7 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $475M | $34M | 35.0% | 11.9% | -$16M | — | $7M |
| 2024 | $399M | $24M | 35.6% | 12.8% | $72M | $142M | $24M |
| 2023 | $489M | $40M | 34.4% | 16.2% | $81M | $181M | $23M |
| 2022 | $327M | $128M | 40.2% | 20.3% | $36M | $239M | $9M |
| 2021 | $213M | $2M | 38.8% | 17.0% | -$8M | $247M | $5M |
| 2020 | $176M | $34M | 37.9% | 21.2% | $51M | $359M | $10M |
| 2019 | $144M | $25M | 30.6% | 18.6% | $34M | — | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $141M | -$297000 | 29.2% | 5.5% | -$49M | — | $2M |
| Dec '25 | $148M | $8M | 31.6% | 11.7% | -$11M | — | $7M |
| Sep '25 | $136M | $12M | 37.0% | 13.7% | $9M | $127M | $9M |
| Jun '25 | $111M | $14M | 37.2% | 14.4% | -$26M | $132M | $5M |
| Mar '25 | $80M | -$282000 | 35.0% | 5.4% | $12M | $142M | $36M |
| Dec '24 | $107M | $8M | 37.6% | 15.4% | $12M | $142M | $24M |
| Sep '24 | $102M | -$267000 | 24.8% | 4.4% | $13M | $142M | $11M |
| Jun '24 | $99M | $12M | 40.3% | 18.7% | $36M | $147M | $3M |
| Mar '24 | $91M | $5M | 40.2% | 12.8% | $10M | $169M | $15M |
| Dec '23 | $130M | $17M | 42.5% | 24.4% | $24M | $181M | $23M |
| Sep '23 | $134M | -$10M | 10.5% | -7.9% | $24M | $190M | $9M |
| Jun '23 | $119M | $19M | 42.4% | 26.5% | $26M | $211M | $6M |
| Mar '23 | $105M | $14M | 45.9% | 24.8% | $8M | $236M | $6M |
| Dec '22 | $95M | $113M | 42.7% | 24.7% | $34M | $239M | $9M |
| Sep '22 | $91M | $8M | 39.7% | 22.0% | $12M | $277M | $11M |
| Jun '22 | $73M | $4M | 38.9% | 17.7% | $18M | $277M | $10M |
| Mar '22 | $68M | $3M | 38.7% | 14.7% | -$27M | $282M | $3M |
| Dec '21 | $48M | -$2M | 33.1% | 5.6% | $953000 | $247M | $5M |
| Sep '21 | $60M | $2M | 36.4% | 16.0% | $7M | $252M | $14M |
| Jun '21 | $60M | $5M | 43.8% | 23.6% | $3M | $241M | $13M |
How the market has priced SHLS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Shoals Technologies Group, Inc.'s revenue has grown 22.0% per year, and net income declined 0.1% per year. These are computed facts, not advice.
As of FY2025, Shoals Technologies Group, Inc. reported — of total debt against $7M of cash; operating income covered interest expense 5.6×.
In FY2025, gross margin was 35.0%, operating margin 11.9%, and net margin 7.1%.
As of Jun '26, Shoals Technologies Group, Inc. traded at a price-to-earnings ratio of about 49.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.