Saturday 17 October 2026 Export SHLS’s income statement to Excel — free account

Shoals Technologies Group, Inc.

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.

7.17 0.59 −7.60%

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Market cap: $1.3B
P/E: 38.1×
Fwd P/E: 42.0×
Dividend yield: —
F-score: 6/9
Altman Z: 3.91
Beneish M: −1.94
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.62

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	2	—	—	—	—	1	1	—	—	—	—

Insider Ownership 1.80%

Capital & Financial Ratios $m

Market Cap 1,310.00

Revenue 588.06

Net Income 31.84

Free Cash Flow (51.59)

Net Debt 181.03

Current Ratio 2.25

Debt/Equity 0.32

P/E ratio 38.10

Fwd P/E 42.00

P/S ratio 2.05

P/B ratio 1.95

Past 5Y EPS Growth (0.97%)

This Y EPS Growth 19.89%

Next Y EPS Growth 29.26%

Next Y revenue growth 31.78%

Next 5Y EPS Growth 22.20%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 35.49%

10-year low 10-year high

P/S against its own 10 years 12.17%

10-year low 10-year high

P/B against its own 10 years 29.75%

10-year low 10-year high

EV/Sales against its own 10 years 12.10%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	23	24	7	16
Receivables	147	99	151	158
Inventory	53	56	90	185
Other	4	10	10	11
	227	188	258	369

	2023	2024	2025	Q'26
Payables	14	20	65	66
ST’ Debt	2	—	—	—
Other	31	30	3	8
	93	81	127	164

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	141	163	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.00	0.07	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	20.94	9.58	12.11	4.07	2.71	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	44.04	32.43	30.10	17.50	11.36
People
People	Employees	—	—	—	691	—	697	835	1,309	1,290	1,480
	Revenue/emp, $m	—	—	0.00	0.21	0.00	0.31	0.39	0.37	0.31	0.32
Income, $m
Income, $m	Revenue	—	—	104	144	176	213	327	489	399	475
	Gross margin, %	—	—	27.15	30.60	37.91	38.76	40.16	34.42	35.57	35.03
	EBT	—	—	9	25	34	4	152	55	38	49
	EBT margin, %	—	—	8.33	17.40	19.24	1.89	46.49	11.24	9.48	10.21
	Net income	—	0	9	25	34	4	143	43	24	34
	Depreciation	—	—	9	9	10	16	12	13	16	14
Per share, $
Per share, $	Revenue	—	—	1.15	1.61	1.10	2.15	2.86	2.98	2.37	2.84
	Earnings	—	—	0.10	—	0.21	0.00	1.11	0.24	0.14	0.20
	Cash flow	—	—	0.03	0.40	0.34	(0.04)	0.34	0.56	0.48	0.10
	Capex	—	—	(0.02)	(0.02)	(0.02)	(0.04)	(0.03)	(0.06)	(0.05)	(0.17)
	Free cash flow	—	—	0.02	0.38	0.32	(0.08)	0.32	0.50	0.43	(0.07)
	Book value	—	—	1.54	1.67	(1.15)	(0.08)	2.63	3.32	3.30	3.59
	Shares, m	—	—	90	90	160	99	114	164	169	167
Valuation, ×
Valuation, ×	P/E	—	—	1,100.00	1,100.00	1,100.00	0.00	22.37	60.68	37.26	42.86
	P/S	—	—	28.29	28.29	28.29	11.31	8.38	5.09	2.34	2.99
	P/B	—	—	0.00	0.00	0.00	0.00	9.11	4.57	1.67	2.37
	EV/Sales	—	—	30.28	30.28	30.28	12.45	9.09	5.42	2.64	3.27
	EV/FCF	—	—	104.52	104.52	104.52	(323.34)	81.85	32.55	14.62	(142.64)
Cash, $m
Cash, $m	Operating cash flow	—	—	3	36	54	(4)	39	92	80	17
	Capex	—	—	(1)	(2)	(3)	(4)	(3)	(11)	(8)	(28)
	Free cash flow	—	—	2	34	51	(8)	36	81	72	(11)
Balance, $m
Balance, $m	Working capital	—	—	26	22	32	62	101	135	107	131
	Total debt	—	—	40	26	359	247	239	181	142	137
	Net debt	—	—	39	19	349	242	230	159	118	129
	Shareholders’ equity	—	—	138	150	(184)	(7)	301	545	557	600
Returns, %
Returns, %	ROA	—	—	9.32	13.48	17.64	0.76	24.99	5.56	2.95	3.96
	ROIC	—	—	3.90	9.97	14.15	9.65	7.80	7.02	4.74	4.83
	ROE	—	—	6.00	17.45	(197.36)	(2.45)	86.96	9.45	4.38	5.80

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$12.7B	20.1×	35.6×	+8.21% (above 0%: growing)	+3.77% (above 0%: growing)	+50.09% (above 0%: growing)	35.91%	20.41%	Compare
ENPH Enphase Energy, Inc.	$4.1B	30.0×	194×	−19.63% (below 0%: shrinking)	−3.57% (below 0%: shrinking)	+41.15% (above 0%: growing)	59.97%	17.65%	Compare
SEDG SolarEdge Technologies, Inc.	$1.9B	— (loss-making)	— (loss-making)	+19.63% (above 0%: growing)	n/m	+196.82% (above 0%: growing)	27.48%	(4.63%)	Compare
RUN Sunrun Inc.	$1.8B	4.3×	10.8×	+52.81% (above 0%: growing)	−60.66% (below 0%: shrinking)	+37.10% (above 0%: growing)	37.73%	4.00%	Compare
SHLS Shoals Technologies Group, Inc.	$1.3B	38.1×	42.0×	+47.39% (above 0%: growing)	−12.50% (below 0%: shrinking)	+99.01% (above 0%: growing)	30.31%	11.46%
DQ DAQO New Energy Corp.	$720.7M	— (loss-making)	— (loss-making)	−16.67% (below 0%: shrinking)	n/m	−60.43% (below 0%: shrinking)	(132.00%)	(156.53%)	Compare
ARRY Array Technologies, Inc.	$549.8M	— (loss-making)	43.9×	−5.57% (below 0%: shrinking)	−73.68% (below 0%: shrinking)	+205.42% (above 0%: growing)	29.12%	10.16%	Compare
JKS JinkoSolar Holding Company Limited	$420.2M	— (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.	$176.0M	3.5×	6.7×	—	+666.67% (above 0%: growing)	+139.07% (above 0%: growing)	31.28%	19.08%	Compare
Median of peers	$1.3B	12.2×	35.6×	−5.57%	−3.57%	+64.41%	30.20%	7.08%

All 26 Solar stocks →

Shoals Technologies Group, Inc. (SHLS) key facts

Strength: Shoals Technologies Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $475.3 million, up 19.1% from fiscal 2024.
Shoals Technologies Group, Inc. (SHLS) is a Solar company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, SHLS traded at $7.17, a market capitalization of $1.3 billion.
Return on equity was 5.80% and debt-to-equity 0.32.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.91 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.