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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. 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%
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 (at or above 1.5: strong)
Debt/Equity 0.32 (at or below 0.5: strong)
P/E ratio 38.10 (above 35: high)
Fwd P/E 42.00 (above 35: high)
P/S ratio 2.05
P/B ratio 1.95
Past 5Y EPS Growth (0.97%) (below 0%: weak)
This Y EPS Growth 19.89% (at or above 15%: strong)
Next Y EPS Growth 29.26% (at or above 15%: strong)
Next Y revenue growth 31.78% (at or above 10%: strong)
Next 5Y EPS Growth 22.20% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 5.8×; over the ten years it ranged from 1.6× in 2025 to 33.0× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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. $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.

Shoals Technologies Group, Inc. (SHLS) Latest News

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stockrow.com/SHLS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com