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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 | 42.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 326.94 | 488.94 | 399.21 | 475.33 |
| Cost Of Revenue | 195.63 | 320.63 | 257.19 | 308.82 |
| Gross Profit | 131.31 | 168.30 | 142.02 | 166.51 |
| Operating Expense | 64.98 | 89.27 | 90.84 | 110.12 |
| Operating Income | 66.33 | 79.03 | 51.17 | 56.38 |
| EBITDA | 181.05 | 89.56 | 64.32 | 72.33 |
| EBIT | 170.54 | 79.03 | 51.69 | 58.51 |
| Pretax Income | 152 | 54.94 | 37.86 | 48.52 |
| Tax Provision | 8.99 | 12.27 | 13.74 | 14.94 |
| Net Income | 127.61 | 39.97 | 24.13 | 33.57 |
| Net Income Common Stockholders | 127.61 | 39.97 | 24.13 | 33.57 |
| Total Expenses | 260.61 | 409.90 | 348.04 | 418.95 |
| Interest Expense | 18.54 | 24.10 | 13.83 | 9.99 |
| Interest Income | 0 | 0 | 0.52 | 0.30 |
| Selling General And Administration | 55.91 | 80.72 | 82.25 | 101.52 |
| Normalized EBITDA | 181.05 | 89.56 | 64.32 | 70.51 |
| Normalized Income | 127.61 | 39.97 | 24.13 | 32.31 |
| Basic EPS | 1.11 | 0.24 | 0.14 | 0.20 |
| Diluted EPS | 0.85 | 0.24 | 0.14 | 0.20 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0.56 |
| Tax Rate For Calcs | 0.06 | 0.22 | 0.36 | 0.31 |
| Total Unusual Items | 0 | 0 | 0 | 1.82 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 1.82 |
| Net Income From Continuing Operation Net Minority Interest | 127.61 | 39.97 | 24.13 | 33.57 |
| Reconciled Depreciation | 10.51 | 10.53 | 12.63 | 13.82 |
| Reconciled Cost Of Revenue | 194.19 | 318.66 | 253.16 | 303.61 |
| Net Interest Income | -18.54 | -24.10 | -13.31 | -9.69 |
| Net Income From Continuing And Discontinued Operation | 127.61 | 39.97 | 24.13 | 33.57 |
| Total Operating Income As Reported | 66.33 | 79.03 | 51.17 | 56.38 |
| Diluted Average Shares | 167.63 | 164.50 | 168.72 | 168.38 |
| Basic Average Shares | 114.50 | 164.16 | 168.57 | 167.26 |
| Diluted NI Availto Com Stockholders | 127.61 | 39.97 | 24.13 | 33.57 |
| Minority Interests | -15.40 | -2.69 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 143.01 | 42.66 | 24.13 | 33.57 |
| Net Income Continuous Operations | 143.01 | 42.66 | 24.13 | 33.57 |
| Other Income Expense | 104.21 | 0 | 0 | 1.82 |
| Other Non Operating Income Expenses | 104.21 | 0 | 0 | 0 |
| Special Income Charges | 0 | 0 | 0 | 1.83 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | 1.83 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | 0 | 0 | 0 | -0.01 |
| Net Non Operating Interest Income Expense | -18.54 | -24.10 | -13.31 | -9.69 |
| Interest Expense Non Operating | 18.54 | 24.10 | 13.83 | 9.99 |
| Interest Income Non Operating | 0 | 0 | 0.52 | 0.30 |
| 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 |
| Operating Revenue | 326.94 | 488.94 | 399.21 | 475.33 |
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 | $1.2B | 36.70↓ discount | 2.05 | 5.6% | 15.82 |
| VIA | VIA | $1.3B | - | 1.99 | -15.4% | -13.23 |
| Five9, Inc. | FIVN | $1.3B | 37.89 | 1.67 | 5.0% | 13.22 |
| Innodata Inc. | INOD | $1.3B | 43.42 | 12.06 | 30.1% | 28.64 |
| C3.ai, Inc. | AI | $1.3B | - |
| 1.78 |
| -34.4% |
| -1.60 |
| Sprinklr, Inc. | CXM | $1.3B | 54.54 | 2.11 | 3.9% | 14.89 |
| Allient Inc. | ALNT | $1.3B | 56.00 | 4.15 | - | 19.25 |
| Arteris, Inc. | AIP | $1.2B | - | -81.66 | 237.5% | -39.66 |
| Progress Software Corporation | PRGS | $1.2B | 15.67 | 2.40 | 15.3% | 8.16 |
| Peer Median | - | 43.42 | 2.05 | 5.0% | 10.69 | |