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Shoals Technologies Group, Inc.

SHLS Technology Solar

Shoals Technologies Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $475.3 million, up 19.1% from fiscal 2024.

Revenue
+43.8%
EPS
+51.6%
Free cash flow
+190.1%
Total debt
+29.2%

Quarter to September 2026, against a year earlier

9.22 0.22 +2.44%
Market cap
$1.5B
P/E
40.0×
Fwd P/E
28.7×
Dividend yield
—
F-score
6/9
Altman Z
3.91
Beneish M
−1.94
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.62
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — — — 1 1 — — — — —
Insider Ownership 1.99%

Capital & Financial Ratios $m

Size
Market Cap 1,510.00
Revenue ttm 647.56
Net income ttm 37.83
Free cash flow ttm (34.54)
Net debt Q 156.08
Valuation
P/E 39.99 (above 35: high)
Forward P/E 28.70
Price / sales 2.33
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.37
Financial health
Current ratio Q 2.45 (at or above 1.5: strong)
Debt / equity Q 0.26 (at or below 0.5: strong)
Interest coverage Q 7.44
Growth
Revenue growth Q +43.82% (above 0%: growing)
Operating income growth Q +55.14% (above 0%: growing)
EPS, this year +22.42% (at or above 15%: strong)
EPS, next year A +30.21% (at or above 15%: strong)
Revenue, next year A +31.76% (at or above 10%: strong)
EPS, past 5 yrs −0.97% (below 0%: weak)
EPS, next 5 yrs A +22.06% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.6×, against a ten-year median of 5.6×; over the ten years it ranged from 1.6× in 2025 to 33.0× in 2021.
P/E against its own 10 years 40.32%
10-year low 10-year high
P/S against its own 10 years 22.73%
10-year low 10-year high
P/B against its own 10 years 43.82%
10-year low 10-year high
EV/Sales against its own 10 years 20.80%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 23 24 7 8
Receivables 147 99 151 —
Inventory 53 56 90 148
Other 4 10 10 12
227 188 258 341
2023 2024 2025 Q'26
Payables 14 20 65 27
ST’ Debt 2 — — —
Other 31 30 3 —
93 81 127 139

Compound Annual Growth %

10y 5y 3y
Sales — 22.05% 13.29%
Cash Flow — (20.60%) (24.37%)
Earnings — (0.11%) (35.92%)
Book Value — 0.00% 25.85%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.12 Actual 0.14

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.14 0.10 Miss by 0.04
Q1 FY26 0.06 0.07 Beat by 0.01
Q2 FY26 0.10 0.12 Beat by 0.02
Q3 FY26 0.12 0.14 Beat by 0.02
Q4 FY26 0.13 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.00 0.07 0.11 — —
’25 0.00 0.08 0.07 0.05 0.20
’24 0.03 0.07 0.00 0.05 0.14
’23 0.10 0.11 (0.06) 0.10 0.24
’22 0.02 0.04 0.07 0.70 0.85
’21 (0.09) 0.05 0.02 (0.04) 0.00
’20 — 0.06 0.14 0.03 0.21
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 141 163 195 — —
’25 80 111 136 148 475
’24 91 99 102 107 399
’23 105 119 134 130 489
’22 68 73 91 95 327
’21 46 60 60 48 213
’20 41 43 53 39 176
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (41) 7 29 — —
’25 16 (14) 19 (4) 17
’24 13 38 16 14 80
’23 10 28 28 26 92
’22 (26) 19 12 34 39
’21 (18) 4 7 3 (4)
’20 18 1 19 16 54
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (49) 0 26 — —
’25 12 (21) 9 (11) (11)
’24 10 36 13 12 72
’23 8 26 24 24 81
’22 (27) 18 12 34 36
’21 (19) 3 7 1 (8)
’20 17 0 18 16 51
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 104 144 176 213 327 489 399 475 648 +24.3% 626 703 773 +17.6%
Gross margin, % — — 27.15 30.60 37.91 38.76 40.16 34.42 35.57 35.03 30.86 +7.9 pt
EBT — — 9 25 34 4 152 55 38 49 45 +27.9%
EBT margin, % — — 8.33 17.40 19.24 1.89 46.49 11.24 9.48 10.21 0.00 +1.9 pt
Net income — 0 9 25 34 4 143 43 24 34 38 n/m
Per share, $
Per share, $ Revenue — — 1.15 1.61 1.10 2.15 2.86 2.98 2.37 2.84 3.85 +13.8%
Earnings — — 0.10 — 0.21 0.00 1.11 0.24 0.14 0.20 0.22 +11.0%
Cash flow — — 0.03 0.40 0.34 (0.04) 0.34 0.56 0.48 0.10 (0.06) +17.3%
Capex — — (0.02) (0.02) (0.02) (0.04) (0.03) (0.06) (0.05) (0.17) (0.15) +40.3%
Free cash flow — — 0.02 0.38 0.32 (0.08) 0.32 0.50 0.43 (0.07) (0.21) n/m
Book value — — 1.54 1.67 (1.15) (0.08) 2.63 3.32 3.30 3.59 3.79 +12.9%
Shares, m — — 90 90 160 99 114 164 169 167 168 +9.3%
Valuation, ×
Valuation, × P/E — — 1,100.00 1,100.00 1,100.00 0.00 22.37 60.68 37.26 42.86 39.99 432.9
P/S — — 28.29 28.29 28.29 11.31 8.38 5.09 2.34 2.99 2.33 14.4
P/B — — 0.00 0.00 0.00 0.00 9.11 4.57 1.67 2.37 2.37 2.2
EV/Sales — — 30.28 30.28 30.28 12.45 9.09 5.42 2.64 3.27 2.58 15.5
EV/FCF — — 104.52 104.52 104.52 (323.34) 81.85 32.55 14.62 (142.64) (48.30) (2.9)
Cash, $m
Cash, $m Operating cash flow — — 3 36 54 (4) 39 92 80 17 (10) +28.2%
Capex — — (1) (2) (3) (4) (3) (11) (8) (28) (25) +53.3%
Free cash flow — — 2 34 51 (8) 36 81 72 (11) (35) n/m
Balance, $m
Balance, $m Working capital — — 26 22 32 62 101 135 107 131 202 +26.1%
Net debt — — 39 19 349 242 230 159 118 129 156 +18.5%
Shareholders’ equity — — 138 150 (184) (7) 301 545 557 600 638 +23.3%
Returns, %
Returns, % ROA — — 9.32 13.48 17.64 0.76 24.99 5.56 2.95 3.96 4.13 (5.4) pt
ROIC — — 3.90 9.97 14.15 9.65 7.80 7.02 4.74 4.83 5.73 +0.9 pt
ROE — — 6.00 17.45 (197.36) (2.45) 86.96 9.45 4.38 5.80 6.16 (0.2) pt
People
People Employees — — — 691 — 697 835 1,309 1,290 1,480 — +13.5%
Revenue/emp, $m — — 0.00 0.21 0.00 0.31 0.39 0.37 0.31 0.32 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Shoals Technologies Group, Inc. vs peers in Solar (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NXT Nextpower Inc. $15.0B 24.5× 20.2× +22.54% (above 0%: growing) +10.10% (above 0%: growing) −21.25% (below 0%: shrinking) 31.13% 18.71% Compare
ENPH Enphase Energy, Inc. $3.8B 42.5× 82.4× −28.53% (below 0%: shrinking) −65.31% (below 0%: shrinking) −293.17% (below 0%: shrinking) 43.34% 2.20% Compare
RUN Sunrun Inc. $2.4B 4.4× 5.4× +51.75% (above 0%: growing) +814.29% (above 0%: growing) +134.84% (above 0%: growing) 0.00% 13.96% Compare
SEDG SolarEdge Technologies, Inc. $1.6B — (loss-making) — (loss-making) −4.15% (below 0%: shrinking) n/m −84.40% (below 0%: shrinking) 33.19% (0.58%) Compare
SHLS Shoals Technologies Group, Inc. $1.5B 40.0× 28.7× +43.82% (above 0%: growing) +51.57% (above 0%: growing) +190.08% (above 0%: growing) 31.95% 14.83%
ARRY Array Technologies, Inc. $816.2M — (loss-making) 18.1× −5.57% (below 0%: shrinking) −73.68% (below 0%: shrinking) +205.42% (above 0%: growing) 29.12% 10.16% Compare
DQ DAQO New Energy Corp. $803.9M — (loss-making) — (loss-making) −20.62% (below 0%: shrinking) n/m +35.96% (above 0%: growing) (31.20%) (40.50%) Compare
JKS Jinko Holdings Limited - Unsponsored ADR $517.2M — (loss-making) — (loss-making) −27.48% (below 0%: shrinking) n/m +78.73% (above 0%: growing) 4.15% (11.62%) Compare
TOYO TOYO Co., Ltd. $211.9M 4.3× 2.4× — +666.67% (above 0%: growing) +139.07% (above 0%: growing) 31.28% 19.08% Compare
Median of peers $1.2B 14.4× 18.1× −5.57% +10.10% +57.35% 30.13% 6.18%

All 24 Solar stocks →

Shoals Technologies Group, Inc. (SHLS) Latest News

6 Nov

Impact 4 · · powermag.com
Impact 4 · · The Motley Fool transcript

5 Nov

Impact 4 · · power-technology.com

4 Nov

Impact 4 · · abqjournal.com
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · StockStory

19 Oct

Impact 3 · · Simply Wall St.

16 Oct

Impact 3 · · StockStory

6 Oct

Impact 3 · · StockStory

2 Oct

Impact 3 · · StockStory

22 Sep

Impact 3 · · Simply Wall St.

26 Aug

Impact 3 ·

18 Aug

Impact 4 ·

12 Aug

Impact 3 ·

11 Aug

Impact 4 · · The Motley Fool transcript

9 Aug

Impact 3 ·

8 Aug

Impact 4 ·

4 Aug

Impact 4 · transcript
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·
Impact 3 ·

3 Aug

Impact 4 ·
stockrow.com/SHLS · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com