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Shoals Technologies Group, Inc. (SHLS) stock

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NASDAQ: SHLS Nasdaq Electrical Components & Equipment Next results ~November 4, 2026

B Fundamentals grade

Shoals Technologies Group, Inc. is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($2.39) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($2.39) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Shoals Technologies Group, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds141 adding, 127 cuttingOf 48 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Shoals Technologies Group files

Where Shoals Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $588m, up 46.9% on a year earlier, faster than the 37.8% growth a quarter earlier. That growth ranks 6 of 29 among the electrical components & equipment companies we cover. Free-cash-flow margin fell to -8.8% from 3.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks.

Our model value for Shoals Technologies Group is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Shoals Technologies Group, Inc.'s trailing-twelve-month revenue grew 46.9% year on year, with a free-cash-flow margin of -8.8%. Where it stands out: change in growth rate of +9.1pp ranks 12 of 57 electrical components & equipment companies we cover.

Our discounted-cash-flow model values the business at ~$2.4 per share in the base case (~$1.6–$3.5 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 46.9% (+9.1pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 46.9% over the last 12 months, against a median of 10.6% for electrical components & equipment companies we cover.
  • Growth speeding up. The growth rate is 9.1 points higher than a quarter earlier.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 7.3% over 90 days.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -8.8% of revenue over the last 12 months.
  • High earnings multiple. The shares trade at 40 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 83% and a beta of 3.1 against the S&P 500.
  • Weak cash conversion. Free cash flow was -162% of net income over the last 12 months.
  • Heavily shorted. 13.2% of the shares available to trade are sold short (4.0 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.12 against an average estimate of $0.10: beat by 21.0%
Revenue
$163m, up 47.4% on a year earlier
Share reaction
-7.4% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 4, 2026; average EPS estimate $0.12

Shoals Technologies Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.6%
  • 1 week+3.6%
  • 1 month-8.4%
  • This year-10.6%
  • 1 year-27.7%
  • 5 years-76.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$588M
Operating margin
10.6%
Net margin
5.4%
EPS (TTM, diluted)
$0.19

Growth

Revenue growth
+46.9%
Change in growth rate
+9.1 pts
Share count change
+1.2%

Cash

Free cash flow (TTM)
-$51.6M
FCF margin
-8.8%
Stock pay % of revenue
2.1%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Shoals Technologies Group, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($2.39) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Shoals Technologies Group, Inc.'s free cash flow after stock-based pay ( $19.1M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Shoals Technologies Group, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.39 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$2.4 ~$1.6–$3.5 Left out: far from the other models (more than 3x away from their median)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.2 ~$2.0–$4.1 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$10 ~$8.4–$14 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$14 ~$10–$20 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$9.3 ~$8.3–$11 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Shoals Technologies Group, Inc. with Electrical Components & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$24.30$24.67$15.54$5.53$8.50$7.60
Market value$2.4bn$4.1bn$2.6bn$933m$1.4bn$1.3bn
+ Net debt (− = net cash)$247m$234m$161m$118m$129m$181m
Enterprise value$2.7bn$4.4bn$2.7bn$1.1bn$1.6bn$1.5bn
Multiples
Price / sales 11.3x12.6x5.2x2.3x3.0x2.2x
Price / earnings n/m32.4x64.0x38.7x42.6x40.4x
Price / free cash flow —113.9x31.4x13.0x——
EV / EBITDA 57.5x56.9x30.3x16.5x22.2x19.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Shoals Technologies Group's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 3.0% of total assets over 6 years.

  • Pricing power 10 / 20

    Gross margin has been a median 35.4%, moving by 4.2 percentage points (standard deviation) across 6 years.

  • Durability 13 / 20

    Operating margin has been a median 12.7%; its worst year was 10.3%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 4 of 6 years, at a median 5.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $162m and EPS of $0.12 (range $0.10 to $0.15) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.44 +22% $626m +32%
Next $0.55 +26% $703m +12%

Next year's EPS estimate has moved +7.3% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.7% on 90 days ago. In the last 30 days, 1 analyst raised Shoals Technologies Group, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Shoals Technologies Group, Inc., last 90 days
$0.40 $0.45 $0.50 $0.55 $0.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.41 Current fiscal year, 60 days ago: $0.44 Current fiscal year, 30 days ago: $0.44 Current fiscal year, 7 days ago: $0.44 Current fiscal year, Now: $0.44 $0.44 Next fiscal year, 90 days ago: $0.51 Next fiscal year, 60 days ago: $0.55 Next fiscal year, 30 days ago: $0.55 Next fiscal year, 7 days ago: $0.55 Next fiscal year, Now: $0.55 $0.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.41$0.51
60 days ago $0.44$0.55
30 days ago $0.44$0.55
7 days ago $0.44$0.55
Now $0.44$0.55

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.10 $0.12 +21.0%
Mar 2026 $0.06 $0.07 +10.2%
Dec 2025 $0.14 $0.10 −28.4%
Sept 2025 $0.13 $0.12 −4.2%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Shoals Technologies Group, Inc.'s revenue by +13.1% next year and +12.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.1%, weight 69%) and the company's own record (+13.0%, weight 31%) . How the weights are set.

Analyst recommendations

19 analysts, Oct 2026
Buy1263%
Hold632%
Sell15%

Monthly trend

  1. Oct 202648619
  2. Sep 202649620
  3. Aug 202649620

Counts of recommendations published by analysts covering Shoals Technologies Group, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.2%
of tradable shares
Days to cover
4.04
at average volume
Short interest, 1 month
+13%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.1%
of shares
Employees
1,480
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −27.7%

$10.51 on October 31, 2025 to $7.60

ThenNowEffect
Revenue (last 12 months) $400m $588m +46.9%
Net margin 5.3% 5.4% +2.6%
P/E multiple 83.2x 40.4x −51.5%
Share count 167m 169m −1.1%

Biggest factor: p/e multiple.

Last 3 years −52.1%

$15.85 on November 3, 2023 to $7.60

ThenNowEffect
Revenue (last 12 months) $410m $588m +43.5%
Net margin 37.5% 5.4% −85.6%
P/E multiple 14.0x 40.4x +188.3%
Share count 136m 169m −19.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
SHLS+2%−37%−64%+54%−11%
Industry peers (median)−34%−16%−7%+11%−36%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
SHLS58%42%25%67%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
SHLS−60%−56%−76%−55%−48%
S&P 500−25%−10%−8%−19%−9%

Worst fall since January 28, 2021: 93% from February 19, 2021 to March 11, 2025. Getting back needed a 1330% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$5.71 – $12.77
From 52-week high
−40.5%
vs 50-day average
+0.4%
vs 200-day average
−10.2%
Volatility (1 year)
83%
Beta vs S&P 500
3.11

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±11.2%
After a week
2 up, 10 down
typical move ±18.2%
After a month
4 up, 8 down
typical move ±25.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −7.4% +1.6% −6.8% −28.3%
May 5, 2026 +0.7% +2.2% +4.4% +54.4%
November 4, 2025 −9.8% −0.8% −13.6% −23.3%
August 5, 2025 −14.1% +0.3% −14.1% +32.9%
May 6, 2025 +25.3% −0.4% +60.4% +31.4%
February 25, 2025 −13.5% −0.4% −33.0% −24.1%
November 12, 2024 −14.2% −0.3% −28.1% −23.6%
August 6, 2024 −5.7% +0.2% 0.0% +0.4%
May 7, 2024 −15.1% +0.1% −20.6% −20.7%
February 28, 2024 −16.6% +0.2% −18.5% −27.4%
November 7, 2023 −6.7% +0.4% −3.7% −13.0%
August 1, 2023 −5.6% −1.7% −14.6% −23.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Shoals Technologies Group, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Shoals Technologies Group, Inc.
$350M $400M $450M $500M $550M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $453.2M Revenue (TTM), FY23 Q4: $488.9M Revenue (TTM), FY24 Q1: $474.7M Revenue (TTM), FY24 Q2: $454.7M Revenue (TTM), FY24 Q3: $422.7M Revenue (TTM), FY24 Q4: $399.2M Revenue (TTM), FY25 Q1: $388.8M Revenue (TTM), FY25 Q2: $400.4M Revenue (TTM), FY25 Q3: $434M Revenue (TTM), FY25 Q4: $475.3M Revenue (TTM), FY26 Q1: $535.5M Revenue (TTM), FY26 Q2: $588.1M $588.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $453.2M
FY23 Q4 $488.9M
FY24 Q1 $474.7M
FY24 Q2 $454.7M
FY24 Q3 $422.7M
FY24 Q4 $399.2M
FY25 Q1 $388.8M
FY25 Q2 $400.4M
FY25 Q3 $434M
FY25 Q4 $475.3M
FY26 Q1 $535.5M
FY26 Q2 $588.1M
Revenue growth, TTM YoY Shoals Technologies Group, Inc.
-20% 0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 61.6% Revenue growth, TTM YoY, FY23 Q4: 49.6% Revenue growth, TTM YoY, FY24 Q1: 30.4% Revenue growth, TTM YoY, FY24 Q2: 11.0% Revenue growth, TTM YoY, FY24 Q3: -6.7% Revenue growth, TTM YoY, FY24 Q4: -18.4% Revenue growth, TTM YoY, FY25 Q1: -18.1% Revenue growth, TTM YoY, FY25 Q2: -12.0% Revenue growth, TTM YoY, FY25 Q3: 2.7% Revenue growth, TTM YoY, FY25 Q4: 19.1% Revenue growth, TTM YoY, FY26 Q1: 37.8% Revenue growth, TTM YoY, FY26 Q2: 46.9% 46.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 61.6%
FY23 Q4 49.6%
FY24 Q1 30.4%
FY24 Q2 11.0%
FY24 Q3 -6.7%
FY24 Q4 -18.4%
FY25 Q1 -18.1%
FY25 Q2 -12.0%
FY25 Q3 2.7%
FY25 Q4 19.1%
FY26 Q1 37.8%
FY26 Q2 46.9%
Operating margin (TTM) Shoals Technologies Group, Inc.
10% 12% 14% 16% 18% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 15.6% Operating margin (TTM), FY23 Q4: 16.2% Operating margin (TTM), FY24 Q1: 13.6% Operating margin (TTM), FY24 Q2: 11.3% Operating margin (TTM), FY24 Q3: 15.7% Operating margin (TTM), FY24 Q4: 12.8% Operating margin (TTM), FY25 Q1: 11.3% Operating margin (TTM), FY25 Q2: 10.3% Operating margin (TTM), FY25 Q3: 12.8% Operating margin (TTM), FY25 Q4: 11.9% Operating margin (TTM), FY26 Q1: 11.2% Operating margin (TTM), FY26 Q2: 10.6% 10.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 15.6%
FY23 Q4 16.2%
FY24 Q1 13.6%
FY24 Q2 11.3%
FY24 Q3 15.7%
FY24 Q4 12.8%
FY25 Q1 11.3%
FY25 Q2 10.3%
FY25 Q3 12.8%
FY25 Q4 11.9%
FY26 Q1 11.2%
FY26 Q2 10.6%
FCF margin (TTM) Shoals Technologies Group, Inc.
-20% -10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 20.2% FCF margin (TTM), FY23 Q4: 16.6% FCF margin (TTM), FY24 Q1: 17.7% FCF margin (TTM), FY24 Q2: 20.7% FCF margin (TTM), FY24 Q3: 19.6% FCF margin (TTM), FY24 Q4: 18.0% FCF margin (TTM), FY25 Q1: 19.0% FCF margin (TTM), FY25 Q2: 3.0% FCF margin (TTM), FY25 Q3: 1.8% FCF margin (TTM), FY25 Q4: -3.4% FCF margin (TTM), FY26 Q1: -14.5% FCF margin (TTM), FY26 Q2: -8.8% -8.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 20.2%
FY23 Q4 16.6%
FY24 Q1 17.7%
FY24 Q2 20.7%
FY24 Q3 19.6%
FY24 Q4 18.0%
FY25 Q1 19.0%
FY25 Q2 3.0%
FY25 Q3 1.8%
FY25 Q4 -3.4%
FY26 Q1 -14.5%
FY26 Q2 -8.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Shoals Technologies Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $475M
  2. Cost of revenue $309M · 65.0%
  3. Gross profit $167M · 35.0%
  4. Selling, general and admin $102M · 21.4%
  5. Other operating costs $8.6M · 1.8%
  6. Operating income $56.4M · 11.9%
  7. Income tax $14.9M · 3.1%
  8. Interest and other $7.9M · 1.7%
  9. Net income $33.6M · 7.1%

Shares of revenue. Source: Shoals Technologies Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 144 176 213 327 489 399 475 588
Gross profit 44 67 83 131 168 142 167 188
EBITDA 36 47 46 77 90 64 70 75
Operating income 27 37 36 66 79 51 56 63
Net income 25 34 2 128 40 24 34 32
Diluted EPS — — $0.00 $0.85 $0.24 $0.14 $0.20 $0.19
Growth (year on year)
Revenue — +21.5% +21.5% +53.3% +49.6% −18.4% +19.1% +46.9%
EBITDA — +29.3% −0.8% +66.0% +16.6% −28.8% +10.0% +43.7%
Operating income — +38.4% −2.8% +83.1% +19.2% −35.3% +10.2% +51.3%
Net income — +34.3% −93.0% — −68.7% −39.6% +39.2% +50.7%
Diluted EPS — — — — −71.8% −41.7% +42.9% +49.0%
Margins
Gross margin 30.6% 37.9% 38.8% 40.2% 34.4% 35.6% 35.0% 31.9%
EBITDA margin 25.0% 26.6% 21.7% 23.5% 18.3% 16.0% 14.8% 12.7%
Operating margin 18.6% 21.2% 17.0% 20.3% 16.2% 12.8% 11.9% 10.6%
Net margin 17.4% 19.2% 1.1% 39.0% 8.2% 6.0% 7.1% 5.4%
Free-cash-flow margin 23.9% 29.0% −3.9% 11.1% 16.6% 18.0% −3.4% −8.8%
Cash flow
Cash from operations 36 54 −4 39 92 80 17 −19
Capital spending 2 3 4 3 11 8 33 32
Free cash flow 34 51 −8 36 81 72 −16 −52
Stock-based pay 0 8 11 16 21 14 10 12
Free cash flow after stock pay 34 43 −19 20 61 58 −26 −64
Balance sheet
Cash 7 10 5 9 23 24 7 16
Total debt 0 359 252 243 184 142 137 197
Net debt (negative = net cash) −7 349 247 234 161 118 129 181
Diluted shares — — 99m 168m 165m 169m 168m 169m
Returned to shareholders
Buybacks — — — 0 0 25 0 —
Total returned — — — 0 0 25 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $1.0bn
Short-term assets $369mLonger-term assets $647m
What it owes, and who funded it · $1.0bn
Short-term liabilities $164mLonger-term liabilities $235mShareholders' equity $617m
  • Short-term assets cover short-term liabilities $369m of assets due within a year against $164m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $369m short-term assets against $235m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $63m against $12m of interest.

From Shoals Technologies Group, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$25.3M
Diluted share count
+1.2%
year over year
Days sales outstanding
84 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment
Last 12 months unless stated SHLS ALNT VICR LYTS APWC PLUG Median
Revenue, last 12 months $588m $575m $561m $689m $490m $744m $154m
Revenue growth, last 12 months 46.9% 10.6% 27.0% 20.2% 3.6% 10.6% 10.6%
Revenue growth, 3-year average 12.8% 1.0% 10.3% 11.5% — −5.4% 9.2%
Revenue growth, latest quarter 47.4% 10.2% 78.5% 51.3% — 2.5% 10.2%
Gross margin 31.9% 33.3% 60.6% 25.1% 7.0% −18.5% 29.3%
Operating margin 10.6% 8.4% 24.9% 5.6% 1.3% −172.8% −17.7%
Operating margin, 3-year average 10.8% 7.1% 13.7% 6.5% 1.4% −218.7% −32.6%
Net margin 5.4% 5.0% 32.2% 3.3% 0.7% −220.6% −23.4%
Cash from operations / revenue −3.3% 6.7% 17.1% 6.4% −1.6% −64.9% −6.5%
Free-cash-flow margin −8.8% 4.8% 9.1% 5.7% −2.3% −70.3% −11.0%
Free-cash-flow margin, 3-year average 5.0% 7.2% 15.0% 6.6% −5.9% −132.2% −6.8%
Stock pay / revenue 2.1% 0.6% 3.2% 0.6% — 7.2% 2.5%
Change in share count 1.2% 1.0% 4.0% 9.3% 0.0% 38.1% 10.0%

Median of all 57 companies we cover in electrical components & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 electrical components & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 46.9% 10.6% 14 of 57
Change in growth rate Growth +9.1pp +0.0pp 12 of 57
Gross margin Profitability 31.9% 29.3% 19 of 54
Operating margin Profitability 10.6% -20.0% 13 of 53
Net margin Profitability 5.4% -23.4% 18 of 57
Free-cash-flow margin Cash generation -8.8% -8.8% 28 of 56
Stock pay as % of revenue Cash generation 2.1% 2.8% 24 of 50
Long-term debt as % of assets Balance sheet 14.9% 17.8% 17 of 40
Change in share count Balance sheet 1.2% 10.0% 19 of 46
Days sales outstanding Balance sheet 84 days 72 days 33 of 50

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
System Solutions $374M 78.7% ▲ 22.2%
Components $101M 21.3% ▲ 8.7%

From Shoals Technologies Group, Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.7B
Institutions reporting
270
Shares held vs prior quarter
▼ 1.7%
Positions opened / closed
47 / 39

Top buyers and sellers, Q2 2026: 141 institutions bought and 127 sold ; the biggest buyer was Blackrock, Inc (+8.9M shares) and the biggest seller First Trust Advisors LP (−6.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $284M 28.7M 16.3% ▲ 44.7%
Price T Rowe Associates Inc $214M 21.6M 12.3% ▲ 10.2%
Vanguard Capital Management LLC $73.6M 7.4M 4.2% ▲ 1.0%
Invesco Ltd. $70.9M 7.2M 4.1% ▼ 8.0%
State Street Corp $59.9M 6.1M 3.4% ▲ 0.7%
T. Rowe Price Investment Management, Inc. $59.8M 6.0M 3.4% ▲ 20.0%
Amundi $53.2M 5.4M 3.1% ▼ 6.3%
Geode Capital Management, LLC $47M 4.7M 2.7% ▲ 4.1%
Dimensional Fund Advisors LP $45.4M 4.6M 2.6% ▲ 7.5%
Vanguard Portfolio Management LLC $44.6M 4.5M 2.6% ▼ 23.6%
BNP Paribas Asset Management Holding S.A. $42.3M 4.3M 2.4% ▼ 19.8%
Greenvale Capital LLP $42.1M 4.3M 2.4% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Shoals Technologies Group, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $617,711 4 trades by 3 insiders · 0% under pre-set plans
Net ▼ $617,711 net selling
Insider Date Trade Shares Price Value
King Bobbie Lee Jr Chief Legal Officer June 16, 2026 Sell 10,000 $10.41 $104,100
Bardos Dominic Chief Financial Officer May 8, 2026 Sell 54,449 $8.48 $461,728
Tolnar Jeffery President December 5, 2025 Sell 2,450 $7.85 $19,232
Bardos Dominic Chief Financial Officer December 5, 2025 Sell 4,170 $7.83 $32,651

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

No trades in Shoals Technologies Group, Inc. disclosed in the last 12 months; 11 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded July 19, 2024, filed August 15, 2024
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded June 18, 2024, filed July 9, 2024
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded April 15, 2024, filed May 15, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • November 4, 2025
  • August 5, 2025
  • May 6, 2025
  • February 25, 2025

Recent SEC filings

Data status

When each part of this page on Shoals Technologies Group, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Shoals Technologies Group, Inc. in brief

What does Shoals Technologies Group, Inc. do?
Shoals Technologies Group, Inc. is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.
What is Shoals Technologies Group, Inc.'s stock ticker?
Shoals Technologies Group, Inc. trades under the ticker SHLS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Shoals Technologies Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Shoals Technologies Group, Inc. reported revenue of $588M, 46.9% higher than a year earlier, according to its SEC filings.
What is Shoals Technologies Group, Inc.'s free cash flow?
Shoals Technologies Group, Inc.'s free-cash-flow margin is -8.8% of revenue over the trailing twelve months, ranking 28 of the 56 electrical components & equipment companies we cover.
Who are Shoals Technologies Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Price T Rowe Associates Inc and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Shoals Technologies Group, Inc.'s market cap?
On November 2, 2026, Shoals Technologies Group, Inc.'s market capitalisation was about $1.3B, with a price-to-earnings ratio of 40.4 and net debt of $181M. Market figures come from third-party market data and may be delayed.
Who are Shoals Technologies Group, Inc.'s competitors?
In our Electrical Components & Equipment peer group, the companies closest to Shoals Technologies Group, Inc. are Allient Inc, Vicor Corp, LSI Industries Inc, Asia Pacific Wire & Cable Corp LTD and Plug Power Inc. The side-by-side comparison below sets their revenue, margins and growth against Shoals Technologies Group, Inc.'s.
Are insiders buying or selling Shoals Technologies Group, Inc. stock?
Over the last 12 months, Shoals Technologies Group, Inc.'s directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Shoals Technologies Group, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Shoals Technologies Group, Inc. announces its own schedule.