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Shoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions and components in the United States and internationally. The company designs, manufactures, and sells various products used by the solar and battery storage industries, including solar big lead assembly (BLA) solutions; homeruns, interconnection, and extension solutions; combiners and re-combiners; load break disconnects and transition solutions; wireless performance monitoring; and battery energy storage solutions (BESS). It also offers original equipment manufacturer (OEM) components; and technical support services during installation and the transition to operations and maintenance. The company sells its products to engineering, procurement, and construction firms that build solar energy projects; utilities; solar developers, independent power producers; solar module manufacturers; and charge point operators. Shoals Technologies Group, Inc. was founded in 1996 and is headquartered in Portland, Tennessee.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $475M | $72M | $34M | $-16M | 5.6% | 19.1% | 39.2% |
| 2024 | $399M | $64M | $24M | $72M | 4.3% | -18.4% | -39.6% |
| 2023 | $489M | $90M | $40M | $81M | 7.3% | 49.6% | -68.7% |
| 2022 | $327M | $181M | $128M | $36M | 43.8% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 326.94 | 488.94 | 399.21 | 475.33 |
| Operating Revenue | - | 326.94 | 488.94 | 399.21 | 475.33 |
| Cost Of Revenue | - | 195.63 | 320.64 | 257.19 | 308.82 |
| Gross Profit | - | 131.31 | 168.30 | 142.02 | 166.51 |
| Operating Expense | - | 64.98 | 89.27 | 90.84 | 110.12 |
| Selling General And Administration | - | 55.91 | 80.72 | 82.25 | 101.52 |
| Total Expenses | - | 260.61 | 409.90 | 348.04 | 418.95 |
| Operating Income | - | 66.33 | 79.04 | 51.17 | 56.38 |
| Total Operating Income As Reported | - | 66.33 | 79.04 | 51.17 | 56.38 |
| EBITDA | - | 181.05 | 89.56 | 64.32 | 72.33 |
| Normalized EBITDA | - | 181.05 | 89.56 | 64.32 | 70.51 |
| EBIT | - | 170.54 | 79.04 | 51.69 | 58.51 |
| Interest Income | - | 0 | 0 | 0.52 | 0.30 |
| Interest Expense | - | 18.54 | 24.10 | 13.83 | 9.99 |
| Net Interest Income | - | -18.54 | -24.10 | -13.31 | -9.69 |
| Other Non Operating Income Expenses | -1.66 | 104.21 | - | - | - |
| Other Income Expense | -17.65 | 104.21 | - | - | 1.82 |
| Interest Income Non Operating | - | 0 | 0 | 0.52 | 0.30 |
| Interest Expense Non Operating | - | 18.54 | 24.10 | 13.83 | 9.99 |
| Net Non Operating Interest Income Expense | - | -18.54 | -24.10 | -13.31 | -9.69 |
| Pretax Income | - | 152 | 54.94 | 37.86 | 48.52 |
| Tax Provision | - | 8.99 | 12.27 | 13.74 | 14.94 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0.56 |
| Net Income Continuous Operations | - | 143.01 | 42.66 | 24.13 | 33.57 |
| Net Income From Continuing And Discontinued Operation | - | 127.61 | 39.97 | 24.13 | 33.57 |
| Net Income From Continuing Operation Net Minority Interest | - | 127.61 | 39.97 | 24.13 | 33.57 |
| Net Income | - | 127.61 | 39.97 | 24.13 | 33.57 |
| Net Income Common Stockholders | - | 127.61 | 39.97 | 24.13 | 33.57 |
| Net Income Including Noncontrolling Interests | - | 143.01 | 42.66 | 24.13 | 33.57 |
| Normalized Income | - | 127.61 | 39.97 | 24.13 | 32.31 |
| Diluted NI Availto Com Stockholders | - | 127.61 | 39.97 | 24.13 | 33.57 |
| Basic Average Shares | - | 114.50 | 164.16 | 168.57 | 167.26 |
| Diluted Average Shares | - | 167.63 | 164.50 | 168.72 | 168.38 |
| Reconciled Depreciation | - | 10.51 | 10.53 | 12.63 | 13.82 |
| Reconciled Cost Of Revenue | - | 194.19 | 318.66 | 253.16 | 303.60 |
| Total Unusual Items | - | 0 | 0 | 0 | 1.82 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | 0 | 1.82 |
| Minority Interests | - | -15.40 | -2.69 | 0 | 0 |
| Special Income Charges | - | 0 | 0 | 0 | 1.84 |
| Other Special Charges | 15.99 | - | - | - | - |
| Gain On Sale Of Security | - | - | - | - | -0.01 |
| Depreciation Amortization Depletion Income Statement | - | 9.07 | 8.55 | 8.59 | 8.60 |
| Depreciation And Amortization In Income Statement | - | 9.07 | 8.55 | 8.59 | 8.60 |
| General And Administrative Expense | - | 55.91 | 80.72 | 82.25 | 101.52 |
| Other Gand A | - | 55.91 | 80.72 | 82.25 | 101.52 |
| Gain On Sale Of Ppe | - | - | 0 | 0 | 1.84 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Shoals Technologies Group, Inc.this co. | SHLS | $2.1B | 63.81↑ premium | 3.57 | 5.6% | 31.94 |
| PDF Solutions, Inc. | PDFS | $2.4B | -3688.94 | 8.71 | -0.2% | 129.30 |
| Bandwidth Inc. | BAND | $2.3B | -181.49 | 5.86 | -3.2% | 69.40 |
| AvePoint, Inc. | AVPT | $2.3B | 66.35 | 4.82 | 7.3% | 46.83 |
| BigBear.ai Holdings, Inc. | BBAI |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.3B |
| -7.77 |
| 3.73 |
| -48.0% |
| -8.19 |
| A10 Networks, Inc. | ATEN | $2.3B | 54.16 | 10.79 | 19.9% | 33.13 |
| LiveRamp Holdings, Inc. | RAMP | $2.2B | 15.39 | 2.31 | 15.0% | 17.01 |
| Vertex, Inc. | VERX | $2.1B | 295.31 | 8.22 | 2.8% | 25.19 |
| Sonos, Inc. | SONO | $1.9B | - | 5.45 | -17.2% | 143.85 |
| Peer Median | - | 15.39 | 5.65 | 1.3% | 39.98 | |