Shoals Technologies Group (SHLS) Financials

$6.48 +0.72 (+12.50%)

Closing price 08/22/2025 04:00 PM Eastern

Extended Trading

$6.42 -0.06 (-0.85%)

As of 08/22/2025 07:49 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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	113	14	19	-9.83	17	4.77	12	-0.27	7.82	-0.28	14
Consolidated Net Income / (Loss)	118	17	19	-9.83	17	4.77	12	-0.27	7.82	-0.28	14
Net Income / (Loss) Continuing Operations	118	17	19	-9.83	17	4.77	12	-0.27	7.82	-0.28	14
Total Pre-Tax Income	122	20	25	-16	26	7.22	16	1.44	14	2.02	17
Total Operating Income	23	26	32	-11	32	12	19	4.52	16	4.31	16
Total Gross Profit	40	48	51	14	55	36	40	25	40	28	41
Total Revenue	95	105	119	134	130	91	99	102	107	80	111
Operating Revenue	95	105	119	134	130	91	99	102	107	80	111
Total Cost of Revenue	54	57	69	120	75	54	59	77	67	52	70
Operating Cost of Revenue	54	57	69	120	75	54	59	77	67	52	70
Total Operating Expenses	17	22	19	25	24	25	21	21	24	24	22
Selling, General & Admin Expense	15	20	17	23	21	23	19	19	22	22	23
Depreciation Expense	2.13	2.17	2.16	2.17	2.06	2.10	2.20	2.11	2.18	2.14	2.14
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	-	-	-	-3.13
Total Other Income / (Expense), net	98	-6.00	-6.51	-5.90	-5.70	-4.36	-3.06	-3.09	-2.80	-2.30	-2.16
Interest Expense	5.78	6.00	6.51	5.90	5.70	4.48	3.27	3.09	3.31	2.42	2.24
Interest & Investment Income	-	-	-	-	-	0.11	0.20	-	-	0.12	0.08
Income Tax Expense	3.50	3.12	6.21	-6.64	9.59	2.45	3.72	1.70	5.87	2.30	3.12
Basic Earnings per Share	$0.91	$0.10	$0.11	($0.06)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08
Weighted Average Basic Shares Outstanding	114.50M	146.41M	169.89M	169.97M	328.33M	170.28M	169.99M	167.32M	337.14M	166.96M	167.29M
Diluted Earnings per Share	$0.65	$0.10	$0.11	($0.06)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08
Weighted Average Diluted Shares Outstanding	167.63M	147.11M	170.24M	169.97M	329.01M	170.51M	170.10M	167.38M	337.45M	166.96M	167.56M
Weighted Average Basic & Diluted Shares Outstanding	169.54M	169.82M	169.94M	170.06M	170.33M	170.42M	166.65M	166.70M	166.99M	167.17M	0.00

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Net Change in Cash & Equivalents	-23	-2.31	-0.60	3.36	13	-7.47	-12	7.92	12	12	-31
Net Cash From Operating Activities	34	9.91	28	28	26	13	38	16	14	16	-14
Net Cash From Continuing Operating Activities	34	9.91	28	28	26	13	38	16	14	16	-14
Net Income / (Loss) Continuing Operations	118	17	19	-9.83	17	4.77	12	-0.27	7.82	-0.28	14
Consolidated Net Income / (Loss)	118	17	19	-9.83	17	4.77	12	-0.27	7.82	-0.28	14
Depreciation Expense	2.51	2.51	2.59	2.65	2.79	3.00	3.18	3.15	3.29	3.29	3.34
Amortization Expense	0.34	0.35	0.34	0.34	1.13	2.63	0.16	0.16	0.16	0.16	0.16
Non-Cash Adjustments To Reconcile Net Income	-115	7.05	12	46	-8.13	4.40	6.48	13	-16	3.76	-11
Changes in Operating Assets and Liabilities, net	28	-17	-6.41	-11	14	-1.95	16	-0.30	19	8.64	-20
Net Cash From Investing Activities	-0.76	-2.00	-2.37	-3.53	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21	-7.13
Net Cash From Continuing Investing Activities	-0.76	-2.00	-2.37	-3.53	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21	-7.13
Purchase of Property, Plant & Equipment	-0.76	-2.00	-2.37	-3.27	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21	-12
Net Cash From Financing Activities	-57	-10	-26	-21	-10	-18	-48	-5.41	-0.05	-0.25	-9.97
Net Cash From Continuing Financing Activities	-57	-10	-26	-21	-10	-18	-48	-5.41	-0.05	-0.25	-9.97
Repayment of Debt	-38	-9.06	-26	-21	-49	-161	-28	-5.00	-	-20	-20
Issuance of Debt	-	5.00	-	-	40	144	5.00	-	-	20	10
Other Financing Activities, net	-60	-3.53	-0.04	-0.28	-0.03	-0.82	-0.05	-0.31	-0.05	-0.25	0.03
Cash Interest Paid	4.46	5.19	6.11	6.08	5.72	7.30	3.27	2.89	2.84	2.28	1.98
Cash Income Taxes Paid	0.02	0.18	0.68	0.13	0.33	0.06	0.06	-0.01	0.00	0.00	-0.18

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	Q2 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	6/30/2025
Total Assets	497	530	809	819	840	825	788	801	788	795
Total Current Assets	156	183	183	200	214	208	177	191	188	190
Cash & Equivalents	10	11	6.46	5.86	9.22	15	3.19	11	36	4.69
Accounts Receivable	72	83	95	119	137	127	109	109	78	113
Inventories, net	65	81	74	68	61	60	60	66	61	57
Other Current Assets	8.83	7.61	8.09	7.18	6.66	6.87	4.78	4.72	13	15
Plant, Property, & Equipment, net	17	17	18	20	23	26	27	28	30	42
Total Noncurrent Assets	323	330	607	599	603	591	584	582	571	563
Goodwill	70	70	70	70	70	70	70	70	70	70
Intangible Assets	61	59	55	53	51	47	45	43	39	37
Noncurrent Deferred & Refundable Income Taxes	175	177	476	470	477	466	462	460	452	448
Other Noncurrent Operating Assets	18	24	6.07	5.70	5.54	8.20	7.76	9.55	9.64	8.11
Total Liabilities & Shareholders' Equity	497	530	809	819	840	825	788	801	788	795
Total Liabilities	488	507	303	289	316	271	244	256	229	220
Total Current Liabilities	55	70	65	77	84	80	78	92	80	81
Accounts Payable	24	21	22	16	17	16	16	24	27	29
Accrued Expenses	25	43	17	28	39	42	41	48	38	32
Current Deferred Revenue	-	-	23	31	27	22	21	21	15	20
Total Noncurrent Liabilities	433	437	238	212	231	192	166	164	149	138
Long-Term Debt	275	275	234	209	188	169	147	142	142	132
Other Noncurrent Operating Liabilities	158	162	3.92	3.62	43	23	19	22	7.46	6.46
Commitments & Contingencies	0.00	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	575
Total Preferred & Common Equity	15	26	506	529	525	554	545	545	559	575
Preferred Stock	0.00	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	575
Common Stock	101	105	457	462	467	475	469	480	486	489
Retained Earnings	-86	-78	49	68	58	79	91	91	98	112
Treasury Stock	-	-	-	-	-	-	-15	-25	-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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	97.00%	54.59%	62.21%	47.77%	37.81%	-13.59%	-16.74%	-23.88%	-17.98%	-11.50%	11.68%
EBITDA Growth	362.91%	123.14%	114.68%	-133.09%	36.47%	-40.56%	-36.59%	203.33%	-44.30%	-54.94%	-11.07%
EBIT Growth	772.16%	160.82%	143.65%	-152.95%	36.35%	-55.62%	-41.27%	142.80%	-48.28%	-62.78%	-13.90%
NOPAT Growth	516.07%	192.46%	121.44%	-144.19%	-11.05%	-65.27%	-40.68%	88.63%	-53.38%	-107.88%	-7.58%
Net Income Growth	5,597.30%	265.30%	159.13%	-177.03%	-85.98%	-71.89%	-37.63%	97.28%	-52.85%	-105.91%	17.40%
EPS Growth	1,028.57%	400.00%	175.00%	-142.86%	-49.23%	-70.00%	-36.36%	100.00%	-45.45%	-100.00%	14.29%
Operating Cash Flow Growth	1,226.69%	138.33%	46.06%	135.38%	-23.21%	29.73%	35.53%	-43.27%	-47.11%	20.98%	-136.52%
Free Cash Flow Firm Growth	-351.98%	-409.77%	-515.07%	-850.54%	44.44%	108.18%	113.81%	106.85%	125.03%	17.39%	-102.10%
Invested Capital Growth	126.51%	164.70%	166.96%	144.73%	32.46%	-3.80%	-6.27%	-4.24%	-4.08%	-6.00%	2.08%
Revenue Q/Q Growth	4.21%	11.02%	13.44%	12.58%	-2.81%	-30.38%	9.30%	2.94%	4.72%	-24.89%	37.93%
EBITDA Q/Q Growth	14.50%	10.42%	19.36%	-121.93%	572.20%	-51.91%	27.32%	-64.27%	154.54%	-61.09%	151.30%
EBIT Q/Q Growth	17.07%	11.66%	21.21%	-133.41%	401.49%	-63.65%	60.40%	-75.65%	264.35%	-73.84%	271.01%
NOPAT Q/Q Growth	35.56%	-2.88%	8.05%	-131.06%	372.90%	-62.08%	84.55%	-105.95%	1,219.29%	-106.41%	2,264.15%
Net Income Q/Q Growth	827.20%	-85.64%	11.43%	-151.93%	268.72%	-71.21%	147.21%	-102.26%	3,028.09%	-103.61%	5,013.12%
EPS Q/Q Growth	364.29%	-84.62%	10.00%	-154.55%	650.00%	-92.31%	133.33%	-100.00%	0.00%	-100.00%	0.00%
Operating Cash Flow Q/Q Growth	192.94%	-71.22%	181.66%	-0.88%	-4.43%	-51.37%	194.25%	-58.51%	-10.90%	11.22%	-188.84%
Free Cash Flow Firm Q/Q Growth	-513.19%	-58.94%	0.05%	2.42%	64.16%	123.40%	68.82%	-51.59%	30.90%	9.73%	-103.02%
Invested Capital Q/Q Growth	84.22%	38.43%	-0.18%	-3.86%	-0.29%	0.53%	-2.73%	-1.79%	-0.12%	-1.48%	5.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.66%	45.92%	42.38%	10.54%	42.46%	40.15%	40.30%	24.84%	37.56%	35.02%	37.17%
EBITDA Margin	27.71%	27.56%	28.99%	-5.65%	27.44%	18.95%	22.08%	7.67%	18.63%	9.65%	17.58%
Operating Margin	24.69%	24.84%	26.54%	-7.88%	24.43%	12.76%	18.72%	4.43%	15.41%	5.37%	14.43%
EBIT Margin	24.69%	24.84%	26.54%	-7.88%	24.43%	12.76%	18.72%	4.43%	15.41%	5.37%	14.43%
Profit (Net Income) Margin	124.99%	16.16%	15.87%	-7.32%	12.71%	5.26%	11.89%	-0.26%	7.31%	-0.35%	12.50%
Tax Burden Percent	97.12%	84.48%	75.30%	59.67%	63.36%	66.10%	76.05%	-18.59%	57.12%	-14.00%	81.63%
Interest Burden Percent	521.11%	77.03%	79.44%	155.80%	82.11%	62.34%	83.52%	31.74%	83.04%	46.73%	106.09%
Effective Tax Rate	2.88%	15.52%	24.70%	0.00%	36.64%	33.90%	23.95%	118.59%	42.88%	114.00%	18.37%
Return on Invested Capital (ROIC)	20.48%	15.08%	16.23%	-5.03%	12.26%	5.55%	9.10%	-0.50%	5.10%	-0.43%	6.78%
ROIC Less NNEP Spread (ROIC-NNEP)	60.96%	13.08%	14.15%	-6.11%	10.40%	4.04%	7.77%	-0.14%	3.94%	-0.18%	7.37%
Return on Net Nonoperating Assets (RNNOA)	98.11%	13.19%	12.40%	-4.99%	4.78%	1.46%	2.52%	-0.04%	0.99%	-0.04%	1.78%
Return on Equity (ROE)	118.58%	28.26%	28.63%	-10.02%	17.04%	7.01%	11.62%	-0.54%	6.09%	-0.47%	8.57%
Cash Return on Invested Capital (CROIC)	-61.20%	-75.09%	-72.65%	-70.36%	-17.99%	10.35%	11.67%	10.63%	8.89%	9.92%	1.62%
Operating Return on Assets (OROA)	15.81%	14.09%	16.53%	-5.21%	16.61%	7.41%	10.59%	2.28%	7.51%	2.59%	7.30%
Return on Assets (ROA)	80.02%	9.17%	9.89%	-4.84%	8.64%	3.05%	6.73%	-0.13%	3.56%	-0.17%	6.32%
Return on Common Equity (ROCE)	118.76%	28.79%	28.99%	-10.09%	16.85%	7.01%	11.62%	-0.54%	6.09%	-0.47%	8.57%
Return on Equity Simple (ROE_SIMPLE)	0.00%	30.70%	31.54%	27.52%	0.00%	5.50%	4.28%	6.03%	0.00%	3.41%	0.00%
Net Operating Profit after Tax (NOPAT)	23	22	24	-7.40	20	7.66	14	-0.84	9.42	-0.60	13
NOPAT Margin	23.98%	20.98%	19.98%	-5.51%	15.48%	8.43%	14.24%	-0.82%	8.80%	-0.75%	11.78%
Net Nonoperating Expense Percent (NNEP)	-40.48%	1.99%	2.08%	1.09%	1.86%	1.51%	1.34%	-0.37%	1.15%	-0.25%	-0.59%
Return On Investment Capital (ROIC_SIMPLE)	4.20%	-	-	-	2.78%	-	-	-	1.35%	-0.09%	1.85%
Cost of Revenue to Revenue	57.34%	54.08%	57.62%	89.46%	57.54%	59.85%	59.70%	75.16%	62.44%	64.98%	62.83%
SG&A Expenses to Revenue	15.71%	19.02%	14.03%	16.80%	16.45%	25.08%	19.36%	18.35%	20.12%	26.99%	20.81%
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	17.97%	21.08%	15.84%	18.42%	18.02%	27.39%	21.58%	20.41%	22.15%	29.65%	19.91%
Earnings before Interest and Taxes (EBIT)	23	26	32	-11	32	12	19	4.52	16	4.31	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26	29	35	-7.58	36	17	22	7.83	20	7.76	19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.17	7.63	8.20	5.91	4.85	3.43	1.95	1.71	1.66	0.99	1.23
Price to Tangible Book Value (P/TBV)	25.04	10.13	10.67	7.67	6.20	4.35	2.47	2.16	2.07	1.23	1.52
Price to Revenue (P/Rev)	12.63	10.61	10.59	6.84	5.41	4.01	2.34	2.21	2.31	1.43	1.77
Price to Earnings (P/E)	32.35	27.74	28.22	22.80	66.11	62.43	45.58	28.42	38.21	29.07	33.63
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	3.09%	3.60%	3.54%	4.39%	1.51%	1.60%	2.19%	3.52%	2.62%	3.44%	2.97%
Enterprise Value to Invested Capital (EV/IC)	8.22	5.57	6.19	4.65	3.98	2.90	1.75	1.58	1.54	0.99	1.19
Enterprise Value to Revenue (EV/Rev)	13.36	11.24	11.09	7.24	5.73	4.33	2.65	2.52	2.61	1.70	2.09
Enterprise Value to EBITDA (EV/EBITDA)	23.94	43.46	40.35	39.95	30.54	25.69	17.92	12.88	15.55	11.50	15.23
Enterprise Value to EBIT (EV/EBIT)	25.61	49.66	44.97	46.54	35.45	31.85	23.45	16.01	20.33	15.05	20.27
Enterprise Value to NOPAT (EV/NOPAT)	69.99	53.04	49.09	48.53	45.64	43.98	32.61	24.50	31.90	25.77	32.73
Enterprise Value to Operating Cash Flow (EV/OCF)	110.70	54.41	54.09	32.84	30.47	21.65	11.51	11.48	12.94	7.95	26.65
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	27.51	14.54	14.51	16.97	9.71	74.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.79	0.47	0.40	0.36	0.33	0.30	0.27	0.26	0.25	0.25	0.23
Long-Term Debt to Equity	0.79	0.46	0.39	0.36	0.33	0.30	0.27	0.26	0.25	0.25	0.23
Financial Leverage	1.61	1.01	0.88	0.82	0.46	0.36	0.32	0.29	0.25	0.23	0.24
Leverage Ratio	3.48	2.54	2.45	2.50	1.70	1.54	1.50	1.53	1.49	1.45	1.41
Compound Leverage Factor	18.13	1.96	1.94	3.90	1.40	0.96	1.25	0.49	1.23	0.68	1.50
Debt to Total Capital	44.27%	31.79%	28.46%	26.63%	24.98%	23.35%	21.23%	20.63%	20.29%	20.23%	18.63%
Short-Term Debt to Total Capital	0.37%	0.27%	0.27%	0.28%	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	43.90%	31.52%	28.19%	26.35%	24.70%	23.35%	21.23%	20.63%	20.29%	20.23%	18.63%
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	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.95%	68.21%	71.54%	73.37%	75.02%	76.65%	78.77%	79.37%	79.71%	79.77%	81.37%
Debt to EBITDA	1.31	2.50	1.87	2.32	1.98	2.11	2.18	1.71	2.12	2.47	2.40
Net Debt to EBITDA	1.26	2.44	1.82	2.20	1.73	1.92	2.13	1.58	1.77	1.85	2.31
Long-Term Debt to EBITDA	1.30	2.48	1.85	2.29	1.96	2.11	2.18	1.71	2.12	2.47	2.40
Debt to NOPAT	3.83	3.06	2.27	2.81	2.96	3.61	3.97	3.26	4.35	5.53	5.15
Net Debt to NOPAT	3.69	2.97	2.21	2.68	2.59	3.29	3.88	3.00	3.63	4.14	4.97
Long-Term Debt to NOPAT	3.80	3.03	2.25	2.79	2.92	3.61	3.97	3.26	4.35	5.53	5.15
Altman Z-Score	9.39	8.48	9.92	6.68	6.32	5.15	3.58	3.04	3.25	2.30	2.87
Noncontrolling Interest Sharing Ratio	-0.15%	-1.85%	-1.25%	-0.68%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.92	2.83	2.59	2.54	2.45	2.62	2.26	2.08	2.33	2.34	2.34
Quick Ratio	1.45	1.57	1.61	1.74	1.83	1.78	1.44	1.31	1.51	1.42	1.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-274	-436	-435	-425	-152	36	60	29	38	42	-1.26
Operating Cash Flow to CapEx	4,525.76%	494.91%	1,176.12%	847.60%	900.78%	517.92%	1,890.16%	660.45%	913.65%	484.82%	-113.09%
Free Cash Flow to Firm to Interest Expense	-47.43	-72.64	-66.92	-72.01	-26.71	8.17	19.63	9.43	11.50	17.32	-0.57
Operating Cash Flow to Interest Expense	5.96	1.65	4.29	4.69	4.64	2.95	12.35	5.08	4.22	6.44	-6.18
Operating Cash Flow Less CapEx to Interest Expense	5.83	1.32	3.93	4.14	4.12	2.38	11.70	4.31	3.76	5.11	-11.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.64	0.57	0.62	0.66	0.68	0.58	0.57	0.52	0.49	0.48	0.51
Accounts Receivable Turnover	5.82	4.33	4.29	4.11	4.56	4.28	3.99	3.43	3.24	3.79	3.60
Inventory Turnover	3.52	3.42	3.52	4.22	5.10	4.77	4.81	4.19	4.73	4.23	4.54
Fixed Asset Turnover	20.15	21.15	22.13	23.01	23.45	21.28	19.30	16.63	15.05	13.82	11.62
Accounts Payable Turnover	13.28	10.59	11.58	15.78	26.86	16.89	19.04	13.15	14.94	12.02	11.69
Days Sales Outstanding (DSO)	62.70	84.28	85.14	88.84	80.08	85.31	91.53	106.43	112.58	96.20	101.46
Days Inventory Outstanding (DIO)	103.76	106.68	103.69	86.50	71.52	76.46	75.86	87.19	77.19	86.39	80.37
Days Payable Outstanding (DPO)	27.49	34.47	31.51	23.13	13.59	21.61	19.17	27.75	24.43	30.37	31.23
Cash Conversion Cycle (CCC)	138.97	156.48	157.32	152.22	138.01	140.17	148.21	165.87	165.34	152.22	150.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	531	735	734	706	704	707	688	676	675	665	702
Invested Capital Turnover	0.85	0.72	0.81	0.91	0.79	0.66	0.64	0.61	0.58	0.57	0.58
Increase / (Decrease) in Invested Capital	297	458	459	417	172	-28	-46	-30	-29	-42	14
Enterprise Value (EV)	4,368	4,093	4,545	3,283	2,801	2,055	1,207	1,066	1,040	661	838
Market Capitalization	4,128	3,864	4,341	3,101	2,643	1,901	1,063	935	922	554	710
Book Value per Share	$1.74	$2.99	$3.12	$3.09	$3.20	$3.25	$3.20	$3.27	$3.34	$3.35	$3.44
Tangible Book Value per Share	$0.99	$2.25	$2.40	$2.38	$2.51	$2.57	$2.52	$2.59	$2.67	$2.69	$2.80
Total Capital	540	742	740	715	726	723	691	687	699	701	707
Total Debt	239	236	211	190	181	169	147	142	142	142	132
Total Long-Term Debt	237	234	209	188	179	169	147	142	142	142	132
Net Debt	230	229	205	181	159	154	144	131	118	106	127
Capital Expenditures (CapEx)	0.76	2.00	2.37	3.27	2.94	2.48	2.00	2.38	1.53	3.21	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	94	114	119	123	114	114	96	88	84	72	104
Debt-free Net Working Capital (DFNWC)	103	121	125	132	137	129	99	99	107	107	109
Net Working Capital (NWC)	101	119	123	130	135	129	99	99	107	107	109
Net Nonoperating Expense (NNE)	-96	5.07	4.90	2.43	3.61	2.88	2.33	-0.57	1.60	-0.32	-0.80
Net Nonoperating Obligations (NNO)	230	229	205	181	159	154	144	131	118	106	127
Total Depreciation and Amortization (D&A)	2.85	2.86	2.93	2.99	3.92	5.63	3.33	3.31	3.45	3.44	3.49
Debt-free, Cash-free Net Working Capital to Revenue	28.80%	31.35%	29.06%	27.06%	23.28%	23.94%	21.07%	20.76%	21.02%	18.48%	25.99%
Debt-free Net Working Capital to Revenue	31.48%	33.12%	30.49%	29.09%	27.93%	27.15%	21.77%	23.39%	26.91%	27.64%	27.16%
Net Working Capital to Revenue	30.87%	32.58%	30.00%	28.65%	27.52%	27.15%	21.77%	23.39%	26.91%	27.64%	27.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.91	$0.10	$0.11	($0.12)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08
Adjusted Weighted Average Basic Shares Outstanding	114.50M	146.41M	169.89M	339.93M	328.33M	170.28M	169.99M	167.32M	337.14M	166.96M	167.29M
Adjusted Diluted Earnings per Share	$0.65	$0.10	$0.11	($0.12)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08
Adjusted Weighted Average Diluted Shares Outstanding	167.63M	147.11M	170.24M	339.93M	329.01M	170.51M	170.10M	167.38M	337.45M	166.96M	167.56M
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	169.54M	169.82M	169.94M	170.06M	170.33M	170.42M	166.65M	166.70M	166.99M	167.17M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	23	22	24	-7.40	20	7.66	14	3.17	9.42	3.02	11
Normalized NOPAT Margin	23.98%	20.98%	19.98%	-5.51%	15.48%	8.43%	14.24%	3.10%	8.80%	3.76%	9.47%
Pre Tax Income Margin	128.69%	19.13%	21.08%	-12.27%	20.06%	7.95%	15.64%	1.41%	12.79%	2.51%	15.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.05	4.35	4.86	-1.79	5.59	2.66	6.07	1.47	4.97	1.79	7.15
NOPAT to Interest Expense	3.93	3.68	3.66	-1.25	3.54	1.76	4.61	-0.27	2.84	-0.25	5.84
EBIT Less CapEx to Interest Expense	3.91	4.02	4.50	-2.35	5.08	2.09	5.41	0.70	4.51	0.46	1.69
NOPAT Less CapEx to Interest Expense	3.80	3.34	3.30	-1.81	3.03	1.19	3.96	-1.04	2.38	-1.58	0.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	5.43%	4.80%	3.49%	1.82%	6.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	6.45%	4.80%	3.49%	1.82%	8.88%	0.00%	113.12%	80.54%	104.99%	0.00%	0.47%

Key Financial Trends

Shoals Technologies Group (NASDAQ: SHLS) has demonstrated notable financial trends over the past several years through its quarterly reports, with key highlights for Q2 2025 and trends since 2022.

Q2 2025 reported a consolidated net income of $13.86 million, a significant improvement from the losses in Q1 2025 (-$0.28 million) and prior quarters, signaling a recovery in profitability.
Operating revenue in Q2 2025 rose to $110.8 million, up sharply from $80.36 million in Q1 2025, showing strong topline growth quarter-over-quarter.
Gross profit margin improved with total gross profit of $41.2 million in Q2 2025, compared to $28.1 million in Q1 2025, reflecting better cost management and revenue scaling.
Operating expenses in Q2 2025 came in at $22.1 million, down from $23.8 million in Q1 2025, contributing positively to improved operating income.
Shoals continues to invest in its infrastructure, with plant, property, and equipment net value increasing from $26.2 million in Q1 2024 to $41.9 million in Q2 2025, indicating capital expenditure for growth.
Cash and equivalents sharply decreased from $35.6 million in Q1 2025 to $4.7 million in Q2 2025, largely due to cash used in operating and investing activities exceeding cash inflows, signaling liquidity pressure that investors should monitor.
Net cash from operating activities swung from positive $15.56 million in Q1 2025 to negative $13.8 million in Q2 2025, suggesting working capital challenges or timing differences that are impacting cash flow.
Total liabilities increased modestly from $229.5 million in Q1 2025 to $219.6 million in Q2 2025 but remain significantly elevated compared to earlier years, with long-term debt around $131.7 million, raising some concern about leverage.
Interest expense remains a meaningful cost, amounting to approximately $2.2 million in Q2 2025, reflecting ongoing debt servicing costs that impact net profitability.
The company's net cash used in financing activities was $10 million in Q2 2025, with notable repayments of debt ($20 million) exceeding issuances, indicating a net cash outflow and potential strain on liquidity.

Trend Summary:

Since 2022, Shoals has generally exhibited growth in operating revenues and improvements in net income, shifting from operating losses in some quarters of 2023 to consistent profitability in 2024 and 2025. However, this has been accompanied by fluctuating cash flow dynamics, with periods of strong cash generation followed by quarters with net cash outflows, especially in Q2 2025. The company is actively investing in capital assets, which supports future growth potential but also pressures cash resources. Debt levels and related interest expenses represent an ongoing financial obligation that management is addressing through repayments but may require attention.

Overall, Shoals Technologies Group is on a recovery and growth trajectory in profitability and revenue, but investors should keep an eye on cash flow volatility and debt management as critical factors going forward.

08/24/25 09:08 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Shoals Technologies Group's Financials

When does Shoals Technologies Group's fiscal year end?

According to the most recent income statement we have on file, Shoals Technologies Group's financial year ends in December. Their financial 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. View Shoals Technologies Group's forecast to see where analysts expect Shoals Technologies Group to go next.

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 8/24/2025 by MarketBeat.com Staff

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Shoals Technologies Group (SHLS) Financials

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Shoals Technologies Group (SHLS) Financials

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