Plug Power vs Shoals Technologies Group
Plug Power is the larger business, with $710m of revenue in fiscal 2025 against $475m for Shoals Technologies Group (1.5 times as much). Shoals Technologies Group grew faster (19.1% against 12.9%). Shoals Technologies Group kept more of each dollar of sales as profit: a net margin of 7.1% against -229.8%. Shoals Technologies Group carries less debt relative to equity (22.8% against 44.3%).
| Latest fiscal year | Plug PowerPLUG, 2025 | Shoals Technologies GroupSHLS, 2025 |
|---|---|---|
| Revenue | $710m | $475m |
| Revenue growth | 12.9% | 19.1% |
| Net income | −$1.63bn | $33.6m |
| Operating margin | -206.7% | 11.9% |
| Net margin | -229.8% | 7.1% |
| Return on equity | -120.3% | 5.8% |
| Free cash flow | −$647m | −$16.0m |
| Cash | $369m | $7.3m |
| Total debt | $434m | $137m |
| Debt to equity | 44.3% | 22.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $0 |
| Employees | 2,582 | 1,480 |
| Market value | $1.82bn | $1.29bn |
| Price vs our value range | — | Above our value range |
| Moat score | 12 (Weak) | 44 (Weak) |
| Insider trades, 12 months | 1 buys, 8 sales | 0 buys, 4 sales |