Shoals Technologies Group (SHLS) Financials

$4.66 +0.08 (+1.63%)

As of 02:04 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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	24	40	128
Consolidated Net Income / (Loss)	24	43	143
Net Income / (Loss) Continuing Operations	24	43	143
Total Pre-Tax Income	38	55	152
Total Operating Income	51	79	66
Total Gross Profit	142	168	131
Total Revenue	399	489	327
Operating Revenue	399	489	327
Total Cost of Revenue	257	321	196
Operating Cost of Revenue	257	321	196
Total Operating Expenses	91	89	65
Selling, General & Admin Expense	82	81	56
Depreciation Expense	8.59	8.55	9.07
Other Special Charges / (Income)	0.00	0.00	-
Total Other Income / (Expense), net	-13	-24	86
Interest Expense	14	24	19
Interest & Investment Income	0.52	0.00	0.00
Other Income / (Expense), net	0.00	0.00	104
Income Tax Expense	14	12	8.99
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	2.69	15
Basic Earnings per Share	$0.28	$0.48	$1.11
Weighted Average Basic Shares Outstanding	337.14M	328.33M	114.50M
Diluted Earnings per Share	$0.28	$0.48	$0.85
Weighted Average Diluted Shares Outstanding	337.45M	329.01M	167.63M
Weighted Average Basic & Diluted Shares Outstanding	166.99M	170.33M	169.54M

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

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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	0.80	14	-0.79
Net Cash From Operating Activities	80	92	39
Net Cash From Continuing Operating Activities	80	92	39
Net Income / (Loss) Continuing Operations	24	43	143
Consolidated Net Income / (Loss)	24	43	143
Depreciation Expense	13	11	11
Amortization Expense	3.09	2.17	1.37
Non-Cash Adjustments To Reconcile Net Income	22	57	-95
Changes in Operating Assets and Liabilities, net	18	-21	-20
Net Cash From Investing Activities	-8.39	-11	-3.66
Net Cash From Continuing Investing Activities	-8.39	-11	-3.66
Purchase of Property, Plant & Equipment	-8.39	-11	-3.15
Other Investing Activities, net	0.00	-0.27	-0.50
Net Cash From Financing Activities	-71	-67	-37
Net Cash From Continuing Financing Activities	-71	-67	-37
Repayment of Debt	-193	-105	-55
Repurchase of Common Equity	-25	-1.16	-1.46
Payment of Dividends	0.00	-2.63	-7.76
Issuance of Debt	149	45	46
Issuance of Common Equity	0.00	0.00	43
Other Financing Activities, net	-1.22	-3.88	-61
Cash Interest Paid	16	23	13
Cash Income Taxes Paid	0.11	1.32	0.79

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

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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	793	844	595
Total Current Assets	188	227	154
Cash & Equivalents	24	23	8.77
Accounts Receivable	99	147	67
Inventories, net	56	53	73
Other Current Assets	9.85	4.42	4.63
Plant, Property, & Equipment, net	28	25	17
Total Noncurrent Assets	577	592	424
Goodwill	70	70	70
Intangible Assets	41	49	57
Noncurrent Deferred & Refundable Income Taxes	454	468	292
Other Noncurrent Operating Assets	11	5.17	6.33
Total Liabilities & Shareholders' Equity	793	844	595
Total Liabilities	236	299	294
Total Current Liabilities	81	93	53
Short-Term Debt	0.00	2.00	2.00
Accounts Payable	20	14	9.48
Accrued Expenses	42	54	18
Current Deferred Revenue	19	22	23
Total Noncurrent Liabilities	155	206	241
Long-Term Debt	142	179	237
Other Noncurrent Operating Liabilities	14	27	4.22
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	557	545	301
Total Preferred & Common Equity	557	545	291
Preferred Stock	0.00	0.00	0.00
Total Common Equity	557	545	291
Common Stock	484	471	257
Retained Earnings	99	74	34
Treasury Stock	-25	0.00	-

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

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

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	-18.35%	49.55%	53.34%
EBITDA Growth	-27.08%	-49.71%	260.56%
EBIT Growth	-35.25%	-53.66%	393.33%
NOPAT Growth	-46.87%	-1.65%	76.00%
Net Income Growth	-43.44%	-70.17%	3,526.09%
EPS Growth	-41.67%	-43.53%	0.00%
Operating Cash Flow Growth	-12.58%	133.06%	1,066.32%
Free Cash Flow Firm Growth	155.19%	52.60%	-256.56%
Invested Capital Growth	-4.08%	32.46%	126.51%
Revenue Q/Q Growth	-5.55%	7.90%	16.62%
EBITDA Q/Q Growth	-19.16%	11.64%	216.44%
EBIT Q/Q Growth	-23.12%	12.04%	273.69%
NOPAT Q/Q Growth	-25.01%	-9.26%	89.46%
Net Income Q/Q Growth	-26.65%	-70.45%	533.95%
EPS Q/Q Growth	-34.88%	-40.00%	553.85%
Operating Cash Flow Q/Q Growth	-13.42%	-8.00%	418.46%
Free Cash Flow Firm Q/Q Growth	-16.53%	68.24%	-722.32%
Invested Capital Q/Q Growth	-0.12%	-0.29%	84.22%
Profitability Metrics	-	-	-
Gross Margin	35.57%	34.42%	40.16%
EBITDA Margin	16.76%	18.76%	55.79%
Operating Margin	12.82%	16.16%	20.29%
EBIT Margin	12.82%	16.16%	52.16%
Profit (Net Income) Margin	6.04%	8.73%	43.74%
Tax Burden Percent	63.72%	77.66%	94.09%
Interest Burden Percent	73.99%	69.51%	89.13%
Effective Tax Rate	36.28%	22.34%	5.91%
Return on Invested Capital (ROIC)	4.73%	9.94%	16.30%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.39%	0.32%	50.43%
Return on Net Nonoperating Assets (RNNOA)	-0.35%	0.15%	81.16%
Return on Equity (ROE)	4.38%	10.09%	97.46%
Cash Return on Invested Capital (CROIC)	8.89%	-17.99%	-61.20%
Operating Return on Assets (OROA)	6.25%	10.99%	33.40%
Return on Assets (ROA)	2.95%	5.93%	28.01%
Return on Common Equity (ROCE)	4.38%	9.97%	97.60%
Return on Equity Simple (ROE_SIMPLE)	4.33%	7.83%	49.08%
Net Operating Profit after Tax (NOPAT)	33	61	62
NOPAT Margin	8.17%	12.55%	19.09%
Net Nonoperating Expense Percent (NNEP)	6.12%	9.62%	-34.13%
Return On Investment Capital (ROIC_SIMPLE)	4.67%	8.45%	11.56%
Cost of Revenue to Revenue	64.43%	65.58%	59.84%
SG&A Expenses to Revenue	20.60%	16.51%	17.10%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.76%	18.26%	19.88%
Earnings before Interest and Taxes (EBIT)	51	79	171
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	67	92	182
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.66	4.85	14.17
Price to Tangible Book Value (P/TBV)	2.07	6.20	25.04
Price to Revenue (P/Rev)	2.31	5.41	12.63
Price to Earnings (P/E)	38.21	66.11	32.35
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	2.62%	1.51%	3.09%
Enterprise Value to Invested Capital (EV/IC)	1.54	3.98	8.22
Enterprise Value to Revenue (EV/Rev)	2.61	5.73	13.36
Enterprise Value to EBITDA (EV/EBITDA)	15.55	30.54	23.94
Enterprise Value to EBIT (EV/EBIT)	20.33	35.45	25.61
Enterprise Value to NOPAT (EV/NOPAT)	31.90	45.64	69.99
Enterprise Value to Operating Cash Flow (EV/OCF)	12.94	30.47	110.70
Enterprise Value to Free Cash Flow (EV/FCFF)	16.97	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.25	0.33	0.79
Long-Term Debt to Equity	0.25	0.33	0.79
Financial Leverage	0.25	0.46	1.61
Leverage Ratio	1.49	1.70	3.48
Compound Leverage Factor	1.10	1.18	3.10
Debt to Total Capital	20.29%	24.98%	44.27%
Short-Term Debt to Total Capital	0.00%	0.28%	0.37%
Long-Term Debt to Total Capital	20.29%	24.70%	43.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	1.78%
Common Equity to Total Capital	79.71%	75.02%	53.95%
Debt to EBITDA	2.12	1.98	1.31
Net Debt to EBITDA	1.77	1.73	1.26
Long-Term Debt to EBITDA	2.12	1.96	1.30
Debt to NOPAT	4.35	2.96	3.83
Net Debt to NOPAT	3.63	2.59	3.69
Long-Term Debt to NOPAT	4.35	2.92	3.80
Altman Z-Score	3.39	6.51	10.21
Noncontrolling Interest Sharing Ratio	0.00%	1.14%	-0.15%
Liquidity Ratios	-	-	-
Current Ratio	2.33	2.45	2.92
Quick Ratio	1.51	1.83	1.45
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	61	-111	-234
Operating Cash Flow to CapEx	957.80%	869.30%	1,250.95%
Free Cash Flow to Firm to Interest Expense	4.43	-4.61	-12.64
Operating Cash Flow to Interest Expense	5.81	3.82	2.13
Operating Cash Flow Less CapEx to Interest Expense	5.21	3.38	1.96
Efficiency Ratios	-	-	-
Asset Turnover	0.49	0.68	0.64
Accounts Receivable Turnover	3.24	4.56	5.82
Inventory Turnover	4.73	5.10	3.52
Fixed Asset Turnover	15.05	23.45	20.15
Accounts Payable Turnover	14.94	26.86	13.28
Days Sales Outstanding (DSO)	112.58	80.08	62.70
Days Inventory Outstanding (DIO)	77.19	71.52	103.76
Days Payable Outstanding (DPO)	24.43	13.59	27.49
Cash Conversion Cycle (CCC)	165.34	138.01	138.97
Capital & Investment Metrics	-	-	-
Invested Capital	675	704	531
Invested Capital Turnover	0.58	0.79	0.85
Increase / (Decrease) in Invested Capital	-29	172	297
Enterprise Value (EV)	1,040	2,801	4,368
Market Capitalization	922	2,643	4,128
Book Value per Share	$3.34	$3.20	$1.74
Tangible Book Value per Share	$2.67	$2.51	$0.99
Total Capital	699	726	540
Total Debt	142	181	239
Total Long-Term Debt	142	179	237
Net Debt	118	159	230
Capital Expenditures (CapEx)	8.39	11	3.15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	84	114	94
Debt-free Net Working Capital (DFNWC)	107	137	103
Net Working Capital (NWC)	107	135	101
Net Nonoperating Expense (NNE)	8.48	19	-81
Net Nonoperating Obligations (NNO)	118	159	230
Total Depreciation and Amortization (D&A)	16	13	12
Debt-free, Cash-free Net Working Capital to Revenue	21.02%	23.28%	28.80%
Debt-free Net Working Capital to Revenue	26.91%	27.93%	31.48%
Net Working Capital to Revenue	26.91%	27.52%	30.87%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.28	$0.48	$1.11
Adjusted Weighted Average Basic Shares Outstanding	337.14M	328.33M	114.50M
Adjusted Diluted Earnings per Share	$0.28	$0.48	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	337.45M	329.01M	167.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	166.99M	170.33M	169.54M
Normalized Net Operating Profit after Tax (NOPAT)	33	61	62
Normalized NOPAT Margin	8.17%	12.55%	19.09%
Pre Tax Income Margin	9.48%	11.24%	46.49%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	3.70	3.28	9.20
NOPAT to Interest Expense	2.36	2.55	3.37
EBIT Less CapEx to Interest Expense	3.09	2.84	9.03
NOPAT Less CapEx to Interest Expense	1.75	2.11	3.20
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	6.16%	5.43%
Augmented Payout Ratio	104.99%	8.88%	6.45%

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

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

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 2 years?

Shoals Technologies Group's net income appears to be on a downward trend, with a most recent value of $24.13 million in 2024, falling from $143.01 million in 2022. The previous period was $42.66 million in 2023. Find out what analysts predict for Shoals Technologies Group in the coming months.

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 revenue changed over the last 2 years?

Over the last 2 years, Shoals Technologies Group's total revenue changed from $326.94 million in 2022 to $399.21 million in 2024, a change of 22.1%.

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 19.6% decrease since 2022.

How much cash does Shoals Technologies Group have?

In the past 2 years, Shoals Technologies Group's cash and equivalents has ranged from $8.77 million in 2022 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 2 years?

Over the last 2 years, Shoals Technologies Group's book value per share changed from 1.74 in 2022 to 3.34 in 2024, a change of 91.8%.

Related Companies

This page (NASDAQ:SHLS) was last updated on 5/27/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Shoals Technologies Group (SHLS) Financials

Frequently Asked Questions About Shoals Technologies Group's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Shoals Technologies Group (SHLS) Financials

Annual Income Statements for Shoals Technologies Group

Quarterly Income Statements for Shoals Technologies Group

Annual Cash Flow Statements for Shoals Technologies Group

Quarterly Cash Flow Statements for Shoals Technologies Group

Annual Balance Sheets for Shoals Technologies Group

Quarterly Balance Sheets for Shoals Technologies Group

Annual Metrics And Ratios for Shoals Technologies Group

Quarterly Metrics And Ratios for Shoals Technologies Group

Frequently Asked Questions About Shoals Technologies Group's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools