Tearsheet

Shoals Technologies (SHLS)

Market Price (2/20/2026): $10.22 | Market Cap: $1.7 Bil
Sector: Information Technology | Industry: Semiconductors

Shoals Technologies (SHLS)

Market Price (2/20/2026): $10.22
Market Cap: $1.7 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 -74%, 3Y Excs Rtn is -126%	Stock price has recently run up significantly 12M Rtn12 month market price return is 135%
1			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
2			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 -74%, 3Y Excs Rtn is -126%
2	Stock price has recently run up significantly 12M Rtn12 month market price return is 135%
3	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
4	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

	2/20/26	2025	2024	2023	2022	2021
Share Price CYE	$10.22	$8.50	$5.53	$15.54	$24.67	$24.30
Market Cap CYE ($ Bil)	1.7	1.4	0.9	2.6	2.8	2.5
Total Debt ($ Bil)	0.2	0.2	0.1	0.2	0.3	0.3
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	1.9	1.6	1.0	2.8	3.1	2.8
Valuation Ratios
P/S TTM	3.9	3.3	2.2	5.8	9.9	12.1
P/EBIT TTM	29.0	24.1	13.8	15.1	58.5	117.7
P/E TTM	51.4	42.8	28.1	19.4	211.7	293.6
P/FCF TTM	221.2	184.0	11.1	28.9	779.8	389.6
Sector Ratios
P/S TTM (Sector)	2.9	3.1	3.3	2.9	2.5	5.2
P/EBIT TTM (Sector)	2.7	2.8	-0.0	-0.3	-0.4	5.7
P/E TTM (Sector)	-0.2	-0.2	-0.1	-0.4	-0.6	3.6
P/FCF TTM (Sector)	10.7	11.4	12.7	11.7	3.4	16.7

	2/20/26	2025	2024
Share Price CYE	$10.22	$8.50	$5.53
Market Cap CYE ($ Bil)	1.7	1.4	0.9
Total Debt ($ Bil)	0.2	0.2	0.1
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	1.9	1.6	1.0
Valuation Ratios
P/S TTM	3.9	3.3	2.2
P/EBIT TTM	29.0	24.1	13.8
P/E TTM	51.4	42.8	28.1
P/FCF TTM	221.2	184.0	11.1
Sector Ratios
P/S TTM (Sector)	2.9	3.1	3.3
P/EBIT TTM (Sector)	2.7	2.8	-0.0
P/E TTM (Sector)	-0.2	-0.2	-0.1
P/FCF TTM (Sector)	10.7	11.4	12.7

	SHLS	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.4
Rev Chg Q	32.9%	7.5%
Rev Chg LTM	2.7%	6.5%
Rev Chg 3Y Avg	19.2%	5.6%
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%	20.7%
Net Inc Mgn	7.7%	12.8%
VALUATION	VERY HIGH
P/S	3.9	3.4
P/CFO	48.7	16.3
P/FCF	221.2	21.6
P/E	51.4	25.0
STABILITY	GOOD
Debt/Equity	0.10	0.20
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: $144 Mil (E) EPS: $0.14 (E)
5/04/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Shoals Technologies (SHLS) stock has lost about 5% since 10/31/2025 because of the following key factors:

1. Q3 2025 Earnings Miss and Subsequent Share Price Drop. Shoals Technologies Group reported its third-quarter 2025 earnings on November 4, 2025, which saw a revenue increase of 32.9% year-over-year to $135.8 million. However, the company missed earnings per share (EPS) expectations significantly, posting $0.07 against a forecast of $0.13, a 46.15% negative surprise. This disappointment led to an immediate stock decline of 1.62% pre-market and 10.64% on the day of the release, signaling investor concern despite revenue growth.

2. Persistent Regulatory Uncertainty and Residential Solar Market Headwinds. The broader solar industry faced a "wait and see" environment in Q4 2025 due to pending policy determinations, tariffs, and changes to tax incentives, notably the "One Big Beautiful Bill Act" (OBBBA) which rolled back many clean energy tax credits and imposed new restrictions. Additionally, the residential solar market experienced headwinds with the sunsetting of the 25D credit after 2025, leading to projections of an 18% decline in installed capacity in 2026 compared to 2025, thus capping upside potential for Shoals.

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Stock Movement Drivers

Fundamental Drivers

The -3.0% change in SHLS stock from 10/31/2025 to 2/19/2026 was primarily driven by a -38.4% change in the company's P/E Multiple.

(LTM values as of)	10312025	2192026	Change
Stock Price ($)	10.51	10.19	-3.0%
Change Contribution By:
Total Revenues ($ Mil)	400	434	8.4%
Net Income Margin (%)	5.3%	7.7%	45.3%
P/E Multiple	83.2	51.3	-38.4%
Shares Outstanding (Mil)	167	167	0.0%
Cumulative Contribution			-3.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/19/2026

	Return	Correlation
SHLS	-3.0%
Market (SPY)	0.4%	50.9%
Sector (XLK)	-6.7%	49.2%

Fundamental Drivers

The 89.1% change in SHLS stock from 7/31/2025 to 2/19/2026 was primarily driven by a 56.3% change in the company's Net Income Margin (%).

(LTM values as of)	7312025	2192026	Change
Stock Price ($)	5.39	10.19	89.1%
Change Contribution By:
Total Revenues ($ Mil)	389	434	11.6%
Net Income Margin (%)	4.9%	7.7%	56.3%
P/E Multiple	47.2	51.3	8.6%
Shares Outstanding (Mil)	167	167	-0.2%
Cumulative Contribution			89.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/19/2026

	Return	Correlation
SHLS	89.1%
Market (SPY)	8.6%	43.4%
Sector (XLK)	6.9%	40.7%

Fundamental Drivers

The 113.2% change in SHLS stock from 1/31/2025 to 2/19/2026 was primarily driven by a 110.8% change in the company's P/E Multiple.

(LTM values as of)	1312025	2192026	Change
Stock Price ($)	4.78	10.19	113.2%
Change Contribution By:
Total Revenues ($ Mil)	423	434	2.7%
Net Income Margin (%)	7.8%	7.7%	-1.5%
P/E Multiple	24.3	51.3	110.8%
Shares Outstanding (Mil)	167	167	0.0%
Cumulative Contribution			113.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/19/2026

	Return	Correlation
SHLS	113.2%
Market (SPY)	14.7%	29.2%
Sector (XLK)	22.1%	30.9%

Fundamental Drivers

The -63.5% change in SHLS stock from 1/31/2023 to 2/19/2026 was primarily driven by a -78.6% change in the company's P/E Multiple.

(LTM values as of)	1312023	2192026	Change
Stock Price ($)	27.89	10.19	-63.5%
Change Contribution By:
Total Revenues ($ Mil)	280	434	54.8%
Net Income Margin (%)	4.7%	7.7%	63.3%
P/E Multiple	239.4	51.3	-78.6%
Shares Outstanding (Mil)	113	167	-32.5%
Cumulative Contribution			-63.5%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/19/2026

	Return	Correlation
SHLS	-63.5%
Market (SPY)	74.7%	27.3%
Sector (XLK)	110.5%	23.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SHLS Return	-22%	2%	-37%	-64%	54%	26%	-65%
Peers Return	-21%	35%	-12%	-43%	60%	25%	6%
S&P 500 Return	27%	-19%	24%	23%	16%	1%	83%
Monthly Win Rates [3]
SHLS Win Rate	42%	58%	42%	25%	67%	100%
Peers Win Rate	38%	56%	41%	40%	48%	90%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
SHLS Max Drawdown	-31%	-60%	-48%	-73%	-49%	0%
Peers Max Drawdown	-43%	-39%	-39%	-53%	-29%	-4%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[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 2/19/2026 (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 NXT, ARRY, ENPH, SEDG, FSLR

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.

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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.

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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.

Interactive Breakdown

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Better Bets vs. Shoals Technologies (SHLS)

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BILL

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FSLR (26.1% | 16.6x)

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Microsoft

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

NVDA (91.6%)

NVIDIA

PLTR (29.3%)

Palantir Technologies

MU (28.3%)

Micron Technology

AVGO (25.2%)

Broadcom

APH (24.1%)

Amphenol

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

NVDA (58.8%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (40.8%)

Broadcom

MU (32.5%)

Micron Technology

AAPL (32.4%)

Apple

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

MU (53.6%)

Micron Technology

MSFT (52.5%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

AAPL (31.1%)

Apple

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

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

MU (11.0%)

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Higher Total Yield (Value for SHLS: 2.0%)

MSFT (4.9%)

Microsoft

ORCL (4.6%)

Oracle

AAPL (3.5%)

Apple

MU (2.6%)

Micron Technology

NVDA (2.2%)

NVIDIA

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BRK-B (19.8% | 2.7x)

Berkshire Hathaway

PGR (20.6% | 1.4x)

Progressive

MELI (39.5% | 3.9x)

MercadoLibre

APO (89.3% | 2.5x)

Apollo Global Management

MFC (33.3% | 1.1x)

Manulife Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHLS: 19.2% | 30.7x)

META (19.9% | 19.5x)

Meta Platforms

NEM (23.9% | 14.7x)

Newmont

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Agnico Eagle Mines

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Royal Caribbean

CP (22.2% | 13.9x)

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

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Eli Lilly

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Meta Platforms

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Alphabet

AMZN (12.4%)

Amazon.com

WMT (4.3%)

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

LLY (32.1%)

Eli Lilly

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Newmont

WELL (23.1%)

Welltower

META (19.9%)

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BRK-B (19.8%)

Berkshire Hathaway

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

V (67.0%)

Visa

LLY (45.6%)

Eli Lilly

META (41.4%)

Meta Platforms

GOOGL (32.0%)

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JNJ (27.2%)

Johnson & Johnson

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

META (57.6%)

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BRK-B (9.8%)

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

META (22.9%)

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GOOGL (18.2%)

Alphabet

TSLA (6.6%)

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BRK-B (4.8%)

Berkshire Hathaway

WMT (2.2%)

Walmart

Higher Total Yield (Value for SHLS: 2.0%)

BRK-B (6.3%)

Berkshire Hathaway

META (4.0%)

Meta Platforms

GOOGL (3.9%)

Alphabet

AMZN (3.5%)

Amazon.com

WMT (3.0%)

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DBX (10.5x)

Dropbox

FTNT (27.2x)

Fortinet

YOU (19.4x)

Clear Secure

P/E (Value for SHLS: 51.3x)

VRSN (24.2x)

VeriSign

NVDA (46.1x)

NVIDIA

APP (49.3x)

AppLovin

QLYS (19.7x)

Qualys

ADBE (15.2x)

Adobe

GEN (22.6x)

Gen Digital

IDCC (22.0x)

InterDigital

DBX (12.8x)

Dropbox

FTNT (32.9x)

Fortinet

YOU (17.8x)

Clear Secure

What You Get

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

VRSN (5.2%)

VeriSign

NVDA (91.6%)

NVIDIA

APP (36.0%)

AppLovin

QLYS (11.7%)

Qualys

ADBE (10.5%)

Adobe

GEN (15.3%)

Gen Digital

IDCC (24.7%)

InterDigital

DBX (3.4%)

Dropbox

FTNT (17.1%)

Fortinet

YOU (31.0%)

Clear Secure

Rev Chg LTM (Value for SHLS: 2.7%)

VRSN (6.4%)

VeriSign

NVDA (65.2%)

NVIDIA

APP (86.4%)

AppLovin

QLYS (10.1%)

Qualys

ADBE (10.5%)

Adobe

GEN (21.5%)

Gen Digital

IDCC (-4.0%)

InterDigital

DBX (-0.4%)

Dropbox

FTNT (14.8%)

Fortinet

YOU (17.8%)

Clear Secure

Rev Chg Q (Value for SHLS: 32.9%)

VRSN (7.6%)

VeriSign

NVDA (62.5%)

NVIDIA

APP (68.2%)

AppLovin

QLYS (10.4%)

Qualys

ADBE (10.5%)

Adobe

GEN (25.8%)

Gen Digital

IDCC (-37.4%)

InterDigital

DBX (-0.7%)

Dropbox

FTNT (14.4%)

Fortinet

YOU (15.5%)

Clear Secure

FCF/Rev 3Y Avg (Value for SHLS: 13.9%)

VRSN (58.3%)

VeriSign

NVDA (43.4%)

NVIDIA

APP (42.6%)

AppLovin

QLYS (40.9%)

Qualys

ADBE (37.9%)

Adobe

GEN (37.6%)

Gen Digital

IDCC (37.4%)

InterDigital

DBX (33.4%)

Dropbox

FTNT (33.3%)

Fortinet

YOU (32.5%)

Clear Secure

[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	Date
0	DASHBOARDS
1	Shoals Stock (+11%): No-News Rally on Low Volume Ahead of Conference	01/13/2026
2	Shoals Technologies Earnings Notes	12/16/2025
3	With Shoals Technologies Stock Surging, Have You Considered The Downside?	10/17/2025
4	Shoals Technologies (SHLS) Operating Cash Flow Comparison	08/09/2025
5	Shoals Technologies (SHLS) Debt Comparison	08/08/2025
6	Shoals Technologies (SHLS) Tax Expense Comparison	08/08/2025
7	Shoals Technologies (SHLS) Operating Income Comparison	08/08/2025
8	Shoals Technologies (SHLS) EBITDA Comparison	08/08/2025
9	Shoals Technologies (SHLS) Revenue Comparison	08/08/2025
10	Shoals Technologies (SHLS) Net Income Comparison	08/08/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to SHLS.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ROP_1302026_Dip_Buyer_FCFYield	01302026	ROP	Roper Technologies	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	-13.4%	-13.4%	-13.8%
TDC_1302026_Dip_Buyer_FCFYield	01302026	TDC	Teradata	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	17.7%	17.7%	-8.7%
CVLT_1302026_Dip_Buyer_High_CFO_Margins_ExInd_DE	01302026	CVLT	CommVault Systems	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	2.3%	2.3%	-5.1%
NTNX_1302026_Dip_Buyer_High_CFO_Margins_ExInd_DE	01302026	NTNX	Nutanix	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	6.2%	6.2%	-6.3%
FICO_1302026_Monopoly_xInd_xCD_Getting_Cheaper	01302026	FICO	Fair Isaac	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-8.1%	-8.1%	-9.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CDNL	Cardinal Infrastructure	1.2	31.3%	33.4%
RELY	Remitly Global	3.6	25.9%	24.2%
TALK	Talkspace	0.8	22.9%	33.1%
HLF	Herbalife	2.0	18.3%	51.8%
ULS	UL Solutions	16.6	16.0%	4.8%
COLD	Americold Realty Trust	4.0	15.7%	8.0%
OMC	Omnicom	15.7	15.4%	0.2%
CAPR	Capricor Therapeutics	1.3	14.2%	1.0%
NP	Neptune Insurance	2.8	12.7%	-29.9%
PRG	PROG	1.6	11.9%	37.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALIT	Alight	0.4	-38.2%	-58.5%
CAR	Avis Budget	3.4	-21.5%	-24.6%
BTDR	Bitdeer Technologies	1.7	-17.4%	-29.2%
EPAM	EPAM Systems	7.7	-17.0%	-32.1%
TCMD	Tactile Systems Technology	0.6	-14.5%	-2.6%
POOL	Pool	8.1	-14.5%	-4.5%
CORT	Corcept Therapeutics	3.5	-14.0%	-1.6%
W	Wayfair	10.3	-13.0%	-20.8%
MD	Pediatrix Medical	1.6	-12.2%	-9.8%
HTZ	Hertz Global	1.5	-11.7%	-8.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FSLY	Fastly	2.7	94.1%	77.5%
SSII	SS Innovations International	0.9	32.5%	-22.5%
IBRX	ImmunityBio	8.2	31.7%	334.8%
CGNX	Cognex	9.4	30.0%	55.5%
MASI	Masimo	9.5	29.8%	34.8%
CDNL	Cardinal Infrastructure	1.2	29.5%	33.4%
RELY	Remitly Global	3.6	29.4%	24.2%
TPH	Tri Pointe Homes	4.0	25.5%	47.2%
IRDM	Iridium Communications	2.4	25.0%	32.8%
ONDS	Ondas	3.0	23.4%	16.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ALIT	Alight	0.4	-43.0%	-58.5%
UPB	Upstream Bio	0.5	-41.9%	-68.5%
BTDR	Bitdeer Technologies	1.7	-33.8%	-29.2%
GETY	Getty Images	0.3	-29.3%	-44.6%
OCUL	Ocular Therapeutix	1.3	-23.3%	-42.1%
SXC	SunCoke Energy	0.6	-23.0%	-9.3%
EPAM	EPAM Systems	7.7	-21.8%	-32.1%
NRGV	Energy Vault	0.5	-21.7%	-31.0%
HRI	Herc	4.8	-20.6%	-2.8%
TMQ	Trilogy Metals	0.6	-20.1%	-15.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
FSLY	Fastly	2.7	105.8%	77.5%
NKTR	Nektar Therapeutics	1.4	103.9%	74.7%
PLSE	Pulse Biosciences	1.7	81.3%	82.7%
LITE	Lumentum	44.7	78.1%	72.5%
VAL	Valaris	6.5	70.1%	83.5%
IPGP	IPG Photonics	5.5	65.1%	81.6%
MOD	Modine Manufacturing	11.5	60.3%	63.7%
ICHR	Ichor	1.6	56.5%	159.6%
EVMN	Evommune	0.9	56.1%	67.8%
PKST	Peakstone Realty Trust	0.8	49.9%	44.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UPB	Upstream Bio	0.5	-72.5%	-68.5%
U	Unity Software	7.8	-55.5%	-58.1%
FIGR	Figure Technology Solutions	3.4	-54.1%	-19.4%
FUBO	FuboTV	0.4	-50.6%	-49.6%
HIMS	Hims & Hers Health	3.6	-48.1%	-51.3%
KD	Kyndryl	2.9	-47.4%	-51.8%
ALIT	Alight	0.4	-47.1%	-58.5%
BTDR	Bitdeer Technologies	1.7	-45.5%	-29.2%
NSP	Insperity	1.0	-44.5%	-34.9%
NRGV	Energy Vault	0.5	-44.3%	-31.0%

Peer Comparisons

Peers to compare with:

Financials

	SHLS	NXT	ARRY	ENPH	SEDG	FSLR	Median
Name	Shoals T.	Nextpower	Array Te.	Enphase .	SolarEdg.	First So.
Mkt Price	10.19	116.05	10.93	44.25	34.96	233.30	39.61
Mkt Cap	1.7	17.2	1.7	5.8	2.1	25.0	3.9
Rev LTM	434	3,603	1,333	1,512	1,045	5,051	1,423
Op Inc LTM	55	739	144	207	-471	1,506	176
FCF LTM	8	587	88	217	63	615	153
FCF 3Y Avg	61	480	163	454	-229	-169	112
CFO LTM	35	629	116	256	89	1,626	186
CFO 3Y Avg	76	504	181	518	-110	1,144	342

Growth & Margins

	SHLS	NXT	ARRY	ENPH	SEDG	FSLR	Median
Name	Shoals T.	Nextpower	Array Te.	Enphase .	SolarEdg.	First So.
Rev Chg LTM	2.7%	30.0%	35.8%	21.0%	2.4%	31.2%	25.5%
Rev Chg 3Y Avg	19.2%	25.5%	2.7%	0.5%	-13.6%	26.1%	11.0%
Rev Chg Q	32.9%	33.9%	70.0%	7.8%	44.5%	79.7%	39.2%
QoQ Delta Rev Chg LTM	8.4%	6.8%	13.8%	2.0%	11.1%	16.3%	9.8%
Op Mgn LTM	12.8%	20.5%	10.8%	13.7%	-45.1%	29.8%	13.2%
Op Mgn 3Y Avg	14.7%	20.8%	11.4%	12.9%	-57.7%	26.2%	13.8%
QoQ Delta Op Mgn LTM	2.5%	-0.8%	-0.0%	0.9%	95.1%	-1.5%	0.4%
CFO/Rev LTM	8.1%	17.5%	8.7%	16.9%	8.6%	32.2%	12.8%
CFO/Rev 3Y Avg	17.4%	17.3%	14.1%	27.1%	-12.5%	27.9%	17.4%
FCF/Rev LTM	1.8%	16.3%	6.6%	14.4%	6.0%	12.2%	9.4%
FCF/Rev 3Y Avg	13.9%	16.6%	12.8%	23.7%	-19.9%	-6.7%	13.3%

Valuation

	SHLS	NXT	ARRY	ENPH	SEDG	FSLR	Median
Name	Shoals T.	Nextpower	Array Te.	Enphase .	SolarEdg.	First So.
Mkt Cap	1.7	17.2	1.7	5.8	2.1	25.0	3.9
P/S	3.9	4.8	1.3	3.8	2.0	5.0	3.9
P/EBIT	28.9	22.7	378.5	23.9	-3.0	16.5	23.3
P/E	51.3	29.1	-50.0	29.6	-3.7	17.9	23.5
P/CFO	48.5	27.4	14.4	22.6	23.2	15.4	22.9
Total Yield	2.0%	3.4%	-2.0%	3.4%	-27.1%	5.6%	2.7%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	4.3%	8.7%	11.5%	4.4%	-26.9%	-1.3%	4.4%
D/E	0.1	0.0	0.4	0.2	0.2	0.0	0.1
Net D/E	0.1	-0.1	0.3	-0.0	-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	10.6%	20.5%	11.1%	28.2%	7.6%	-3.6%	10.9%
3M Rtn	36.6%	35.2%	63.6%	69.4%	5.7%	-5.1%	35.9%
6M Rtn	76.9%	81.2%	30.3%	28.0%	15.7%	21.5%	29.1%
12M Rtn	135.3%	138.7%	61.7%	-33.3%	78.1%	43.6%	69.9%
3Y Rtn	-60.5%	266.8%	-46.2%	-78.4%	-88.5%	42.0%	-53.3%
1M Excs Rtn	9.7%	19.6%	10.1%	27.2%	6.6%	-4.6%	9.9%
3M Excs Rtn	25.3%	27.0%	41.2%	57.9%	-0.8%	-10.8%	26.2%
6M Excs Rtn	59.2%	67.3%	15.6%	15.1%	2.3%	3.6%	15.4%
12M Excs Rtn	137.8%	128.4%	47.4%	-44.6%	94.6%	31.3%	71.0%
3Y Excs Rtn	-126.4%	203.5%	-114.1%	-145.0%	-154.6%	-26.4%	-120.3%

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	$10.19
Market Cap ($ Bil)	1.7
First Trading Date	01/27/2021
Distance from 52W High	-6.1%
	50 Days	200 Days
DMA Price	$9.33	$7.37
DMA Trend	up	up
Distance from DMA	9.2%	38.2%
	3M	1YR
Volatility	67.2%	85.7%
Downside Capture	391.85	110.09
Upside Capture	468.28	185.47
Correlation (SPY)	43.7%	28.9%

SHLS Betas & Captures as of 1/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.80	2.90	3.43	3.08	1.28	1.32
Up Beta	-4.92	-2.88	0.26	2.19	1.38	1.30
Down Beta	0.41	1.21	3.39	3.59	1.18	1.13
Up Capture	560%	715%	484%	621%	218%	116%
Bmk +ve Days	11	22	34	71	142	430
Stock +ve Days	10	20	29	67	129	353
Down Capture	395%	394%	365%	222%	100%	111%
Bmk -ve Days	9	19	27	54	109	321
Stock -ve Days	10	21	31	57	116	387

[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	117.5%	84.6%	1.29	-
Sector ETF (XLK)	16.4%	27.5%	0.53	31.8%
Equity (SPY)	13.0%	19.4%	0.51	30.1%
Gold (GLD)	71.2%	25.5%	2.08	15.1%
Commodities (DBC)	7.3%	16.9%	0.25	21.5%
Real Estate (VNQ)	6.4%	16.7%	0.20	11.2%
Bitcoin (BTCUSD)	-30.2%	44.9%	-0.66	24.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SHLS
SHLS	-24.6%	76.9%	-0.03	-
Sector ETF (XLK)	16.1%	24.8%	0.59	31.9%
Equity (SPY)	13.4%	17.0%	0.62	33.8%
Gold (GLD)	22.0%	17.1%	1.05	10.1%
Commodities (DBC)	11.0%	19.0%	0.47	11.2%
Real Estate (VNQ)	4.8%	18.8%	0.16	28.7%
Bitcoin (BTCUSD)	6.9%	57.1%	0.34	22.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SHLS
SHLS	-11.8%	77.0%	0.02	-
Sector ETF (XLK)	23.2%	24.2%	0.87	32.1%
Equity (SPY)	15.8%	17.9%	0.76	33.9%
Gold (GLD)	15.0%	15.6%	0.80	9.9%
Commodities (DBC)	8.7%	17.6%	0.41	11.4%
Real Estate (VNQ)	6.8%	20.7%	0.29	28.9%
Bitcoin (BTCUSD)	67.7%	66.7%	1.07	21.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	1302026
Short Interest: Shares Quantity	12.8 Mil
Short Interest: % Change Since 1152026	-7.7%
Average Daily Volume	4.0 Mil
Days-to-Cover Short Interest	3.2 days
Basic Shares Quantity	167.4 Mil
Short % of Basic Shares	7.6%

Returns Analyses

	Title
0	With Shoals Technologies Stock Surging, Have You Considered The Downside?

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%

	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
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
12/31/2021	03/11/2022	10-K

Insider Activity

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Bardos, Dominic	Chief Financial Officer	Direct	Sell	12052025	7.83	4,170	32,651	3,228,223	Form
2	Tolnar, Jeffery	President	Direct	Sell	12052025	7.85	2,450	19,232	1,959,054	Form
3	Bardos, Dominic	Chief Financial Officer	Direct	Buy	3122025	2.80	35,000	98,000	1,171,008	Form
4	Lund, Inez	Chief Accounting Officer	Direct	Sell	3112025	2.92	1,900	5,548	178,511	Form
5	Tolnar, Jeffery	President	Direct	Sell	3112025	2.88	2,700	7,776	729,867	Form

SHLS Trade Sentinel

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

Stock Conviction

null

Key KPI Watchlist

KPI	Threshold	Rationale

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 (2/20/2026): $10.22 | Market Cap: $1.7 BilSector: Information Technology | Industry: Semiconductors

Shoals Technologies (SHLS)

Market Price (2/20/2026): $10.22Market Cap: $1.7 BilSector: Information TechnologyIndustry: Semiconductors

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Shoals Technologies (SHLS)

Interactive Breakdown

Better Bets vs. Shoals Technologies (SHLS)

INDUSTRY: Semiconductors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHLS: 19.2% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHLS: 19.2% | 30.7x)

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: 2.0%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHLS: 19.2% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHLS: 19.2% | 30.7x)

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: 2.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for SHLS: 19.2% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for SHLS: 19.2% | 30.7x)

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: 2.0%)

Best Bets in Information Technology

P/EBIT (Value for SHLS: 28.9x)

P/E (Value for SHLS: 51.3x)

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

Rev Chg LTM (Value for SHLS: 2.7%)

Rev Chg Q (Value for SHLS: 32.9%)

FCF/Rev 3Y Avg (Value for SHLS: 13.9%)

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Market Price (2/20/2026): $10.22 | Market Cap: $1.7 Bil
Sector: Information Technology | Industry: Semiconductors

Market Price (2/20/2026): $10.22
Market Cap: $1.7 Bil
Sector: Information Technology
Industry: Semiconductors