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MARKETS / NASDAQ / SHLS
NASDAQ · SEMICONDUCTORS & RELATED DEVICES · MID CAP

Shoals Technologies Group, Inc. SHLS

7 fiscal years on record · USD · FY2025 reported · SEC filings only
$475.3M
▲ 19.1% YoY
$33.6M
▲ 39.2% YoY
$-16.0M
▼ 122.2% YoY
In brief

What this company does

Shoals Technologies Group, Inc. designs and manufactures electrical infrastructure solutions for solar photovoltaic (PV), BESS and data center power systems, and its solutions also support original equipment manufacturers. It has manufacturing facilities located in Tennessee and Alabama. As of December 31, 2025, it had approximately 1,480 full-time and temporary employees. For the year ended December 31, 2025, its largest customer contributed approximately 19.1% of total revenue and was one of two customers contributing 10% or greater of total revenue. It offers EBOS solutions for domestic and international utility-scale solar projects and commercial, community and industrial (CC&I) projects, and supplies other customers as an OEM of solar components. A core component of its BESS portfolio is the Recombiner platform, which aggregates multiple DC inputs from solar arrays, battery storage systems and other DC microgrid components into a single DC output, allowing batteries to charge and discharge consistent power to the grid. The Company was founded in 1996. Shoals Technologies Group, Inc. is a Delaware corporation.

Written from the business description in Shoals Technologies Group, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth
USD 475.3M
Revenue, FY2025 · full 7-year series below
Revenue $M Net income $M
FY2025 · Revenue 475.3 · Net income 33.6
200M400M2019202020212022202320242025
Compound annual growth
+13.3%
+22.0%
−35.9%
−0.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +22.0% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
7 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 11.9% · Net 7.1%
20%40%2019202020212022202320242025
ROE
FY2024 · ROE 4.4%
50%2019202020212022202320242025

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -16.0
40M80M-8M2019202020212022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 0.0
10M20M-20M-40M2022202320242025

Total assetsUSD 904.1M
CashUSD 7.3M
Current ratio2.03×

Not available: we don't have the total debt figure for this period.

The 7-year record
7 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019
Revenue $B0.50.40.50.30.20.20.1
Operating income $B0.10.10.10.10.00.00.0
EBITDA $B0.10.10.10.10.00.00.0
Income tax $B0.00.00.00.00.00.00.0
Net income $B0.00.00.00.10.00.00.0
Free cash flow $B−0.00.10.10.0−0.00.10.0
EPS, diluted $0.200.140.240.85···
Dividend / sh $·······
Payout %·······
ROE %·4.49.686.892.0··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 30 reconciliationsAUDITED

Reconciled in 7 of 19 fiscal years. 65 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySemiconductors & Related Devices
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2019

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