A Business at a Glance
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Table of Contents Unless the context otherwise requires or unless otherwise stated, references to “we,” “us,” “our,” “Shoals,” the “Corporation,” the “Company” and other similar references refer to Shoals Technologies Group, Inc., a Delaware corporation, and, unless otherwise stated, all of its consolidated subsidiaries. Shares of our Class A common stock trade on the Nasdaq Global Market under the symbol, “SHLS”. 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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 475M | 475M | 399M | 489M | 327M | 213M |
| Net Income | 34M | 34M | 24M | 40M | 128M | 2.3M |
| EPS | $0.20 | $0.20 | $0.14 | $0.24 | $0.85 | $0.00 |
| Free Cash Flow | -16M | -16M | 72M | 81M | 36M | -8.2M |
| ROIC | 4.3% | 4.6% | 4.1% | 9.5% | 13.4% | 19.0% |
| Gross Margin | 35.0% | 35.0% | 35.6% | 34.4% | 40.2% | 38.8% |
| Debt/Equity | 0.52 | 0.52 | 0.51 | 0.26 | 0.66 | 75.95 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 56M | 56M | 51M | 79M | 66M | 36M |
| Operating Margin | 11.9% | 11.9% | 12.8% | 16.2% | 20.3% | 17.0% |
| ROE | 5.6% | 5.8% | 4.3% | 7.3% | 43.8% | 92.0% |
| Shares Outstanding | 168M | 168M | 172M | 167M | 150M | 170M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 144M | 176M | 213M | 327M | 489M | 399M | 475M | 475M |
| Gross Margin | 30.6% | 37.9% | 38.8% | 40.2% | 34.4% | 35.6% | 35.0% | 35.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 9.1M | 21M | 38M | 56M | 81M | 82M | 102M | 102M |
| EBIT | 27M | 37M | 36M | 66M | 79M | 51M | 56M | 56M |
| Op. Margin | 18.6% | 21.2% | 17.0% | 20.3% | 16.2% | 12.8% | 11.9% | 11.9% |
| Net Income | 25M | 34M | 2.3M | 128M | 40M | 24M | 34M | 34M |
| Net Margin | 17.4% | 19.2% | 1.1% | 39.0% | 8.2% | 6.0% | 7.1% | 7.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 1.8M | 1.8M |
| Returns on Capital | ||||||||
| ROIC | 19.2% | 27.0% | 19.0% | 13.4% | 9.5% | 4.1% | 4.6% | 4.3% |
| ROE | 17.4% | N/A | 92.0% | 43.8% | 7.3% | 4.3% | 5.8% | 5.6% |
| ROA | N/A | 17.3% | 0.6% | 21.5% | 4.7% | 3.0% | 4.0% | 3.7% |
| Cash Flow | ||||||||
| Op. Cash Flow | 36M | 54M | -4.1M | 39M | 92M | 80M | 17M | 17M |
| Free Cash Flow | 34M | 51M | -8.2M | 36M | 81M | 72M | -16M | -16M |
| Owner Earnings | 27M | 36M | -25M | 13M | 61M | 54M | -6.7M | -6.7M |
| CapEx | 1.7M | 3.2M | 4.1M | 3.2M | 11M | 8.4M | 33M | 33M |
| Maint. CapEx | 9.2M | 9.4M | 10M | 11M | 11M | 13M | 14M | 14M |
| Growth CapEx | 0 | 0 | 0 | 0 | 49K | 0 | 19M | 19M |
| D&A | 9.2M | 9.4M | 10M | 11M | 11M | 13M | 14M | 14M |
| CapEx/OCF | N/A | N/A | N/A | 8.0% | 11.5% | 10.4% | 193.6% | 193.6% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 281M | 281M | 281M | 25M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 2.6% | N/A | 0.0% |
| Stock-Based Comp | 0 | 8.3M | 11M | 16M | 21M | 14M | 9.9M | 9.9M |
| Debt Repayment | 0 | 12M | 94K | 0 | 0 | 2.6M | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | N/A | 322M | 184M | 176M | 98M | 238M | 298M | 305M |
| Cash & Equiv. | 7.1M | 10M | 5.0M | 8.8M | 23M | 24M | 7.3M | 7.3M |
| Long-Term Debt | N/A | 335M | 190M | 189M | 139M | 142M | 137M | 137M |
| Debt/Equity | -0.00 | -1.86 | 75.95 | 0.66 | 0.26 | 0.51 | 0.52 | 0.52 |
| Interest Coverage | 15.1 | 10.6 | 2.5 | 3.6 | 3.3 | 3.7 | 5.6 | 5.6 |
| Equity | 150M | -184M | 2.6M | 291M | 545M | 557M | 600M | 600M |
| Total Assets | -137K | 195M | 426M | 595M | 844M | 793M | 904M | 904M |
| Total Liabilities | -283K | 379M | 434M | 294M | 299M | 236M | 304M | 304M |
| Intangibles | N/A | 72M | 65M | 57M | 49M | 41M | 33M | 33M |
| Retained Earnings | N/A | N/A | -93M | 34M | 74M | 99M | 132M | 132M |
| Working Capital | N/A | 32M | 62M | 101M | 135M | 107M | 131M | 131M |
| Current Assets | -137K | 56M | 93M | 154M | 227M | 188M | 258M | 258M |
| Current Liabilities | N/A | 24M | 32M | 53M | 93M | 81M | 127M | 127M |
| Per Share Data | ||||||||
| EPS | N/A | 0.20 | 0.00 | 0.85 | 0.24 | 0.14 | 0.20 | 0.20 |
| Owner EPS | N/A | 0.22 | -0.15 | 0.09 | 0.36 | 0.31 | -0.04 | -0.04 |
| Book Value | N/A | -1.10 | 0.02 | 1.94 | 3.27 | 3.23 | 3.57 | 3.57 |
| Cash Flow/Share | N/A | 0.32 | -0.02 | 0.26 | 0.55 | 0.47 | 0.10 | 0.28 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | 167.1M | 169.5M | 150.1M | 166.6M | 172.3M | 167.9M | 167.9M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | 27.5 | 66.0 | 40.3 | 46.1 | 33.4 |
| P/FCF | N/A | N/A | N/A | 96.6 | 32.4 | 13.5 | N/A | N/A |
| EV/EBIT | N/A | N/A | 121.2 | 55.5 | 34.6 | 23.6 | 32.0 | 25.3 |
| Price/Book | N/A | N/A | N/A | 12.0 | 4.8 | 1.7 | 2.6 | 1.9 |
| Price/Sales | N/A | N/A | 24.7 | 9.1 | 7.3 | 3.5 | 2.1 | 2.4 |
| FCF Yield | N/A | N/A | -0.2% | 1.0% | 3.1% | 7.4% | -1.0% | -1.4% |
| Market Cap | N/A | N/A | 4.2B | 3.5B | 2.6B | 972M | 1.5B | 1.1B |
| Avg. Price | N/A | N/A | 31.12 | 19.72 | 21.34 | 8.18 | 5.91 | 6.67 |
| Year-End Price | N/A | N/A | 24.82 | 23.36 | 15.83 | 5.64 | 9.21 | 6.67 |
Shoals Technologies Group, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Shoals Technologies Group, Inc. trades at 33.4x trailing earnings, compared to its 15-year median P/E of 43.2x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 10.1% with a gross margin of 36.8%. At current prices, the estimated annualized return to fair value is +19.9%.
Shoals Technologies Group, Inc. (SHLS) has a current P/E ratio of 33.4, compared to its historical median P/E of 43.2. The stock is currently considered Fair based on its historical valuation range.
Shoals Technologies Group, Inc. (SHLS) has a 5-year average return on invested capital (ROIC) of 10.1%. This indicates solid capital allocation.
Shoals Technologies Group, Inc. (SHLS) has a market capitalization of $1.1B. It is classified as a small-cap stock.
Shoals Technologies Group, Inc. (SHLS) does not currently pay a regular dividend.
Based on historical P/E analysis, Shoals Technologies Group, Inc. (SHLS) appears fair. The current P/E of 33.4 is 23% below its historical median of 43.2. The estimated fair value CAGR (P/E method) is 19.1%.
Shoals Technologies Group, Inc. (SHLS) operates in the Semiconductors & Related Devices industry, within the Technology sector.
Shoals Technologies Group, Inc. (SHLS) reported annual revenue of $475 million in its most recent fiscal year, based on SEC EDGAR filings.
Shoals Technologies Group, Inc. (SHLS) has a net profit margin of 7.1%. This is a modest margin.
Shoals Technologies Group, Inc. (SHLS) generated $-16 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Shoals Technologies Group, Inc. (SHLS) has a debt-to-equity ratio of 0.52. This indicates moderate leverage.
Shoals Technologies Group, Inc. (SHLS) reported earnings per share (EPS) of $0.20 in its most recent fiscal year.
Shoals Technologies Group, Inc. (SHLS) has a return on equity (ROE) of 5.8%. This indicates moderate shareholder returns.
Shoals Technologies Group, Inc. (SHLS) has a 5-year average gross margin of 36.8%. This indicates decent pricing power.
The Ledger Terminal provides 7 years of financial data for Shoals Technologies Group, Inc. (SHLS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Shoals Technologies Group, Inc. (SHLS) has a book value per share of $3.57, based on its most recent annual SEC filing.