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DAQO New Energy Corp. (DQ) vs Shoals Technologies Group, Inc. (SHLS)

DAQO New Energy Corp. and Shoals Technologies Group, Inc. are both Solar companies. Shoals Technologies Group, Inc. is the larger, with a market value of $1.5B against $803.9M — 1.9× the size. DAQO New Energy Corp. has negative trailing earnings, so its P/E is not meaningful; Shoals Technologies Group, Inc. trades at 40.0×. Shoals Technologies Group, Inc. grew revenue faster over the last twelve months: 49.2% against −20.9%. Shoals Technologies Group, Inc. has the higher net margin (5.84% vs −45.5%) and the higher return on invested capital (5.73% vs −5.41%). Across the 20 metrics below, Shoals Technologies Group, Inc. leads on 12 and DAQO New Energy Corp. on 8.

Valuation

Metric DQ SHLS Solar median
P/E n/m 39.99 11.37
P/S 1.59 2.33 0.60
P/B 0.14 2.37 0.90
Price to free cash flow n/m n/m 15.06
EV/EBITDA 2.34 18.27 10.71
EV/Sales (1.61) 2.58 0.85
Earnings yield (31.12%) 2.50% (16.54%)
Free cash flow yield (32.73%) (2.29%) (1.15%)

Profitability

Metric DQ SHLS Solar median
Gross margin (52.89%) 30.86% 28.56%
Operating margin (68.96%) 11.24% (7.89%)
Net margin (45.46%) 5.84% (7.34%)
Free cash flow margin (50.12%) (5.33%) (1.48%)
Return on equity 0.00% 6.16% 7.14%
Return on assets (3.58%) 4.13% (3.25%)
Return on invested capital (5.41%) 5.73% (4.96%)

Growth

Metric DQ SHLS Solar median
Revenue growth (TTM) (20.94%) 49.21% 10.49%
EPS growth (last fiscal year) 51.53% 42.86% 51.53%
Revenue growth, 5-year CAGR (0.30%) 22.05% 13.86%
Net income growth, 5-year CAGR 0.00% (0.11%) 0.00%

Health

Metric DQ SHLS Solar median
Debt to equity 0.00 0.26 0.01
Current ratio 4.54 2.45 1.50
Net debt to EBITDA 68.42 1.83 0.19

Dividend

Metric DQ SHLS Solar median
Dividend yield — — —
Payout ratio — — —

Size

Metric DQ SHLS Solar median
Market cap 803.92m 1.51b 76.52m

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