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Stocks · Technology · Semiconductors & Related Devices

Shoals Technologies Group, Inc.

SHLS Clue Score47
United States Fiscal year ends December CIK 0001831651
$8.74 +3.80% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $8.74 −69.39% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 27 Jan 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue144.5Operating income26.9Net income25.1Fiscal year 2020Revenue175.5 +21.5%Operating income37.3Net income33.8 +34.3%Fiscal year 2021Revenue213.2 +21.5%Operating income36.2Net income1.3 −96.2%EPS, diluted0.00Fiscal year 2022Revenue326.9 +53.3%Operating income66.3Net income127.6 +9,956.0%EPS, diluted0.85Fiscal year 2023Revenue488.9 +49.6%Operating income79.0Net income40.0 −68.7%EPS, diluted0.24Fiscal year 2024Revenue399.2 −18.4%Operating income51.2Net income24.1 −39.6%EPS, diluted0.14Fiscal year 2025Revenue475.3 +19.1%Operating income56.4Net income33.6 +39.2%EPS, diluted0.20
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 144.5 175.5 213.2 326.9 488.9 399.2 475.3
Growth +21.5% +21.5% +53.3% +49.6% −18.4% +19.1%
Operating income 26.9 37.3 36.2 66.3 79.0 51.2 56.4
Net income 25.1 33.8 1.3 127.6 40.0 24.1 33.6
Growth +34.3% −96.2% +9,956.0% −68.7% −39.6% +39.2%
EPS, diluted n/a n/a 0.00 0.85 0.24 0.14 0.20

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2019Gross margin30.6%Operating margin18.6%Net margin17.4%Free cash flow margin23.9%Fiscal year 2020Gross margin37.9%Operating margin21.2%Net margin19.2%Free cash flow margin29.0%Fiscal year 2021Gross margin38.8%Operating margin17.0%Net margin0.6%Free cash flow margin−3.9%Fiscal year 2022Gross margin40.2%Operating margin20.3%Net margin39.0%Free cash flow margin11.1%Fiscal year 2023Gross margin34.4%Operating margin16.2%Net margin8.2%Free cash flow margin16.6%Fiscal year 2024Gross margin35.6%Operating margin12.8%Net margin6.0%Free cash flow margin18.0%Fiscal year 2025Gross margin35.0%Operating margin11.9%Net margin7.1%Free cash flow margin−3.4%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 30.6% 37.9% 38.8% 40.2% 34.4% 35.6% 35.0%
Operating margin 18.6% 21.2% 17.0% 20.3% 16.2% 12.8% 11.9%
Net margin 17.4% 19.2% 0.6% 39.0% 8.2% 6.0% 7.1%
Free cash flow margin 23.9% 29.0% −3.9% 11.1% 16.6% 18.0% −3.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow36.2Capital expenditure−1.7Free cash flow34.5Fiscal year 2020Operating cash flow54.1Capital expenditure−3.2Free cash flow50.8 +47.5%Fiscal year 2021Operating cash flow−4.1Capital expenditure−4.1Free cash flow−8.2 −116.1%Fiscal year 2022Operating cash flow39.5Capital expenditure−3.2Free cash flow36.3Buybacks0.0Fiscal year 2023Operating cash flow92.0Capital expenditure−10.6Free cash flow81.4 +124.2%Buybacks0.0Fiscal year 2024Operating cash flow80.4Capital expenditure−8.4Free cash flow72.0 −11.5%Buybacks−25.3Fiscal year 2025Operating cash flow17.1Capital expenditure−33.0Free cash flow−16.0 −122.2%Buybacks0.0
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 36.2 54.1 −4.1 39.5 92.0 80.4 17.1
Capital expenditure −1.7 −3.2 −4.1 −3.2 −10.6 −8.4 −33.0
Free cash flow 34.5 50.8 −8.2 36.3 81.4 72.0 −16.0
Growth +47.5% −116.1% +124.2% −11.5% −122.2%
Buybacks n/a n/a n/a 0.0 0.0 −25.3 0.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Cash7.1Shareholders’ equity149.9Fiscal year 2020Cash10.1Total debt358.8Net cash (debt)−348.8Shareholders’ equity−184.1Fiscal year 2021Cash5.0Total debt247.1Net cash (debt)−242.0Shareholders’ equity2.6Debt to equity96.77Fiscal year 2022Cash8.8Total debt239.1Net cash (debt)−230.3Shareholders’ equity291.4Debt to equity0.82Fiscal year 2023Cash22.7Total debt181.4Net cash (debt)−158.7Shareholders’ equity545.0Debt to equity0.33Fiscal year 2024Cash23.5Total debt141.8Net cash (debt)−118.2Shareholders’ equity556.8Debt to equity0.25Fiscal year 2025Cash7.3Shareholders’ equity600.0
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 7.1 10.1 5.0 8.8 22.7 23.5 7.3
Total debt n/a 358.8 247.1 239.1 181.4 141.8 n/a
Net cash (debt) n/a −348.8 −242.0 −230.3 −158.7 −118.2 n/a
Shareholders’ equity 149.9 −184.1 2.6 291.4 545.0 556.8 600.0
Debt to equity n/a n/a 96.77 0.82 0.33 0.25 n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
7.1 10.1 5.0 8.8 22.7 23.5 7.3
n/a 27.0 31.5 50.6 107.1 78.2 128.8
n/a 15.1 38.4 72.9 52.8 56.0 89.9
n/a 12.8 15.6 16.9 24.8 28.2 53.3
50.2 50.2 69.4 69.9 69.9 69.9 69.9
n/a 195.3 426.4 594.9 844.0 793.1 904.1
Growth +118.3% +39.5% +41.9% −6.0% +14.0%
Liabilities
n/a 3.5 2.0 2.0 2.0 0.0 n/a
n/a 355.3 245.1 237.1 179.4 141.8 n/a
calc n/a 358.8 247.1 239.1 181.4 141.8 n/a
n/a 379.4 433.9 293.9 299.0 236.3 304.1
Equity
n/a n/a −93.1 34.5 74.5 98.6 132.2
149.9 −184.1 2.6 291.4 545.0 556.8 600.0
Growth −222.8% +11,313.0% +87.0% +2.2% +7.8%
Per share and net cash
calc n/a −348.8 −242.0 −230.3 −158.7 −118.2 n/a

Lines marked calc are worked out here from filed figures; point at one for how.