Shoals Technologies Group (SHLS) Financials

$8.32 +0.48 (+6.14%)

As of 10:53 AM 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	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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-9.83	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30
Consolidated Net Income / (Loss)	-9.83	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30
Net Income / (Loss) Continuing Operations	-9.83	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30
Total Pre-Tax Income	-16	26	7.22	16	1.44	14	2.02	17	16	14	-0.39
Total Operating Income	-11	32	12	19	4.52	16	4.31	16	19	17	7.72
Total Gross Profit	14	55	36	40	25	40	28	41	50	47	41
Total Revenue	134	130	91	99	102	107	80	111	136	148	141
Operating Revenue	134	130	91	99	102	107	80	111	136	148	141
Total Cost of Revenue	120	75	54	59	77	67	52	70	86	101	100
Operating Cost of Revenue	120	75	54	59	77	67	52	70	86	101	100
Total Operating Expenses	25	24	25	21	21	24	24	22	32	31	39
Selling, General & Admin Expense	23	21	23	19	19	22	22	23	29	27	31
Depreciation Expense	2.17	2.06	2.10	2.20	2.11	2.18	2.14	2.14	2.16	2.17	2.28
Other Special Charges / (Income)	-	-	-	0.00	0.00	-	0.00	-3.13	0.01	-	5.25
Total Other Income / (Expense), net	-5.90	-5.70	-4.36	-3.06	-3.09	-2.80	-2.30	-2.16	-2.79	-2.45	-2.85
Interest Expense	5.90	5.70	4.48	3.27	3.17	3.31	2.42	2.24	2.83	2.51	2.90
Interest & Investment Income	-	-	0.11	0.20	0.09	-	0.12	0.08	0.04	0.07	0.06
Other Income / (Expense), net	-	-	-	-	-	-	0.00	-	-	-	-0.01
Income Tax Expense	-6.64	9.59	2.45	3.72	1.70	5.87	2.30	3.12	3.99	5.54	-0.09
Basic Earnings per Share	($0.06)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00
Weighted Average Basic Shares Outstanding	169.97M	328.33M	170.28M	169.99M	167.32M	337.14M	166.96M	167.29M	167.37M	167.26M	167.56M
Diluted Earnings per Share	($0.06)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00
Weighted Average Diluted Shares Outstanding	169.97M	329.01M	170.51M	170.10M	167.38M	337.45M	166.96M	167.56M	168.75M	168.38M	167.56M
Weighted Average Basic & Diluted Shares Outstanding	170.06M	170.33M	170.42M	166.65M	166.70M	166.99M	167.17M	0.00	167.39M	167.45M	167.77M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
Net Change in Cash & Equivalents	3.36	13	-7.47	-12	7.92	12	12	-31	3.90	-1.27	-5.44
Net Cash From Operating Activities	28	26	13	38	16	14	16	-14	19	-4.09	-41
Net Cash From Continuing Operating Activities	28	26	13	38	16	14	16	-14	19	-4.09	-41
Net Income / (Loss) Continuing Operations	-9.83	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30
Consolidated Net Income / (Loss)	-9.83	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30
Depreciation Expense	2.65	2.79	3.00	3.18	3.15	3.29	3.29	3.34	3.36	3.83	4.10
Amortization Expense	0.34	1.13	2.63	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16
Non-Cash Adjustments To Reconcile Net Income	46	-8.13	4.40	6.48	13	-16	3.76	-11	-7.14	-16	8.85
Changes in Operating Assets and Liabilities, net	-11	14	-1.95	16	-0.30	19	8.64	-20	11	-0.19	-54
Net Cash From Investing Activities	-3.53	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21	-7.13	-10	-7.16	-7.65
Net Cash From Continuing Investing Activities	-3.53	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21	-7.13	-10	-7.16	-7.65
Purchase of Property, Plant & Equipment	-3.27	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21	-12	-10	-7.16	-7.65
Net Cash From Financing Activities	-21	-10	-18	-48	-5.41	-0.05	-0.25	-9.97	-5.07	9.98	44
Net Cash From Continuing Financing Activities	-21	-10	-18	-48	-5.41	-0.05	-0.25	-9.97	-5.07	9.98	44
Repayment of Debt	-21	-49	-161	-28	-5.00	-	-20	-20	-25	-	0.00
Issuance of Debt	-	40	144	5.00	-	-	20	10	20	10	45
Other Financing Activities, net	-0.28	-0.03	-0.82	-0.05	-0.31	-0.05	-0.25	0.03	-0.07	-0.02	-1.35
Cash Interest Paid	6.08	5.72	7.30	3.27	2.89	2.84	2.28	1.98	2.50	2.36	2.59
Cash Income Taxes Paid	0.13	0.33	0.06	0.06	-0.01	0.00	-0.03	-0.18	-	-	-0.01

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	530	809	819	840	825	788	801	788	795	852	1,031
Total Current Assets	183	183	200	214	208	177	191	188	190	201	383
Cash & Equivalents	11	6.46	5.86	9.22	15	3.19	11	36	4.69	8.59	1.88
Accounts Receivable	83	95	119	137	127	109	109	78	113	125	144
Inventories, net	81	74	68	61	60	60	66	61	57	60	159
Other Current Assets	7.61	8.09	7.18	6.66	6.87	4.78	4.72	13	15	7.09	77
Plant, Property, & Equipment, net	17	18	20	23	26	27	28	30	42	49	59
Total Noncurrent Assets	330	607	599	603	591	584	582	571	563	601	589
Goodwill	70	70	70	70	70	70	70	70	70	70	70
Intangible Assets	59	55	53	51	47	45	43	39	37	35	32
Noncurrent Deferred & Refundable Income Taxes	177	476	470	477	466	462	460	452	448	444	438
Other Noncurrent Operating Assets	24	6.07	5.70	5.54	8.20	7.76	9.55	9.64	8.11	52	50
Total Liabilities & Shareholders' Equity	530	809	819	840	825	788	801	788	795	852	1,031
Total Liabilities	507	303	289	316	271	244	256	229	220	262	429
Total Current Liabilities	70	65	77	84	80	78	92	80	81	92	208
Accounts Payable	21	22	16	17	16	16	24	27	29	34	80
Accrued Expenses	43	17	28	39	42	41	48	38	32	32	28
Current Deferred Revenue	-	23	31	27	22	21	21	15	20	26	30
Other Current Liabilities	-	-	-	-	-	-	-	-	-	-	70
Total Noncurrent Liabilities	437	238	212	231	192	166	164	149	138	170	221
Long-Term Debt	275	234	209	188	169	147	142	142	132	127	182
Other Noncurrent Operating Liabilities	162	3.92	3.62	43	23	19	22	7.46	6.46	44	39
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	23	506	529	525	554	545	545	559	575	590	602
Total Preferred & Common Equity	26	506	529	525	554	545	545	559	575	590	602
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	26	506	529	525	554	545	545	559	575	590	602
Common Stock	105	457	462	467	475	469	480	486	489	491	495
Retained Earnings	-78	49	68	58	79	91	91	98	112	124	132
Treasury Stock	-	-	-	-	-	-15	-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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	167,450,324.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	167,450,324.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.00
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	47.77%	37.81%	-13.59%	-16.74%	-23.88%	-17.98%	-11.50%	11.68%	32.93%	38.64%	74.91%
EBITDA Growth	-133.09%	36.47%	-40.56%	-36.59%	203.33%	-44.30%	-54.94%	-11.07%	183.35%	7.32%	54.31%
EBIT Growth	-152.95%	36.35%	-55.62%	-41.27%	142.80%	-48.28%	-62.78%	-13.90%	312.71%	5.59%	78.80%
NOPAT Growth	-144.19%	-11.05%	-65.27%	-40.68%	88.63%	-53.38%	-107.88%	-7.58%	1,761.71%	9.86%	995.26%
Net Income Growth	-177.03%	-85.98%	-71.89%	-37.63%	97.28%	-52.85%	-105.91%	17.40%	4,549.06%	3.89%	-5.32%
EPS Growth	-142.86%	-49.23%	-70.00%	-36.36%	100.00%	-45.45%	-100.00%	14.29%	0.00%	25.00%	0.00%
Operating Cash Flow Growth	135.38%	-23.21%	29.73%	35.53%	-43.27%	-47.11%	20.98%	-136.52%	23.68%	-129.22%	-366.41%
Free Cash Flow Firm Growth	-850.54%	44.44%	108.18%	113.81%	106.85%	125.03%	17.39%	-102.10%	-161.77%	-215.51%	-365.55%
Invested Capital Growth	144.73%	32.46%	-3.80%	-6.27%	-4.24%	-4.08%	-6.00%	2.08%	4.73%	8.05%	17.51%
Revenue Q/Q Growth	12.58%	-2.81%	-30.38%	9.30%	2.94%	4.72%	-24.89%	37.93%	22.52%	9.22%	-5.24%
EBITDA Q/Q Growth	-121.93%	572.20%	-51.91%	27.32%	-64.27%	154.54%	-61.09%	151.30%	13.86%	-3.59%	-44.06%
EBIT Q/Q Growth	-133.41%	401.49%	-63.65%	60.40%	-75.65%	264.35%	-73.84%	271.01%	16.71%	-6.79%	-55.70%
NOPAT Q/Q Growth	-131.06%	372.90%	-62.08%	84.55%	-105.95%	1,219.29%	-106.41%	2,264.15%	7.03%	-26.00%	-47.77%
Net Income Q/Q Growth	-151.93%	268.72%	-71.21%	147.21%	-102.26%	3,028.09%	-103.61%	5,013.12%	-14.26%	-31.63%	-103.66%
EPS Q/Q Growth	-154.55%	650.00%	-92.31%	133.33%	-100.00%	0.00%	-100.00%	0.00%	-12.50%	-28.57%	-100.00%
Operating Cash Flow Q/Q Growth	-0.88%	-4.43%	-51.37%	194.25%	-58.51%	-10.90%	11.22%	-188.84%	240.49%	-121.05%	-914.14%
Free Cash Flow Firm Q/Q Growth	2.42%	64.16%	123.40%	68.82%	-51.59%	30.90%	9.73%	-103.02%	-1,322.60%	-144.78%	-152.26%
Invested Capital Q/Q Growth	-3.86%	-0.29%	0.53%	-2.73%	-1.79%	-0.12%	-1.48%	5.62%	0.76%	3.05%	7.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	10.54%	42.46%	40.15%	40.30%	24.84%	37.56%	35.02%	37.17%	37.00%	31.63%	29.18%
EBITDA Margin	-5.65%	27.44%	18.95%	22.08%	7.67%	18.63%	9.65%	17.58%	16.34%	14.42%	8.51%
Operating Margin	-7.88%	24.43%	12.76%	18.72%	4.43%	15.41%	5.37%	14.43%	13.75%	11.73%	5.49%
EBIT Margin	-7.88%	24.43%	12.76%	18.72%	4.43%	15.41%	5.37%	14.43%	13.75%	11.73%	5.49%
Profit (Net Income) Margin	-7.32%	12.71%	5.26%	11.89%	-0.26%	7.31%	-0.35%	12.50%	8.75%	5.48%	-0.21%
Tax Burden Percent	59.67%	63.36%	66.10%	76.05%	-18.59%	57.12%	-14.00%	81.63%	74.82%	59.48%	76.94%
Interest Burden Percent	155.80%	82.11%	62.34%	83.52%	31.74%	83.04%	46.73%	106.09%	85.04%	78.45%	-5.01%
Effective Tax Rate	0.00%	36.64%	33.90%	23.95%	118.59%	42.88%	114.00%	18.37%	25.14%	40.57%	0.00%
Return on Invested Capital (ROIC)	-5.03%	12.26%	5.55%	9.10%	-0.50%	5.10%	-0.43%	6.78%	6.46%	4.72%	2.85%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.11%	10.40%	4.04%	7.77%	-0.14%	3.94%	-0.18%	7.37%	4.77%	2.93%	-1.14%
Return on Net Nonoperating Assets (RNNOA)	-4.99%	4.78%	1.46%	2.52%	-0.04%	0.99%	-0.04%	1.78%	1.05%	0.63%	-0.28%
Return on Equity (ROE)	-10.02%	17.04%	7.01%	11.62%	-0.54%	6.09%	-0.47%	8.57%	7.50%	5.35%	2.57%
Cash Return on Invested Capital (CROIC)	-70.36%	-17.99%	10.35%	11.67%	10.63%	8.89%	9.92%	1.62%	0.88%	-2.19%	-10.08%
Operating Return on Assets (OROA)	-5.21%	16.61%	7.41%	10.59%	2.28%	7.51%	2.59%	7.30%	7.22%	6.57%	3.23%
Return on Assets (ROA)	-4.84%	8.64%	3.05%	6.73%	-0.13%	3.56%	-0.17%	6.32%	4.59%	3.07%	-0.12%
Return on Common Equity (ROCE)	-10.09%	16.85%	7.01%	11.62%	-0.54%	6.09%	-0.47%	8.57%	7.50%	5.35%	2.57%
Return on Equity Simple (ROE_SIMPLE)	27.52%	0.00%	5.50%	4.28%	6.03%	0.00%	3.41%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.40	20	7.66	14	-0.84	9.42	-0.60	13	14	10	5.40
NOPAT Margin	-5.51%	15.48%	8.43%	14.24%	-0.82%	8.80%	-0.75%	11.78%	10.29%	6.97%	3.84%
Net Nonoperating Expense Percent (NNEP)	1.09%	1.86%	1.51%	1.34%	-0.37%	1.15%	-0.25%	-0.59%	1.69%	1.79%	3.99%
Return On Investment Capital (ROIC_SIMPLE)	-	2.78%	-	-	-	1.35%	-0.09%	1.85%	1.95%	1.40%	0.69%
Cost of Revenue to Revenue	89.46%	57.54%	59.85%	59.70%	75.16%	62.44%	64.98%	62.83%	63.00%	68.37%	70.82%
SG&A Expenses to Revenue	16.80%	16.45%	25.08%	19.36%	18.35%	20.12%	26.99%	20.81%	21.67%	18.44%	22.07%
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	18.42%	18.02%	27.39%	21.58%	20.41%	22.15%	29.65%	19.91%	23.26%	20.77%	27.42%
Earnings before Interest and Taxes (EBIT)	-11	32	12	19	4.52	16	4.31	16	19	17	7.71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-7.58	36	17	22	7.83	20	7.76	19	22	21	12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.91	4.85	3.43	1.95	1.71	1.66	0.99	1.23	2.10	2.37	1.83
Price to Tangible Book Value (P/TBV)	7.67	6.20	4.35	2.47	2.16	2.07	1.23	1.52	2.56	2.87	2.20
Price to Revenue (P/Rev)	6.84	5.41	4.01	2.34	2.21	2.31	1.43	1.77	2.85	2.99	2.06
Price to Earnings (P/E)	22.80	66.11	62.43	45.58	28.42	38.21	29.07	33.63	37.23	42.38	32.83
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	4.39%	1.51%	1.60%	2.19%	3.52%	2.62%	3.44%	2.97%	2.69%	2.36%	3.05%
Enterprise Value to Invested Capital (EV/IC)	4.65	3.98	2.90	1.75	1.58	1.54	0.99	1.19	1.92	2.13	1.64
Enterprise Value to Revenue (EV/Rev)	7.24	5.73	4.33	2.65	2.52	2.61	1.70	2.09	3.13	3.27	2.39
Enterprise Value to EBITDA (EV/EBITDA)	39.95	30.54	25.69	17.92	12.88	15.55	11.50	15.23	19.56	21.92	17.08
Enterprise Value to EBIT (EV/EBIT)	46.54	35.45	31.85	23.45	16.01	20.33	15.05	20.27	24.47	27.54	21.44
Enterprise Value to NOPAT (EV/NOPAT)	48.53	45.64	43.98	32.61	24.50	31.90	25.77	32.73	35.69	39.78	29.46
Enterprise Value to Operating Cash Flow (EV/OCF)	32.84	30.47	21.65	11.51	11.48	12.94	7.95	26.65	38.61	90.95	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	27.51	14.54	14.51	16.97	9.71	74.36	224.13	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.36	0.33	0.30	0.27	0.26	0.25	0.25	0.23	0.22	0.23	0.30
Long-Term Debt to Equity	0.36	0.33	0.30	0.27	0.26	0.25	0.25	0.23	0.22	0.23	0.30
Financial Leverage	0.82	0.46	0.36	0.32	0.29	0.25	0.23	0.24	0.22	0.21	0.25
Leverage Ratio	2.50	1.70	1.54	1.50	1.53	1.49	1.45	1.41	1.46	1.47	1.57
Compound Leverage Factor	3.90	1.40	0.96	1.25	0.49	1.23	0.68	1.50	1.24	1.15	-0.08
Debt to Total Capital	26.63%	24.98%	23.35%	21.23%	20.63%	20.29%	20.23%	18.63%	17.69%	18.56%	23.20%
Short-Term Debt to Total Capital	0.28%	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	26.35%	24.70%	23.35%	21.23%	20.63%	20.29%	20.23%	18.63%	17.69%	18.56%	23.20%
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	73.37%	75.02%	76.65%	78.77%	79.37%	79.71%	79.77%	81.37%	82.31%	81.44%	76.80%
Debt to EBITDA	2.32	1.98	2.11	2.18	1.71	2.12	2.47	2.40	1.83	1.93	2.42
Net Debt to EBITDA	2.20	1.73	1.92	2.13	1.58	1.77	1.85	2.31	1.70	1.83	2.40
Long-Term Debt to EBITDA	2.29	1.96	2.11	2.18	1.71	2.12	2.47	2.40	1.83	1.93	2.42
Debt to NOPAT	2.81	2.96	3.61	3.97	3.26	4.35	5.53	5.15	3.33	3.50	4.18
Net Debt to NOPAT	2.68	2.59	3.29	3.88	3.00	3.63	4.14	4.97	3.11	3.32	4.13
Long-Term Debt to NOPAT	2.79	2.92	3.61	3.97	3.26	4.35	5.53	5.15	3.33	3.50	4.18
Altman Z-Score	6.68	6.32	5.15	3.58	3.04	3.25	2.30	2.87	3.77	3.77	2.47
Noncontrolling Interest Sharing Ratio	-0.68%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.54	2.45	2.62	2.26	2.08	2.33	2.34	2.34	2.19	2.03	1.84
Quick Ratio	1.74	1.83	1.78	1.44	1.31	1.51	1.42	1.45	1.46	1.24	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-425	-152	36	60	29	38	42	-1.26	-18	-44	-111
Operating Cash Flow to CapEx	847.60%	900.78%	517.92%	1,890.16%	660.45%	913.65%	484.82%	-113.09%	185.83%	-57.05%	-541.95%
Free Cash Flow to Firm to Interest Expense	-72.01	-26.71	8.17	19.63	9.43	11.50	17.32	-0.57	-6.35	-17.53	-38.25
Operating Cash Flow to Interest Expense	4.69	4.64	2.95	12.35	5.08	4.22	6.44	-6.18	6.86	-1.63	-14.28
Operating Cash Flow Less CapEx to Interest Expense	4.14	4.12	2.38	11.70	4.31	3.76	5.11	-11.65	3.17	-4.48	-16.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.68	0.58	0.57	0.52	0.49	0.48	0.51	0.53	0.56	0.59
Accounts Receivable Turnover	4.11	4.56	4.28	3.99	3.43	3.24	3.79	3.60	3.71	3.80	4.81
Inventory Turnover	4.22	5.10	4.77	4.81	4.19	4.73	4.23	4.54	4.35	4.23	3.24
Fixed Asset Turnover	23.01	23.45	21.28	19.30	16.63	15.05	13.82	11.62	11.24	11.66	12.02
Accounts Payable Turnover	15.78	26.86	16.89	19.04	13.15	14.94	12.02	11.69	9.51	7.27	6.65
Days Sales Outstanding (DSO)	88.84	80.08	85.31	91.53	106.43	112.58	96.20	101.46	98.51	95.96	75.81
Days Inventory Outstanding (DIO)	86.50	71.52	76.46	75.86	87.19	77.19	86.39	80.37	83.99	86.19	112.82
Days Payable Outstanding (DPO)	23.13	13.59	21.61	19.17	27.75	24.43	30.37	31.23	38.39	50.18	54.90
Cash Conversion Cycle (CCC)	152.22	138.01	140.17	148.21	165.87	165.34	152.22	150.60	144.11	131.98	133.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	706	704	707	688	676	675	665	702	708	729	782
Invested Capital Turnover	0.91	0.79	0.66	0.64	0.61	0.58	0.57	0.58	0.63	0.68	0.74
Increase / (Decrease) in Invested Capital	417	172	-28	-46	-30	-29	-42	14	32	54	116
Enterprise Value (EV)	3,283	2,801	2,055	1,207	1,066	1,040	661	838	1,357	1,552	1,282
Market Capitalization	3,101	2,643	1,901	1,063	935	922	554	710	1,239	1,423	1,102
Book Value per Share	$3.09	$3.20	$3.25	$3.20	$3.27	$3.34	$3.35	$3.44	$3.52	$3.58	$3.59
Tangible Book Value per Share	$2.38	$2.51	$2.57	$2.52	$2.59	$2.67	$2.69	$2.80	$2.89	$2.97	$2.99
Total Capital	715	726	723	691	687	699	701	707	716	737	783
Total Debt	190	181	169	147	142	142	142	132	127	137	182
Total Long-Term Debt	188	179	169	147	142	142	142	132	127	137	182
Net Debt	181	159	154	144	131	118	106	127	118	129	180
Capital Expenditures (CapEx)	3.27	2.94	2.48	2.00	2.38	1.53	3.21	12	10	7.16	7.65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	123	114	114	96	88	84	72	104	101	123	172
Debt-free Net Working Capital (DFNWC)	132	137	129	99	99	107	107	109	109	131	174
Net Working Capital (NWC)	130	135	129	99	99	107	107	109	109	131	174
Net Nonoperating Expense (NNE)	2.43	3.61	2.88	2.33	-0.57	1.60	-0.32	-0.80	2.10	2.22	5.70
Net Nonoperating Obligations (NNO)	181	159	154	144	131	118	106	127	118	129	180
Total Depreciation and Amortization (D&A)	2.99	3.92	5.63	3.33	3.31	3.45	3.44	3.49	3.52	3.99	4.26
Debt-free, Cash-free Net Working Capital to Revenue	27.06%	23.28%	23.94%	21.07%	20.76%	21.02%	18.48%	25.99%	23.21%	25.93%	32.18%
Debt-free Net Working Capital to Revenue	29.09%	27.93%	27.15%	21.77%	23.39%	26.91%	27.64%	27.16%	25.19%	27.47%	32.54%
Net Working Capital to Revenue	28.65%	27.52%	27.15%	21.77%	23.39%	26.91%	27.64%	27.16%	25.19%	27.47%	32.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.12)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00
Adjusted Weighted Average Basic Shares Outstanding	339.93M	328.33M	170.28M	169.99M	167.32M	337.14M	166.96M	167.29M	167.37M	167.26M	167.56M
Adjusted Diluted Earnings per Share	($0.12)	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	339.93M	329.01M	170.51M	170.10M	167.38M	337.45M	166.96M	167.56M	168.75M	168.38M	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	170.06M	170.33M	170.42M	166.65M	166.70M	166.99M	167.17M	0.00	167.39M	167.45M	167.77M
Normalized Net Operating Profit after Tax (NOPAT)	-7.40	20	7.66	14	3.17	9.42	3.02	11	14	10	9.08
Normalized NOPAT Margin	-5.51%	15.48%	8.43%	14.24%	3.10%	8.80%	3.76%	9.47%	10.30%	6.97%	6.46%
Pre Tax Income Margin	-12.27%	20.06%	7.95%	15.64%	1.41%	12.79%	2.51%	15.31%	11.69%	9.21%	-0.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.79	5.59	2.66	6.07	1.47	4.97	1.79	7.15	6.59	6.93	2.66
NOPAT to Interest Expense	-1.25	3.54	1.76	4.61	-0.27	2.84	-0.25	5.84	4.94	4.12	1.86
EBIT Less CapEx to Interest Expense	-2.35	5.08	2.09	5.41	0.70	4.51	0.46	1.69	2.90	4.08	0.02
NOPAT Less CapEx to Interest Expense	-1.81	3.03	1.19	3.96	-1.04	2.38	-1.58	0.38	1.25	1.27	-0.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1.82%	6.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1.82%	8.88%	0.00%	113.12%	80.54%	104.99%	0.00%	0.47%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are notable trends for Shoals Technologies Group (SHLS) based on the last four years of quarterly results. The highlights focus on revenue and profitability trends, balance-sheet changes, and cash-flow dynamics that may impact investors.

Revenue growth in 2025 Q4: revenue reached $148.325 million, up from $106.987 million in 2024 Q4 (approximately +39% YoY).
Profitability in the latest quarter: 2025 Q4 net income attributable to common shareholders was $8.122 million, up from $7.818 million in 2024 Q4.
Debt reduction in the latest year: long-term debt declined to $126.75 million in 2025 Q3 from $141.75 million in 2024 Q3, improving leverage.
Balance-sheet strength: total equity rose to about $589.64 million in 2025 Q3, up from roughly $569.64 million in 2024, signaling growing equity backing.
Operating cash flow has shown volatility: 2025 Q4 cash flow from continuing operating activities was negative $4.09 million, after a positive $19.42 million in 2025 Q3, reflecting working capital swings.
Gross margin trend has cooled over the period: 2025 Q4 gross margin was about 31.6%, down from 37.6% in 2024 Q4 and well below 42%+ levels seen in 2023, indicating margin compression in the recent year.
2024 Q4 revenue decline vs 2023 Q4: revenue fell to $106.99 million from $130.44 million in 2023 Q4 (roughly -18%), signaling a downturn that preceded the 2025 rebound.
2025 Q4 gross margin compression: despite higher revenue, gross margin declined to ~31.6% in 2025 Q4 from ~37.6% in 2024 Q4, suggesting margin pressure persists.
Q1 2025 saw a quarterly loss: net income attributable to common shareholders was negative at about $0.28 million, indicating a softer start to the year before improving later in 2025.

05/08/26 10:54 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Shoals Technologies Group's Financials

When does Shoals Technologies Group's financial year end?

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

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

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.

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

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

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%.

How much debt does Shoals Technologies Group have?

Shoals Technologies Group's total liabilities were at $304.13 million at the end of 2025, a 28.7% increase from 2024, and a 19.8% decrease since 2020.

How much cash does Shoals Technologies Group have?

In the past 5 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 $7.32 million as of their latest financial filing in 2025.

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

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 5/7/2026 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

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Quarterly Metrics And Ratios for Shoals Technologies Group

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