Shoals Technologies Group, Inc. SHLS R2K

Technology · Solar · United States

https://www.shoals.com

Shoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions and components in the United States and internationally. The company designs, manufactures, and sells various products used by the solar and battery storage industries, including solar big lead assembly (BLA) solutions; homeruns, interconnection, and extension solutions; combiners and re-combiners; load break disconnects and transition solutions; wireless performance monitoring; and battery energy storage solutions (BESS). It also offers original equipment manufacturer (OEM) components; and technical support services during installation and the transition to operations and maintenance. The company sells its products to engineering, procurement, and construction firms that build solar energy projects; utilities; solar developers, independent power producers; solar module manufacturers; and charge point operators. Shoals Technologies Group, Inc. was founded in 1996 and is headquartered in Portland, Tennessee.

Market & Price

Market Cap

$2.09B

Current Price

$12.45

High / Low (52W)

$12.45 / $4.25

Beta

1.74

Valuation

Stock P/E

62.25

Industry PE

32.74

Forward P/E

24.54

PEG Ratio

1.08

Book Value

$3.59

Price to Book

3.47

P/S

3.90

EV/EBITDA

24.55

Dividend Yield

Profitability & Returns

ROCE

7.53%

ROE

5.78%

ROA

5.45%

Profit Margin

6.27%

Op Margin

8.13%

EPS (Latest Qtr)

$0.00

EPS (TTM)

$0.20

Balance Sheet & Liquidity

Debt/Equity

0.36

Quick Ratio

1.01

Current Ratio

1.84

Debt

$219.55M

Total Assets

$904.10M

Current Assets

$257.89M

Working Capital

$130.56M

Ownership

Promoter Holding

1.09%

Chg in Prom Hold

FII / Inst Holding

121.25%

Chg in FII Hold

0.01%

Financial Snapshot

Enterprise Value

$2.31B

Total Revenue (TTM)

$535.53M

EBITDA

$93.94M

Free Cash Flow

$-69.16M

Operating Cash Flow

$-39.94M

Shares Outstanding

167.77M

Gross Margin

33.50%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

13.29%

Profit 5Y

-35.92%

Revenue (YoY)

74.90%

Earnings (YoY)

PROS

Compounding revenue at 13.3% over 5 years.

CONS

Trading at a high P/E of 62.2.
Earnings shrank at -35.9% CAGR over 5 years.
In a downtrend (50-DMA below 200-DMA).
RSI at 76 suggests overbought conditions.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	SHLS Shoals Technologies Group, Inc. R2K	12.45	62.25	$2.09B	-	7.53%	5.78%	13.29%	-35.92%
2	NVDA NVIDIA Corporation NDXSPXAI	211.14	32.38	$5.11T	0.47%	81.14%	114.29%	100.05%	201.80%
3	AAPL Apple Inc. NDXSPX	312.06	37.73	$4.58T	0.35%	68.72%	141.47%	1.81%	3.92%
4	MSFT Microsoft Corporation NDXSPXAI	450.24	26.82	$3.34T	0.81%	26.37%	34.01%	12.42%	11.87%
5	TSM Taiwan Semiconductor Manufacturing Company Limited AI	418.45	35.86	$2.17T	0.91%	32.04%	36.21%	18.94%	19.57%
6	MU Micron Technology, Inc. NDXSPXAI	971.00	45.87	$1.10T	0.06%	14.20%	39.82%	6.71%	-0.57%
7	AMD Advanced Micro Devices, Inc. NDXSPXAI	516.10	172.61	$841.55B	-	6.33%	8.06%	13.64%	48.64%
8	ORCL Oracle Corporation SPXAI	225.78	40.46	$649.35B	0.89%	13.07%	57.57%	10.59%	22.81%
9	ASML ASML Holding N.V. NDXAI	1,612.76	53.76	$621.59B	0.54%	43.81%	52.24%	15.55%	19.55%

Quarterly Results

Figures in USD.

Metric	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	40.74M	43.43M	52.60M	45.60M	59.72M	59.84M	67.98M	73.49M	90.82M	105.09M	119.21M	134.21M	90.81M	99.25M	-	-	80.36M	110.84M	135.80M	148.32M	140.56M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	52.22M	69.64M	85.55M	101.41M	99.55M
Gross Profit	14.19M	16.83M	20.69M	18.77M	26.18M	21.77M	26.29M	28.59M	36.05M	48.26M	50.52M	14.15M	36.46M	40.00M	-	-	28.14M	41.20M	50.25M	46.91M	41.01M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23.83M	25.20M	31.58M	29.51M	33.29M
Operating Income	9.57M	5.45M	15.11M	9.89M	14.10M	9.56M	10.01M	12.98M	19.96M	26.10M	31.64M	-10.57M	11.58M	18.58M	-	-	4.31M	16.00M	18.67M	17.40M	7.72M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7.72M	22.54M	22.06M	20.00M	6.62M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.42M	2.24M	2.83M	2.51M	2.90M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.02M	16.97M	15.87M	13.66M	-386.00K
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.30M	3.12M	3.99M	5.54M	-89.00K
Net Income	9.29M	5.22M	15.00M	-2.86M	4.56M	2.49M	2.64M	4.40M	7.96M	14.30M	18.92M	-9.83M	4.77M	11.80M	-	-	-282.00K	13.86M	11.88M	8.12M	-297.00K
Diluted EPS	-	-	-	-0.06	0.05	0.02	0.02	0.04	0.07	0.10	0.11	-0.06	0.03	0.07	-	-	0.00	0.08	0.07	0.05	0.00

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	144.50M	175.52M	-	326.94M	488.94M	399.21M	475.33M
Cost of Revenue	-	-	-	195.63M	320.63M	257.19M	308.82M
Gross Profit	44.21M	66.55M	-	131.31M	168.30M	142.02M	166.51M
Operating Expenses	-	-	-	64.98M	89.27M	90.84M	110.12M
Operating Income	26.93M	37.28M	-	66.33M	79.03M	51.17M	56.38M
EBITDA	-	-	-	181.05M	89.56M	64.32M	72.33M
Interest Expense	-	-	-	18.54M	24.10M	13.83M	9.99M
Pretax Income	-	-	-	152.00M	54.94M	37.86M	48.52M
Tax Provision	-	-	-	8.99M	12.27M	13.74M	14.94M
Net Income	25.14M	33.77M	-	127.61M	39.97M	24.13M	33.57M
Diluted EPS	-	-	-	0.85	0.24	0.14	0.20

Compounded Sales Growth

5 Years:	13.29%
1 Year:	74.90%

Compounded Profit Growth

5 Years:	-35.92%
1 Year:	-

Stock Price Performance

1 Year:	+163.77%
6 Months:	+53.33%
3 Months:	+109.95%
1 Month:	+69.62%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	195.31M	-	594.89M	843.99M	793.08M	904.10M
Current Assets	-	-	-	153.54M	227.19M	188.35M	257.89M
Cash & Equivalents	-	10.07M	-	8.77M	22.71M	23.51M	7.32M
Inventory	-	-	-	72.85M	52.80M	55.98M	89.88M
Receivables	-	-	-	50.58M	107.12M	78.18M	128.79M
Total Liabilities	-	379.43M	-	293.91M	299.00M	236.28M	304.13M
Current Liabilities	-	24.10M	-	52.62M	92.63M	80.91M	127.32M
Long Term Debt	-	355.33M	-	237.06M	179.44M	141.75M	136.75M
Total Debt	-	-	-	239.06M	181.44M	142.99M	175.41M
Total Equity	149.91M	-	-	291.37M	545.00M	556.80M	599.97M
Shares Outstanding	-	-	-	137.90M	170.12M	170.67M	171.36M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	36.18M	54.08M	-	39.45M	91.95M	80.39M	17.07M
Investing Cash Flow	-1.72M	-3.24M	-	-3.66M	-10.85M	-8.39M	-27.95M
Financing Cash Flow	-27.49M	-47.85M	-	-36.59M	-67.17M	-71.19M	-5.30M
Capital Expenditure	-1.72M	-3.24M	-	-3.15M	-10.58M	-8.39M	-33.04M
Free Cash Flow	34.46M	50.85M	-	36.30M	81.38M	72.00M	-15.98M
Net Change in Cash	-	-	-	-791.00K	13.94M	804.00K	-16.19M
Share Buybacks	-	-	-	0	0	25.33M	0

Ratios (Annual)

Figures in %.

Metric	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	30.6%	37.9%	-	40.2%	34.4%	35.6%	35.0%
Operating Margin %	18.6%	21.2%	-	20.3%	16.2%	12.8%	11.9%
Net Margin %	17.4%	19.2%	-	39.0%	8.2%	6.0%	7.1%
ROE %	16.8%	-	-	43.8%	7.3%	4.3%	5.6%
ROCE %	-	21.8%	-	12.2%	10.5%	7.2%	7.3%

Shareholding Pattern

Insiders

1.09%

Institutions

121.25%

Public Float

122.58%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	11.83%	19.85M	$247.10M
2	Price (T.Rowe) Associates Inc	11.68%	19.60M	$243.96M
3	Invesco Ltd.	4.64%	7.78M	$96.82M
4	Vanguard Capital Management LLC	4.39%	7.36M	$91.65M
5	First Trust Advisors LP	4.35%	7.30M	$90.94M
6	State Street Corporation	3.58%	6.01M	$74.81M
7	Vanguard Portfolio Management LLC	3.51%	5.89M	$73.30M
8	Amundi	3.42%	5.73M	$71.40M
9	BNP Paribas Asset Management Holding S.A.	3.18%	5.33M	$66.40M
10	T. Rowe Price Investment Management, Inc.	3.00%	5.03M	$62.65M

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