Shoals Technologies (SHLS)
Market Price (5/2/2026): $8.2 | Market Cap: $1.4 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Shoals Technologies (SHLS)
Market Price (5/2/2026): $8.2Market Cap: $1.4 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -138% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 80x Stock price has recently run up significantly12M Rtn12 month market price return is 116% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.4% Key risksSHLS key risks include [1] substantial legal and warranty costs stemming from product defects and intellectual property disputes, Show more. |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -138% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 80x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 116% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.4% |
| Key risksSHLS key risks include [1] substantial legal and warranty costs stemming from product defects and intellectual property disputes, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Q4 2025 Earnings Miss and Margin Compression.
Shoals Technologies reported its Q4 2025 earnings on February 24, 2026, where it missed analyst estimates for earnings per share (EPS), reporting $0.10 against an expected $0.14. While revenue of $148.33 million exceeded expectations, the company experienced a decrease in gross profit margin to 35.0% from 35.6% year-over-year. This decline was attributed to rising tariffs, increased material costs, non-recurring operational charges, competitive dynamics, and changes in product mix. Adjusted EBITDA margin also fell to 20.4% from 24.7%.
2. Disappointing 2026 Gross Margin Outlook and Cost Headwinds.
Following the Q4 2025 results, management provided guidance for full-year 2026, projecting gross margins to be in the low-to-mid 30s. This outlook reflected ongoing profitability pressures stemming from tariffs and elevated legal expenses, which contributed to investor caution regarding future earnings potential.
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Stock Movement Drivers
Fundamental Drivers
The -13.6% change in SHLS stock from 1/31/2026 to 5/1/2026 was primarily driven by a -14.3% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.44 | 8.16 | -13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 434 | 475 | 9.5% |
| Net Income Margin (%) | 7.7% | 7.1% | -7.9% |
| P/E Multiple | 47.5 | 40.7 | -14.3% |
| Shares Outstanding (Mil) | 167 | 167 | 0.0% |
| Cumulative Contribution | -13.6% |
Market Drivers
1/31/2026 to 5/1/2026| Return | Correlation | |
|---|---|---|
| SHLS | -13.6% | |
| Market (SPY) | 3.6% | 28.8% |
| Sector (XLK) | 12.6% | 24.4% |
Fundamental Drivers
The -22.4% change in SHLS stock from 10/31/2025 to 5/1/2026 was primarily driven by a -51.1% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.51 | 8.16 | -22.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 400 | 475 | 18.7% |
| Net Income Margin (%) | 5.3% | 7.1% | 33.9% |
| P/E Multiple | 83.2 | 40.7 | -51.1% |
| Shares Outstanding (Mil) | 167 | 167 | -0.1% |
| Cumulative Contribution | -22.4% |
Market Drivers
10/31/2025 to 5/1/2026| Return | Correlation | |
|---|---|---|
| SHLS | -22.4% | |
| Market (SPY) | 5.5% | 38.2% |
| Sector (XLK) | 8.0% | 36.5% |
Fundamental Drivers
The 126.0% change in SHLS stock from 4/30/2025 to 5/1/2026 was primarily driven by a 63.1% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.61 | 8.16 | 126.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 399 | 475 | 19.1% |
| Net Income Margin (%) | 6.0% | 7.1% | 16.9% |
| P/E Multiple | 24.9 | 40.7 | 63.1% |
| Shares Outstanding (Mil) | 167 | 167 | -0.4% |
| Cumulative Contribution | 126.0% |
Market Drivers
4/30/2025 to 5/1/2026| Return | Correlation | |
|---|---|---|
| SHLS | 126.0% | |
| Market (SPY) | 30.4% | 27.2% |
| Sector (XLK) | 55.1% | 26.4% |
Fundamental Drivers
The -60.9% change in SHLS stock from 4/30/2023 to 5/1/2026 was primarily driven by a -81.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.89 | 8.16 | -60.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 327 | 475 | 45.4% |
| Net Income Margin (%) | 39.0% | 7.1% | -81.9% |
| P/E Multiple | 19.7 | 40.7 | 106.6% |
| Shares Outstanding (Mil) | 120 | 167 | -28.1% |
| Cumulative Contribution | -60.9% |
Market Drivers
4/30/2023 to 5/1/2026| Return | Correlation | |
|---|---|---|
| SHLS | -60.9% | |
| Market (SPY) | 78.7% | 26.2% |
| Sector (XLK) | 119.1% | 23.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SHLS Return | -22% | 2% | -37% | -64% | 54% | -7% | -74% |
| Peers Return | -21% | 35% | -12% | -43% | 60% | 10% | -7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| SHLS Win Rate | 42% | 58% | 42% | 25% | 67% | 75% | |
| Peers Win Rate | 38% | 56% | 41% | 40% | 48% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SHLS Max Drawdown | -31% | -60% | -48% | -73% | -49% | -33% | |
| Peers Max Drawdown | -43% | -39% | -39% | -53% | -29% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
| Event | SHLS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.1% | -18.8% |
| % Gain to Breakeven | 54.1% | 23.1% |
| Time to Breakeven | 56 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.7% | -7.8% |
| % Gain to Breakeven | 23.0% | 8.5% |
| Time to Breakeven | 33 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.4% | 7.1% |
| Time to Breakeven | 70 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.0% | -24.5% |
| % Gain to Breakeven | 143.8% | 32.4% |
| Time to Breakeven | 106 days | 427 days |
In The Past
Shoals Technologies's stock fell -35.1% during the 2025 US Tariff Shock. Such a loss loss requires a 54.1% gain to breakeven.
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| Event | SHLS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.1% | -18.8% |
| % Gain to Breakeven | 54.1% | 23.1% |
| Time to Breakeven | 56 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.4% | 7.1% |
| Time to Breakeven | 70 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.0% | -24.5% |
| % Gain to Breakeven | 143.8% | 32.4% |
| Time to Breakeven | 106 days | 427 days |
In The Past
Shoals Technologies's stock fell -35.1% during the 2025 US Tariff Shock. Such a loss loss requires a 54.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Shoals Technologies (SHLS)
AI Analysis | Feedback
```htmlHere are 1-3 brief analogies to describe Shoals Technologies (SHLS):
- They're like the Schneider Electric for solar and EV charging electrical infrastructure.
- They're like the specialized Eaton, focused on the electrical balance of system for solar farms and EV charging.
AI Analysis | Feedback
- EBOS Components for Solar Energy: Individual electrical parts such as cable assemblies, fuses, and junction boxes essential for solar power installations.
- EBOS Systems for Solar Energy: Integrated electrical balance of system solutions designed for solar energy projects.
- EV Charging Solutions: Products and systems provided for public and fleet electric vehicle charging stations.
AI Analysis | Feedback
Shoals Technologies (SHLS) primarily sells its electrical balance of system (EBOS) solutions for solar energy projects and EV Charging solutions to other companies, specifically engineering, procurement, and construction (EPC) firms.
These EPC firms are responsible for building solar energy projects and installing electric vehicle charging stations across the United States. While Shoals Technologies' SEC filings indicate significant customer concentration (their top ten customers accounted for approximately 70% of their 2023 revenue, with the largest customer accounting for approximately 17%), the company does not publicly disclose the specific names of these major EPC firm customers.
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Brandon Moss, Chief Executive Officer
Brandon Moss joined Shoals Technologies Group as CEO in July 2023. He has over 20 years of experience in the electrical industry. Before Shoals, Mr. Moss served as Group President at Southwire Company, a global leader in wire and cable manufacturing, where he established the Tools, Components, and Assembled Solutions business. His career highlights include success in corporate strategy, managing autonomous business units, business development, mergers and acquisitions (M&A), and leading global manufacturing and supply chains.
Dominic Bardos, Chief Financial Officer
Dominic Bardos became the CFO of Shoals Technologies Group in October 2022. Prior to joining Shoals, Mr. Bardos served as CFO for a number of private equity-backed companies, including Blue Bird Corporation, a bus manufacturer, and various roles at Johnson Controls. His experience includes financial leadership in manufacturing and public company environments, as well as a focus on driving financial performance and operational efficiencies.
Jeff Tolnar, President
Jeff Tolnar serves as President, having successfully launched the eMobility business unit within Shoals. He holds a Bachelor of Science degree in Electrical Engineering Technology from Youngstown State University and a Master of Business Administration from Baker University. His background includes a focus on growing new business units and expanding market presence, particularly in the electric vehicle charging solutions sector for Shoals.
Kirsten Moen, Chief Operating Officer
Kirsten Moen joined Shoals Technologies Group 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.
Bobbie L. King, Jr., Chief Legal Officer and Secretary
Bobbie L. King, Jr. joined Shoals Technologies Group as Chief Legal Officer and Secretary in June 2025. He brings over 15 years of proven leadership with significant depth in the clean infrastructure sector. Before Shoals, he was Senior Vice President, Deputy Chief Legal Officer of HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI), where he advised the board and senior management on corporate governance, securities and public company matters, capital markets and corporate finance, litigation, and legal operations.
AI Analysis | Feedback
Shoals Technologies Group, Inc. (SHLS) faces several key risks inherent in its business of providing electrical balance of system (EBOS) solutions for solar energy projects and EV charging. The most significant risks include substantial warranty exposure and ongoing litigation, intense market competition leading to margin pressure, and the inherent volatility and regulatory uncertainties within the solar industry.
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Material Warranty Exposure and Associated Litigation
Shoals Technologies has identified a significant risk related to a wire insulation shrinkback issue, which has led to substantial potential warranty liabilities. The company estimates a potential loss of $73 million in connection with this matter. The ability to recover these costs from the wire supplier, Prysmian, is uncertain and dependent on ongoing litigation, which could further impact the company's financial results and stability.
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Intensifying Competition and Margin Pressure
The electrical balance of system (EBOS) market is highly competitive, with Shoals facing challenges from both established companies and new market entrants. This competitive environment frequently leads to pricing pressures and volume discounts, which can negatively affect the company's gross margins. Shoals has experienced margin declines due to factors such as higher material costs and aggressive competitive dynamics, necessitating continuous innovation to maintain market share and profitability.
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Market Volatility and Regulatory Uncertainty in the Solar Industry
The solar energy sector, which is a primary market for Shoals, is cyclical and highly sensitive to external factors. Demand for solar projects is influenced by government incentives, macroeconomic conditions such as high interest rates and inflation, and regulatory changes, including trade policies and tariffs. Project delays stemming from these uncertainties have previously impacted Shoals' revenue and growth trajectory, making the company susceptible to broader industry fluctuations.
AI Analysis | Feedback
nullAI Analysis | Feedback
Shoals Technologies Group, Inc. (SHLS) operates in two primary addressable markets: Electrical Balance of System (EBOS) solutions for solar energy projects and EV Charging solutions.
Electrical Balance of System (EBOS) Solutions for Solar Energy Projects
The global addressable market for Electrical Balance of System (EBOS) components is substantial and experiencing significant growth. In 2023, the global market size was estimated to be between USD 8.5 billion and USD 15 billion. Projections indicate this market will continue to expand, with estimates reaching USD 16.2 billion by 2033 (CAGR of approximately 8.5% from 2024-2033), USD 25 billion by 2030 (CAGR of approximately 8% from 2024-2030), or even approximately USD 45 billion by 2033 (CAGR of 11.32% from 2025-2033). Another estimate places the global market at USD 8.61 billion in 2024, projected to reach USD 19.46 billion by 2032 with a CAGR of 10.73%.
North America, particularly the U.S., is a prominent region for EBOS components, driven by robust investments in renewable energy and supportive government policies. Shoals Technologies Group holds a leading position in the U.S. utility-scale solar EBOS market, with an estimated 45-50% U.S. market share and over 68% of the North American balance of systems market.
EV Charging Solutions
The addressable market for EV Charging solutions, which includes charging infrastructure and equipment, is also rapidly expanding on both a global and U.S. regional basis.
Global Market:
- The global electric vehicle charging infrastructure market size was estimated at USD 40.22 billion in 2025 and is projected to reach USD 238.82 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 25.0% from 2026 to 2033.
- Other estimates for the global electric vehicle charging infrastructure market include a value of USD 47.61 billion in 2025, predicted to surpass USD 492.59 billion by 2035 with a CAGR of 26.32% from 2026 to 2035.
- The global EV charging infrastructure market is also predicted to reach US$125.39 billion by 2030, expanding at a CAGR of 25.4% from 2024 to 2030.
- The global EV charging station market is expected to grow from USD 28.46 billion in 2025 to USD 76.31 billion by 2032 at a CAGR of 15.1%.
U.S. Market:
- The U.S. electric vehicle charging infrastructure market size was valued at USD 5.09 billion in 2024 and is projected to grow at a CAGR of 30.3% from 2025 to 2030, reaching USD 24.07 billion by 2030.
- The U.S. EV charging equipment market size is estimated at USD 2.25 billion in 2025 and is expected to reach USD 3.60 billion by 2030, at a CAGR of 9.88%.
- The broader electric vehicle supply equipment (EVSE) market in the U.S. could grow from approximately $7 billion today to $100 billion by 2040 at a 15% CAGR.
- Shoals Technologies Group itself estimated an implied U.S. market opportunity of $3.5 billion for its addressable EV chargers between 2022 and 2025.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Shoals Technologies (SHLS) over the next 2-3 years:
- International Expansion: Shoals Technologies is actively pursuing significant international expansion, with a focus on regions such as Latin America, Australia, and EMEA (Europe, Middle East, and Africa). International revenue saw substantial growth, increasing from less than $1 million in 2024 to approximately $13 million in 2025. The company is launching a comprehensive suite of system solutions specifically designed for international developers and engineering, procurement, and construction (EPC) contractors to capture this global market opportunity.
- Growth in Battery Energy Storage Systems (BESS): Battery Energy Storage Systems (BESS) have emerged as a significant growth engine for Shoals Technologies. The company's backlog and awarded orders related to BESS jumped to $67 million, with more than half of that expected to convert into revenue in 2026. Shoals is also establishing its first dedicated BESS production line to meet the rising demand for grid-scale energy storage solutions.
- Expansion into EV Charging Solutions: Shoals Technologies has entered the electric vehicle (EV) charging station market and is introducing new product families aimed at reducing installation costs by 20-30%. This strategic diversification into the rapidly growing EV infrastructure market presents a significant opportunity for future revenue.
- Strong Backlog in Core Utility-Scale Solar: The company maintains a robust backlog and awarded orders, signaling continued strong demand in its core utility-scale solar market. As of December 31, 2025, the backlog and awarded orders reached a record $747.6 million, with approximately $603.4 million scheduled for shipment in the next four quarters. This high visibility into future projects provides a solid foundation for revenue growth.
- New Product Introductions and Expanded Manufacturing Capacity: Shoals Technologies is continually launching new products, including advanced solutions for international markets, and is investing in its manufacturing capabilities. The company is investing $80 million over five years to expand its manufacturing and distribution operations in Portland, Tennessee, including relocating to a new, larger facility. This expansion, along with new product development, is intended to meet growing customer demand and enhance operational efficiency.
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Share Repurchases
- Shoals Technologies Group, Inc. authorized a share repurchase program of up to $150 million of its Class A common stock, effective from June 11, 2024, through December 31, 2025.
- In connection with this program, the company entered into a $25 million Accelerated Share Repurchase (ASR) agreement with Jefferies LLC, which was expected to be completed in the third quarter of 2024.
Share Issuance
- On January 29, 2021, Shoals Technologies Group, Inc. closed its initial public offering (IPO) of 88,550,000 shares of Class A common stock at $25.00 per share, with 11,550,000 shares issued and sold by the company.
- On March 7, 2023, certain selling stockholders, affiliates of Dean Solon, launched and priced a secondary offering of 24,501,650 shares of Class A common stock at $24.70 per share. Shoals Technologies Group, Inc. did not receive any proceeds from this offering.
Inbound Investments
- BlackRock, Inc. acquired an additional 4,665,121 shares of Shoals Technologies Group Inc on December 31, 2024, increasing its total holdings to 31,693,300 shares, representing 19.00% of BlackRock's portfolio in the company.
Outbound Investments
- On August 26, 2021, Shoals Technologies Group, Inc. acquired ConnectPV, Inc. for an aggregate purchase price of $20.7 million, consisting of $13.8 million in cash and 0.21 million shares of Class A Common stock.
Capital Expenditures
- For the full year 2025, capital expenditures were projected between $30.0 million and $40.0 million.
- For the full year 2026, capital expenditures are expected to be in the range of $20 million to $30 million.
- Capital expenditures are focused on ongoing investments in facilities and operations, including a consolidated manufacturing facility, and expanding EBOS offerings for battery energy storage solutions (BESS).
Latest Trefis Analyses
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 38.38 |
| Mkt Cap | 3.5 |
| Rev LTM | 1,342 |
| Op Inc LTM | 89 |
| FCF LTM | 113 |
| FCF 3Y Avg | 95 |
| CFO LTM | 148 |
| CFO 3Y Avg | 282 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 27.1% |
| Rev Chg 3Y Avg | 7.5% |
| Rev Chg Q | 22.5% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Inc Chg LTM | 6.5% |
| Op Inc Chg 3Y Avg | 43.8% |
| Op Mgn LTM | 9.6% |
| Op Mgn 3Y Avg | 12.3% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 11.2% |
| CFO/Rev 3Y Avg | 15.8% |
| FCF/Rev LTM | 8.6% |
| FCF/Rev 3Y Avg | 11.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.5 |
| P/S | 3.0 |
| P/Op Inc | 20.2 |
| P/EBIT | 18.7 |
| P/E | 22.5 |
| P/CFO | 24.0 |
| Total Yield | 2.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.7% |
| 3M Rtn | -7.3% |
| 6M Rtn | 0.7% |
| 12M Rtn | 91.9% |
| 3Y Rtn | -56.3% |
| 1M Excs Rtn | -8.2% |
| 3M Excs Rtn | -11.5% |
| 6M Excs Rtn | -6.6% |
| 12M Excs Rtn | 67.3% |
| 3Y Excs Rtn | -138.8% |
Price Behavior
| Market Price | $8.16 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 01/27/2021 | |
| Distance from 52W High | -24.8% | |
| 50 Days | 200 Days | |
| DMA Price | $6.84 | $7.82 |
| DMA Trend | up | down |
| Distance from DMA | 19.4% | 4.3% |
| 3M | 1YR | |
| Volatility | 93.6% | 89.2% |
| Downside Capture | 0.93 | 0.79 |
| Upside Capture | 63.08 | 194.38 |
| Correlation (SPY) | 28.2% | 27.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.77 | 1.91 | 1.78 | 2.38 | 1.93 | 1.32 |
| Up Beta | 3.72 | 3.49 | 3.10 | 1.91 | 2.33 | 1.48 |
| Down Beta | 3.27 | 2.75 | 1.28 | 2.30 | 2.55 | 1.07 |
| Up Capture | 172% | 184% | 60% | 250% | 254% | 98% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 24 | 33 | 63 | 133 | 355 |
| Down Capture | 25% | 30% | 179% | 219% | 120% | 110% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 18 | 30 | 60 | 115 | 385 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SHLS | |
|---|---|---|---|---|
| SHLS | 96.8% | 88.1% | 1.18 | - |
| Sector ETF (XLK) | 55.3% | 20.5% | 2.04 | 27.7% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 28.8% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | 18.6% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | 6.6% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 8.7% |
| Bitcoin (BTCUSD) | -18.2% | 42.1% | -0.36 | 23.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SHLS | |
|---|---|---|---|---|
| SHLS | -27.4% | 77.8% | -0.07 | - |
| Sector ETF (XLK) | 18.6% | 24.8% | 0.67 | 30.7% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 32.9% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | 11.3% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | 9.8% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 28.0% |
| Bitcoin (BTCUSD) | 7.4% | 56.1% | 0.35 | 21.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SHLS | |
|---|---|---|---|---|
| SHLS | -13.7% | 77.9% | -0.02 | - |
| Sector ETF (XLK) | 23.6% | 24.4% | 0.88 | 31.7% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 33.6% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | 11.5% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 10.0% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 28.3% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.07 | 21.6% |
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Returns Analyses
Earnings Returns History
Expand for More| 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% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/16/2022 | 10-Q |
| 03/31/2022 | 05/17/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 140.00 Mil | 145.00 Mil | 150.00 Mil | 11.5% | Raised | Guidance: 130.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA | 35.00 Mil | 37.50 Mil | 40.00 Mil | 15.4% | Raised | Guidance: 32.50 Mil for Q3 2025 | |
| 2025 Revenue | 467.00 Mil | 472.00 Mil | 477.00 Mil | 2.6% | Raised | Guidance: 460.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | 105.00 Mil | 107.50 Mil | 110.00 Mil | 0 | Affirmed | Guidance: 107.50 Mil for 2025 | |
| 2025 Cash flow from operations | 15.00 Mil | 20.00 Mil | 25.00 Mil | 0 | Affirmed | Guidance: 20.00 Mil for 2025 | |
| 2025 Capital expenditures | 30.00 Mil | 35.00 Mil | 40.00 Mil | 0 | Affirmed | Guidance: 35.00 Mil for 2025 | |
| 2025 Interest expense | 8.00 Mil | 10.00 Mil | 12.00 Mil | 0 | Affirmed | Guidance: 10.00 Mil for 2025 | |
Prior: Q2 2025 Earnings Reported 8/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2025 Revenue | 125.00 Mil | 130.00 Mil | 135.00 Mil | ||||
| Q3 2025 Adjusted EBITDA | 30.00 Mil | 32.50 Mil | 35.00 Mil | ||||
| 2025 Revenue | 450.00 Mil | 460.00 Mil | 470.00 Mil | 7.0% | Raised | Guidance: 430.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | 100.00 Mil | 107.50 Mil | 115.00 Mil | 0 | Affirmed | Guidance: 107.50 Mil for 2025 | |
| 2025 Cash Flow from operations | 15.00 Mil | 20.00 Mil | 25.00 Mil | -46.7% | Lowered | Guidance: 37.50 Mil for 2025 | |
| 2025 Capital expenditures | 30.00 Mil | 35.00 Mil | 40.00 Mil | 16.7% | Raised | Guidance: 30.00 Mil for 2025 | |
| 2025 Interest expense | 8.00 Mil | 10.00 Mil | 12.00 Mil | ||||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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