Shoals Technologies Group, Inc. (NASDAQ:SHLS)
Insiders here have filed 2 Form 4s in the last 90 days, but all of them are share awards, grants or other non-market transactions. Those are compensation, not a decision to buy, so they are not scored.
Profitable, but on a thin margin.
- Revenue
- $588.1M
- Net income
- $31.8M
- Net margin
- 5.4%
Heavily indebted for what it earns.
- Total debt
- $233.8M
- Cash
- $15.7M
- Net debt / EBITDA
- 3.02x
Comfortably covers what is due within a year.
- Current assets
- $369.5M
- Current liabilities
- $164.5M
- Current ratio
- 2.25
Consumes cash and must keep raising it.
- Operating cash flow
- -$19.3M
- Free cash flow
- -$51.6M
- FCF margin
- -8.8%
Burning cash with under a year of runway — expect a raise.
- Shares outstanding
- 168.1M
- Share growth (1y)
- 0.5%
- Cash runway
- 10 months
Five pillars — profitability, leverage, liquidity, cash generation, dilution & runway — each scored 0–20 from the company’s own income statement, balance sheet and cash-flow statement, then scaled to 100. A pillar the statements cannot answer is left out rather than guessed; fewer than three and no score is shown.
SHLS Income Statement
| Fiscal Period | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Period Ending | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
| Revenue | 163.37 M | 140.56 M | 148.32 M | 135.80 M | 110.84 M | 80.36 M |
| Revenue Growth (YoY) | 47.39 % | 74.91 % | 38.64 % | 32.93 % | 11.68 % | -11.50 % |
| Cost of Revenue | 113.85 M | 99.55 M | 101.41 M | 85.55 M | 69.64 M | 52.22 M |
| Gross Profit | 49.52 M | 41.01 M | 46.91 M | 50.25 M | 41.20 M | 28.14 M |
| SG&A Expense | 28.46 M | 31.01 M | 34.17 M | 22.59 M | 23.06 M | 21.69 M |
| R&D Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating Expenses | 30.80 M | 33.29 M | 29.51 M | 31.58 M | 25.20 M | 23.83 M |
| Operating Income | 18.72 M | 7.72 M | 17.40 M | 18.67 M | 16.00 M | 4.31 M |
| Pretax Income | 15.50 M | -386.00 K | 13.66 M | 15.87 M | 16.97 M | 2.02 M |
| Tax Provision | 3.36 M | -89.00 K | 5.54 M | 3.99 M | 3.12 M | 2.30 M |
| Net Income | 12.14 M | -297.00 K | 8.12 M | 11.88 M | 13.86 M | -282.00 K |
| EPS (Basic) | 0.07 | -0.00 | 0.05 | 0.07 | 0.08 | -0.00 |
| EPS (Diluted) | 0.07 | -0.00 | 0.05 | 0.07 | 0.08 | -0.00 |
| Shares Outstanding | 168.06 M | 167.56 M | 167.41 M | 168.75 M | 167.29 M | 166.96 M |
Quarterly figures; YoY compares the same fiscal quarter a year earlier. Source: public market data.