Shoals Technologies (SHLS) financial statements
Shoals Technologies reported revenue of $475M in fiscal 2025, up 22.0% a year over 6 years.
Net income was $34M and the operating margin 11.9%, against 18.6% in 2019.
Free cash flow was -$16M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Shoals Technologies's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $144M | $176M | $213M | $327M | $489M | $399M | $475M |
| Cost of revenue | $100M | $109M | $131M | $196M | $321M | $257M | $309M |
| Gross profit | $44M | $67M | $83M | $131M | $168M | $142M | $167M |
| Selling, general and admin | $9M | $21M | $38M | $56M | $81M | $82M | $102M |
| Operating income | $27M | $37M | $36M | $66M | $79M | $51M | $56M |
| Interest expense | $2M | $4M | $15M | $19M | $24M | $14M | $10M |
| Pre-tax income | — | — | $4M | $152M | $55M | $38M | $49M |
| Income tax | $0 | $0 | $86,000 | $9M | $12M | $14M | $15M |
| Net income | $25M | $34M | $2M | $128M | $40M | $24M | $34M |
| EPS (diluted) | — | — | — | $0.85 | $0.24 | $0.14 | $0.20 |
| Diluted shares | — | — | — | 168M | 165M | 169M | 168M |
| Gross margin | 30.6% | 37.9% | 38.8% | 40.2% | 34.4% | 35.6% | 35.0% |
| Operating margin | 18.6% | 21.2% | 17.0% | 20.3% | 16.2% | 12.8% | 11.9% |
| Net margin | 17.4% | 19.2% | 1.1% | 39.0% | 8.2% | 6.0% | 7.1% |
Balance sheet
Fiscal years, from Shoals Technologies's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7M | $10M | $5M | $9M | $23M | $24M | $7M |
| Receivables | — | $27M | $31M | $51M | $107M | $78M | $129M |
| Inventory | — | $15M | $38M | $73M | $53M | $56M | $90M |
| Total current assets | — | $56M | $93M | $154M | $227M | $188M | $258M |
| Property, plant and equipment | — | $13M | $16M | $17M | $25M | $28M | $53M |
| Goodwill | $50M | $50M | $69M | $70M | $70M | $70M | $70M |
| Total assets | — | $195M | $426M | $595M | $844M | $793M | $904M |
| Total current liabilities | — | $24M | $32M | $53M | $93M | $81M | $127M |
| Long-term debt | — | $355M | $245M | $237M | $179M | $142M | — |
| Total liabilities | — | $379M | $434M | $294M | $299M | $236M | $304M |
| Shareholders' equity | $150M | -$184M | $3M | $291M | $545M | $557M | $600M |
| Net debt | -$7M | $349M | $242M | $230M | $159M | $118M | -$7M |
Cash flow
Fiscal years, from Shoals Technologies's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $36M | $54M | -$4M | $39M | $92M | $80M | $17M |
| Capital spending | $2M | $3M | $4M | $3M | $11M | $8M | $33M |
| Free cash flow | $34M | $51M | -$8M | $36M | $81M | $72M | -$16M |
| Stock-based compensation | $0 | $8M | $11M | $16M | $21M | $14M | $10M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$25M | $0 |
| Free cash flow margin | 23.9% | 29.0% | -3.9% | 11.1% | 16.6% | 18.0% | -3.4% |
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Open SHLS in InvestinglyQuestions
What was Shoals Technologies's revenue in 2025?
$475M in fiscal 2025, from its 10-K filing.
How much free cash flow does Shoals Technologies generate?
-$16M in fiscal 2025 (operating cash flow minus capital spending).
From Shoals Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.