Shoals Technologies Group (SHLS) Financials

$5.38 +0.22 (+4.26%)

Closing price 04:00 PM Eastern

Extended Trading

$5.53 +0.15 (+2.86%)

As of 04:21 PM Eastern

Annual Income Statements for Shoals Technologies Group

This table shows Shoals Technologies Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	25	34	2.35	128	40	24
Consolidated Net Income / (Loss)	25	34	3.94	143	43	24
Net Income / (Loss) Continuing Operations	25	34	3.94	143	43	24
Total Pre-Tax Income	25	34	4.03	152	55	38
Total Operating Income	27	37	36	66	79	51
Total Gross Profit	44	67	83	131	168	142
Total Revenue	144	176	213	327	489	399
Operating Revenue	144	176	213	327	489	399
Total Cost of Revenue	100	109	131	196	321	257
Operating Cost of Revenue	100	109	131	196	321	257
Total Operating Expenses	17	29	46	65	89	91
Selling, General & Admin Expense	9.07	21	38	56	81	82
Depreciation Expense	8.22	8.26	8.52	9.07	8.55	8.59
Other Special Charges / (Income)	-	0.00	0.00	-	0.00	0.00
Total Other Income / (Expense), net	-1.79	-3.51	-32	86	-24	-13
Interest Expense	1.79	3.51	31	19	24	14
Interest & Investment Income	-	-	-	0.00	0.00	0.52
Other Income / (Expense), net	0.00	0.00	-1.66	104	0.00	0.00
Income Tax Expense	0.00	0.00	0.09	8.99	12	14
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	1.60	15	2.69	0.00
Basic Earnings per Share	$0.00	$0.00	$0.00	$1.11	$0.48	$0.28
Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	114.50M	328.33M	337.14M
Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.85	$0.48	$0.28
Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	167.63M	329.01M	337.45M
Weighted Average Basic & Diluted Shares Outstanding	-	-	167.07M	169.54M	170.33M	166.99M

This table shows Shoals Technologies Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	7.96	113	14	19	-9.83	17	4.77	12	-0.27	7.82	-0.28
Consolidated Net Income / (Loss)	13	118	17	19	-9.83	17	4.77	12	-0.27	7.82	-0.28
Net Income / (Loss) Continuing Operations	13	118	17	19	-9.83	17	4.77	12	-0.27	7.82	-0.28
Total Pre-Tax Income	15	122	20	25	-16	26	7.22	16	1.44	14	2.02
Total Operating Income	20	23	26	32	-11	32	12	19	4.52	16	4.31
Total Gross Profit	36	40	48	51	14	55	36	40	25	40	28
Total Revenue	91	95	105	119	134	130	91	99	102	107	80
Operating Revenue	91	95	105	119	134	130	91	99	102	107	80
Total Cost of Revenue	55	54	57	69	120	75	54	59	77	67	52
Operating Cost of Revenue	55	54	57	69	120	75	54	59	77	67	52
Total Operating Expenses	16	17	22	19	25	24	25	21	21	24	24
Selling, General & Admin Expense	14	15	20	17	23	21	23	19	19	22	22
Depreciation Expense	2.23	2.13	2.17	2.16	2.17	2.06	2.10	2.20	2.11	2.18	2.14
Total Other Income / (Expense), net	-4.75	98	-6.00	-6.51	-5.90	-5.70	-4.36	-3.06	-3.09	-2.80	-2.30
Interest Expense	4.75	5.78	6.00	6.51	5.90	5.70	4.48	3.06	3.09	3.31	2.42
Interest & Investment Income	-	-	-	-	-	-	0.11	-	-	-	0.12
Income Tax Expense	2.45	3.50	3.12	6.21	-6.64	9.59	2.45	3.72	1.70	5.87	2.30
Basic Earnings per Share	$0.14	$0.91	$0.10	$0.11	($0.06)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00
Weighted Average Basic Shares Outstanding	225.95M	114.50M	146.41M	169.89M	169.97M	328.33M	170.28M	169.99M	167.32M	337.14M	166.96M
Diluted Earnings per Share	$0.14	$0.65	$0.10	$0.11	($0.06)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00
Weighted Average Diluted Shares Outstanding	227.17M	167.63M	147.11M	170.24M	169.97M	329.01M	170.51M	170.10M	167.38M	337.45M	166.96M
Weighted Average Basic & Diluted Shares Outstanding	167.32M	169.54M	169.82M	169.94M	170.06M	170.33M	170.42M	166.65M	166.70M	166.99M	167.17M

This table details how cash moves in and out of Shoals Technologies Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	6.97	2.99	-0.52	-0.79	14	0.80
Net Cash From Operating Activities	36	54	-4.08	39	92	80
Net Cash From Continuing Operating Activities	36	54	-4.08	39	92	80
Net Income / (Loss) Continuing Operations	25	34	3.94	143	43	24
Consolidated Net Income / (Loss)	25	34	3.94	143	43	24
Depreciation Expense	9.16	9.41	10	11	11	13
Amortization Expense	0.04	0.35	5.97	1.37	2.17	3.09
Non-Cash Adjustments To Reconcile Net Income	-1.04	7.15	0.24	-95	57	22
Changes in Operating Assets and Liabilities, net	2.88	3.41	-24	-20	-21	18
Net Cash From Investing Activities	-1.72	-3.24	-17	-3.66	-11	-8.39
Net Cash From Continuing Investing Activities	-1.72	-3.24	-17	-3.66	-11	-8.39
Purchase of Property, Plant & Equipment	-1.72	-3.24	-4.13	-3.15	-11	-8.39
Other Investing Activities, net	-	0.00	0.00	-0.50	-0.27	0.00
Net Cash From Financing Activities	-27	-48	21	-37	-67	-71
Net Cash From Continuing Financing Activities	-27	-48	21	-37	-67	-71
Repayment of Debt	-16	-58	-168	-55	-105	-193
Repurchase of Common Equity	0.00	-3.74	-9.70	-1.46	-1.16	-25
Payment of Dividends	-14	-376	-410	-7.76	-2.63	0.00
Issuance of Debt	2.50	390	49	46	45	149
Issuance of Common Equity	0.00	0.00	560	43	0.00	0.00
Other Financing Activities, net	0.00	0.00	-0.14	-61	-3.88	-1.22
Cash Interest Paid	1.82	3.03	11	13	23	16
Cash Income Taxes Paid	0.00	0.00	1.19	0.79	1.32	0.11

This table details how cash moves in and out of Shoals Technologies Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	7.81	-23	-2.31	-0.60	3.36	13	-7.47	-12	7.92	12	12
Net Cash From Operating Activities	12	34	9.91	28	28	26	13	38	16	14	16
Net Cash From Continuing Operating Activities	12	34	9.91	28	28	26	13	38	16	14	16
Net Income / (Loss) Continuing Operations	13	118	17	19	-9.83	17	4.77	12	-0.27	7.82	-0.28
Consolidated Net Income / (Loss)	13	118	17	19	-9.83	17	4.77	12	-0.27	7.82	-0.28
Depreciation Expense	2.60	2.51	2.51	2.59	2.65	2.79	3.00	3.18	3.15	3.29	3.29
Amortization Expense	0.34	0.34	0.35	0.34	0.34	1.13	2.63	0.16	0.16	0.16	0.16
Non-Cash Adjustments To Reconcile Net Income	9.46	-115	7.05	12	46	-8.13	4.40	6.48	13	-16	3.76
Changes in Operating Assets and Liabilities, net	-13	28	-17	-6.41	-11	14	-1.95	16	-0.30	19	8.64
Net Cash From Investing Activities	-0.75	-0.76	-2.00	-2.37	-3.53	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21
Net Cash From Continuing Investing Activities	-0.75	-0.76	-2.00	-2.37	-3.53	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21
Purchase of Property, Plant & Equipment	-0.24	-0.76	-2.00	-2.37	-3.27	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21
Net Cash From Financing Activities	-3.20	-57	-10	-26	-21	-10	-18	-48	-5.41	-0.05	-0.25
Net Cash From Continuing Financing Activities	-3.20	-57	-10	-26	-21	-10	-18	-48	-5.41	-0.05	-0.25
Repayment of Debt	-8.00	-38	-9.06	-26	-21	-49	-161	-28	-5.00	-	-20
Issuance of Debt	8.00	-	5.00	-	-	40	144	5.00	-	-	20
Other Financing Activities, net	-	-60	-3.53	-0.04	-0.28	-0.03	-0.82	-0.05	-0.31	-0.05	-0.25
Cash Interest Paid	2.25	4.46	5.19	6.11	6.08	5.72	7.30	3.27	2.89	2.84	2.28
Cash Income Taxes Paid	0.06	0.02	0.18	0.68	0.13	0.33	0.06	0.06	-0.01	0.00	0.00

This table presents Shoals Technologies Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	195	426	595	844	793
Total Current Assets	56	93	154	227	188
Cash & Equivalents	10	5.01	8.77	23	24
Accounts Receivable	31	45	67	147	99
Inventories, net	15	38	73	53	56
Other Current Assets	0.16	5.04	4.63	4.42	9.85
Plant, Property, & Equipment, net	13	16	17	25	28
Total Noncurrent Assets	126	317	424	592	577
Goodwill	50	69	70	70	70
Intangible Assets	72	65	57	49	41
Noncurrent Deferred & Refundable Income Taxes	0.00	177	292	468	454
Other Noncurrent Operating Assets	4.24	5.76	6.33	5.17	11
Total Liabilities & Shareholders' Equity	195	426	595	844	793
Total Liabilities	379	434	294	299	236
Total Current Liabilities	24	32	53	93	81
Accounts Payable	15	20	9.48	14	20
Accrued Expenses	5.97	7.73	18	54	42
Current Deferred Revenue	-	1.84	23	22	19
Total Noncurrent Liabilities	171	402	241	206	155
Long-Term Debt	355	245	237	179	142
Other Noncurrent Operating Liabilities	-184	157	4.22	27	14
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.00	-7.50	301	545	557
Total Preferred & Common Equity	0.00	2.55	291	545	557
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.00	2.55	291	545	557
Common Stock	0.00	96	257	471	484
Retained Earnings	0.00	-93	34	74	99
Treasury Stock	-	-	-	0.00	-25

This table presents Shoals Technologies Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	497	530	809	819	840	825	788	801	788
Total Current Assets	156	183	183	200	214	208	177	191	188
Cash & Equivalents	10	11	6.46	5.86	9.22	15	3.19	11	36
Accounts Receivable	72	83	95	119	137	127	109	109	78
Inventories, net	65	81	74	68	61	60	60	66	61
Other Current Assets	8.83	7.61	8.09	7.18	6.66	6.87	4.78	4.72	13
Plant, Property, & Equipment, net	17	17	18	20	23	26	27	28	30
Total Noncurrent Assets	323	330	607	599	603	591	584	582	571
Goodwill	70	70	70	70	70	70	70	70	70
Intangible Assets	61	59	55	53	51	47	45	43	39
Noncurrent Deferred & Refundable Income Taxes	175	177	476	470	477	466	462	460	452
Other Noncurrent Operating Assets	18	24	6.07	5.70	5.54	8.20	7.76	9.55	9.64
Total Liabilities & Shareholders' Equity	497	530	809	819	840	825	788	801	788
Total Liabilities	488	507	303	289	316	271	244	256	229
Total Current Liabilities	55	70	65	77	84	80	78	92	80
Accounts Payable	24	21	22	16	17	16	16	24	27
Accrued Expenses	25	43	17	28	39	42	41	48	38
Current Deferred Revenue	-	-	23	31	27	22	21	21	15
Total Noncurrent Liabilities	433	437	238	212	231	192	166	164	149
Long-Term Debt	275	275	234	209	188	169	147	142	142
Other Noncurrent Operating Liabilities	158	162	3.92	3.62	43	23	19	22	7.46
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8.44	23	506	529	525	554	545	545	559
Total Preferred & Common Equity	15	26	506	529	525	554	545	545	559
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	15	26	506	529	525	554	545	545	559
Common Stock	101	105	457	462	467	475	469	480	486
Retained Earnings	-86	-78	49	68	58	79	91	91	98
Treasury Stock	-	-	-	-	-	-	-15	-25	-25

This table displays calculated financial ratios and metrics derived from Shoals Technologies Group's official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	21.47%	21.48%	53.34%	49.55%	-18.35%
EBITDA Growth	0.00%	30.17%	7.57%	260.56%	-49.71%	-27.08%
EBIT Growth	0.00%	38.42%	-7.26%	393.33%	-53.66%	-35.25%
NOPAT Growth	0.00%	38.42%	-4.88%	76.00%	-1.65%	-46.87%
Net Income Growth	0.00%	34.30%	-88.32%	3,526.09%	-70.17%	-43.44%
EPS Growth	0.00%	0.00%	0.00%	0.00%	-43.53%	-41.67%
Operating Cash Flow Growth	0.00%	49.47%	-107.55%	1,066.32%	133.06%	-12.58%
Free Cash Flow Firm Growth	0.00%	0.00%	148.05%	-256.56%	52.60%	155.19%
Invested Capital Growth	0.00%	0.00%	-32.75%	126.51%	32.46%	-4.08%
Revenue Q/Q Growth	0.00%	0.00%	-12.85%	16.62%	7.90%	-5.55%
EBITDA Q/Q Growth	0.00%	0.00%	-10.38%	216.44%	11.64%	-19.16%
EBIT Q/Q Growth	0.00%	0.00%	-15.08%	273.69%	12.04%	-23.12%
NOPAT Q/Q Growth	0.00%	0.00%	-39.20%	89.46%	-9.26%	-25.01%
Net Income Q/Q Growth	0.00%	0.00%	-61.87%	533.95%	-70.45%	-26.65%
EPS Q/Q Growth	0.00%	0.00%	-100.00%	553.85%	-40.00%	-34.88%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-143.96%	418.46%	-8.00%	-13.42%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-722.32%	68.24%	-16.53%
Invested Capital Q/Q Growth	0.00%	0.00%	3.34%	84.22%	-0.29%	-0.12%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	30.60%	37.91%	38.76%	40.16%	34.42%	35.57%
EBITDA Margin	25.00%	26.80%	23.73%	55.79%	18.76%	16.76%
Operating Margin	18.64%	21.24%	16.99%	20.29%	16.16%	12.82%
EBIT Margin	18.64%	21.24%	16.21%	52.16%	16.16%	12.82%
Profit (Net Income) Margin	17.40%	19.24%	1.85%	43.74%	8.73%	6.04%
Tax Burden Percent	100.00%	100.00%	97.87%	94.09%	77.66%	63.72%
Interest Burden Percent	93.36%	90.58%	11.66%	89.13%	69.51%	73.99%
Effective Tax Rate	0.00%	0.00%	2.13%	5.91%	22.34%	36.28%
Return on Invested Capital (ROIC)	0.00%	21.38%	12.16%	16.30%	9.94%	4.73%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	19.36%	1.49%	50.43%	0.32%	-1.39%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-117.36%	81.16%	0.15%	-0.35%
Return on Equity (ROE)	0.00%	0.00%	-105.20%	97.46%	10.09%	4.38%
Cash Return on Invested Capital (CROIC)	0.00%	-178.62%	51.32%	-61.20%	-17.99%	8.89%
Operating Return on Assets (OROA)	0.00%	19.09%	11.12%	33.40%	10.99%	6.25%
Return on Assets (ROA)	0.00%	17.29%	1.27%	28.01%	5.93%	2.95%
Return on Common Equity (ROCE)	0.00%	0.00%	35.82%	97.60%	9.97%	4.38%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	154.48%	49.08%	7.83%	4.33%
Net Operating Profit after Tax (NOPAT)	27	37	35	62	61	33
NOPAT Margin	18.64%	21.24%	16.63%	19.09%	12.55%	8.17%
Net Nonoperating Expense Percent (NNEP)	0.00%	2.01%	10.67%	-34.13%	9.62%	6.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	11.56%	8.45%	4.67%
Cost of Revenue to Revenue	69.40%	62.09%	61.24%	59.84%	65.58%	64.43%
SG&A Expenses to Revenue	6.27%	11.97%	17.77%	17.10%	16.51%	20.60%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.96%	16.68%	21.77%	19.88%	18.26%	22.76%
Earnings before Interest and Taxes (EBIT)	27	37	35	171	79	51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	36	47	51	182	92	67
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1,588.06	14.17	4.85	1.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	25.04	6.20	2.07
Price to Revenue (P/Rev)	8.65	7.12	19.02	12.63	5.41	2.31
Price to Earnings (P/E)	49.72	37.02	1,726.71	32.35	66.11	38.21
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.01%	2.70%	0.06%	3.09%	1.51%	2.62%
Enterprise Value to Invested Capital (EV/IC)	0.00	4.58	18.27	8.22	3.98	1.54
Enterprise Value to Revenue (EV/Rev)	0.00	9.11	20.10	13.36	5.73	2.61
Enterprise Value to EBITDA (EV/EBITDA)	0.00	33.99	84.72	23.94	30.54	15.55
Enterprise Value to EBIT (EV/EBIT)	0.00	42.89	123.99	25.61	35.45	20.33
Enterprise Value to NOPAT (EV/NOPAT)	0.00	42.89	120.88	69.99	45.64	31.90
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	29.56	0.00	110.70	30.47	12.94
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	28.64	0.00	0.00	16.97
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.00	-32.95	0.79	0.33	0.25
Long-Term Debt to Equity	0.00	0.00	-32.68	0.79	0.33	0.25
Financial Leverage	0.00	0.00	-78.80	1.61	0.46	0.25
Leverage Ratio	0.00	0.00	-82.92	3.48	1.70	1.49
Compound Leverage Factor	0.00	0.00	-9.67	3.10	1.18	1.10
Debt to Total Capital	0.00%	100.00%	103.13%	44.27%	24.98%	20.29%
Short-Term Debt to Total Capital	0.00%	0.98%	0.83%	0.37%	0.28%	0.00%
Long-Term Debt to Total Capital	0.00%	99.02%	102.30%	43.90%	24.70%	20.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	-4.20%	1.78%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	1.07%	53.95%	75.02%	79.71%
Debt to EBITDA	0.00	7.63	4.88	1.31	1.98	2.12
Net Debt to EBITDA	0.00	7.42	4.78	1.26	1.73	1.77
Long-Term Debt to EBITDA	0.00	7.56	4.84	1.30	1.96	2.12
Debt to NOPAT	0.00	9.63	6.97	3.83	2.96	4.35
Net Debt to NOPAT	0.00	9.36	6.83	3.69	2.59	3.63
Long-Term Debt to NOPAT	0.00	9.53	6.91	3.80	2.92	4.35
Altman Z-Score	0.00	3.70	6.24	10.21	6.51	3.39
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	134.05%	-0.15%	1.14%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	2.33	2.96	2.92	2.45	2.33
Quick Ratio	0.00	1.70	1.59	1.45	1.83	1.51
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-311	150	-234	-111	61
Operating Cash Flow to CapEx	2,104.83%	1,671.26%	-98.96%	1,250.95%	869.30%	957.80%
Free Cash Flow to Firm to Interest Expense	0.00	-88.74	4.90	-12.64	-4.61	4.43
Operating Cash Flow to Interest Expense	20.25	15.41	-0.13	2.13	3.82	5.81
Operating Cash Flow Less CapEx to Interest Expense	19.29	14.49	-0.27	1.96	3.38	5.21
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.90	0.69	0.64	0.68	0.49
Accounts Receivable Turnover	0.00	5.70	5.62	5.82	4.56	3.24
Inventory Turnover	0.00	7.21	4.88	3.52	5.10	4.73
Fixed Asset Turnover	0.00	13.75	15.05	20.15	23.45	15.05
Accounts Payable Turnover	0.00	7.45	7.54	13.28	26.86	14.94
Days Sales Outstanding (DSO)	0.00	64.05	64.91	62.70	80.08	112.58
Days Inventory Outstanding (DIO)	0.00	50.65	74.76	103.76	71.52	77.19
Days Payable Outstanding (DPO)	0.00	49.02	48.39	27.49	13.59	24.43
Cash Conversion Cycle (CCC)	0.00	65.68	91.28	138.97	138.01	165.34
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	349	235	531	704	675
Invested Capital Turnover	0.00	1.01	0.73	0.85	0.79	0.58
Increase / (Decrease) in Invested Capital	0.00	349	-114	297	172	-29
Enterprise Value (EV)	0.00	1,599	4,286	4,368	2,801	1,040
Market Capitalization	1,250	1,250	4,054	4,128	2,643	922
Book Value per Share	$0.00	$0.00	$0.02	$1.74	$3.20	$3.34
Tangible Book Value per Share	$0.00	($2.44)	($0.79)	$0.99	$2.51	$2.67
Total Capital	0.00	359	240	540	726	699
Total Debt	0.00	359	247	239	181	142
Total Long-Term Debt	0.00	355	245	237	179	142
Net Debt	0.00	349	242	230	159	118
Capital Expenditures (CapEx)	1.72	3.24	4.13	3.15	11	8.39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	25	59	94	114	84
Debt-free Net Working Capital (DFNWC)	0.00	36	64	103	137	107
Net Working Capital (NWC)	0.00	32	62	101	135	107
Net Nonoperating Expense (NNE)	1.79	3.51	32	-81	19	8.48
Net Nonoperating Obligations (NNO)	0.00	349	242	230	159	118
Total Depreciation and Amortization (D&A)	9.20	9.76	16	12	13	16
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	14.51%	27.62%	28.80%	23.28%	21.02%
Debt-free Net Working Capital to Revenue	0.00%	20.25%	29.97%	31.48%	27.93%	26.91%
Net Working Capital to Revenue	0.00%	18.26%	29.03%	30.87%	27.52%	26.91%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$1.11	$0.48	$0.28
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	99.27M	114.50M	328.33M	337.14M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.85	$0.48	$0.28
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	99.27M	167.63M	329.01M	337.45M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	167.07M	169.54M	170.33M	166.99M
Normalized Net Operating Profit after Tax (NOPAT)	19	26	35	62	61	33
Normalized NOPAT Margin	13.05%	14.87%	16.63%	19.09%	12.55%	8.17%
Pre Tax Income Margin	17.40%	19.24%	1.89%	46.49%	11.24%	9.48%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	15.07	10.62	1.13	9.20	3.28	3.70
NOPAT to Interest Expense	15.07	10.62	1.16	3.37	2.55	2.36
EBIT Less CapEx to Interest Expense	14.11	9.70	1.00	9.03	2.84	3.09
NOPAT Less CapEx to Interest Expense	14.11	9.70	1.03	3.20	2.11	1.75
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	55.64%	1,113.68%	10,400.94%	5.43%	6.16%	0.00%
Augmented Payout Ratio	55.64%	1,124.75%	10,646.98%	6.45%	8.88%	104.99%

This table displays calculated financial ratios and metrics derived from Shoals Technologies Group's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.78%	97.00%	54.59%	62.21%	47.77%	37.81%	-13.59%	-16.74%	-23.88%	-17.98%	-11.50%
EBITDA Growth	121.01%	362.91%	123.14%	114.68%	-133.09%	36.47%	-40.56%	-36.59%	203.33%	-44.30%	-54.94%
EBIT Growth	164.47%	772.16%	160.82%	143.65%	-152.95%	36.35%	-55.62%	-41.27%	142.80%	-48.28%	-62.78%
NOPAT Growth	31.67%	516.07%	192.46%	121.44%	-144.19%	-11.05%	-65.27%	-40.68%	88.63%	-53.38%	-107.88%
Net Income Growth	141.83%	5,597.30%	265.30%	159.13%	-177.03%	-85.98%	-71.89%	-37.63%	97.28%	-52.85%	-105.91%
EPS Growth	600.00%	1,028.57%	400.00%	175.00%	-142.86%	-49.23%	-70.00%	-36.36%	100.00%	-45.45%	-100.00%
Operating Cash Flow Growth	58.13%	1,226.69%	138.33%	46.06%	135.38%	-23.21%	29.73%	35.53%	-43.27%	-47.11%	20.98%
Free Cash Flow Firm Growth	79.14%	-351.98%	-409.77%	-515.07%	-850.54%	44.44%	108.18%	113.81%	106.85%	125.03%	17.39%
Invested Capital Growth	27.07%	126.51%	164.70%	166.96%	144.73%	32.46%	-3.80%	-6.27%	-4.24%	-4.08%	-6.00%
Revenue Q/Q Growth	23.59%	4.21%	11.02%	13.44%	12.58%	-2.81%	-30.38%	9.30%	2.94%	4.72%	-24.89%
EBITDA Q/Q Growth	42.25%	14.50%	10.42%	19.36%	-121.93%	572.20%	-51.91%	27.32%	-64.27%	154.54%	-61.09%
EBIT Q/Q Growth	53.77%	17.07%	11.66%	21.21%	-133.41%	401.49%	-63.65%	60.40%	-75.65%	264.35%	-73.84%
NOPAT Q/Q Growth	55.67%	35.56%	-2.88%	8.05%	-131.06%	372.90%	-62.08%	84.55%	-105.95%	1,219.29%	-106.41%
Net Income Q/Q Growth	74.71%	827.20%	-85.64%	11.43%	-151.93%	268.72%	-71.21%	147.21%	-102.26%	3,028.09%	-103.61%
EPS Q/Q Growth	250.00%	364.29%	-84.62%	10.00%	-154.55%	650.00%	-92.31%	133.33%	-100.00%	0.00%	-100.00%
Operating Cash Flow Q/Q Growth	-38.50%	192.94%	-71.22%	181.66%	-0.88%	-4.43%	-51.37%	194.25%	-58.51%	-10.90%	11.22%
Free Cash Flow Firm Q/Q Growth	36.86%	-513.19%	-58.94%	0.05%	2.42%	64.16%	123.40%	68.82%	-51.59%	30.90%	9.73%
Invested Capital Q/Q Growth	4.87%	84.22%	38.43%	-0.18%	-3.86%	-0.29%	0.53%	-2.73%	-1.79%	-0.12%	-1.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.69%	42.66%	45.92%	42.38%	10.54%	42.46%	40.15%	40.30%	24.84%	37.56%	35.02%
EBITDA Margin	25.22%	27.71%	27.56%	28.99%	-5.65%	27.44%	18.95%	22.08%	7.67%	18.63%	9.65%
Operating Margin	21.98%	24.69%	24.84%	26.54%	-7.88%	24.43%	12.76%	18.72%	4.43%	15.41%	5.37%
EBIT Margin	21.98%	24.69%	24.84%	26.54%	-7.88%	24.43%	12.76%	18.72%	4.43%	15.41%	5.37%
Profit (Net Income) Margin	14.05%	124.99%	16.16%	15.87%	-7.32%	12.71%	5.26%	11.89%	-0.26%	7.31%	-0.35%
Tax Burden Percent	83.88%	97.12%	84.48%	75.30%	59.67%	63.36%	66.10%	76.05%	-18.59%	57.12%	-14.00%
Interest Burden Percent	76.19%	521.11%	77.03%	79.44%	155.80%	82.11%	62.34%	83.52%	31.74%	83.04%	46.73%
Effective Tax Rate	16.12%	2.88%	15.52%	24.70%	0.00%	36.64%	33.90%	23.95%	118.59%	42.88%	114.00%
Return on Invested Capital (ROIC)	20.06%	20.48%	15.08%	16.23%	-5.03%	12.26%	5.55%	9.10%	-0.50%	5.10%	-0.43%
ROIC Less NNEP Spread (ROIC-NNEP)	18.48%	60.96%	13.08%	14.15%	-6.11%	10.40%	4.04%	7.77%	-0.14%	3.94%	-0.18%
Return on Net Nonoperating Assets (RNNOA)	806.46%	98.11%	13.19%	12.40%	-4.99%	4.78%	1.46%	2.52%	-0.04%	0.99%	-0.04%
Return on Equity (ROE)	826.52%	118.58%	28.26%	28.63%	-10.02%	17.04%	7.01%	11.62%	-0.54%	6.09%	-0.47%
Cash Return on Invested Capital (CROIC)	-11.06%	-61.20%	-75.09%	-72.65%	-70.36%	-17.99%	10.35%	11.67%	10.63%	8.89%	9.92%
Operating Return on Assets (OROA)	13.50%	15.81%	14.09%	16.53%	-5.21%	16.61%	7.41%	10.59%	2.28%	7.51%	2.59%
Return on Assets (ROA)	8.63%	80.02%	9.17%	9.89%	-4.84%	8.64%	3.05%	6.73%	-0.13%	3.56%	-0.17%
Return on Common Equity (ROCE)	1,952.13%	118.76%	28.79%	28.99%	-10.09%	16.85%	7.01%	11.62%	-0.54%	6.09%	-0.47%
Return on Equity Simple (ROE_SIMPLE)	85.42%	0.00%	30.70%	31.54%	27.52%	0.00%	5.50%	4.28%	6.03%	0.00%	3.41%
Net Operating Profit after Tax (NOPAT)	17	23	22	24	-7.40	20	7.66	14	-0.84	9.42	-0.60
NOPAT Margin	18.44%	23.98%	20.98%	19.98%	-5.51%	15.48%	8.43%	14.24%	-0.82%	8.80%	-0.75%
Net Nonoperating Expense Percent (NNEP)	1.58%	-40.48%	1.99%	2.08%	1.09%	1.86%	1.51%	1.34%	-0.37%	1.15%	-0.25%
Return On Investment Capital (ROIC_SIMPLE)	-	4.20%	-	-	-	2.78%	-	-	-	1.35%	-0.09%
Cost of Revenue to Revenue	60.31%	57.34%	54.08%	57.62%	89.46%	57.54%	59.85%	59.70%	75.16%	62.44%	64.98%
SG&A Expenses to Revenue	15.25%	15.71%	19.02%	14.03%	16.80%	16.45%	25.08%	19.36%	18.35%	20.12%	26.99%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.71%	17.97%	21.08%	15.84%	18.42%	18.02%	27.39%	21.58%	20.41%	22.15%	29.65%
Earnings before Interest and Taxes (EBIT)	20	23	26	32	-11	32	12	19	4.52	16	4.31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	23	26	29	35	-7.58	36	17	22	7.83	20	7.76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	136.44	14.17	7.63	8.20	5.91	4.85	3.43	1.95	1.71	1.66	0.99
Price to Tangible Book Value (P/TBV)	0.00	25.04	10.13	10.67	7.67	6.20	4.35	2.47	2.16	2.07	1.23
Price to Revenue (P/Rev)	12.85	12.63	10.61	10.59	6.84	5.41	4.01	2.34	2.21	2.31	1.43
Price to Earnings (P/E)	273.74	32.35	27.74	28.22	22.80	66.11	62.43	45.58	28.42	38.21	29.07
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.37%	3.09%	3.60%	3.54%	4.39%	1.51%	1.60%	2.19%	3.52%	2.62%	3.44%
Enterprise Value to Invested Capital (EV/IC)	13.40	8.22	5.57	6.19	4.65	3.98	2.90	1.75	1.58	1.54	0.99
Enterprise Value to Revenue (EV/Rev)	13.79	13.36	11.24	11.09	7.24	5.73	4.33	2.65	2.52	2.61	1.70
Enterprise Value to EBITDA (EV/EBITDA)	67.05	23.94	43.46	40.35	39.95	30.54	25.69	17.92	12.88	15.55	11.50
Enterprise Value to EBIT (EV/EBIT)	84.70	25.61	49.66	44.97	46.54	35.45	31.85	23.45	16.01	20.33	15.05
Enterprise Value to NOPAT (EV/NOPAT)	117.34	69.99	53.04	49.09	48.53	45.64	43.98	32.61	24.50	31.90	25.77
Enterprise Value to Operating Cash Flow (EV/OCF)	507.91	110.70	54.41	54.09	32.84	30.47	21.65	11.51	11.48	12.94	7.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	27.51	14.54	14.51	16.97	9.71
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	12.22	0.79	0.47	0.40	0.36	0.33	0.30	0.27	0.26	0.25	0.25
Long-Term Debt to Equity	12.13	0.79	0.46	0.39	0.36	0.33	0.30	0.27	0.26	0.25	0.25
Financial Leverage	43.65	1.61	1.01	0.88	0.82	0.46	0.36	0.32	0.29	0.25	0.23
Leverage Ratio	79.07	3.48	2.54	2.45	2.50	1.70	1.54	1.50	1.53	1.49	1.45
Compound Leverage Factor	60.24	18.13	1.96	1.94	3.90	1.40	0.96	1.25	0.49	1.23	0.68
Debt to Total Capital	92.43%	44.27%	31.79%	28.46%	26.63%	24.98%	23.35%	21.23%	20.63%	20.29%	20.23%
Short-Term Debt to Total Capital	0.67%	0.37%	0.27%	0.27%	0.28%	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	91.77%	43.90%	31.52%	28.19%	26.35%	24.70%	23.35%	21.23%	20.63%	20.29%	20.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-1.25%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	8.81%	53.95%	68.21%	71.54%	73.37%	75.02%	76.65%	78.77%	79.37%	79.71%	79.77%
Debt to EBITDA	4.80	1.31	2.50	1.87	2.32	1.98	2.11	2.18	1.71	2.12	2.47
Net Debt to EBITDA	4.61	1.26	2.44	1.82	2.20	1.73	1.92	2.13	1.58	1.77	1.85
Long-Term Debt to EBITDA	4.77	1.30	2.48	1.85	2.29	1.96	2.11	2.18	1.71	2.12	2.47
Debt to NOPAT	8.41	3.83	3.06	2.27	2.81	2.96	3.61	3.97	3.26	4.35	5.53
Net Debt to NOPAT	8.07	3.69	2.97	2.21	2.68	2.59	3.29	3.88	3.00	3.63	4.14
Long-Term Debt to NOPAT	8.35	3.80	3.03	2.25	2.79	2.92	3.61	3.97	3.26	4.35	5.53
Altman Z-Score	4.96	9.39	8.48	9.92	6.68	6.32	5.15	3.58	3.04	3.25	2.30
Noncontrolling Interest Sharing Ratio	-136.19%	-0.15%	-1.85%	-1.25%	-0.68%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.60	2.92	2.83	2.59	2.54	2.45	2.62	2.26	2.08	2.33	2.34
Quick Ratio	1.34	1.45	1.57	1.61	1.74	1.83	1.78	1.44	1.31	1.51	1.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-45	-274	-436	-435	-425	-152	36	60	29	38	42
Operating Cash Flow to CapEx	4,818.44%	4,525.76%	494.91%	1,176.12%	847.60%	900.78%	517.92%	1,890.16%	660.45%	913.65%	484.82%
Free Cash Flow to Firm to Interest Expense	-9.40	-47.43	-72.64	-66.92	-72.01	-26.71	8.17	19.63	9.43	11.50	17.32
Operating Cash Flow to Interest Expense	2.47	5.96	1.65	4.29	4.69	4.64	2.95	12.35	5.08	4.22	6.44
Operating Cash Flow Less CapEx to Interest Expense	2.42	5.83	1.32	3.93	4.14	4.12	2.38	11.70	4.31	3.76	5.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.64	0.57	0.62	0.66	0.68	0.58	0.57	0.52	0.49	0.48
Accounts Receivable Turnover	4.05	5.82	4.33	4.29	4.11	4.56	4.28	3.99	3.43	3.24	3.79
Inventory Turnover	3.18	3.52	3.42	3.52	4.22	5.10	4.77	4.81	4.19	4.73	4.23
Fixed Asset Turnover	18.11	20.15	21.15	22.13	23.01	23.45	21.28	19.30	16.63	15.05	13.82
Accounts Payable Turnover	8.66	13.28	10.59	11.58	15.78	26.86	16.89	19.04	13.15	14.94	12.02
Days Sales Outstanding (DSO)	90.07	62.70	84.28	85.14	88.84	80.08	85.31	91.53	106.43	112.58	96.20
Days Inventory Outstanding (DIO)	114.66	103.76	106.68	103.69	86.50	71.52	76.46	75.86	87.19	77.19	86.39
Days Payable Outstanding (DPO)	42.13	27.49	34.47	31.51	23.13	13.59	21.61	19.17	27.75	24.43	30.37
Cash Conversion Cycle (CCC)	162.60	138.97	156.48	157.32	152.22	138.01	140.17	148.21	165.87	165.34	152.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	288	531	735	734	706	704	707	688	676	675	665
Invested Capital Turnover	1.09	0.85	0.72	0.81	0.91	0.79	0.66	0.64	0.61	0.58	0.57
Increase / (Decrease) in Invested Capital	61	297	458	459	417	172	-28	-46	-30	-29	-42
Enterprise Value (EV)	3,865	4,368	4,093	4,545	3,283	2,801	2,055	1,207	1,066	1,040	661
Market Capitalization	3,603	4,128	3,864	4,341	3,101	2,643	1,901	1,063	935	922	554
Book Value per Share	$0.16	$1.74	$2.99	$3.12	$3.09	$3.20	$3.25	$3.20	$3.27	$3.34	$3.35
Tangible Book Value per Share	($0.61)	$0.99	$2.25	$2.40	$2.38	$2.51	$2.57	$2.52	$2.59	$2.67	$2.69
Total Capital	300	540	742	740	715	726	723	691	687	699	701
Total Debt	277	239	236	211	190	181	169	147	142	142	142
Total Long-Term Debt	275	237	234	209	188	179	169	147	142	142	142
Net Debt	266	230	229	205	181	159	154	144	131	118	106
Capital Expenditures (CapEx)	0.24	0.76	2.00	2.37	3.27	2.94	2.48	2.00	2.38	1.53	3.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	104	94	114	119	123	114	114	96	88	84	72
Debt-free Net Working Capital (DFNWC)	115	103	121	125	132	137	129	99	99	107	107
Net Working Capital (NWC)	113	101	119	123	130	135	129	99	99	107	107
Net Nonoperating Expense (NNE)	3.99	-96	5.07	4.90	2.43	3.61	2.88	2.33	-0.57	1.60	-0.32
Net Nonoperating Obligations (NNO)	266	230	229	205	181	159	154	144	131	118	106
Total Depreciation and Amortization (D&A)	2.94	2.85	2.86	2.93	2.99	3.92	5.63	3.33	3.31	3.45	3.44
Debt-free, Cash-free Net Working Capital to Revenue	36.96%	28.80%	31.35%	29.06%	27.06%	23.28%	23.94%	21.07%	20.76%	21.02%	18.48%
Debt-free Net Working Capital to Revenue	40.95%	31.48%	33.12%	30.49%	29.09%	27.93%	27.15%	21.77%	23.39%	26.91%	27.64%
Net Working Capital to Revenue	40.24%	30.87%	32.58%	30.00%	28.65%	27.52%	27.15%	21.77%	23.39%	26.91%	27.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.14	$0.91	$0.10	$0.11	($0.12)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00
Adjusted Weighted Average Basic Shares Outstanding	225.95M	114.50M	146.41M	169.89M	339.93M	328.33M	170.28M	169.99M	167.32M	337.14M	166.96M
Adjusted Diluted Earnings per Share	$0.14	$0.65	$0.10	$0.11	($0.12)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	227.17M	167.63M	147.11M	170.24M	339.93M	329.01M	170.51M	170.10M	167.38M	337.45M	166.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	167.32M	169.54M	169.82M	169.94M	170.06M	170.33M	170.42M	166.65M	166.70M	166.99M	167.17M
Normalized Net Operating Profit after Tax (NOPAT)	17	23	22	24	-7.40	20	7.66	14	3.17	9.42	3.02
Normalized NOPAT Margin	18.44%	23.98%	20.98%	19.98%	-5.51%	15.48%	8.43%	14.24%	3.10%	8.80%	3.76%
Pre Tax Income Margin	16.75%	128.69%	19.13%	21.08%	-12.27%	20.06%	7.95%	15.64%	1.41%	12.79%	2.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.20	4.05	4.35	4.86	-1.79	5.59	2.66	6.07	1.47	4.97	1.79
NOPAT to Interest Expense	3.52	3.93	3.68	3.66	-1.25	3.54	1.76	4.61	-0.27	2.84	-0.25
EBIT Less CapEx to Interest Expense	4.15	3.91	4.02	4.50	-2.35	5.08	2.09	5.41	0.70	4.51	0.46
NOPAT Less CapEx to Interest Expense	3.47	3.80	3.34	3.30	-1.81	3.03	1.19	3.96	-1.04	2.38	-1.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	585.46%	5.43%	4.80%	3.49%	1.82%	6.16%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	585.46%	6.45%	4.80%	3.49%	1.82%	8.88%	0.00%	113.12%	80.54%	104.99%	0.00%

Key Financial Trends

Shoals Technologies Group (NASDAQ: SHLS) has experienced notable financial fluctuations over the past several years through Q1 2025. Below is an analysis highlighting key trends and data points from their income statements, cash flow statements, and balance sheets over the last four years.

Revenue Growth: Operating revenue grew from $73.5 million in Q2 2022 to $80.4 million in Q1 2025, showing moderate growth with quarterly fluctuations.
Gross Profit Stability: The gross profit has remained relatively stable, with $28.1 million in Q1 2025, compared to $28.6 million in Q2 2022, reflecting solid margin management despite revenue fluctuations.
Improved Operating Efficiency: SG&A expenses have fluctuated but remain controlled relative to revenue, standing at $21.7 million in Q1 2025 compared to $13.3 million in Q2 2022, concurrent with increased business scale.
Strong Operating Cash Flow: Net cash from operating activities reached $15.6 million in Q1 2025, showing solid cash generation from core operations compared to prior periods (e.g., $19.1 million in Q2 2022).
Healthy Liquidity: Cash & equivalents increased to $35.6 million by Q1 2025, up from $10.1 million in Q2 2022, indicating stronger liquidity to support business operations and investment.
Net Income Volatility: Net income swung significantly quarter to quarter, with a loss of $0.3 million in Q1 2025 compared to substantial profits in prior quarters (e.g., $11.8 million in Q4 2022), indicating earnings variability and potential pressure on profitability.
Interest Expense and Debt Levels: Interest expense remains elevated at around $2.4 million in Q1 2025 versus $4.2 million in Q2 2022, while long-term debt levels remain consistently high (~$140-170 million), reflecting significant leverage.
Accounts Receivable and Inventory Levels: Accounts receivable and inventories remain sizable at $78.1 million and $61.2 million respectively in Q1 2025, with fluctuations that may impact working capital needs.
Declining Net Income in Recent Quarter: The recent Q1 2025 reported a net loss (-$0.3 million), dipping from prior positive quarters, which could be a concern for short-term profitability outlook.
Elevated Other Expense Impact: Negative net other income/expense has persisted (around -$2.3 million in Q1 2025), headline by interest expense, dampening pre-tax income and net profitability.

Summary: Shoals Technologies Group has demonstrated growth in revenues and maintained relatively stable gross margins. The company's ability to generate positive operating cash flow and strengthen its liquidity position are encouraging signs. However, variability in net income, persistent losses in the latest quarter, and a substantial debt burden with ongoing interest expenses pose challenges. Investors should watch future quarters for improvement in profitability and debt servicing to confirm a stable financial trajectory.

08/04/25 01:46 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Shoals Technologies Group's Financials

When does Shoals Technologies Group's financial year end?

According to the most recent income statement we have on file, Shoals Technologies Group's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Shoals Technologies Group's net income changed over the last 5 years?

Shoals Technologies Group's net income appears to be on an upward trend, with a most recent value of $24.13 million in 2024, falling from $25.14 million in 2019. The previous period was $42.66 million in 2023. Check out Shoals Technologies Group's forecast to explore projected trends and price targets.

What is Shoals Technologies Group's operating income?

Shoals Technologies Group's total operating income in 2024 was $51.17 million, based on the following breakdown:

Total Gross Profit: $142.02 million
Total Operating Expenses: $90.85 million

How has Shoals Technologies Group's revenue changed over the last 5 years?

Over the last 5 years, Shoals Technologies Group's total revenue changed from $144.50 million in 2019 to $399.21 million in 2024, a change of 176.3%.

How much debt does Shoals Technologies Group have?

Shoals Technologies Group's total liabilities were at $236.28 million at the end of 2024, a 21.0% decrease from 2023, and a 37.7% decrease since 2020.

How much cash does Shoals Technologies Group have?

In the past 4 years, Shoals Technologies Group's cash and equivalents has ranged from $5.01 million in 2021 to $23.51 million in 2024, and is currently $23.51 million as of their latest financial filing in 2024.

How has Shoals Technologies Group's book value per share changed over the last 5 years?

Over the last 5 years, Shoals Technologies Group's book value per share changed from 0.00 in 2019 to 3.34 in 2024, a change of 334.0%.

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This page (NASDAQ:SHLS) was last updated on 8/4/2025 by MarketBeat.com Staff

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Shoals Technologies Group (SHLS) Financials

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Shoals Technologies Group (SHLS) Financials

Annual Income Statements for Shoals Technologies Group

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Quarterly Cash Flow Statements for Shoals Technologies Group

Annual Balance Sheets for Shoals Technologies Group

Quarterly Balance Sheets for Shoals Technologies Group

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Key Financial Trends

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