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. In the quarter to June 2026, revenue grew 47.4%, EPS fell 12.5%, free cash flow grew 99.0% and total debt rose 49.3%, each against the same quarter a year earlier.
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Shoals Technologies Group, Inc. (SHLS) Altman Z-score
Shoals Technologies Group, Inc.'s Altman Z-score for fiscal 2025 is 3.91, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.91 | 0.49 |
| FY2024 | 3.42 | (2.90) |
| FY2023 | 6.32 | (0.65) |
| FY2022 | 6.97 | 2.98 |
| FY2021 | 3.98 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.17 | |
| Retained earnings / total assets | 0.15 | — | 0.20 | |
| EBIT / total assets | 0.06 | — | 0.21 | |
| Market value of equity / total liabilities | 4.67 | — | 2.80 | |
| Sales / total assets | 0.53 | — | 0.53 | |
| Altman Z-score | Safe zone | 3.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.91 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NXT Nextpower Inc. compare | 7.4× |
| SHLS Shoals Technologies Group, Inc. | 3.9× |
| DQ DAQO New Energy Corp. compare | 3.2× |
| ENPH Enphase Energy, Inc. compare | 2.0× |
| TOYO TOYO Co., Ltd. compare | 1.7× |
| ARRY Array Technologies, Inc. compare | 1.3× |
| JKS JinkoSolar Holding Company Limited compare | 0.5× |
| SEDG SolarEdge Technologies, Inc. compare | 0.3× |
| RUN Sunrun Inc. compare | 0.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets