SHLSNasdaqSemiconductors & Related DevicesFiscal year ends December 31
Shoals Technologies Group, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$7.31+0.14 (+1.95%)
Close on Oct 19, 2026
- Market cap
- $1.24B
- P/E (TTM)
- 38.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
35.0%−2.9 pts over 5 years
Operating margin
11.9%−9.4 pts over 5 years
Net margin
7.1%−12.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.1% | +13.3% | +22.0% | – | |
| Gross profit | +17.2% | +8.2% | +20.1% | – | |
| Operating income | +10.2% | -5.3% | +8.6% | – | |
| Net income | +39.2% | -35.9% | -0.1% | – | |
| EPS, diluted | +42.9% | -38.3% | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 5.8% | |
| Return on assets | – | – | 4.0% | |
| Current ratio | – | 2.33 | 2.03 | |
| Debt to equity | – | – | – | |
| Net debt to EBITDA | – | 7.47× | – | |
| Interest coverage | – | 10.6× | 5.6× | |
| Inventory turnover | – | – | 4.2× | |
| Capex to revenue | – | 1.8% | 7.0% | |
| Diluted shares | – | – | 168M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Shoals Technologies generated $232.95M from operations and spent $84.63M on capital expenditure, dividends and share buybacks. 70% of that went back into the business.
Generated
$232.95M
Used
$84.63M
Capital expenditure$59.29M70%Dividends$00%Share buybacks$25.33M30%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.1%
×Asset turnover0.56×
×Equity multiplier1.47×
=Return on equity, FY20255.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.1% | 0.56× | 1.47× | 5.8% |
| FY2024 | 6.0% | 0.49× | 1.49× | 4.4% |
| FY2023 | 8.2% | 0.68× | 1.72× | 9.6% |
| FY2022 | 39.0% | 0.64× | 3.47× | 86.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$33.57M
- Cash generatingOperating cash flow above zero$17.07M
- Return on assets improvedROA up on the prior year2.9% → 4.2%
- Earnings backed by cashOperating cash flow above net income$17.07M vs $33.57M
- Less leverageLong-term debt to assets fell17.9% → –
- Better liquidityCurrent ratio rose2.33 → 2.03
- No dilutionShare count did not rise169M → 168M
- Gross margin improvedGross margin up on the prior year35.57% → 35.03%
- More efficientAsset turnover rose0.47 → 0.60