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SolarEdge Technologies, Inc. (SEDG) vs Shoals Technologies Group, Inc. (SHLS)

SolarEdge Technologies, Inc. and Shoals Technologies Group, Inc. are both Solar companies. SolarEdge Technologies, Inc. and Shoals Technologies Group, Inc. are of similar size ($1.6B and $1.5B). SolarEdge Technologies, Inc. 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 26.1%. Shoals Technologies Group, Inc. has the higher net margin (5.84% vs −17.3%) and the higher return on invested capital (5.73% vs −43.0%). Across the 19 metrics below, Shoals Technologies Group, Inc. leads on 12 and SolarEdge Technologies, Inc. on 7.

Valuation

Metric SEDG SHLS Solar median
P/E n/m 39.99 11.37
P/S 1.19 2.33 0.60
P/B 3.72 2.37 0.90
Price to free cash flow 24.10 n/m 15.06
EV/EBITDA n/m 18.27 10.71
EV/Sales 1.27 2.58 0.85
Earnings yield (14.47%) 2.50% (16.54%)
Free cash flow yield 4.15% (2.29%) (1.15%)

Profitability

Metric SEDG SHLS Solar median
Gross margin 26.26% 30.86% 28.56%
Operating margin (9.20%) 11.24% (7.89%)
Net margin (17.34%) 5.84% (7.34%)
Free cash flow margin 5.71% (5.33%) (1.48%)
Return on equity (50.64%) 6.16% 7.14%
Return on assets (10.16%) 4.13% (3.25%)
Return on invested capital (42.98%) 5.73% (4.96%)

Growth

Metric SEDG SHLS Solar median
Revenue growth (TTM) 26.11% 49.21% 10.49%
EPS growth (last fiscal year) 78.26% 42.86% 51.53%
Revenue growth, 5-year CAGR (4.09%) 22.05% 13.86%
Net income growth, 5-year CAGR 0.00% (0.11%) 0.00%

Health

Metric SEDG SHLS Solar median
Debt to equity 0.83 0.26 0.01
Current ratio 2.12 2.45 1.50
Net debt to EBITDA 0.84 1.83 0.19

Dividend

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

Size

Metric SEDG SHLS Solar median
Market cap 1.61b 1.51b 76.52m

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