Shoals Technologies Group, Inc. SHLS

Technology SIC 3674 - Semiconductors & Related Devices NAICS Manufacturing › Computer and Electronic Product Manufacturing › Semiconductor and Other Electronic Component Manufacturing › Semiconductor and Related Device Manufacturing derived Nasdaq

Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission‑critical applications across solar photovoltaic (PV), BESS, and data center power systems. Our solutions also support original equipment manufacturers ("OEMs"). Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability at scale.

In the solar industry, electrical infrastructure is referred to as electrical balance of systems (EBOS). EBOS encompasses all of the components that are necessary to carry the electric current produced by solar panels or stored by a BESS solution to an inverter and ultimately to the power grid. We refer to complete EBOS solutions that use products manufactured by us, typically in connection with the design and specification of an entire EBOS system, as "system solutions". When we sell one of our patented system solutions, we work closely with our customers to design, specify and engineer a complete EBOS solution tailored to their project. The result is a customized system that maximizes reliability and energy production while minimizing cost and accelerating installation.

Last close 7.58 2026-10-23
Market cap $1.27B estimated share count
52-week range 5.43 - 13.18

Valuation FY2025 figures against the last close

P/S2.7x
P/E37.9x
P/FCF—
EV/EBITDA18.1x
Dividend yield—
Diluted EPS0.20

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $475.3M$399.2M$488.9M$326.9M$213.2M$175.5M$144.5M—
Cost of revenue $308.8M$257.2M$320.6M$195.6M$130.6M$109.0M$100.3M—
Gross profit $166.5M$142.0M$168.3M$131.3M$82.6M$66.5M$44.2M—
SG&A $101.5M$82.3M$80.7M$55.9M$37.9M$21.0M$9.1M—
Total operating expenses $110.1M$90.8M$89.3M$65.0M$46.4M$29.3M$17.3M—
Operating income $56.4M$51.2M$79.0M$66.3M$36.2M$37.3M$26.9M—
Interest expense $10.0M$13.8M$24.1M$18.5M$14.5M$3.5M$1.8M—
Pre-tax income $48.5M$37.9M$54.9M$152.0M$4.0M$33.8M$25.1M—
Income tax $14.9M$13.7M$12.3M$9.0M$86.0K$0$0—
Net income $33.6M$24.1M$40.0M$127.6M$2.3M$33.8M$25.1M—
EPS, basic 0.200.140.241.110.00———
EPS, diluted 0.200.140.240.850.00———
Shares, diluted (wtd. avg.) 168.4M168.7M164.5M167.6M99.3M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $7.3M$23.5M$22.7M$8.8M$9.6M$10.1M$7.1M$108.0K
Receivables $128.8M$78.2M$107.1M$50.6M$31.5M$27.0M——
Inventory $89.9M$56.0M$52.8M$72.9M$38.4M$15.1M——
Total current assets $257.9M$188.4M$227.2M$153.5M$93.4M$56.1M——
Property, plant and equipment $53.3M$28.2M$24.8M$16.9M$15.6M$12.8M——
Goodwill $69.9M$69.9M$69.9M$69.9M$69.4M$50.2M$50.2M—
Other intangibles $33.5M$41.1M$48.7M$56.6M$65.2M$72.0M——
Total assets $904.1M$793.1M$844.0M$594.9M$426.4M$195.3M——
Accounts payable $64.9M$20.0M$14.4M$9.5M$20.0M$14.6M——
Short-term debt —$0$2.0M$2.0M$2.0M$3.5M——
Total current liabilities $127.3M$80.9M$92.6M$52.6M$31.6M$24.1M——
Long-term debt —$141.8M$179.4M$237.1M$245.1M$355.3M——
Total liabilities $304.1M$236.3M$299.0M$293.9M$433.9M$379.4M——
Retained earnings $132.2M$98.6M$74.5M$34.5M-$93.1M———
Total equity $600.0M$556.8M$545.0M$301.0M-$7.5M-$184.1M$149.9M—

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow $17.1M$80.4M$92.0M$39.5M-$4.1M$54.1M$36.2M—
Depreciation and amortisation $13.8M$12.6M$10.5M$10.5M$10.1M$9.4M$9.2M—
Stock-based compensation $9.9M$14.2M$20.9M$16.1M$11.3M$8.3M$0—
Capital expenditure $33.0M$8.4M$10.6M$3.2M$4.1M$3.2M$1.7M—
Investing cash flow -$28.0M-$8.4M-$10.8M-$3.7M-$17.0M-$3.2M-$1.7M—
Financing cash flow -$5.3M-$71.2M-$67.2M-$36.6M$20.6M-$47.9M-$27.5M—
Buybacks $0$25.3M$0$0————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001831651-26-000021.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M Revenue, FY2019: 144.5M Gross profit, FY2019: 44.2M Net income, FY2019: 25.1M Revenue, FY2020: 175.5M Gross profit, FY2020: 66.5M Net income, FY2020: 33.8M Revenue, FY2021: 213.2M Gross profit, FY2021: 82.6M Net income, FY2021: 2.3M Revenue, FY2022: 326.9M Gross profit, FY2022: 131.3M Net income, FY2022: 127.6M Revenue, FY2023: 488.9M Gross profit, FY2023: 168.3M Net income, FY2023: 40M Revenue, FY2024: 399.2M Gross profit, FY2024: 142M Net income, FY2024: 24.1M Revenue, FY2025: 475.3M Gross profit, FY2025: 166.5M Net income, FY2025: 33.6M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $144.5M $175.5M $213.2M $326.9M $488.9M $399.2M $475.3M
Gross profit — $44.2M $66.5M $82.6M $131.3M $168.3M $142.0M $166.5M
Net income — $25.1M $33.8M $2.3M $127.6M $40.0M $24.1M $33.6M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed Item 1.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • New debt or obligation Item 2.03
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 3674

TickerCompanyMarket capP/ERevenue growth
NVDA NVIDIA CORP $5.08T 43.1x 65.5%
AVGO Broadcom Inc. $1.53T 67.4x 23.9%
MU MICRON TECHNOLOGY INC $991.10B 115.6x 48.9%
AMD ADVANCED MICRO DEVICES INC $843.65B 195.0x 34.3%
INTC INTEL CORP $438.63B — -0.5%
AMAT APPLIED MATERIALS INC /DE $299.38B 43.6x 4.4%
TXN TEXAS INSTRUMENTS INC $259.99B 52.2x 13.0%
MRVL Marvell Technology, Inc. $200.38B 74.4x 42.1%