & Equivalents | $7.32M | $23.51M | $22.71M | $8.77M | $5.01M |
| Accounts Receivable | $128.79M | $78.18M | $107.12M | $50.58M | $31.50M |
| Inventory | $89.88M | $55.98M | $52.80M | $72.85M | $38.37M |
| Accounts Payable | $64.88M | $20.03M | $14.40M | $9.48M | $19.98M |
| Current Assets | $257.89M | $188.35M | $227.19M | $153.54M | $93.45M |
| Total Assets | $904.10M | $793.08M | $843.99M | $594.89M | $426.41M |
| Current Liabilities | $127.32M | $80.91M | $92.63M | $52.62M | $31.55M |
| Long-term Debt | - | $141.75M | $179.44M | $237.06M | $245.05M |
| Total Liabilities | $304.13M | $236.28M | $299.00M | $293.91M | $433.91M |
| Stockholders' Equity | $599.97M | $556.80M | $545.00M | $291.37M | $2.55M |
| Retained Earnings | $132.15M | $98.58M | $74.45M | $34.48M | ($93.13M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Operating Cash Flow | $17.07M | $80.39M | $91.95M | $39.45M | $54.08M |
| Investing Cash Flow | ($27.95M) | ($8.39M) | ($10.85M) | ($3.66M) | ($3.24M) |
| Financing Cash Flow | ($5.30M) | ($71.19M) | ($67.17M) | ($36.59M) | ($47.85M) |
| CapEx | $33.04M | $8.39M | $10.58M | $3.15M | $3.24M |
| Free Cash Flow | ($15.98M) | $72.00M | $81.38M | $36.30M | $50.85M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross margin | 35.0% | 35.6% | 34.4% | 40.2% | 37.9% |
| Operating margin | 11.9% | 12.8% | 16.2% | 20.3% | 21.2% |
| EBITDA margin | 14.8% | 16.0% | 18.3% | 23.5% | 26.6% |
| Net margin | 7.1% | 6.0% | 8.2% | 39.0% | 19.2% |
| Free cash flow margin | -3.4% | 18.0% | 16.6% | 11.1% | 29.0% |
| FCF / Net income | -0.48 | 2.98 | 2.04 | 0.28 | 1.51 |
| R&D / Revenue | - | - | - | - | - |
| SG&A / Revenue | 21.4% | 20.6% | 16.5% | 17.1% | 12.0% |
| Effective tax rate | 30.8% | 36.3% | 23.5% | 6.6% | 0.0% |
| Return on assets | 3.7% | 3.0% | 4.7% | 21.5% | 7.9% |
| Return on equity | 5.6% | 4.3% | 7.3% | 43.8% | 1322.6% |
| Return on invested capital | - | 4.7% | 8.3% | 11.7% | 15.1% |
| Liquidity | |||||
| Current ratio | 2.03 | 2.33 | 2.45 | 2.92 | 2.96 |
| Quick ratio | 1.32 | 1.64 | 1.88 | 1.53 | 1.75 |
| Cash ratio | 0.06 | 0.29 | 0.25 | 0.17 | 0.16 |
| Leverage | |||||
| Debt / Equity | - | 0.25 | 0.33 | 0.81 | 95.99 |
| Debt / Assets | - | 0.18 | 0.21 | 0.40 | 0.57 |
| Debt / EBITDA | - | 2.22 | 2.00 | 3.09 | 5.25 |
| Interest coverage | 5.6x | 3.7x | 3.3x | 3.6x | 10.6x |
| Equity multiplier | 1.51 | 1.42 | 1.55 | 2.04 | 167.02 |
| Liabilities / Assets | 0.34 | 0.30 | 0.35 | 0.49 | 1.02 |
| Efficiency | |||||
| Asset turnover | 0.53 | 0.50 | 0.58 | 0.55 | 0.41 |
| Inventory turnover | 3.44 | 4.59 | 6.07 | 2.69 | 2.84 |
| Days sales outstanding | 99d | 71d | 80d | 56d | 66d |
| Days inventory outstanding | 106d | 79d | 60d | 136d | 129d |
| Days payable outstanding | 77d | 28d | 16d | 18d | 67d |
| Cash conversion cycle | 128d | 122d | 124d | 175d | 127d |
| Valuation | |||||
| P / E | 42.5x | 39.5x | 64.8x | 29.0x | - |
| P / B | 2.4x | 1.7x | 4.7x | 14.2x | 944.9x |
| P / S | 3.0x | 2.3x | 5.2x | 12.6x | 13.7x |
| EV / EBITDA | 20.3x | 16.5x | 30.3x | 56.8x | 56.8x |
| Growth | |||||
| Revenue growth (YoY) | 19.1% | -18.4% | 49.6% | 86.3% | - |
| Revenue CAGR (3y) | 13.3% | 31.5% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - |
| Gross profit growth (YoY) | 17.2% | -15.6% | 28.2% | 97.3% | - |
| Operating income growth (YoY) | 10.2% | -35.3% | 19.2% | 77.9% | - |
| Net income growth (YoY) | 39.2% | -39.6% | -68.7% | 277.9% | - |
| EPS growth (YoY) | 42.9% | -41.7% | -71.8% | - | - |
| EPS CAGR (3y) | -38.3% | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - |
| FCF growth (YoY) | - | -11.5% | 124.2% | -28.6% | - |
| FCF CAGR (5y) | - | - | - | - | - |
| Book value growth (YoY) | 7.8% | 2.2% | 87.0% | 11313.0% | - |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.77
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing Shoals Technologies Group against the 5 most active filers in the same SIC group.