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

$7.95 +0.27 (+3.52%)

Closing price 04:00 PM Eastern

Extended Trading

$7.92 -0.04 (-0.44%)

As of 05:44 PM 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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12
Consolidated Net Income / (Loss)	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12
Net Income / (Loss) Continuing Operations	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12
Total Pre-Tax Income	26	7.22	16	1.44	14	2.02	17	16	14	-0.39	15
Total Operating Income	32	12	19	4.52	16	4.31	16	19	17	7.72	19
Total Gross Profit	55	36	40	25	40	28	41	50	47	41	50
Total Revenue	130	91	99	102	107	80	111	136	148	141	163
Operating Revenue	130	91	99	102	107	80	111	136	148	141	163
Total Cost of Revenue	75	54	59	77	67	52	70	86	101	100	114
Operating Cost of Revenue	75	54	59	77	67	52	70	86	101	100	114
Total Operating Expenses	24	25	21	21	24	24	22	32	31	39	31
Selling, General & Admin Expense	21	23	19	19	22	22	23	29	27	31	28
Depreciation Expense	2.06	2.10	2.20	2.11	2.18	2.14	2.14	2.16	2.17	2.28	2.34
Other Special Charges / (Income)	-	-	0.00	0.00	-	0.00	-3.13	0.01	-	5.25	0.00
Total Other Income / (Expense), net	-5.70	-4.36	-3.06	-3.09	-2.80	-2.30	-2.16	-2.79	-2.45	-2.85	-3.23
Interest Expense	5.70	4.48	3.27	3.17	3.31	2.42	2.24	2.83	2.51	2.90	3.47
Interest & Investment Income	-	0.11	0.20	0.09	-	0.12	0.08	0.04	0.07	0.06	0.27
Other Income / (Expense), net	-	-	-	-	-	0.00	0.00	-	-	-0.01	-0.02
Income Tax Expense	9.59	2.45	3.72	1.70	5.87	2.30	3.12	3.99	5.54	-0.09	3.36
Basic Earnings per Share	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00	$0.07
Weighted Average Basic Shares Outstanding	328.33M	170.28M	169.99M	167.32M	337.14M	166.96M	167.29M	167.37M	167.26M	167.56M	168.06M
Diluted Earnings per Share	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00	$0.07
Weighted Average Diluted Shares Outstanding	329.01M	170.51M	170.10M	167.38M	337.45M	166.96M	167.56M	168.75M	168.38M	167.56M	170.02M
Weighted Average Basic & Diluted Shares Outstanding	170.33M	170.42M	166.65M	166.70M	166.99M	167.17M	0.00	167.39M	167.45M	167.77M	168.30M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	13	-7.47	-12	7.92	12	12	-31	3.90	-1.27	-5.44	14
Net Cash From Operating Activities	26	13	38	16	14	16	-14	19	-4.09	-41	6.81
Net Cash From Continuing Operating Activities	26	13	38	16	14	16	-14	19	-4.09	-41	6.81
Net Income / (Loss) Continuing Operations	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12
Consolidated Net Income / (Loss)	17	4.77	12	-0.27	7.82	-0.28	14	12	8.12	-0.30	12
Depreciation Expense	2.79	3.00	3.18	3.15	3.29	3.29	3.34	3.36	3.83	4.10	4.63
Amortization Expense	1.13	2.63	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16
Non-Cash Adjustments To Reconcile Net Income	-8.13	4.40	6.48	13	-16	3.76	-11	-7.14	-16	8.85	0.98
Changes in Operating Assets and Liabilities, net	14	-1.95	16	-0.30	19	8.64	-20	11	-0.19	-54	-11
Net Cash From Investing Activities	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21	-7.13	-10	-7.16	-7.65	-7.02
Net Cash From Continuing Investing Activities	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21	-7.13	-10	-7.16	-7.65	-7.02
Purchase of Property, Plant & Equipment	-2.94	-2.48	-2.00	-2.38	-1.53	-3.21	-12	-10	-7.16	-7.65	-7.02
Net Cash From Financing Activities	-10	-18	-48	-5.41	-0.05	-0.25	-9.97	-5.07	9.98	44	14
Net Cash From Continuing Financing Activities	-10	-18	-48	-5.41	-0.05	-0.25	-9.97	-5.07	9.98	44	14
Issuance of Debt	40	144	5.00	-	-	20	10	20	10	45	15
Other Financing Activities, net	-0.03	-0.82	-0.05	-0.31	-0.05	-0.25	0.03	-0.07	-0.02	-1.35	-0.95
Cash Interest Paid	5.72	7.30	3.27	2.89	2.84	2.28	1.98	2.50	2.36	2.59	3.04
Cash Income Taxes Paid	0.33	0.06	0.06	-0.01	0.00	-0.03	-0.18	-	-	-0.01	-0.94

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	809	819	840	825	788	801	788	795	852	1,031	1,017
Total Current Assets	183	200	214	208	177	191	188	190	201	383	369
Cash & Equivalents	6.46	5.86	9.22	15	3.19	11	36	4.69	8.59	1.88	16
Accounts Receivable	95	119	137	127	109	109	78	113	125	144	157
Inventories, net	74	68	61	60	60	66	61	57	60	159	185
Other Current Assets	8.09	7.18	6.66	6.87	4.78	4.72	13	15	7.09	77	12
Plant, Property, & Equipment, net	18	20	23	26	27	28	30	42	49	59	63
Total Noncurrent Assets	607	599	603	591	584	582	571	563	601	589	584
Goodwill	70	70	70	70	70	70	70	70	70	70	70
Intangible Assets	55	53	51	47	45	43	39	37	35	32	30
Noncurrent Deferred & Refundable Income Taxes	476	470	477	466	462	460	452	448	444	438	435
Other Noncurrent Operating Assets	6.07	5.70	5.54	8.20	7.76	9.55	9.64	8.11	52	50	50
Total Liabilities & Shareholders' Equity	809	819	840	825	788	801	788	795	852	1,031	1,017
Total Liabilities	303	289	316	271	244	256	229	220	262	429	400
Total Current Liabilities	65	77	84	80	78	92	80	81	92	208	164
Accounts Payable	22	16	17	16	16	24	27	29	34	80	66
Accrued Expenses	17	28	39	42	41	48	38	32	32	28	39
Current Deferred Revenue	23	31	27	22	21	21	15	20	26	30	55
Other Current Liabilities	-	-	-	-	-	-	-	-	-	70	4.50
Total Noncurrent Liabilities	238	212	231	192	166	164	149	138	170	221	235
Long-Term Debt	234	209	188	169	147	142	142	132	127	182	197
Other Noncurrent Operating Liabilities	3.92	3.62	43	23	19	22	7.46	6.46	44	39	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	506	529	525	554	545	545	559	575	590	602	617
Total Preferred & Common Equity	506	529	525	554	545	545	559	575	590	602	617
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	506	529	525	554	545	545	559	575	590	602	617
Common Stock	457	462	467	475	469	480	486	489	491	495	498
Retained Earnings	49	68	58	79	91	91	98	112	124	132	144
Treasury Stock	-	-	-	-	-15	-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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	167,450,324.00	167,771,817.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	167,450,324.00	167,771,817.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.00	0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.81%	-13.59%	-16.74%	-23.88%	-17.98%	-11.50%	11.68%	32.93%	38.64%	74.91%	47.39%
EBITDA Growth	36.47%	-40.56%	-36.59%	203.33%	-44.30%	-54.94%	-11.07%	183.35%	7.32%	54.31%	20.53%
EBIT Growth	36.35%	-55.62%	-41.27%	142.80%	-48.28%	-62.78%	-13.90%	312.71%	5.59%	78.80%	16.90%
NOPAT Growth	-11.05%	-65.27%	-40.68%	88.63%	-53.38%	-107.88%	-7.58%	1,761.71%	9.86%	995.26%	12.29%
Net Income Growth	-85.98%	-71.89%	-37.63%	97.28%	-52.85%	-105.91%	17.40%	4,549.06%	3.89%	-5.32%	-12.39%
EPS Growth	-49.23%	-70.00%	-36.36%	100.00%	-45.45%	-100.00%	14.29%	0.00%	25.00%	0.00%	-12.50%
Operating Cash Flow Growth	-23.21%	29.73%	35.53%	-43.27%	-47.11%	20.98%	-136.52%	23.68%	-129.22%	-366.41%	149.26%
Free Cash Flow Firm Growth	44.44%	108.18%	113.81%	106.85%	125.03%	17.39%	-102.10%	-161.77%	-215.51%	-365.55%	-6,316.25%
Invested Capital Growth	32.46%	-3.80%	-6.27%	-4.24%	-4.08%	-6.00%	2.08%	4.73%	8.05%	17.51%	13.63%
Revenue Q/Q Growth	-2.81%	-30.38%	9.30%	2.94%	4.72%	-24.89%	37.93%	22.52%	9.22%	-5.24%	16.23%
EBITDA Q/Q Growth	572.20%	-51.91%	27.32%	-64.27%	154.54%	-61.09%	151.30%	13.86%	-3.59%	-44.06%	96.27%
EBIT Q/Q Growth	401.49%	-63.65%	60.40%	-75.65%	264.35%	-73.84%	271.01%	16.71%	-6.79%	-55.70%	142.57%
NOPAT Q/Q Growth	372.90%	-62.08%	84.55%	-105.95%	1,219.29%	-106.41%	2,264.15%	7.03%	-26.00%	-47.77%	171.44%
Net Income Q/Q Growth	268.72%	-71.21%	147.21%	-102.26%	3,028.09%	-103.61%	5,013.12%	-14.26%	-31.63%	-103.66%	4,186.87%
EPS Q/Q Growth	650.00%	-92.31%	133.33%	-100.00%	0.00%	-100.00%	0.00%	-12.50%	-28.57%	-100.00%	0.00%
Operating Cash Flow Q/Q Growth	-4.43%	-51.37%	194.25%	-58.51%	-10.90%	11.22%	-188.84%	240.49%	-121.05%	-914.14%	116.43%
Free Cash Flow Firm Q/Q Growth	64.16%	123.40%	68.82%	-51.59%	30.90%	9.73%	-103.02%	-1,322.60%	-144.78%	-152.26%	26.96%
Invested Capital Q/Q Growth	-0.29%	0.53%	-2.73%	-1.79%	-0.12%	-1.48%	5.62%	0.76%	3.05%	7.15%	2.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.46%	40.15%	40.30%	24.84%	37.56%	35.02%	37.17%	37.00%	31.63%	29.18%	30.31%
EBITDA Margin	27.44%	18.95%	22.08%	7.67%	18.63%	9.65%	17.58%	16.34%	14.42%	8.51%	14.38%
Operating Margin	24.43%	12.76%	18.72%	4.43%	15.41%	5.37%	14.43%	13.75%	11.73%	5.49%	11.46%
EBIT Margin	24.43%	12.76%	18.72%	4.43%	15.41%	5.37%	14.43%	13.75%	11.73%	5.49%	11.45%
Profit (Net Income) Margin	12.71%	5.26%	11.89%	-0.26%	7.31%	-0.35%	12.50%	8.75%	5.48%	-0.21%	7.43%
Tax Burden Percent	63.36%	66.10%	76.05%	-18.59%	57.12%	-14.00%	81.63%	74.82%	59.48%	76.94%	78.33%
Interest Burden Percent	82.11%	62.34%	83.52%	31.74%	83.04%	46.73%	106.09%	85.04%	78.45%	-5.01%	82.86%
Effective Tax Rate	36.64%	33.90%	23.95%	118.59%	42.88%	114.00%	18.37%	25.14%	40.57%	0.00%	21.67%
Return on Invested Capital (ROIC)	12.26%	5.55%	9.10%	-0.50%	5.10%	-0.43%	6.78%	6.46%	4.72%	2.85%	7.03%
ROIC Less NNEP Spread (ROIC-NNEP)	10.40%	4.04%	7.77%	-0.14%	3.94%	-0.18%	7.37%	4.77%	2.93%	-1.14%	5.39%
Return on Net Nonoperating Assets (RNNOA)	4.78%	1.46%	2.52%	-0.04%	0.99%	-0.04%	1.78%	1.05%	0.63%	-0.28%	1.39%
Return on Equity (ROE)	17.04%	7.01%	11.62%	-0.54%	6.09%	-0.47%	8.57%	7.50%	5.35%	2.57%	8.43%
Cash Return on Invested Capital (CROIC)	-17.99%	10.35%	11.67%	10.63%	8.89%	9.92%	1.62%	0.88%	-2.19%	-10.08%	-6.82%
Operating Return on Assets (OROA)	16.61%	7.41%	10.59%	2.28%	7.51%	2.59%	7.30%	7.22%	6.57%	3.23%	7.43%
Return on Assets (ROA)	8.64%	3.05%	6.73%	-0.13%	3.56%	-0.17%	6.32%	4.59%	3.07%	-0.12%	4.82%
Return on Common Equity (ROCE)	16.85%	7.01%	11.62%	-0.54%	6.09%	-0.47%	8.57%	7.50%	5.35%	2.57%	8.43%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.50%	4.28%	6.03%	0.00%	3.41%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	20	7.66	14	-0.84	9.42	-0.60	13	14	10	5.40	15
NOPAT Margin	15.48%	8.43%	14.24%	-0.82%	8.80%	-0.75%	11.78%	10.29%	6.97%	3.84%	8.98%
Net Nonoperating Expense Percent (NNEP)	1.86%	1.51%	1.34%	-0.37%	1.15%	-0.25%	-0.59%	1.69%	1.79%	3.99%	1.64%
Return On Investment Capital (ROIC_SIMPLE)	2.78%	-	-	-	1.35%	-0.09%	1.85%	1.95%	1.40%	0.69%	1.80%
Cost of Revenue to Revenue	57.54%	59.85%	59.70%	75.16%	62.44%	64.98%	62.83%	63.00%	68.37%	70.82%	69.69%
SG&A Expenses to Revenue	16.45%	25.08%	19.36%	18.35%	20.12%	26.99%	20.81%	21.67%	18.44%	22.07%	17.42%
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	18.02%	27.39%	21.58%	20.41%	22.15%	29.65%	19.91%	23.26%	20.77%	27.42%	18.85%
Earnings before Interest and Taxes (EBIT)	32	12	19	4.52	16	4.31	16	19	17	7.71	19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	36	17	22	7.83	20	7.76	19	22	21	12	23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.85	3.43	1.95	1.71	1.66	0.99	1.23	2.10	2.37	1.83	2.69
Price to Tangible Book Value (P/TBV)	6.20	4.35	2.47	2.16	2.07	1.23	1.52	2.56	2.87	2.20	3.21
Price to Revenue (P/Rev)	5.41	4.01	2.34	2.21	2.31	1.43	1.77	2.85	2.99	2.06	2.82
Price to Earnings (P/E)	66.11	62.43	45.58	28.42	38.21	29.07	33.63	37.23	42.38	32.83	52.16
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	1.51%	1.60%	2.19%	3.52%	2.62%	3.44%	2.97%	2.69%	2.36%	3.05%	1.92%
Enterprise Value to Invested Capital (EV/IC)	3.98	2.90	1.75	1.58	1.54	0.99	1.19	1.92	2.13	1.64	2.31
Enterprise Value to Revenue (EV/Rev)	5.73	4.33	2.65	2.52	2.61	1.70	2.09	3.13	3.27	2.39	3.13
Enterprise Value to EBITDA (EV/EBITDA)	30.54	25.69	17.92	12.88	15.55	11.50	15.23	19.56	21.92	17.08	23.31
Enterprise Value to EBIT (EV/EBIT)	35.45	31.85	23.45	16.01	20.33	15.05	20.27	24.47	27.54	21.44	29.48
Enterprise Value to NOPAT (EV/NOPAT)	45.64	43.98	32.61	24.50	31.90	25.77	32.73	35.69	39.78	29.46	41.31
Enterprise Value to Operating Cash Flow (EV/OCF)	30.47	21.65	11.51	11.48	12.94	7.95	26.65	38.61	90.95	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	27.51	14.54	14.51	16.97	9.71	74.36	224.13	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.33	0.30	0.27	0.26	0.25	0.25	0.23	0.22	0.23	0.30	0.32
Long-Term Debt to Equity	0.33	0.30	0.27	0.26	0.25	0.25	0.23	0.22	0.23	0.30	0.32
Financial Leverage	0.46	0.36	0.32	0.29	0.25	0.23	0.24	0.22	0.21	0.25	0.26
Leverage Ratio	1.70	1.54	1.50	1.53	1.49	1.45	1.41	1.46	1.47	1.57	1.52
Compound Leverage Factor	1.40	0.96	1.25	0.49	1.23	0.68	1.50	1.24	1.15	-0.08	1.26
Debt to Total Capital	24.98%	23.35%	21.23%	20.63%	20.29%	20.23%	18.63%	17.69%	18.56%	23.20%	24.17%
Short-Term Debt to Total Capital	0.28%	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	24.70%	23.35%	21.23%	20.63%	20.29%	20.23%	18.63%	17.69%	18.56%	23.20%	24.17%
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	75.02%	76.65%	78.77%	79.37%	79.71%	79.77%	81.37%	82.31%	81.44%	76.80%	75.83%
Debt to EBITDA	1.98	2.11	2.18	1.71	2.12	2.47	2.40	1.83	1.93	2.42	2.49
Net Debt to EBITDA	1.73	1.92	2.13	1.58	1.77	1.85	2.31	1.70	1.83	2.40	2.29
Long-Term Debt to EBITDA	1.96	2.11	2.18	1.71	2.12	2.47	2.40	1.83	1.93	2.42	2.49
Debt to NOPAT	2.96	3.61	3.97	3.26	4.35	5.53	5.15	3.33	3.50	4.18	4.41
Net Debt to NOPAT	2.59	3.29	3.88	3.00	3.63	4.14	4.97	3.11	3.32	4.13	4.06
Long-Term Debt to NOPAT	2.92	3.61	3.97	3.26	4.35	5.53	5.15	3.33	3.50	4.18	4.41
Altman Z-Score	6.32	5.15	3.58	3.04	3.25	2.30	2.87	3.77	3.77	2.47	3.57
Noncontrolling Interest Sharing Ratio	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.45	2.62	2.26	2.08	2.33	2.34	2.34	2.19	2.03	1.84	2.25
Quick Ratio	1.83	1.78	1.44	1.31	1.51	1.42	1.45	1.46	1.24	0.70	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-152	36	60	29	38	42	-1.26	-18	-44	-111	-81
Operating Cash Flow to CapEx	900.78%	517.92%	1,890.16%	660.45%	913.65%	484.82%	-113.09%	185.83%	-57.05%	-541.95%	97.05%
Free Cash Flow to Firm to Interest Expense	-26.71	8.17	19.63	9.43	11.50	17.32	-0.57	-6.35	-17.53	-38.25	-23.35
Operating Cash Flow to Interest Expense	4.64	2.95	12.35	5.08	4.22	6.44	-6.18	6.86	-1.63	-14.28	1.96
Operating Cash Flow Less CapEx to Interest Expense	4.12	2.38	11.70	4.31	3.76	5.11	-11.65	3.17	-4.48	-16.91	-0.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.58	0.57	0.52	0.49	0.48	0.51	0.53	0.56	0.59	0.65
Accounts Receivable Turnover	4.56	4.28	3.99	3.43	3.24	3.79	3.60	3.71	3.80	4.81	4.35
Inventory Turnover	5.10	4.77	4.81	4.19	4.73	4.23	4.54	4.35	4.23	3.24	3.31
Fixed Asset Turnover	23.45	21.28	19.30	16.63	15.05	13.82	11.62	11.24	11.66	12.02	11.18
Accounts Payable Turnover	26.86	16.89	19.04	13.15	14.94	12.02	11.69	9.51	7.27	6.65	8.41
Days Sales Outstanding (DSO)	80.08	85.31	91.53	106.43	112.58	96.20	101.46	98.51	95.96	75.81	83.99
Days Inventory Outstanding (DIO)	71.52	76.46	75.86	87.19	77.19	86.39	80.37	83.99	86.19	112.82	110.14
Days Payable Outstanding (DPO)	13.59	21.61	19.17	27.75	24.43	30.37	31.23	38.39	50.18	54.90	43.41
Cash Conversion Cycle (CCC)	138.01	140.17	148.21	165.87	165.34	152.22	150.60	144.11	131.98	133.73	150.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	704	707	688	676	675	665	702	708	729	782	798
Invested Capital Turnover	0.79	0.66	0.64	0.61	0.58	0.57	0.58	0.63	0.68	0.74	0.78
Increase / (Decrease) in Invested Capital	172	-28	-46	-30	-29	-42	14	32	54	116	96
Enterprise Value (EV)	2,801	2,055	1,207	1,066	1,040	661	838	1,357	1,552	1,282	1,842
Market Capitalization	2,643	1,901	1,063	935	922	554	710	1,239	1,423	1,102	1,661
Book Value per Share	$3.20	$3.25	$3.20	$3.27	$3.34	$3.35	$3.44	$3.52	$3.58	$3.59	$3.68
Tangible Book Value per Share	$2.51	$2.57	$2.52	$2.59	$2.67	$2.69	$2.80	$2.89	$2.97	$2.99	$3.09
Total Capital	726	723	691	687	699	701	707	716	737	783	814
Total Debt	181	169	147	142	142	142	132	127	137	182	197
Total Long-Term Debt	179	169	147	142	142	142	132	127	137	182	197
Net Debt	159	154	144	131	118	106	127	118	129	180	181
Capital Expenditures (CapEx)	2.94	2.48	2.00	2.38	1.53	3.21	12	10	7.16	7.65	7.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)	114	114	96	88	84	72	104	101	123	172	189
Debt-free Net Working Capital (DFNWC)	137	129	99	99	107	107	109	109	131	174	205
Net Working Capital (NWC)	135	129	99	99	107	107	109	109	131	174	205
Net Nonoperating Expense (NNE)	3.61	2.88	2.33	-0.57	1.60	-0.32	-0.80	2.10	2.22	5.70	2.53
Net Nonoperating Obligations (NNO)	159	154	144	131	118	106	127	118	129	180	181
Total Depreciation and Amortization (D&A)	3.92	5.63	3.33	3.31	3.45	3.44	3.49	3.52	3.99	4.26	4.79
Debt-free, Cash-free Net Working Capital to Revenue	23.28%	23.94%	21.07%	20.76%	21.02%	18.48%	25.99%	23.21%	25.93%	32.18%	32.18%
Debt-free Net Working Capital to Revenue	27.93%	27.15%	21.77%	23.39%	26.91%	27.64%	27.16%	25.19%	27.47%	32.54%	34.86%
Net Working Capital to Revenue	27.52%	27.15%	21.77%	23.39%	26.91%	27.64%	27.16%	25.19%	27.47%	32.54%	34.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00	$0.07
Adjusted Weighted Average Basic Shares Outstanding	328.33M	170.28M	169.99M	167.32M	337.14M	166.96M	167.29M	167.37M	167.26M	167.56M	168.06M
Adjusted Diluted Earnings per Share	$0.33	$0.03	$0.07	$0.00	$0.18	$0.00	$0.08	$0.07	$0.05	$0.00	$0.07
Adjusted Weighted Average Diluted Shares Outstanding	329.01M	170.51M	170.10M	167.38M	337.45M	166.96M	167.56M	168.75M	168.38M	167.56M	170.02M
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	170.33M	170.42M	166.65M	166.70M	166.99M	167.17M	0.00	167.39M	167.45M	167.77M	168.30M
Normalized Net Operating Profit after Tax (NOPAT)	20	7.66	14	3.17	9.42	3.02	11	14	10	9.08	15
Normalized NOPAT Margin	15.48%	8.43%	14.24%	3.10%	8.80%	3.76%	9.47%	10.30%	6.97%	6.46%	8.98%
Pre Tax Income Margin	20.06%	7.95%	15.64%	1.41%	12.79%	2.51%	15.31%	11.69%	9.21%	-0.27%	9.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.59	2.66	6.07	1.47	4.97	1.79	7.15	6.59	6.93	2.66	5.38
NOPAT to Interest Expense	3.54	1.76	4.61	-0.27	2.84	-0.25	5.84	4.94	4.12	1.86	4.22
EBIT Less CapEx to Interest Expense	5.08	2.09	5.41	0.70	4.51	0.46	1.69	2.90	4.08	0.02	3.36
NOPAT Less CapEx to Interest Expense	3.03	1.19	3.96	-1.04	2.38	-1.58	0.38	1.25	1.27	-0.77	2.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	6.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	8.88%	0.00%	113.12%	80.54%	104.99%	0.00%	0.47%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Shoals Technologies Group’s latest quarter shows a business that is still generating solid revenue, but profitability and cash flow weakened sharply versus the prior quarter and the same period a year ago. The company’s balance sheet also looks more leveraged than it did earlier in 2025, even though liquidity remains adequate for now.

Revenue in Q1 2026 increased to $140.6 million, up from $135.8 million in Q3 2025, showing the top line is still growing.
Gross profit was $41.0 million, which kept gross margin near 29% and suggests the company still has meaningful pricing power or product mix support.
Operating cash flow was negative, but the company still generated $8.9 million in non-cash adjustments, indicating earnings pressure was partly offset by depreciation and other non-cash items.
Total common equity remained strong at $601.6 million, providing a sizable equity base relative to liabilities.
The company continued to invest in the business, spending $7.6 million on property, plant and equipment during the quarter.
Q1 2026 included a large deferred tax asset of $438.1 million, which is a major asset on the balance sheet but can be subject to future valuation assumptions.
Deferred revenue and customer-related liabilities remain part of the working-capital profile, which can help support near-term revenue visibility.
Share count was relatively stable, with weighted average diluted shares at 167.6 million, so dilution was not a major issue this quarter.
The company posted a net loss of $297,000 in Q1 2026, down sharply from $11.9 million in net income in Q3 2025.
Operating income fell to just $7.7 million, compared with $18.7 million in Q3 2025, showing significant margin compression.
Cash from operations was a weak negative $41.4 million, versus positive operating cash flow in recent prior quarters.
Working capital movement was a major drag, with negative $54.3 million in changes in operating assets and liabilities.
Long-term debt increased to $181.8 million from $126.8 million at the end of Q3 2025, after the company issued $45 million of debt in the quarter.
Cash and equivalents dropped to just $1.9 million, down from $8.6 million at the end of Q3 2025, leaving a very thin cash cushion.
Current liabilities rose to $208.3 million, while current assets were $382.5 million, so short-term obligations are still manageable but trending higher.

Looking at the broader trend, Shoals has had periods of strong profitability and cash generation, but the last several quarters show a clear deterioration from the stronger results seen in late 2024 and much of 2025. Revenue is holding up, but cost of revenue, interest expense, and working-capital swings are putting pressure on earnings and cash flow.

For retail investors, the key takeaway is that Shoals still has a sizable asset base and continuing sales momentum, but the latest quarter raises questions about margin durability, leverage, and liquidity. If operating cash flow does not recover soon, the balance sheet could become a bigger concern.

08/19/26 04:10 PM 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%.

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.

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.

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 8/4/2026 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 Balance Sheets for Shoals Technologies Group

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Quarterly Metrics And Ratios for Shoals Technologies Group

Financials Breakdown Chart

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Shoals Technologies Group Financials - Frequently Asked Questions

When does Shoals Technologies Group's fiscal year end?

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