Shoals Technologies Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Shoals Technologies Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	144	176	213	327	489	399	475
Cost of revenue	100	109	131	196	321	257	309
Gross profit	44.2	66.5	82.6	131	168	142	167
General and administrative	9.07	21	37.9	55.9	80.7	82.3	102
Operating expenses	17.3	29.3	46.4	65	89.3	90.8	110
Operating income	26.9	37.3	36.2	66.3	79	51.2	56.4
Interest expense	1.79	3.51	14.5	18.5	24.1	13.8	9.99
Interest income				0	0	0.52	0.31
Pre-tax income			4.03	152	54.9	37.9	48.5
Income tax	0	0	0.09	8.99	12.3	13.7	14.9
Net income to minority interests	0	0	1.6	15.4	2.69	0	0
Net income	25.1	33.8	2.35	128	40	24.1	33.6
EBITDA	36.1	46.7	46.3	76.8	89.6	63.8	70.2
EPS, basic				1.11	0.24	0.14	0.20
EPS, diluted				0.85	0.24	0.14	0.20
Shares, basic (weighted)				114	164	169	167
Shares, diluted (weighted)				168	165	169	168

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.08	10.1	5.01	8.77	22.7	23.5	7.32
Receivables		27	31.5	50.6	107	78.2	129
Inventory		15.1	38.4	72.9	52.8	56	89.9
Other current assets		0.16	5.04	4.63	4.42	9.85	9.76
Total current assets		56.1	93.4	154	227	188	258
Property, plant and equipment		12.8	15.6	16.9	24.8	28.2	53.3
Lease right-of-use assets				4.06	2.87	1.79	46
Goodwill	50.2	50.2	69.4	69.9	69.9	69.9	69.9
Intangible assets		72	65.2	56.6	48.7	41.1	33.5
Other non-current assets		4.24	5.76	6.33	5.17	9.54	5.4
Total assets		195	426	595	844	793	904
Accounts payable		14.6	20	9.48	14.4	20	64.9
Accrued liabilities		5.97	9.57	4.92	10.8	5.01	6.53
Deferred revenue			1.84	23.3	22.2	18.7	37
Short-term debt		3.5	2	2	2	0
Total current liabilities		24.1	31.6	52.6	92.6	80.9	127
Long-term debt		355	245	237	179	142
Lease liabilities				3.26	2.12	1.24	38.7
Other non-current liabilities		0	0.93	4.22	3.11	0.99	0.99
Total liabilities		379	434	294	299	236	304
Total debt		359	247	239	181	142
Paid-in capital			95.7	257	471	484	493
Retained earnings			-93.1	34.5	74.5	98.6	132
Treasury stock					0	-25.3	-25.3
Shareholders' equity			2.55	291	545	557	600
Minority interests			-10.1	9.62	0
Total equity	150	-184	-7.5	301	545	557	600
Total liabilities and equity		195	426	595	844	793	904

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	25.1	33.8	3.94	143	42.7	24.1	33.6
Depreciation and amortization	9.16	9.41	10.1	10.5	10.5	12.6	13.8
Stock-based compensation	0	8.25	11.3	16.1	20.9	14.2	9.9
Deferred income tax	0	0	-1.48	8.41	11.3	14	16.1
Change in receivables	-0.47	0.29	0.82	-19.2	-56.8	28.9	-50.6
Change in inventory	-0.69	-6.48	-17.2	-36.9	15	-5.84	-35.1
Change in payables	4.2	4.25	-3.88	-11	5.17	5.64	43.3
Cash from operations	36.2	54.1	-4.08	39.5	92	80.4	17.1
Capital expenditures	-1.72	-3.24	-4.13	-3.15	-10.6	-8.39	-33
Acquisitions	0	0	-12.9	0	0
Cash from investing	-1.72	-3.24	-17	-3.66	-10.8	-8.39	-28
Stock issued	0	0	281	42.9	0	0
Share buybacks				0	0	-25.3	0
Cash from financing	-27.5	-47.9	20.6	-36.6	-67.2	-71.2	-5.3
Net change in cash	6.97	2.99	-0.52	-0.79	13.9	0.8	-16.2
Free cash flow	34.5	50.8	-8.21	36.3	81.4	72	-16
Interest paid	1.82	3.03	10.8	12.8	23.1	16.3	9.11
Income taxes paid	0	0	1.19	0.79	1.32	0.11	-0.18

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.9%	Gross profit / revenue.
Operating margin	10.6%	Operating income / revenue.
EBITDA margin	12.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	5.4%	Net income / revenue.
FCF margin	-8.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-3.3%	Cash from operations / revenue.
Return on equity (ROE)	5.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.1%	Net income / average total assets.
Return on invested capital (ROIC)	8.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.5%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	10.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	39.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-35.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-0.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	42.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-38.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-78.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-24.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-20.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-122.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	7.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	27.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	14.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	35.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.25x	Current assets / current liabilities.
Quick ratio	0.92x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	39.3%	Total liabilities / total assets.
Interest coverage	5.33x	Operating income / interest expense.
Working capital	$205.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$517.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	9.30x	Revenue / average property, plant and equipment.
Inventory turnover	2.17x	Cost of revenue / average inventory.
Days inventory	168 days	365 x average inventory / cost of revenue.
Receivables turnover	4.36x	Revenue / average receivables.
Days sales outstanding	84 days	365 x average receivables / revenue.
Days payables	60 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	192 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-162.0%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.46	Revenue / diluted weighted shares.
FCF per share	-$0.30	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.11	Cash from operations / diluted weighted shares.
Book value per share	$3.63	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.04	Tangible book value / shares outstanding.
Cash per share	$0.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.26B	Share price x shares outstanding.
Enterprise value	$1.24B	Market cap + total debt - cash - short-term investments.
P/E	39.5x	Market cap / net income. Only when net income is positive.
P/S	2.14x	Market cap / revenue.
P/B	2.04x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.43x	Market cap / tangible book value, when positive.
EV/Sales	2.11x	Enterprise value / revenue.
EV/EBIT	19.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.6x	Enterprise value / EBITDA, when both are positive.
FCF yield	-4.1%	Free cash flow / market cap.
Earnings yield	2.5%	Net income / market cap (the inverse of P/E).

What was Shoals Technologies Group, Inc.'s revenue in fiscal 2025?

Shoals Technologies Group, Inc. reported revenue of $475.3M for fiscal 2025, 19.1% higher than the year before.

Was Shoals Technologies Group, Inc. profitable in fiscal 2025?

Yes. Net income was $33.6M, a net margin of 7.1%.

How much free cash flow did Shoals Technologies Group, Inc. generate in fiscal 2025?

Cash from operations of $17.1M minus capital expenditures of $33.0M left free cash flow of -$16.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Shoals Technologies Group, Inc.