What is Shoals Technologies Group's operating income?

Shoals Technologies Group's total operating income in 2025 was $56.39 million, based on the following breakdown: Total Gross Profit: $166.51 million Total Operating Expenses: $108.29 million

Shoals Technologies Group (SHLS) Financials

$8.14 +0.07 (+0.81%)

As of 11:56 AM Eastern

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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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	25	34	2.35	128	40	24	34
Consolidated Net Income / (Loss)	25	34	3.94	143	43	24	34
Net Income / (Loss) Continuing Operations	25	34	3.94	143	43	24	34
Total Pre-Tax Income	25	34	4.03	152	55	38	49
Total Operating Income	27	37	36	66	79	51	56
Total Gross Profit	44	67	83	131	168	142	167
Total Revenue	144	176	213	327	489	399	475
Operating Revenue	144	176	213	327	489	399	475
Total Cost of Revenue	100	109	131	196	321	257	309
Operating Cost of Revenue	100	109	131	196	321	257	309
Total Operating Expenses	17	29	46	65	89	91	108
Selling, General & Admin Expense	9.07	21	38	56	81	82	102
Depreciation Expense	8.22	8.26	8.52	9.07	8.55	8.59	8.60
Other Special Charges / (Income)	-	0.00	0.00	-	0.00	0.00	-1.84
Total Other Income / (Expense), net	-1.79	-3.51	-32	86	-24	-13	-9.70
Interest Expense	1.79	3.51	31	19	24	14	9.99
Interest & Investment Income	-	-	-	0.00	0.00	0.52	0.31
Other Income / (Expense), net	0.00	0.00	-1.66	104	0.00	0.00	-0.01
Income Tax Expense	0.00	0.00	0.09	8.99	12	14	15
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	1.60	15	2.69	0.00	0.00
Basic Earnings per Share	$0.00	$0.00	$0.00	$1.11	$0.24	$0.14	$0.20
Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	114.50M	164.17M	168.57M	167.26M
Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.85	$0.24	$0.14	$0.20
Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	167.63M	164.50M	168.73M	168.38M
Weighted Average Basic & Diluted Shares Outstanding	-	-	167.07M	169.54M	170.33M	166.99M	167.45M

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 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12	18
Consolidated Net Income / (Loss)	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12	18
Net Income / (Loss) Continuing Operations	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12	18
Total Pre-Tax Income	7.22	16	1.44	14	2.02	17	16	14	-0.39	15	24
Total Operating Income	12	19	4.52	16	4.31	16	19	17	7.72	19	29
Total Gross Profit	36	40	25	40	28	41	50	47	41	50	62
Total Revenue	91	99	102	107	80	111	136	148	141	163	195
Operating Revenue	91	99	102	107	80	111	136	148	141	163	195
Total Cost of Revenue	54	59	77	67	52	70	86	101	100	114	133
Operating Cost of Revenue	54	59	77	67	52	70	86	101	100	114	133
Total Operating Expenses	25	21	21	24	24	22	32	31	39	31	34
Selling, General & Admin Expense	23	19	19	22	22	23	29	27	31	28	31
Depreciation Expense	2.10	2.20	2.11	2.18	2.14	2.14	2.16	2.17	2.28	2.34	2.43
Other Special Charges / (Income)	-	0.00	0.00	-	0.00	-3.13	0.01	-	5.25	0.00	1.00
Total Other Income / (Expense), net	-4.36	-3.06	-3.09	-2.80	-2.30	-2.16	-2.79	-2.45	-2.85	-3.23	-3.88
Interest Expense	4.48	3.27	3.17	3.31	2.42	2.24	2.83	2.51	2.90	3.47	3.89
Interest & Investment Income	0.11	0.20	0.09	-	0.12	0.08	0.04	0.07	0.06	0.27	0.00
Other Income / (Expense), net	-	-	-	-	0.00	0.00	0.00	-	-0.01	-0.02	0.02
Income Tax Expense	2.45	3.72	1.70	5.87	2.30	3.12	3.99	5.54	-0.09	3.36	6.22
Basic Earnings per Share	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00	$0.07	$0.11
Weighted Average Basic Shares Outstanding	170.28M	169.99M	167.32M	337.14M	166.96M	167.29M	167.37M	167.26M	167.56M	168.06M	168.38M
Diluted Earnings per Share	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00	$0.07	$0.11
Weighted Average Diluted Shares Outstanding	170.51M	170.10M	167.38M	337.45M	166.96M	167.56M	168.75M	168.38M	167.56M	170.02M	170.13M
Weighted Average Basic & Diluted Shares Outstanding	170.42M	166.65M	166.70M	166.99M	167.17M	0.00	167.39M	167.45M	167.77M	168.30M	168.47M

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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	6.97	2.99	-0.52	-0.79	14	0.80	-16
Net Cash From Operating Activities	36	54	-4.08	39	92	80	17
Net Cash From Continuing Operating Activities	36	54	-4.08	39	92	80	17
Net Income / (Loss) Continuing Operations	25	34	3.94	143	43	24	34
Consolidated Net Income / (Loss)	25	34	3.94	143	43	24	34
Depreciation Expense	9.16	9.41	10	11	11	13	14
Amortization Expense	0.04	0.35	5.97	1.37	2.17	3.09	0.62
Non-Cash Adjustments To Reconcile Net Income	-1.04	7.15	0.24	-95	57	22	-31
Changes in Operating Assets and Liabilities, net	2.88	3.41	-24	-20	-21	18	-0.31
Net Cash From Investing Activities	-1.72	-3.24	-17	-3.66	-11	-8.39	-28
Net Cash From Continuing Investing Activities	-1.72	-3.24	-17	-3.66	-11	-8.39	-28
Purchase of Property, Plant & Equipment	-1.72	-3.24	-4.13	-3.15	-11	-8.39	-33
Sale of Property, Plant & Equipment	-	-	-	-	0.00	0.00	5.09
Other Investing Activities, net	-	0.00	0.00	-0.50	-0.27	0.00	0.00
Net Cash From Financing Activities	-27	-48	21	-37	-67	-71	-5.30
Net Cash From Continuing Financing Activities	-27	-48	21	-37	-67	-71	-5.30
Repayment of Debt	-16	-58	-168	-55	-105	-193	-65
Repurchase of Common Equity	0.00	-3.74	-9.70	-1.46	-1.16	-25	0.00
Payment of Dividends	-14	-376	-410	-7.76	-2.63	0.00	0.00
Issuance of Debt	2.50	390	49	46	45	149	60
Other Financing Activities, net	0.00	0.00	-0.14	-61	-3.88	-1.22	-0.30
Cash Interest Paid	1.82	3.03	11	13	23	16	9.11
Cash Income Taxes Paid	0.00	0.00	1.19	0.79	1.32	0.11	-0.18

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 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	-7.47	-12	7.92	12	12	-31	3.90	-1.27	-5.44	14	-8.05
Net Cash From Operating Activities	13	38	16	14	16	-14	19	-4.09	-41	6.81	29
Net Cash From Continuing Operating Activities	13	38	16	14	16	-14	19	-4.09	-41	6.81	29
Net Income / (Loss) Continuing Operations	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12	18
Consolidated Net Income / (Loss)	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12	18
Depreciation Expense	3.00	3.18	3.15	3.29	3.29	3.34	3.36	3.83	4.10	4.63	5.07
Amortization Expense	2.63	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.39
Non-Cash Adjustments To Reconcile Net Income	4.40	6.48	13	-16	3.76	-11	-7.14	-16	8.85	0.98	17
Changes in Operating Assets and Liabilities, net	-1.95	16	-0.30	19	8.64	-20	11	-0.19	-54	-11	-11
Net Cash From Investing Activities	-2.48	-2.00	-2.38	-1.53	-3.21	-7.13	-10	-7.16	-7.65	-7.02	-2.84
Net Cash From Continuing Investing Activities	-2.48	-2.00	-2.38	-1.53	-3.21	-7.13	-10	-7.16	-7.65	-7.02	-2.84
Purchase of Property, Plant & Equipment	-2.48	-2.00	-2.38	-1.53	-3.21	-12	-10	-7.16	-7.65	-7.02	-2.84
Net Cash From Financing Activities	-18	-48	-5.41	-0.05	-0.25	-9.97	-5.07	9.98	44	14	-34
Net Cash From Continuing Financing Activities	-18	-48	-5.41	-0.05	-0.25	-9.97	-5.07	9.98	44	14	-34
Repayment of Debt	-161	-28	-5.00	-	-20	-20	-25	-	0.00	-	-33
Other Financing Activities, net	-0.82	-0.05	-0.31	-0.05	-0.25	0.03	-0.07	-0.02	-1.35	-0.95	-1.06
Cash Interest Paid	7.30	3.27	2.89	2.84	2.28	1.98	2.50	2.36	2.59	3.04	3.55

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	195	426	595	844	793	904
Total Current Assets	56	93	154	227	188	258
Cash & Equivalents	10	5.01	8.77	23	24	7.32
Accounts Receivable	31	45	67	147	99	151
Inventories, net	15	38	73	53	56	90
Other Current Assets	0.16	5.04	4.63	4.42	9.85	9.76
Plant, Property, & Equipment, net	13	16	17	25	28	53
Total Noncurrent Assets	126	317	424	592	577	593
Goodwill	50	69	70	70	70	70
Intangible Assets	72	65	57	49	41	33
Noncurrent Deferred & Refundable Income Taxes	0.00	177	292	468	454	438
Other Noncurrent Operating Assets	4.24	5.76	6.33	5.17	11	51
Total Liabilities & Shareholders' Equity	195	426	595	844	793	904
Total Liabilities	379	434	294	299	236	304
Total Current Liabilities	24	32	53	93	81	127
Accounts Payable	15	20	9.48	14	20	65
Accrued Expenses	5.97	7.73	18	54	42	25
Current Deferred Revenue	-	1.84	23	22	19	37
Other Current Liabilities	-	-	-	-	-	0.00
Total Noncurrent Liabilities	171	402	241	206	155	177
Long-Term Debt	355	245	237	179	142	137
Other Noncurrent Operating Liabilities	-184	157	4.22	27	14	40
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.00	-7.50	301	545	557	600
Total Preferred & Common Equity	0.00	2.55	291	545	557	600
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.00	2.55	291	545	557	600
Common Stock	0.00	96	257	471	484	493
Retained Earnings	0.00	-93	34	74	99	132
Treasury Stock	-	-	-	0.00	-25	-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 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	819	840	825	788	801	788	795	852	1,031	1,017	979
Total Current Assets	200	214	208	177	191	188	190	201	383	369	341
Cash & Equivalents	5.86	9.22	15	3.19	11	36	4.69	8.59	1.88	16	7.67
Accounts Receivable	119	137	127	109	109	78	113	125	144	157	172
Inventories, net	68	61	60	60	66	61	57	60	159	185	148
Other Current Assets	7.18	6.66	6.87	4.78	4.72	13	15	7.09	77	12	13
Plant, Property, & Equipment, net	20	23	26	27	28	30	42	49	59	63	63
Total Noncurrent Assets	599	603	591	584	582	571	563	601	589	584	575
Goodwill	70	70	70	70	70	70	70	70	70	70	70
Intangible Assets	53	51	47	45	43	39	37	35	32	30	28
Noncurrent Deferred & Refundable Income Taxes	470	477	466	462	460	452	448	444	438	435	429
Other Noncurrent Operating Assets	5.70	5.54	8.20	7.76	9.55	9.64	8.11	52	50	50	49
Total Liabilities & Shareholders' Equity	819	840	825	788	801	788	795	852	1,031	1,017	979
Total Liabilities	289	316	271	244	256	229	220	262	429	400	341
Total Current Liabilities	77	84	80	78	92	80	81	92	208	164	139
Accounts Payable	16	17	16	16	24	27	29	34	80	66	27
Accrued Expenses	28	39	42	41	48	38	32	32	28	39	49
Current Deferred Revenue	31	27	22	21	21	15	20	26	30	55	56
Other Current Liabilities	-	-	-	-	-	-	-	-	70	4.50	6.00
Total Noncurrent Liabilities	212	231	192	166	164	149	138	170	221	235	202
Long-Term Debt	209	188	169	147	142	142	132	127	182	197	164
Other Noncurrent Operating Liabilities	3.62	43	23	19	22	7.46	6.46	44	39	38	38
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	529	525	554	545	545	559	575	590	602	617	638
Total Preferred & Common Equity	529	525	554	545	545	559	575	590	602	617	638
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	529	525	554	545	545	559	575	590	602	617	638
Common Stock	462	467	475	469	480	486	489	491	495	498	502
Retained Earnings	68	58	79	91	91	98	112	124	132	144	162
Treasury Stock	-	-	-	-15	-25	-25	-25	-25	-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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	21.47%	21.48%	53.34%	49.55%	-18.35%	19.07%
EBITDA Growth	0.00%	30.17%	7.57%	260.56%	-49.71%	-27.08%	5.86%
EBIT Growth	0.00%	38.42%	-7.26%	393.33%	-53.66%	-35.25%	10.16%
NOPAT Growth	0.00%	38.42%	-4.88%	76.00%	-1.65%	-46.87%	19.66%
Net Income Growth	0.00%	34.30%	-88.32%	3,526.09%	-70.17%	-43.44%	39.16%
EPS Growth	0.00%	0.00%	0.00%	0.00%	-43.53%	-41.67%	42.86%
Operating Cash Flow Growth	0.00%	49.47%	-107.55%	1,066.32%	133.06%	-12.58%	-78.77%
Free Cash Flow Firm Growth	0.00%	0.00%	148.05%	-256.56%	52.60%	155.19%	-125.03%
Invested Capital Growth	0.00%	0.00%	-32.75%	126.51%	32.46%	-4.08%	8.05%
Revenue Q/Q Growth	0.00%	0.00%	-12.85%	16.62%	7.90%	-5.55%	9.53%
EBITDA Q/Q Growth	0.00%	0.00%	-10.38%	216.44%	11.64%	-19.16%	2.08%
EBIT Q/Q Growth	0.00%	0.00%	-15.08%	273.69%	12.04%	-23.12%	1.64%
NOPAT Q/Q Growth	0.00%	0.00%	-39.20%	89.46%	-9.26%	-25.01%	2.64%
Net Income Q/Q Growth	0.00%	0.00%	-61.87%	533.95%	-70.45%	-26.65%	0.91%
EPS Q/Q Growth	0.00%	0.00%	-100.00%	553.85%	-40.00%	-34.88%	-39.39%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-143.96%	418.46%	-8.00%	-13.42%	-51.43%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-722.32%	68.24%	-16.53%	-353.48%
Invested Capital Q/Q Growth	0.00%	0.00%	3.34%	84.22%	-0.29%	-0.12%	3.05%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	30.60%	37.91%	38.76%	40.16%	34.42%	35.57%	35.03%
EBITDA Margin	25.00%	26.80%	23.73%	55.79%	18.76%	16.76%	14.90%
Operating Margin	18.64%	21.24%	16.99%	20.29%	16.16%	12.82%	11.86%
EBIT Margin	18.64%	21.24%	16.21%	52.16%	16.16%	12.82%	11.86%
Profit (Net Income) Margin	17.40%	19.24%	1.85%	43.74%	8.73%	6.04%	7.06%
Tax Burden Percent	100.00%	100.00%	97.87%	94.09%	77.66%	63.72%	69.20%
Interest Burden Percent	93.36%	90.58%	11.66%	89.13%	69.51%	73.99%	86.07%
Effective Tax Rate	0.00%	0.00%	2.13%	5.91%	22.34%	36.28%	30.80%
Return on Invested Capital (ROIC)	0.00%	21.38%	12.16%	16.30%	9.94%	4.73%	5.56%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	19.36%	1.49%	50.43%	0.32%	-1.39%	1.16%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-117.36%	81.16%	0.15%	-0.35%	0.25%
Return on Equity (ROE)	0.00%	0.00%	-105.20%	97.46%	10.09%	4.38%	5.80%
Cash Return on Invested Capital (CROIC)	0.00%	-178.62%	51.32%	-61.20%	-17.99%	8.89%	-2.19%
Operating Return on Assets (OROA)	0.00%	19.09%	11.12%	33.40%	10.99%	6.25%	6.64%
Return on Assets (ROA)	0.00%	17.29%	1.27%	28.01%	5.93%	2.95%	3.96%
Return on Common Equity (ROCE)	0.00%	0.00%	35.82%	97.60%	9.97%	4.38%	5.80%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	154.48%	49.08%	7.83%	4.33%	0.00%
Net Operating Profit after Tax (NOPAT)	27	37	35	62	61	33	39
NOPAT Margin	18.64%	21.24%	16.63%	19.09%	12.55%	8.17%	8.21%
Net Nonoperating Expense Percent (NNEP)	0.00%	2.01%	10.67%	-34.13%	9.62%	6.12%	4.40%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	11.56%	8.45%	4.67%	5.30%
Cost of Revenue to Revenue	69.40%	62.09%	61.24%	59.84%	65.58%	64.43%	64.97%
SG&A Expenses to Revenue	6.27%	11.97%	17.77%	17.10%	16.51%	20.60%	21.36%
R&D to Revenue	0.00%	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%	22.78%
Earnings before Interest and Taxes (EBIT)	27	37	35	171	79	51	56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	36	47	51	182	92	67	71
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1,588.06	14.17	4.85	1.66	2.37
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	25.04	6.20	2.07	2.87
Price to Revenue (P/Rev)	8.65	7.12	19.02	12.63	5.41	2.31	2.99
Price to Earnings (P/E)	49.72	37.02	1,726.71	32.35	66.11	38.21	42.38
Dividend Yield	0.00%	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%	2.36%
Enterprise Value to Invested Capital (EV/IC)	0.00	4.58	18.27	8.22	3.98	1.54	2.13
Enterprise Value to Revenue (EV/Rev)	0.00	9.11	20.10	13.36	5.73	2.61	3.27
Enterprise Value to EBITDA (EV/EBITDA)	0.00	33.99	84.72	23.94	30.54	15.55	21.92
Enterprise Value to EBIT (EV/EBIT)	0.00	42.89	123.99	25.61	35.45	20.33	27.54
Enterprise Value to NOPAT (EV/NOPAT)	0.00	42.89	120.88	69.99	45.64	31.90	39.78
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	29.56	0.00	110.70	30.47	12.94	90.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	28.64	0.00	0.00	16.97	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	-32.95	0.79	0.33	0.25	0.23
Long-Term Debt to Equity	0.00	0.00	-32.68	0.79	0.33	0.25	0.23
Financial Leverage	0.00	0.00	-78.80	1.61	0.46	0.25	0.21
Leverage Ratio	0.00	0.00	-82.92	3.48	1.70	1.49	1.47
Compound Leverage Factor	0.00	0.00	-9.67	3.10	1.18	1.10	1.26
Debt to Total Capital	0.00%	100.00%	103.13%	44.27%	24.98%	20.29%	18.56%
Short-Term Debt to Total Capital	0.00%	0.98%	0.83%	0.37%	0.28%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	99.02%	102.30%	43.90%	24.70%	20.29%	18.56%
Preferred Equity to Total Capital	0.00%	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%	0.00%
Common Equity to Total Capital	0.00%	0.00%	1.07%	53.95%	75.02%	79.71%	81.44%
Debt to EBITDA	0.00	7.63	4.88	1.31	1.98	2.12	1.93
Net Debt to EBITDA	0.00	7.42	4.78	1.26	1.73	1.77	1.83
Long-Term Debt to EBITDA	0.00	7.56	4.84	1.30	1.96	2.12	1.93
Debt to NOPAT	0.00	9.63	6.97	3.83	2.96	4.35	3.50
Net Debt to NOPAT	0.00	9.36	6.83	3.69	2.59	3.63	3.32
Long-Term Debt to NOPAT	0.00	9.53	6.91	3.80	2.92	4.35	3.50
Altman Z-Score	0.00	3.70	6.24	10.21	6.51	3.39	3.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	134.05%	-0.15%	1.14%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	2.33	2.96	2.92	2.45	2.33	2.03
Quick Ratio	0.00	1.70	1.59	1.45	1.83	1.51	1.24
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-311	150	-234	-111	61	-15
Operating Cash Flow to CapEx	2,104.83%	1,671.26%	-98.96%	1,250.95%	869.30%	957.80%	61.05%
Free Cash Flow to Firm to Interest Expense	0.00	-88.74	4.90	-12.64	-4.61	4.43	-1.54
Operating Cash Flow to Interest Expense	20.25	15.41	-0.13	2.13	3.82	5.81	1.71
Operating Cash Flow Less CapEx to Interest Expense	19.29	14.49	-0.27	1.96	3.38	5.21	-1.09
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.90	0.69	0.64	0.68	0.49	0.56
Accounts Receivable Turnover	0.00	5.70	5.62	5.82	4.56	3.24	3.80
Inventory Turnover	0.00	7.21	4.88	3.52	5.10	4.73	4.23
Fixed Asset Turnover	0.00	13.75	15.05	20.15	23.45	15.05	11.66
Accounts Payable Turnover	0.00	7.45	7.54	13.28	26.86	14.94	7.27
Days Sales Outstanding (DSO)	0.00	64.05	64.91	62.70	80.08	112.58	95.96
Days Inventory Outstanding (DIO)	0.00	50.65	74.76	103.76	71.52	77.19	86.19
Days Payable Outstanding (DPO)	0.00	49.02	48.39	27.49	13.59	24.43	50.18
Cash Conversion Cycle (CCC)	0.00	65.68	91.28	138.97	138.01	165.34	131.98
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	349	235	531	704	675	729
Invested Capital Turnover	0.00	1.01	0.73	0.85	0.79	0.58	0.68
Increase / (Decrease) in Invested Capital	0.00	349	-114	297	172	-29	54
Enterprise Value (EV)	0.00	1,599	4,286	4,368	2,801	1,040	1,552
Market Capitalization	1,250	1,250	4,054	4,128	2,643	922	1,423
Book Value per Share	$0.00	$0.00	$0.02	$1.74	$3.20	$3.34	$3.58
Tangible Book Value per Share	$0.00	($2.44)	($0.79)	$0.99	$2.51	$2.67	$2.97
Total Capital	0.00	359	240	540	726	699	737
Total Debt	0.00	359	247	239	181	142	137
Total Long-Term Debt	0.00	355	245	237	179	142	137
Net Debt	0.00	349	242	230	159	118	129
Capital Expenditures (CapEx)	1.72	3.24	4.13	3.15	11	8.39	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	25	59	94	114	84	123
Debt-free Net Working Capital (DFNWC)	0.00	36	64	103	137	107	131
Net Working Capital (NWC)	0.00	32	62	101	135	107	131
Net Nonoperating Expense (NNE)	1.79	3.51	32	-81	19	8.48	5.44
Net Nonoperating Obligations (NNO)	0.00	349	242	230	159	118	129
Total Depreciation and Amortization (D&A)	9.20	9.76	16	12	13	16	14
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	14.51%	27.62%	28.80%	23.28%	21.02%	25.93%
Debt-free Net Working Capital to Revenue	0.00%	20.25%	29.97%	31.48%	27.93%	26.91%	27.47%
Net Working Capital to Revenue	0.00%	18.26%	29.03%	30.87%	27.52%	26.91%	27.47%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$1.11	$0.48	$0.28	$0.20
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	99.27M	114.50M	328.33M	337.14M	167.26M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.85	$0.48	$0.28	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	99.27M	167.63M	329.01M	337.45M	168.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	167.45M
Normalized Net Operating Profit after Tax (NOPAT)	19	26	35	62	61	33	38
Normalized NOPAT Margin	13.05%	14.87%	16.63%	19.09%	12.55%	8.17%	7.94%
Pre Tax Income Margin	17.40%	19.24%	1.89%	46.49%	11.24%	9.48%	10.21%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	15.07	10.62	1.13	9.20	3.28	3.70	5.64
NOPAT to Interest Expense	15.07	10.62	1.16	3.37	2.55	2.36	3.90
EBIT Less CapEx to Interest Expense	14.11	9.70	1.00	9.03	2.84	3.09	2.84
NOPAT Less CapEx to Interest Expense	14.11	9.70	1.03	3.20	2.11	1.75	1.11
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	55.64%	1,113.68%	10,400.94%	5.43%	6.16%	0.00%	0.00%
Augmented Payout Ratio	55.64%	1,124.75%	10,646.98%	6.45%	8.88%	104.99%	0.00%

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	167,450,324.00	167,771,817.00	168,299,950.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	167,450,324.00	167,771,817.00	168,299,950.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.00	0.07	0.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.59%	-16.74%	-23.88%	-17.98%	-11.50%	11.68%	32.93%	38.64%	74.91%	47.39%	43.82%
EBITDA Growth	-40.56%	-36.59%	203.33%	-44.30%	-54.94%	-11.07%	183.35%	7.32%	54.31%	20.53%	55.22%
EBIT Growth	-55.62%	-41.27%	142.80%	-48.28%	-62.78%	-13.90%	312.71%	5.59%	78.80%	16.90%	55.24%
NOPAT Growth	-65.27%	-40.68%	88.63%	-53.38%	-107.88%	-7.58%	1,761.71%	9.86%	995.26%	12.29%	53.74%
Net Income Growth	-71.89%	-37.63%	97.28%	-52.85%	-105.91%	17.40%	4,549.06%	3.89%	-5.32%	-12.39%	50.43%
EPS Growth	-70.00%	-36.36%	100.00%	-45.45%	-100.00%	14.29%	0.00%	25.00%	0.00%	-12.50%	57.14%
Operating Cash Flow Growth	29.73%	35.53%	-43.27%	-47.11%	20.98%	-136.52%	23.68%	-129.22%	-366.41%	149.26%	48.59%
Free Cash Flow Firm Growth	108.18%	113.81%	106.85%	125.03%	17.39%	-102.10%	-161.77%	-215.51%	-365.55%	-6,316.25%	-260.94%
Invested Capital Growth	-3.80%	-6.27%	-4.24%	-4.08%	-6.00%	2.08%	4.73%	8.05%	17.51%	13.63%	12.21%
Revenue Q/Q Growth	-30.38%	9.30%	2.94%	4.72%	-24.89%	37.93%	22.52%	9.22%	-5.24%	16.23%	19.55%
EBITDA Q/Q Growth	-51.91%	27.32%	-64.27%	154.54%	-61.09%	151.30%	13.86%	-3.59%	-44.06%	96.27%	46.64%
EBIT Q/Q Growth	-63.65%	60.40%	-75.65%	264.35%	-73.84%	271.01%	16.71%	-6.79%	-55.70%	142.57%	54.98%
NOPAT Q/Q Growth	-62.08%	84.55%	-105.95%	1,219.29%	-106.41%	2,264.15%	7.03%	-26.00%	-47.77%	171.44%	46.53%
Net Income Q/Q Growth	-71.21%	147.21%	-102.26%	3,028.09%	-103.61%	5,013.12%	-14.26%	-31.63%	-103.66%	4,186.87%	47.22%
EPS Q/Q Growth	-92.31%	133.33%	-100.00%	0.00%	-100.00%	0.00%	-12.50%	-28.57%	-100.00%	0.00%	57.14%
Operating Cash Flow Q/Q Growth	-51.37%	194.25%	-58.51%	-10.90%	11.22%	-188.84%	240.49%	-121.05%	-914.14%	116.43%	323.80%
Free Cash Flow Firm Q/Q Growth	123.40%	68.82%	-51.59%	30.90%	9.73%	-103.02%	-1,322.60%	-144.78%	-152.26%	26.96%	19.97%
Invested Capital Q/Q Growth	0.53%	-2.73%	-1.79%	-0.12%	-1.48%	5.62%	0.76%	3.05%	7.15%	2.14%	-0.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.15%	40.30%	24.84%	37.56%	35.02%	37.17%	37.00%	31.63%	29.18%	30.31%	31.95%
EBITDA Margin	18.95%	22.08%	7.67%	18.63%	9.65%	17.58%	16.34%	14.42%	8.51%	14.38%	17.63%
Operating Margin	12.76%	18.72%	4.43%	15.41%	5.37%	14.43%	13.75%	11.73%	5.49%	11.46%	14.83%
EBIT Margin	12.76%	18.72%	4.43%	15.41%	5.37%	14.43%	13.75%	11.73%	5.49%	11.45%	14.84%
Profit (Net Income) Margin	5.26%	11.89%	-0.26%	7.31%	-0.35%	12.50%	8.75%	5.48%	-0.21%	7.43%	9.15%
Tax Burden Percent	66.10%	76.05%	-18.59%	57.12%	-14.00%	81.63%	74.82%	59.48%	76.94%	78.33%	74.19%
Interest Burden Percent	62.34%	83.52%	31.74%	83.04%	46.73%	106.09%	85.04%	78.45%	-5.01%	82.86%	83.11%
Effective Tax Rate	33.90%	23.95%	118.59%	42.88%	114.00%	18.37%	25.14%	40.57%	0.00%	21.67%	25.81%
Return on Invested Capital (ROIC)	5.55%	9.10%	-0.50%	5.10%	-0.43%	6.78%	6.46%	4.72%	2.85%	7.03%	9.49%
ROIC Less NNEP Spread (ROIC-NNEP)	4.04%	7.77%	-0.14%	3.94%	-0.18%	7.37%	4.77%	2.93%	-1.14%	5.39%	6.85%
Return on Net Nonoperating Assets (RNNOA)	1.46%	2.52%	-0.04%	0.99%	-0.04%	1.78%	1.05%	0.63%	-0.28%	1.39%	1.53%
Return on Equity (ROE)	7.01%	11.62%	-0.54%	6.09%	-0.47%	8.57%	7.50%	5.35%	2.57%	8.43%	11.02%
Cash Return on Invested Capital (CROIC)	10.35%	11.67%	10.63%	8.89%	9.92%	1.62%	0.88%	-2.19%	-10.08%	-6.82%	-4.57%
Operating Return on Assets (OROA)	7.41%	10.59%	2.28%	7.51%	2.59%	7.30%	7.22%	6.57%	3.23%	7.43%	10.50%
Return on Assets (ROA)	3.05%	6.73%	-0.13%	3.56%	-0.17%	6.32%	4.59%	3.07%	-0.12%	4.82%	6.47%
Return on Common Equity (ROCE)	7.01%	11.62%	-0.54%	6.09%	-0.47%	8.57%	7.50%	5.35%	2.57%	8.43%	11.02%
Return on Equity Simple (ROE_SIMPLE)	5.50%	4.28%	6.03%	0.00%	3.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	7.66	14	-0.84	9.42	-0.60	13	14	10	5.40	15	21
NOPAT Margin	8.43%	14.24%	-0.82%	8.80%	-0.75%	11.78%	10.29%	6.97%	3.84%	8.98%	11.00%
Net Nonoperating Expense Percent (NNEP)	1.51%	1.34%	-0.37%	1.15%	-0.25%	-0.59%	1.69%	1.79%	3.99%	1.64%	2.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	1.35%	-0.09%	1.85%	1.95%	1.40%	0.69%	1.80%	2.68%
Cost of Revenue to Revenue	59.85%	59.70%	75.16%	62.44%	64.98%	62.83%	63.00%	68.37%	70.82%	69.69%	68.05%
SG&A Expenses to Revenue	25.08%	19.36%	18.35%	20.12%	26.99%	20.81%	21.67%	18.44%	22.07%	17.42%	15.87%
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	27.39%	21.58%	20.41%	22.15%	29.65%	19.91%	23.26%	20.77%	27.42%	18.85%	17.63%
Earnings before Interest and Taxes (EBIT)	12	19	4.52	16	4.31	16	19	17	7.71	19	29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	17	22	7.83	20	7.76	19	22	21	12	23	34
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.43	1.95	1.71	1.66	0.99	1.23	2.10	2.37	1.83	2.69	2.14
Price to Tangible Book Value (P/TBV)	4.35	2.47	2.16	2.07	1.23	1.52	2.56	2.87	2.20	3.21	2.52
Price to Revenue (P/Rev)	4.01	2.34	2.21	2.31	1.43	1.77	2.85	2.99	2.06	2.82	2.11
Price to Earnings (P/E)	62.43	45.58	28.42	38.21	29.07	33.63	37.23	42.38	32.83	52.16	36.03
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	1.60%	2.19%	3.52%	2.62%	3.44%	2.97%	2.69%	2.36%	3.05%	1.92%	2.78%
Enterprise Value to Invested Capital (EV/IC)	2.90	1.75	1.58	1.54	0.99	1.19	1.92	2.13	1.64	2.31	1.91
Enterprise Value to Revenue (EV/Rev)	4.33	2.65	2.52	2.61	1.70	2.09	3.13	3.27	2.39	3.13	2.35
Enterprise Value to EBITDA (EV/EBITDA)	25.69	17.92	12.88	15.55	11.50	15.23	19.56	21.92	17.08	23.31	16.65
Enterprise Value to EBIT (EV/EBIT)	31.85	23.45	16.01	20.33	15.05	20.27	24.47	27.54	21.44	29.48	20.87
Enterprise Value to NOPAT (EV/NOPAT)	43.98	32.61	24.50	31.90	25.77	32.73	35.69	39.78	29.46	41.31	29.16
Enterprise Value to Operating Cash Flow (EV/OCF)	21.65	11.51	11.48	12.94	7.95	26.65	38.61	90.95	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	27.51	14.54	14.51	16.97	9.71	74.36	224.13	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.27	0.26	0.25	0.25	0.23	0.22	0.23	0.30	0.32	0.26
Long-Term Debt to Equity	0.30	0.27	0.26	0.25	0.25	0.23	0.22	0.23	0.30	0.32	0.26
Financial Leverage	0.36	0.32	0.29	0.25	0.23	0.24	0.22	0.21	0.25	0.26	0.22
Leverage Ratio	1.54	1.50	1.53	1.49	1.45	1.41	1.46	1.47	1.57	1.52	1.49
Compound Leverage Factor	0.96	1.25	0.49	1.23	0.68	1.50	1.24	1.15	-0.08	1.26	1.24
Debt to Total Capital	23.35%	21.23%	20.63%	20.29%	20.23%	18.63%	17.69%	18.56%	23.20%	24.17%	20.42%
Short-Term Debt 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%
Long-Term Debt to Total Capital	23.35%	21.23%	20.63%	20.29%	20.23%	18.63%	17.69%	18.56%	23.20%	24.17%	20.42%
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%	0.00%	0.00%
Common Equity to Total Capital	76.65%	78.77%	79.37%	79.71%	79.77%	81.37%	82.31%	81.44%	76.80%	75.83%	79.58%
Debt to EBITDA	2.11	2.18	1.71	2.12	2.47	2.40	1.83	1.93	2.42	2.49	1.79
Net Debt to EBITDA	1.92	2.13	1.58	1.77	1.85	2.31	1.70	1.83	2.40	2.29	1.71
Long-Term Debt to EBITDA	2.11	2.18	1.71	2.12	2.47	2.40	1.83	1.93	2.42	2.49	1.79
Debt to NOPAT	3.61	3.97	3.26	4.35	5.53	5.15	3.33	3.50	4.18	4.41	3.14
Net Debt to NOPAT	3.29	3.88	3.00	3.63	4.14	4.97	3.11	3.32	4.13	4.06	3.00
Long-Term Debt to NOPAT	3.61	3.97	3.26	4.35	5.53	5.15	3.33	3.50	4.18	4.41	3.14
Altman Z-Score	5.15	3.58	3.04	3.25	2.30	2.87	3.77	3.77	2.47	3.57	3.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.62	2.26	2.08	2.33	2.34	2.34	2.19	2.03	1.84	2.25	2.45
Quick Ratio	1.78	1.44	1.31	1.51	1.42	1.45	1.46	1.24	0.70	1.05	1.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	36	60	29	38	42	-1.26	-18	-44	-111	-81	-65
Operating Cash Flow to CapEx	517.92%	1,890.16%	660.45%	913.65%	484.82%	-113.09%	185.83%	-57.05%	-541.95%	97.05%	1,016.63%
Free Cash Flow to Firm to Interest Expense	8.17	19.63	9.43	11.50	17.32	-0.57	-6.35	-17.53	-38.25	-23.35	-16.67
Operating Cash Flow to Interest Expense	2.95	12.35	5.08	4.22	6.44	-6.18	6.86	-1.63	-14.28	1.96	7.41
Operating Cash Flow Less CapEx to Interest Expense	2.38	11.70	4.31	3.76	5.11	-11.65	3.17	-4.48	-16.91	-0.06	6.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.57	0.52	0.49	0.48	0.51	0.53	0.56	0.59	0.65	0.71
Accounts Receivable Turnover	4.28	3.99	3.43	3.24	3.79	3.60	3.71	3.80	4.81	4.35	4.35
Inventory Turnover	4.77	4.81	4.19	4.73	4.23	4.54	4.35	4.23	3.24	3.31	4.29
Fixed Asset Turnover	21.28	19.30	16.63	15.05	13.82	11.62	11.24	11.66	12.02	11.18	11.58
Accounts Payable Turnover	16.89	19.04	13.15	14.94	12.02	11.69	9.51	7.27	6.65	8.41	14.60
Days Sales Outstanding (DSO)	85.31	91.53	106.43	112.58	96.20	101.46	98.51	95.96	75.81	83.99	83.87
Days Inventory Outstanding (DIO)	76.46	75.86	87.19	77.19	86.39	80.37	83.99	86.19	112.82	110.14	85.07
Days Payable Outstanding (DPO)	21.61	19.17	27.75	24.43	30.37	31.23	38.39	50.18	54.90	43.41	25.00
Cash Conversion Cycle (CCC)	140.17	148.21	165.87	165.34	152.22	150.60	144.11	131.98	133.73	150.73	143.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	707	688	676	675	665	702	708	729	782	798	794
Invested Capital Turnover	0.66	0.64	0.61	0.58	0.57	0.58	0.63	0.68	0.74	0.78	0.86
Increase / (Decrease) in Invested Capital	-28	-46	-30	-29	-42	14	32	54	116	96	86
Enterprise Value (EV)	2,055	1,207	1,066	1,040	661	838	1,357	1,552	1,282	1,842	1,519
Market Capitalization	1,901	1,063	935	922	554	710	1,239	1,423	1,102	1,661	1,363
Book Value per Share	$3.25	$3.20	$3.27	$3.34	$3.35	$3.44	$3.52	$3.58	$3.59	$3.68	$3.79
Tangible Book Value per Share	$2.57	$2.52	$2.59	$2.67	$2.69	$2.80	$2.89	$2.97	$2.99	$3.09	$3.21
Total Capital	723	691	687	699	701	707	716	737	783	814	802
Total Debt	169	147	142	142	142	132	127	137	182	197	164
Total Long-Term Debt	169	147	142	142	142	132	127	137	182	197	164
Net Debt	154	144	131	118	106	127	118	129	180	181	156
Capital Expenditures (CapEx)	2.48	2.00	2.38	1.53	3.21	12	10	7.16	7.65	7.02	2.84
Debt-free, Cash-free Net Working Capital (DFCFNWC)	114	96	88	84	72	104	101	123	172	189	194
Debt-free Net Working Capital (DFNWC)	129	99	99	107	107	109	109	131	174	205	202
Net Working Capital (NWC)	129	99	99	107	107	109	109	131	174	205	202
Net Nonoperating Expense (NNE)	2.88	2.33	-0.57	1.60	-0.32	-0.80	2.10	2.22	5.70	2.53	3.62
Net Nonoperating Obligations (NNO)	154	144	131	118	106	127	118	129	180	181	156
Total Depreciation and Amortization (D&A)	5.63	3.33	3.31	3.45	3.44	3.49	3.52	3.99	4.26	4.79	5.46
Debt-free, Cash-free Net Working Capital to Revenue	23.94%	21.07%	20.76%	21.02%	18.48%	25.99%	23.21%	25.93%	32.18%	32.18%	30.02%
Debt-free Net Working Capital to Revenue	27.15%	21.77%	23.39%	26.91%	27.64%	27.16%	25.19%	27.47%	32.54%	34.86%	31.21%
Net Working Capital to Revenue	27.15%	21.77%	23.39%	26.91%	27.64%	27.16%	25.19%	27.47%	32.54%	34.86%	31.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00	$0.07	$0.11
Adjusted Weighted Average Basic Shares Outstanding	170.28M	169.99M	167.32M	337.14M	166.96M	167.29M	167.37M	167.26M	167.56M	168.06M	168.38M
Adjusted Diluted Earnings per Share	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00	$0.07	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	170.51M	170.10M	167.38M	337.45M	166.96M	167.56M	168.75M	168.38M	167.56M	170.02M	170.13M
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	170.42M	166.65M	166.70M	166.99M	167.17M	0.00	167.39M	167.45M	167.77M	168.30M	168.47M
Normalized Net Operating Profit after Tax (NOPAT)	7.66	14	3.17	9.42	3.02	11	14	10	9.08	15	22
Normalized NOPAT Margin	8.43%	14.24%	3.10%	8.80%	3.76%	9.47%	10.30%	6.97%	6.46%	8.98%	11.38%
Pre Tax Income Margin	7.95%	15.64%	1.41%	12.79%	2.51%	15.31%	11.69%	9.21%	-0.27%	9.49%	12.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.66	6.07	1.47	4.97	1.79	7.15	6.59	6.93	2.66	5.38	7.44
NOPAT to Interest Expense	1.76	4.61	-0.27	2.84	-0.25	5.84	4.94	4.12	1.86	4.22	5.52
EBIT Less CapEx to Interest Expense	2.09	5.41	0.70	4.51	0.46	1.69	2.90	4.08	0.02	3.36	6.71
NOPAT Less CapEx to Interest Expense	1.19	3.96	-1.04	2.38	-1.58	0.38	1.25	1.27	-0.77	2.20	4.79
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	113.12%	80.54%	104.99%	0.00%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Shoals Technologies Group (NASDAQ:SHLS) has posted strong top-line growth through the reported period, but the company’s financial profile remains mixed. The latest figures show improving revenue and a return to profitability in the second quarter of 2026, while working-capital needs, margin pressure, debt and uneven operating cash flow remain important risks.

Revenue growth has accelerated. Second-quarter 2026 revenue increased to $163.4 million from $110.8 million in the second quarter of 2025, a 47% year-over-year increase. Revenue was also up approximately 74% from the restated first quarter of 2025.
Profitability improved meaningfully in the latest quarter. Shoals generated $12.1 million of net income in Q2 2026, compared with a $0.3 million net loss in Q1 2026. Q2 2026 basic and diluted earnings per share were $0.07, versus zero in the prior quarter.
Operating cash flow recovered in Q2 2026. Cash generated from operations was $6.8 million in Q2 2026, compared with an operating cash outflow of $41.4 million in Q1. The latest quarter also improved from the $13.8 million operating cash outflow reported in restated Q2 2025.
The balance sheet retains a sizable equity cushion. Total equity increased to $617.2 million at June 30, 2026, from $545.4 million at June 30, 2024. Total liabilities of $399.7 million were substantially below total assets of $1.02 billion.
Capital investment remains consistent. Shoals spent $7.0 million on property, plant and equipment in Q2 2026 and $7.6 million in Q1. Net property, plant and equipment increased to $63.3 million from $26.9 million in Q2 2024, indicating continued investment in operating capacity.
Working capital is absorbing significant cash. Changes in operating assets and liabilities reduced Q2 2026 operating cash flow by $11.1 million, following a $54.3 million reduction in Q1. This suggests that growth is requiring substantial investment in receivables, inventory and other operating assets.
Reported historical results include restatements. Several 2023 through 2025 income and cash-flow figures are identified as restated, so investors should rely on the latest comparative filings when assessing longer-term trends.
Profit margins have deteriorated despite revenue growth. Q2 2026 gross margin was approximately 30.3%, down from 37.2% in Q2 2025 and 44.0% in Q2 2024. Operating margin also declined to about 11.5% from 14.4% and 18.7%, respectively.
Inventory and accounts receivable have grown sharply. At June 30, 2026, inventory stood at $184.7 million, compared with $60.0 million two years earlier, while accounts receivable rose to $157.3 million from $109.3 million. A slowdown in collections or product demand could pressure liquidity and lead to write-down risk.
Debt and interest costs remain material. Long-term debt increased to $196.8 million at June 30, 2026, from $146.8 million at June 30, 2024. Quarterly interest expense rose to $3.5 million in Q2 2026 from $2.2 million in Q2 2024, limiting the amount of operating profit that reaches shareholders.

Overall, SHLS is showing a stronger revenue trajectory and a recent recovery in earnings and operating cash flow. However, the decline in gross margins, large investment in inventory and receivables, and greater reliance on debt mean investors should focus on whether future growth converts into consistent free cash flow rather than relying on revenue growth alone.

11/13/26 10:25 AM ETAI Generated. May Contain Errors.

Shoals Technologies Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Shoals Technologies Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Shoals Technologies Group's net income appears to be on an upward trend, with a most recent value of $33.57 million in 2025, rising from $25.14 million in 2019. The previous period was $24.13 million in 2024. Find out what analysts predict for Shoals Technologies Group in the coming months.

Shoals Technologies Group's total operating income in 2025 was $56.39 million, based on the following breakdown:

Total Gross Profit: $166.51 million
Total Operating Expenses: $108.29 million

Over the last 6 years, Shoals Technologies Group's total revenue changed from $144.50 million in 2019 to $475.33 million in 2025, a change of 229.0%.

In the past 13 quarters, Shoals Technologies Group's cash and equivalents has ranged from $1.88 million in Q1 2026 to $35.61 million in Q1 2025, and is currently $7.67 million as of their latest financial filing in Q3 2026.

Shoals Technologies Group had total debt of $136.75 million at the end of 2025, a 3.5% decrease from 2024, and none in 2019.

Over the last 6 years, Shoals Technologies Group's book value per share changed from 0.00 in 2019 to 3.58 in 2025, a change of 358.4%.

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Financial statements for NASDAQ:SHLS last updated on 11/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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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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Quarterly Metrics And Ratios for Shoals Technologies Group

Financials Breakdown Chart

Key Financial Trends

Shoals Technologies Group Financials - Frequently Asked Questions

When does Shoals Technologies Group's fiscal year end?

How has Shoals Technologies Group's net income changed over the last 6 years?

What is Shoals Technologies Group's operating income?

How has Shoals Technologies Group's revenue changed over the last 6 years?

How much cash does Shoals Technologies Group have?

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How has Shoals Technologies Group's book value per share changed over the last 6 years?

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