Tearsheet

Shoals Technologies (SHLS)

Market Price (12/25/2025): $9.01 | Market Cap: $1.5 Bil
Sector: Information Technology | Industry: Semiconductors

Shoals Technologies (SHLS)

Market Price (12/25/2025): $9.01
Market Cap: $1.5 Bil
Sector: Information Technology
Industry: Semiconductors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more.	Weak multi-year price returns 2Y Excs Rtn is -88%, 3Y Excs Rtn is -144%	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 100%
1			Key risks SHLS key risks include [1] substantial legal and warranty costs stemming from product defects and intellectual property disputes, Show more.

0	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more.
1	Weak multi-year price returns 2Y Excs Rtn is -88%, 3Y Excs Rtn is -144%
2	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 100%
3	Key risks SHLS key risks include [1] substantial legal and warranty costs stemming from product defects and intellectual property disputes, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$9.01	$5.53	$15.54	$24.67	$24.30
Market Cap CYE ($ Bil)	1.5	0.9	2.6	3.0	2.6
Total Debt ($ Bil)	0.2	0.1	0.2	0.2	0.2
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	1.7	1.0	2.8	3.2	2.8
Valuation Ratios
P/S TTM	3.5	2.3	5.2	8.6	11.3
P/EBIT TTM	25.6	18.0	32.3	16.6	129.8
P/E TTM	45.3	38.6	63.8	22.1	1,027.4
P/FCF TTM	195.0	12.9	31.3	77.8	-293.9
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.3	13.7	12.2	6.9	13.8

	12/25/25	2024	2023
Share Price CYE	$9.01	$5.53	$15.54
Market Cap CYE ($ Bil)	1.5	0.9	2.6
Total Debt ($ Bil)	0.2	0.1	0.2
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	1.7	1.0	2.8
Valuation Ratios
P/S TTM	3.5	2.3	5.2
P/EBIT TTM	25.6	18.0	32.3
P/E TTM	45.3	38.6	63.8
P/FCF TTM	195.0	12.9	31.3
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.3	13.7	12.2

	SHLS	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.4
Rev Chg Q	32.9%	7.3%
Rev Chg LTM	2.7%	6.1%
Rev Chg 3Y Avg	19.2%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	12.8%	18.8%
CFO/Rev LTM	8.1%	20.4%
Net Inc Mgn	7.7%	13.1%
VALUATION	VERY HIGH
P/S	3.5	3.2
P/CFO	42.9	15.7
P/FCF	195.0	20.6
P/E	45.3	23.5
STABILITY	GOOD
Debt/Equity	0.11	0.21
Cash/Assets	0.01	0.07

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Metric	Value	Date	Source
Backlog and Awarded Orders	720.9 million USD	9302025	Link
Book to Bill Ratio	1.4	9302025	Link
International Portion of Backlog and Awarded Orders	11.5%	9302025	Link
International Project Pipeline	20 GW	11042025	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

SHLS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

The period from August 31, 2025, to December 25, 2025, for Shoals Technologies (SHLS) saw significant activity that impacted its stock performance. While a precise 41.2% movement in this exact timeframe requires detailed daily stock data not fully available, several key events and trends contributed to volatility and analyst sentiment during this approximate period.

1. **Strong Q2 2025 Financial Results and Increased Outlook**: On August 5, 2025, Shoals Technologies reported strong second-quarter 2025 financial results, with revenue of $110.8 million, an increase of 11.7% year-over-year, and adjusted EPS of $0.10, surpassing consensus estimates. The company also provided an increased revenue outlook for the full year 2025, projecting between $450.0 million and $470.0 million. This positive financial performance likely contributed to investor confidence and upward stock movement.

2. **Record Backlog and Awarded Orders**: As of June 30, 2025, Shoals Technologies reported a record backlog and awarded orders of $671.3 million, representing a 4.4% increase compared to the prior-year period. This growth was attributed to consistent demand for the company's products and expansion in international markets. The increasing backlog continued into Q3 2025, reaching $720.9 million, indicating strong customer demand and retention. This robust pipeline suggests future revenue visibility and market share growth.

3. **Q3 2025 Earnings and Revenue Exceeding Expectations**: Shoals Technologies reported its third-quarter 2025 financial results on November 4, 2025, with revenues of $135.8 million, surpassing the Zacks Consensus Estimate by 4.20%. Although adjusted EPS of $0.12 was in line with estimates, the revenue beat and commentary on resilient demand and strong project execution likely had a positive impact on the stock.

4. **Strategic Expansion and Patent Reinforcement**: In August 2025, Shoals Technologies expanded its presence by appointing a Country Manager for the Pacific region and breaking ground on a solar and energy storage project in Australia. Furthermore, on September 11, 2025, the company secured a new patent for its BLA Architecture, reinforcing its intellectual property. These actions demonstrate strategic growth initiatives and innovation, which can positively influence investor perception.

5. **Positive Analyst Sentiment and Investor Engagement**: Throughout the period, various analysts maintained or reiterated "Buy" or "Strong Buy" ratings for SHLS, with price targets forecasting potential upside. For example, on November 5, 2025, Roth Capital reiterated a "Strong Buy" with a $15 price target, and UBS maintained a "Strong Buy" with a $12 target. Shoals also actively participated in investor events from November 2025 through January 2026, engaging with analysts and investors to communicate its strategy and outlook. This sustained positive analyst coverage and active investor relations likely supported the stock price. Show more The period from August 31, 2025, to December 25, 2025, for Shoals Technologies (SHLS) saw significant activity that impacted its stock performance. While a precise 41.2% movement in this exact timeframe requires detailed daily stock data not fully available, several key events and trends contributed to volatility and analyst sentiment during this approximate period.

1. **Strong Q2 2025 Financial Results and Increased Outlook**: On August 5, 2025, Shoals Technologies reported strong second-quarter 2025 financial results, with revenue of $110.8 million, an increase of 11.7% year-over-year, and adjusted EPS of $0.10, surpassing consensus estimates. The company also provided an increased revenue outlook for the full year 2025, projecting between $450.0 million and $470.0 million. This positive financial performance likely contributed to investor confidence and upward stock movement.

2. **Record Backlog and Awarded Orders**: As of June 30, 2025, Shoals Technologies reported a record backlog and awarded orders of $671.3 million, representing a 4.4% increase compared to the prior-year period. This growth was attributed to consistent demand for the company's products and expansion in international markets. The increasing backlog continued into Q3 2025, reaching $720.9 million, indicating strong customer demand and retention. This robust pipeline suggests future revenue visibility and market share growth.

3. **Q3 2025 Earnings and Revenue Exceeding Expectations**: Shoals Technologies reported its third-quarter 2025 financial results on November 4, 2025, with revenues of $135.8 million, surpassing the Zacks Consensus Estimate by 4.20%. Although adjusted EPS of $0.12 was in line with estimates, the revenue beat and commentary on resilient demand and strong project execution likely had a positive impact on the stock.

4. **Strategic Expansion and Patent Reinforcement**: In August 2025, Shoals Technologies expanded its presence by appointing a Country Manager for the Pacific region and breaking ground on a solar and energy storage project in Australia. Furthermore, on September 11, 2025, the company secured a new patent for its BLA Architecture, reinforcing its intellectual property. These actions demonstrate strategic growth initiatives and innovation, which can positively influence investor perception.

5. **Positive Analyst Sentiment and Investor Engagement**: Throughout the period, various analysts maintained or reiterated "Buy" or "Strong Buy" ratings for SHLS, with price targets forecasting potential upside. For example, on November 5, 2025, Roth Capital reiterated a "Strong Buy" with a $15 price target, and UBS maintained a "Strong Buy" with a $12 target. Shoals also actively participated in investor events from November 2025 through January 2026, engaging with analysts and investors to communicate its strategy and outlook. This sustained positive analyst coverage and active investor relations likely supported the stock price. Show less

Stock Movement Drivers

Fundamental Drivers

The 19.4% change in SHLS stock from 9/24/2025 to 12/24/2025 was primarily driven by a 45.3% change in the company's Net Income Margin (%).

	9242025	12242025	Change
Stock Price ($)	7.70	9.19	19.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	400.35	433.99	8.40%
Net Income Margin (%)	5.28%	7.67%	45.29%
P/E Multiple	60.98	46.23	-24.18%
Shares Outstanding (Mil)	167.29	167.37	-0.05%
Cumulative Contribution			19.35%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
SHLS	19.4%
Market (SPY)	4.4%	57.5%
Sector (XLK)	5.1%	53.2%

Fundamental Drivers

The 88.7% change in SHLS stock from 6/25/2025 to 12/24/2025 was primarily driven by a 56.3% change in the company's Net Income Margin (%).

	6252025	12242025	Change
Stock Price ($)	4.87	9.19	88.71%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	388.76	433.99	11.63%
Net Income Margin (%)	4.91%	7.67%	56.27%
P/E Multiple	42.64	46.23	8.44%
Shares Outstanding (Mil)	166.96	167.37	-0.24%
Cumulative Contribution			88.71%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
SHLS	88.7%
Market (SPY)	14.0%	33.6%
Sector (XLK)	17.5%	27.4%

Fundamental Drivers

The 70.5% change in SHLS stock from 12/24/2024 to 12/24/2025 was primarily driven by a 68.6% change in the company's P/E Multiple.

	12242024	12242025	Change
Stock Price ($)	5.39	9.19	70.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	422.66	433.99	2.68%
Net Income Margin (%)	7.78%	7.67%	-1.49%
P/E Multiple	27.42	46.23	68.61%
Shares Outstanding (Mil)	167.32	167.37	-0.03%
Cumulative Contribution			70.50%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
SHLS	70.5%
Market (SPY)	15.8%	24.2%
Sector (XLK)	22.2%	24.9%

Fundamental Drivers

The -63.2% change in SHLS stock from 12/25/2022 to 12/24/2025 was primarily driven by a -78.4% change in the company's P/E Multiple.

	12252022	12242025	Change
Stock Price ($)	24.98	9.19	-63.21%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	280.33	433.99	54.81%
Net Income Margin (%)	4.70%	7.67%	63.26%
P/E Multiple	214.40	46.23	-78.44%
Shares Outstanding (Mil)	112.97	167.37	-48.15%
Cumulative Contribution			-71.74%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
SHLS	-41.7%
Market (SPY)	48.9%	23.0%
Sector (XLK)	54.1%	21.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SHLS Return	�	�	2%	-37%	-64%	65%	-63%
Peers Return	�	�	�	�	-43%	68%	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
SHLS Win Rate	�	36%	58%	42%	25%	67%
Peers Win Rate	�	�	�	42%	40%	48%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
SHLS Max Drawdown	�	�	-60%	-48%	-73%	-49%
Peers Max Drawdown	�	�	�	�	-53%	-29%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NXT, ARRY, ENPH, SEDG, FSLR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	SHLS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-75.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	310.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days

Compare to VIAV, AMBA, KLIC, MXL, SPWR

In The Past

Shoals Technologies's stock fell -75.7% during the 2022 Inflation Shock from a high on 2/19/2021. A -75.7% loss requires a 310.7% gain to breakeven.

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About Shoals Technologies (SHLS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Shoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices. The company also sells EV Charging solutions for public and fleet electric vehicle charging stations; and EBOS systems. It sells its products principally to engineering, procurement, and construction firms that build solar energy projects and install electric vehicle charging stations. Shoals Technologies Group, Inc. was founded in 1996 and is headquartered in Portland, Tennessee.

AI Analysis | Feedback

Here are a few analogies to describe Shoals Technologies (SHLS):

The Intel for solar farm wiring: Like Intel provides the essential 'brains' (processors) that power computers, Shoals provides the critical 'nervous system' (electrical balance of system) that efficiently connects and powers large-scale solar farms.
The Qualcomm for solar farm electrical systems: Similar to how Qualcomm provides the vital communication chips that enable mobile devices, Shoals delivers the integrated wiring and connection systems that enable efficient power flow and optimize performance for solar energy projects.

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SmartWire System: A pre-assembled, integrated electrical balance of system (EBOS) solution that combines wire harnesses, combiners, and other components to streamline solar power installations.
Solar EBOS Components: Individual electrical balance of system components for solar projects, including cable assemblies, disconnects, fuses, and traditional combiner boxes.
Battery Energy Storage System (BESS) EBOS: Electrical balance of system solutions specifically designed for the safe and efficient integration of battery energy storage systems.

```

AI Analysis | Feedback

Shoals Technologies (SHLS) primarily sells its electrical balance of system (EBOS) solutions to other companies within the solar energy industry.

While Shoals Technologies frequently discloses that a significant portion of its revenue comes from a few major customers (as noted in its SEC filings, where specific customers may account for 10% or more of total revenue), the company does not publicly disclose the specific names of these major customer companies. For competitive reasons, public companies often keep the identities of their largest customers confidential unless there's a specific requirement or strategic benefit to disclose them.

Therefore, we cannot list specific customer company names with their symbols. However, Shoals Technologies serves the following key categories of companies within the solar energy sector:

Solar Project Developers: Companies responsible for the planning, financing, and overall management of utility-scale and commercial solar power projects. They initiate and bring projects to fruition.
Engineering, Procurement, and Construction (EPC) Firms: Companies that are contracted to design, procure materials (including EBOS solutions from Shoals), and construct solar power plants. They often act as general contractors for large solar projects.
Independent Power Producers (IPPs): Companies that own and operate power generation facilities, such as large solar farms, and sell the generated electricity to utilities, industrial users, or other off-takers. They invest in and manage the long-term operation of solar assets.

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Brandon Moss, Chief Executive Officer
Brandon Moss joined Shoals in July 2023. He brings over 20 years of experience in the electrical industry, having most recently served as Group President at Southwire Company, a global leader in wire and cable manufacturing. During his tenure at Southwire, he established the Tools, Components, and Assembled Solutions business to diversify the company. His career demonstrates success in developing corporate strategy, managing autonomous business units, business development, mergers and acquisitions, and leading global manufacturing and supply chains. Prior to Southwire, Mr. Moss held various commercial roles at Lutron Electronics and Stanley Black & Decker.

Dominic Bardos, Chief Financial Officer
Dominic Bardos joined Shoals as CFO in October 2022. He possesses over 30 years of global finance and accounting experience across diverse industries including retail, restaurant, consumer services, entertainment, and hospitality. Before joining Shoals, Mr. Bardos served as Chief Financial Officer of Holley Inc.

Jeff Tolnar, President
Jeff Tolnar serves as President after successfully launching the eMobility business unit within Shoals. In this role, he is responsible for company growth, operational excellence, technology development, and product innovation. Prior to Shoals, Mr. Tolnar was Chief Commercial Officer for Shell | Greenlots, where he oversaw the growth of the company's electric mobility solutions. His previous roles include President of Global Software Solutions for Honeywell's Homes, Buildings and Utilities businesses and President of Elster Solutions, a global leader in electronic metering solutions.

Kirsten Moen, Chief Operating Officer
Kirsten Moen joined Shoals as Chief Operating Officer in September 2024. She is an accomplished operations and manufacturing executive with extensive experience leading organizations such as Eaton, Meggitt, and Stanley Black & Decker. Ms. Moen has a proven track record of driving operational excellence, optimizing manufacturing processes, and delivering measurable results through lean principles and industry best practices, consistently streamlining operations, improving efficiency, and enhancing product quality throughout her career.

Bobbie L. King, Jr., Chief Legal Officer and Secretary
Bobbie L. King, Jr. joined Shoals as Chief Legal Officer and Secretary in June 2025. He has over 15 years of proven leadership, with considerable depth in the clean infrastructure sector. Before joining Shoals, he served as Senior Vice President, Deputy Chief Legal Officer of HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI), where he advised the company's board and senior management on corporate governance, securities and public company matters, capital markets and corporate finance, litigation, and legal operations.

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The key risks to Shoals Technologies (SHLS) business include significant legal and warranty costs, ongoing margin pressures due to competitive dynamics, and customer concentration.

Legal and Warranty Costs: Shoals Technologies faces substantial legal expenses and potential liabilities stemming from a "wire insulation shrinkback" issue and ongoing intellectual property (IP) disputes. These legal matters have significantly impacted the company's gross margins and cash flow, with legal fees for such matters increasing significantly. For instance, the wire insulation shrinkback issue alone cost $7 million in legal fees in 2024 and contributed to a reduction in gross margins.
Margin Pressures and Competition: The company is experiencing ongoing margin compression due to competitive pricing, volume discounts, and changes in its customer and product mix within a highly competitive clean technology sector. This competitive landscape and the need for promotional pricing to expand its customer base can negatively impact short-term profitability.
Customer Concentration: Shoals Technologies has a notable customer concentration risk, with its largest customer accounting for approximately 26.4% of total revenue in 2024, and two customers collectively contributing 10% or greater of total revenue. The loss of one or more significant customers could materially impact the company's financial performance.

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Shoals Technologies Group (SHLS) primarily provides electrical balance of system (EBOS) solutions for solar energy projects.

The addressable market for Shoals' main products, Solar Photovoltaic (PV) Balance of System (BOS) solutions, is as follows:

Global Solar PV Balance of System Market: This market was valued between USD 60.27 billion and USD 83.729 billion in 2024. Projections indicate growth to a range of USD 117.39 billion to USD 197.687 billion by 2030.
U.S. Solar Power Market (which includes BOS components): The total U.S. solar power market was valued at USD 53.45 billion in 2024 and is projected to reach USD 123.86 billion by 2032. Another source estimates the value of the U.S. solar market in 2024 at USD 70.8 billion.

For Battery Energy Storage Solutions (BESS) and EV Charging Infrastructure, specific addressable market sizes for Shoals' products are not readily available in quantifiable dollar amounts within the provided information; therefore, the market size is null for these segments.

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Here are 3-5 expected drivers of future revenue growth for Shoals Technologies (SHLS) over the next 2-3 years:

Growth in Domestic Utility-Scale Solar Market: Shoals Technologies anticipates continued strong demand and market share gains within the core U.S. utility-scale solar market. This is evidenced by higher product volumes and a strategic focus on accelerating growth in this segment.
Expansion into International Markets: The company is actively diversifying its business by expanding into international markets, which already comprise a significant portion of its backlog and awarded orders. For example, Shoals recently entered the South American market with a significant solar project in Chile.
Diversification into Battery Energy Storage Systems (BESS): Shoals is strategically expanding its product suite into fast-growing adjacent markets, particularly battery energy storage systems (BESS). This diversification is progressing ahead of expectations and is reflected in the company's backlog.
Strong Backlog and Awarded Orders: A robust and growing backlog of awarded orders indicates significant future revenue. Shoals reported a record backlog and awarded orders of $720.9 million, with a substantial portion scheduled for delivery in the near term, demonstrating strong future demand.
Adoption of Innovative Products and Solutions: The company benefits from strong customer reception of its innovative products and capabilities, such as the Big Lead Assembly (BLA) system, which enhances installation safety, performance, and efficiency in solar energy installations.

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 Share Repurchases

    Shoals Technologies Group authorized a $150 million share repurchase program effective through December 31, 2025, announced on June 11, 2024.
    As part of this program, the company entered into a $25 million Accelerated Share Repurchase (ASR) agreement with Jefferies LLC.
    The $25 million ASR was completed in the third quarter of 2024, resulting in the retirement of approximately 3.9 million shares at an average price of just under $6.40 per share.

 Share Issuance

    Shoals Technologies Group completed its Initial Public Offering (IPO) in January 2021, issuing and selling 11,550,000 shares of Class A common stock at $25.00 per share, raising $288.75 million for the company.
    In March 2023, certain selling stockholders conducted a secondary offering of 24,501,650 shares of Class A common stock at $24.70 per share, from which the company did not receive any proceeds.

 Inbound Investments

    Oaktree Capital Management acquired a majority stake in Shoals in 2017, providing significant capital prior to the company's IPO.

 Outbound Investments

    In 2021, Shoals acquired ConnectPV to expand its product offerings, particularly for battery storage solutions.
    In 2022, the company acquired MaxGen, further strengthening its position in electrical balance of system (EBOS) solutions for the solar energy industry.

 Capital Expenditures

    Capital expenditures were $10.58 million in 2023 and $8.393 million in 2024.
    Expected capital expenditures for the full year 2025 are projected to be in the range of $30 million to $40 million.
    The primary focus of these expenditures includes expanding manufacturing capacity for solar EBOS products, consolidating factories into a new facility in Tennessee, and investing in automation and lean manufacturing.

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Diamondback Energy

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHLS: 19.2% | 27.7x)

NEM (23.9% | 12.3x)

Newmont

AEM (26.0% | 17.4x)

Agnico Eagle Mines

APO (89.3% | 10.9x)

Apollo Asset Management

RCL (37.7% | 17.4x)

Royal Caribbean

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

Higher Rev Chg LTM (Value for SHLS: 2.7%)

LLY (36.8%)

Eli Lilly

META (21.3%)

Meta Platforms

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

JPM (8.6%)

JPMorgan Chase

Higher Rev Chg 3Y Avg (Value for SHLS: 19.2%)

LLY (23.4%)

Eli Lilly

WELL (20.9%)

Welltower

PGR (20.6%)

Progressive

BRK-B (19.8%)

Berkshire Hathaway

UBER (19.6%)

Uber Technologies

Higher Op Mgn LTM (Value for SHLS: 12.8%)

MA (58.3%)

Mastercard

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

JNJ (26.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for SHLS: 8.1%)

META (56.8%)

Meta Platforms

GOOGL (39.3%)

Alphabet

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

BRK-B (9.8%)

Berkshire Hathaway

Higher FCF/Rev LTM (Value for SHLS: 1.8%)

META (23.7%)

Meta Platforms

GOOGL (19.1%)

Alphabet

TSLA (7.1%)

Tesla

BRK-B (4.8%)

Berkshire Hathaway

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for SHLS: 2.2%)

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

		Best Bets In Information Technology Sector
	SHLS	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	46.2	28.3	17.1	46.3	44.4	29.9	16.4	14.6	19.2	24.1	21.0
P/EBIT	26.1	20.4	13.8	39.4	37.9	10.6	23.9	11.9	20.9	66.0	24.0
What You Get
Rev Chg Q	32.9%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	2.7%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	19.2%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	13.9%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Shoals Technologies Earnings Notes
2	With Shoals Technologies Stock Surging, Have You Considered The Downside?	Return
3	Shoals Technologies (SHLS) Operating Cash Flow Comparison	Financials
4	Shoals Technologies (SHLS) Debt Comparison	Financials
5	Shoals Technologies (SHLS) Tax Expense Comparison	Financials
6	Shoals Technologies (SHLS) Operating Income Comparison	Financials
7	Shoals Technologies (SHLS) EBITDA Comparison	Financials
8	Shoals Technologies (SHLS) Revenue Comparison	Financials
9	Shoals Technologies (SHLS) Net Income Comparison	Financials
10	Why Shoals Technologies Stock Moved: SHLS Stock Has Lost 64% Since 2022 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to SHLS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	13.9%	13.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.0%	12.0%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	17.0%	17.0%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.9%	11.9%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.1%	4.1%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Shoals Technologies

Peers to compare with:

Financials

	SHLS	NXT	ARRY	ENPH	SEDG	FSLR	Median
Name	Shoals T.	Nextpower	Array Te.	Enphase .	SolarEdg.	First So.
Mkt Price	9.19	91.16	10.19	32.85	30.74	272.21	31.80
Mkt Cap	1.5	13.5	1.6	4.3	1.8	29.2	3.1
Rev LTM	434	3,373	1,333	1,512	1,045	4,343	1,423
Op Inc LTM	55	713	144	207	-471	1,362	176
FCF LTM	8	604	88	217	63	-943	76
FCF 3Y Avg	61	446	163	454	-229	-557	112
CFO LTM	35	649	116	256	89	299	186
CFO 3Y Avg	76	469	181	518	-110	762	325

Growth & Margins

	SHLS	NXT	ARRY	ENPH	SEDG	FSLR	Median
Name	Shoals T.	Nextpower	Array Te.	Enphase .	SolarEdg.	First So.
Rev Chg LTM	2.7%	20.4%	35.8%	21.0%	2.4%	15.4%	17.9%
Rev Chg 3Y Avg	19.2%	27.1%	2.7%	0.5%	-13.6%	20.6%	11.0%
Rev Chg Q	32.9%	42.4%	70.0%	7.8%	44.5%	8.6%	37.7%
QoQ Delta Rev Chg LTM	8.4%	8.7%	13.8%	2.0%	11.1%	2.0%	8.5%
Op Mgn LTM	12.8%	21.1%	10.8%	13.7%	-45.1%	31.3%	13.2%
Op Mgn 3Y Avg	14.7%	19.9%	11.4%	12.9%	-57.7%	22.9%	13.8%
QoQ Delta Op Mgn LTM	2.5%	-0.3%	-0.0%	0.9%	95.1%	-0.9%	0.4%
CFO/Rev LTM	8.1%	19.3%	8.7%	16.9%	8.6%	6.9%	8.6%
CFO/Rev 3Y Avg	17.4%	16.7%	14.1%	27.1%	-12.5%	21.7%	17.0%
FCF/Rev LTM	1.8%	17.9%	6.6%	14.4%	6.0%	-21.7%	6.3%
FCF/Rev 3Y Avg	13.9%	16.0%	12.8%	23.7%	-19.9%	-14.8%	13.3%

Valuation

	SHLS	NXT	ARRY	ENPH	SEDG	FSLR	Median
Name	Shoals T.	Nextpower	Array Te.	Enphase .	SolarEdg.	First So.
Mkt Cap	1.5	13.5	1.6	4.3	1.8	29.2	3.1
P/S	3.5	4.0	1.2	2.8	1.7	6.7	3.2
P/EBIT	26.1	18.2	352.9	17.8	-2.6	21.1	19.7
P/E	46.2	23.4	-46.6	22.0	-3.2	23.2	22.6
P/CFO	43.8	20.8	13.4	16.8	20.4	97.7	20.6
Total Yield	2.2%	4.3%	-2.1%	4.6%	-30.8%	4.3%	3.2%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	4.1%	8.6%	10.5%	3.9%	-15.8%	-2.6%	4.0%
D/E	0.1	0.0	0.4	0.3	0.2	0.0	0.2
Net D/E	0.1	-0.1	0.3	-0.1	-0.0	-0.0	-0.0

Returns

	SHLS	NXT	ARRY	ENPH	SEDG	FSLR	Median
Name	Shoals T.	Nextpower	Array Te.	Enphase .	SolarEdg.	First So.
1M Rtn	18.4%	5.0%	44.5%	22.7%	-10.8%	4.8%	11.7%
3M Rtn	19.4%	25.3%	27.9%	-13.5%	-18.0%	24.2%	21.8%
6M Rtn	88.7%	58.4%	63.3%	-13.8%	61.0%	78.3%	62.2%
12M Rtn	70.5%	148.1%	72.7%	-55.2%	107.3%	46.2%	71.6%
3Y Rtn	-63.2%	-	-50.3%	-88.8%	-90.1%	73.7%	-63.2%
1M Excs Rtn	15.0%	1.6%	41.2%	19.3%	-14.2%	1.4%	8.3%
3M Excs Rtn	16.3%	19.1%	19.8%	-16.4%	-23.8%	17.1%	16.7%
6M Excs Rtn	75.4%	42.7%	43.9%	-36.5%	40.3%	62.0%	43.3%
12M Excs Rtn	62.6%	142.5%	64.1%	-70.9%	91.2%	32.4%	63.4%
3Y Excs Rtn	-144.4%	-	-131.7%	-170.8%	-171.6%	-7.9%	-144.4%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/25/2025	2/28/2024	2/28/2023	3/11/2022	3/16/2021	1/28/2021
Key Financials
Total Revenue	434	399	489	327	213	176	144
EBITDA	72	64	90	181	29	47	36
Operating Income	55	51	79	66	36	37	27
Net Income	33	24	40	128	2	34	25
EPS	0.20	0.14	0.24	1.11	0.02	0.37	0.15
Growth Rates
Total Revenue Growth	2.7%	-18.4%	49.6%	53.3%	21.5%	21.5%	39.3%
EBITDA Growth	-8.7%	-28.2%	-50.5%	532.3%	-38.7%	29.3%	79.8%
Operating Income Growth	-16.7%	-35.3%	19.2%	83.1%	-2.8%	38.4%	142.9%
Net Income Growth	1.2%	-39.6%	-68.7%	5334.9%	-93.0%	34.3%	190.8%
Margins
EBITDA Margin	16.6%	16.1%	18.3%	55.4%	13.4%	26.6%	25.0%
Operating Income Margin	12.8%	12.8%	16.2%	20.3%	17.0%	21.2%	18.6%
Net Income Margin	7.7%	6.0%	8.2%	39.0%	1.1%	19.2%	17.4%
Cash & Debt
Total Cash	9	24	23	9	5	10	7
Total Debt	166	142	181	239	247	359	26
Net Debt / (Cash)	158	118	159	230	242	349	19
Cash Flows
Net Cash from Operations	35	80	92	39	-4	54	36
Free Cash from Operations	8	72	81	36	-8	51	34
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	376	14
Share Repurchases	-0	25	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/5/2025	5/6/2025	2/25/2025	11/12/2024	8/6/2024	5/7/2024	2/28/2024	11/7/2023	8/1/2023	5/8/2023	2/28/2023
Key Financials Quarterly
Total Revenue	136	111	80	107	102	99	91	130	134	119	105	95
Ebitda	22	23	8	20	8	22	15	35	-8	34	29	130
Operating Income	19	16	4	16	5	19	12	32	-11	32	26	23
Net Income	12	14	-0	8	-0	12	5	17	-10	19	14	113
EPS	0.07	0.08	0.00	0.05	0.00	0.07	0.03	0.10	-0.06	0.11	0.10	0.94
Key Financials TTM
Total Revenue TTM	434	400	389	399	423	455	475	489	453	410	364	327
Ebitda TTM	72	58	57	64	79	63	76	90	185	215	197	181
Operating Income TTM	55	41	44	51	67	51	65	79	71	101	82	66
Net Income TTM	33	21	19	24	33	23	30	40	136	154	139	128
Growth Rates Quarterly
Total Revenue Growth	32.9%	11.7%	-11.5%	-18.0%	-23.9%	-16.7%	-13.6%	37.8%	47.8%	62.2%	54.6%	97.0%
EBITDA Growth	184.3%	2.6%	-47.5%	-42.6%	198.0%	-35.8%	-48.6%	-73.4%	-135.1%	118.1%	125.2%	1657.3%
Operating Income Growth	312.7%	-13.9%	-62.8%	-48.3%	142.8%	-41.3%	-55.6%	36.3%	-152.9%	143.7%	160.8%	772.2%
Net Income Growth	4549.1%	17.4%	-105.9%	-52.9%	97.3%	-37.6%	-66.6%	-85.3%	-223.5%	329.9%	441.5%	6230.2%
Margins Quarterly
EBITDA Margin	16.2%	20.3%	9.6%	18.6%	7.6%	22.1%	16.2%	26.6%	-5.9%	28.7%	27.2%	137.4%
Operating Income Margin	13.7%	14.4%	5.4%	15.4%	4.4%	18.7%	12.8%	24.4%	-7.9%	26.5%	24.8%	24.7%
Net Income Margin	8.7%	12.5%	-0.4%	7.3%	-0.3%	11.9%	5.3%	12.7%	-7.3%	15.9%	13.6%	119.0%
Cash & Debt
Total Cash	9	5	36	24	11	3	15	23	9	6	6	9
Total Debt	166	132	142	142	142	147	169	181	190	211	236	239
Net Debt / (Cash)	158	127	106	118	131	144	154	159	181	205	229	230
Cash Flows Quarterly
FCF from Operations	19	-14	16	14	16	38	13	26	28	28	10	34
Cash Flows TTM
FCF from Operations TTM	35	31	83	80	93	105	95	92	100	84	75	39
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	9.3%	9.2%	3.2%	6.8%	3.2%	9.7%	4.9%	12.8%	-3.9%	14.3%	12.8%	18.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	6.4%	4.5%	4.7%	5.9%	7.8%	6.4%	7.4%	9.8%	10.4%	13.9%	11.2%	12.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
System solutions	398	254	156	117	74
Components	91	73	57	59	70
Total	489	327	213	176	144

Price Behavior

Price Behavior

Market Price	$9.19
Market Cap ($ Bil)	1.5
First Trading Date	01/27/2021
Distance from 52W High	-15.3%
	50 Days	200 Days
DMA Price	$9.02	$6.23
DMA Trend	up	up
Distance from DMA	1.9%	47.5%
	3M	1YR
Volatility	74.1%	87.4%
Downside Capture	404.29	65.78
Upside Capture	412.01	109.28
Correlation (SPY)	55.6%	24.1%

SHLS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	3.74	3.22	3.00	2.32	1.05	1.31
Up Beta	2.43	0.87	2.02	3.22	1.42	1.39
Down Beta	8.62	3.46	3.85	3.88	1.45	1.07
Up Capture	180%	497%	409%	251%	55%	100%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	22	35	66	123	354
Down Capture	396%	314%	240%	96%	31%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	19	27	57	117	385

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	-10.6%	-9.2%	-23.3%
8/5/2025	-13.2%	-17.1%	26.0%
5/6/2025	17.3%	42.6%	30.3%
2/25/2025	-4.8%	-35.5%	-23.7%
11/12/2024	-15.9%	-26.2%	-20.8%
2/28/2024	-16.6%	-18.5%	-27.4%
11/7/2023	-10.0%	-7.1%	-16.1%
8/1/2023	-6.1%	-15.1%	-24.2%
...
SUMMARY STATS
# Positive	5	5	4
# Negative	10	10	11
Median Positive	6.8%	18.9%	23.4%
Median Negative	-8.1%	-15.0%	-20.8%
Max Positive	21.9%	42.6%	30.3%
Max Negative	-16.6%	-35.5%	-27.4%

	Forward Returns
11/4/2025	-10.6%	-9.2%	-23.3%
8/5/2025	-13.2%	-17.1%	26.0%
5/6/2025	17.3%	42.6%	30.3%
2/25/2025	-4.8%	-35.5%	-23.7%
11/12/2024	-15.9%	-26.2%	-20.8%
2/28/2024	-16.6%	-18.5%	-27.4%
11/7/2023	-10.0%	-7.1%	-16.1%
8/1/2023	-6.1%	-15.1%	-24.2%
2/28/2023	2.5%	8.2%	-11.9%
11/14/2022	21.9%	35.8%	20.8%
8/16/2022	-3.2%	-3.9%	-5.9%
3/11/2022	-4.6%	18.9%	-23.5%
11/10/2021	6.8%	11.7%	-15.7%
7/13/2021	-6.0%	-15.0%	6.8%
3/16/2021	0.4%	-14.9%	-10.5%
SUMMARY STATS
# Positive	5	5	4
# Negative	10	10	11
Median Positive	6.8%	18.9%	23.4%
Median Negative	-8.1%	-15.0%	-20.8%
Max Positive	21.9%	42.6%	30.3%
Max Negative	-16.6%	-35.5%	-27.4%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	11122024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5082023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11142022	10-Q 9/30/2022
6302022	8162022	10-Q 6/30/2022
3312022	5172022	10-Q 3/31/2022
12312021	3112022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Shoals Technologies (SHLS)

Market Price (12/25/2025): $9.01 | Market Cap: $1.5 BilSector: Information Technology | Industry: Semiconductors

Shoals Technologies (SHLS)

Market Price (12/25/2025): $9.01Market Cap: $1.5 BilSector: Information TechnologyIndustry: Semiconductors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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SHLS Stock

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Better Bets than Shoals Technologies (SHLS)

INDUSTRY: Semiconductors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHLS: 19.2% | 3.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHLS: 19.2% | 27.7x)

Higher Rev Chg LTM (Value for SHLS: 2.7%)

Higher Rev Chg 3Y Avg (Value for SHLS: 19.2%)

Higher Op Mgn LTM (Value for SHLS: 12.8%)

Higher CFO/Rev LTM (Value for SHLS: 8.1%)

Higher FCF/Rev LTM (Value for SHLS: 1.8%)

Higher Total Yield (Value for SHLS: 2.2%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHLS: 19.2% | 3.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHLS: 19.2% | 27.7x)

Higher Rev Chg LTM (Value for SHLS: 2.7%)

Higher Rev Chg 3Y Avg (Value for SHLS: 19.2%)

Higher Op Mgn LTM (Value for SHLS: 12.8%)

Higher CFO/Rev LTM (Value for SHLS: 8.1%)

Higher FCF/Rev LTM (Value for SHLS: 1.8%)

Higher Total Yield (Value for SHLS: 2.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHLS: 19.2% | 3.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHLS: 19.2% | 27.7x)

Higher Rev Chg LTM (Value for SHLS: 2.7%)

Higher Rev Chg 3Y Avg (Value for SHLS: 19.2%)

Higher Op Mgn LTM (Value for SHLS: 12.8%)

Higher CFO/Rev LTM (Value for SHLS: 8.1%)

Higher FCF/Rev LTM (Value for SHLS: 1.8%)

Higher Total Yield (Value for SHLS: 2.2%)

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Financials

Market Price (12/25/2025): $9.01 | Market Cap: $1.5 Bil
Sector: Information Technology | Industry: Semiconductors

Market Price (12/25/2025): $9.01
Market Cap: $1.5 Bil
Sector: Information Technology
Industry: Semiconductors