Shoals Technologies Group Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
No going-concern qualification, an Altman Z around 6.6 and an order book that can turn the inventory mountain back into money in the second half of 2026 — but a liquidity buffer of only $17.3 million forgives no disruption: a customer default, a project delay or a faster subsidy phase-out would hit the cash line directly, and then the answer would be a capital increase or more expensive credit. Whoever steps in should read the cash flow line of the coming quarterly reports, not the revenue line. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Shoals is the opposite of a zombie company: profitable, growing, with a record order book, positive equity and worked-off legacy burdens. The radar hit is still no false alarm but to be taken literally: $1.9 million in cash, 91 percent of the credit line drawn, minus $41.4 million of operating cash flow in one quarter — Shoals finances its own boom on the edge, while the margin falls and Washington has stamped an expiry date on solar subsidies. Not investment advice.
Market position & order book
Leading specialist for solar EBOS with the patented Big Lead Assembly system and expansion into battery storage and data centers: a $758.0 million order book as of March 31, 2026 (plus 17.5 percent year over year), 78.8 percent of revenue from system solutions, customer deposits of 10 to 20 percent (quarterly report 10-Q).
Growth & profitability
Revenue plus 74.9 percent in the first quarter of 2026, net income of $33.6 million in 2025 — but the adjusted gross margin fell from 47.0 (2023) to 35.0 percent (2025) and a reported 29.2 percent in Q1 2026, pressed by tariffs and expressly price-driven market-share gains; Piotroski F-Score 2 of 9.
Liquidity & cash flow
$1.9 million in cash and $15.4 million of available credit line (March 31, 2026) against minus $41.4 million of operating cash flow in the quarter ($69.6 million inventory build-up); the $200 million credit line is 91 percent drawn. No going-concern qualification, the credit line runs until March 2029 — but the buffer is wafer-thin.
Legal risks & legacy burdens
The $73 million warranty drama is paid to the tune of $69.7 million (remaining provision $1.6 million), the $70 million shareholder settlement is insured for $64.8 million (final hearing September 2026). Open: the derivative suit, possible further shrinkback cases, no product-warranty insurance — and, as an unbooked opportunity, the Prysmian lawsuit plus the ITC patent win against Voltage.
Politics & concentration risk
H.R. 1 ends the solar tax credits for facilities placed in service after 2027 — part of the boom is presumably pulled-forward demand; the FEOC rules are still unfinished. Add 19.1 percent of revenue on the largest customer (top 5: 53.7 percent) and tariff pressure on the margin (annual report 10-K for 2025).
Worth Noting
Scanner membership shifts daily: in the data set of July 8, 2026 SHLS was not yet in the Insolvency Radar; on July 14, 2026 (verified live) the row is included, because the Q1 figures pushed the four-quarter sum of operating cash flow below zero.
Price and valuation figures dated July 8, 2026 (about $9.90, about $1.76 billion market value); short interest and scanner screenshot dated July 14, 2026. Analyses are evergreen, daily prices are not a buy argument.
The class-action settlement ($70.0 million, of which $64.8 million insured) has preliminary court approval; the final hearing is set for September 2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SHLS since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.70 $ to 12.80 $ · Last price: 7.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Solar
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Shoals Technologies Group Inc SHLS | 1.4 | – | 19.5 | 32.1 | 8.1 | 19.1 | 5.8 |
| First Solar Inc FSLR | 22.8 | 12.2 | 8.5 | 44.0 | 33.1 | 24.1 | -6.9 |
| Nextpower Inc. NXT | 13.6 | 20.0 | 15.8 | 23.0 | 18.2 | 20.3 | 21.3 |
| Enphase Energy Inc ENPH | 5.3 | 35.1 | 18.1 | 30.0 | -9.1 | 10.7 | -7.0 |
| SolarEdge Technologies Inc SEDG | 2.2 | – | 52.7 | 21.3 | -2.7 | 31.4 | 4.7 |
| Sunrun Inc RUN | 2.2 | 4.1 | 18.8 | 35.3 | -6.0 | 45.1 | -45.2 |
| Canadian Solar Inc CSIQ | 0.8 | – | 308.4 | 17.6 | 6.8 | -6.7 | -7.1 |
| Array Technologies Inc ARRY | 0.7 | – | 223.2 | 26.8 | 2.0 | 40.2 | -45.8 |
| JinkoSolar Holding Company Limited JKS | 0.6 | – | 176.7 | 4.8 | -4.8 | -29.0 | -57.0 |
| Median of companies shown | 2.2 | 16.1 | 19.5 | 26.8 | 2.0 | 20.3 | -7.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | 104 | 11 | 9 | 0.05 | 3 | 138 | 186 |
| 2019 | 145 | 27 | 25 | 0.15 | 36 | 150 | 188 |
| 2020 | 176 | 37 | 34 | 0.21 | 54 | -184 | 195 |
| 2021 | 213 | 36 | 2 | 0.02 | -4 | 3 | 426 |
| 2022 | 327 | 66 | 128 | 0.76 | 39 | 291 | 595 |
| 2023 | 489 | 79 | 40 | 0.24 | 92 | 545 | 844 |
| 2024 | 399 | 51 | 24 | 0.14 | 80 | 557 | 793 |
| 2025 | 475 | 56 | 34 | 0.20 | 17 | 600 | 904 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.05 | -51.90 | 107 | -18.00 | 7.30 | 14 | 13 |
| 2025: Q1 | 0.00 | -106.00 | 80 | -11.50 | -0.40 | 16 | 12 |
| 2025: Q2 | 0.08 | 19.20 | 111 | 11.70 | 12.50 | -14 | -26 |
| 2025: Q3 | 0.07 | 275.40 | 136 | 32.90 | 8.70 | 19 | 9 |
| 2025: Q4 | 0.05 | 2.20 | 148 | 38.60 | 5.50 | -4 | -11 |
| 2026: Q1 | 0.00 | – | 141 | 74.90 | -0.20 | -41 | -49 |
| 2026: Q2 | 0.07 | -12.50 | 163 | 47.50 | 7.40 | 7 | 0 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- Character Change (CC)
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Kathy Donnelly: Liquid Movers Up
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.44 | 0.34 – 0.50 | 626 | 23.2% | 17 |
| 12/31/2027 | 0.55 | 0.40 – 0.67 | 698 | 24.3% | 18 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 14.07.2026 gegen die Geschäftsberichte (10-K) für 2025 (eingereicht 24.02.2026) und 2024 (25.02.2025) sowie die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 31.03.2026): In den ausgewerteten SEC-Filings von Shoals findet sich kein KI-Produkt, kein dokumentierter operativer KI-Einsatz und kein konkretes KI-Geschäftsrisiko fürs eigene Modell. KI erscheint ausschließlich als Endmarkt-Nachfragetreiber — der 10-K 2025 beschreibt im Business-Teil, dass die beschleunigte KI-Nutzung den Strombedarf mit jedem neuen Rechenzentrum „beispiellos“ steigen lässt („we are seeing an acceleration of artificial intelligence (AI) adoption, driving an unprecedented increase in energy demand as each new data center gets built“) und Shoals deshalb EBOS-Lösungen für Rechenzentrums-Strominfrastruktur anbietet; die Risk Factors behandeln KI nur spiegelbildlich (Risiko, dass sich die Rechenzentrums-/KI-Nachfrage langsamer entwickelt als erhofft) plus eine generische Cyber-Floskel zu KI-gestützten Angriffen. Verkabelung für Solarparks und Rechenzentren ist ein KI-nahes Endmarkt-Narrativ, kein Verkauf eigener KI-Produkte — nach dem Kriterienkatalog bleibt es bei „neutral“ (Endmarkt-Exponierung allein begründet kein „verkauft“, Boilerplate-Cyber-Risiken kein „bedroht“). In den vier ausgewerteten 10-Q finden sich keinerlei KI-Treffer.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-05 · 10-Q 2025-11-04 · 10-Q 2025-08-05 · 10-Q 2025-05-06 · 10-K 2026-02-24 · 10-K 2025-02-25
Rated on July 14, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 13.3%
- More than 10% revenue growth is expected for the coming year 8.9%
- Share count grows by less than 3% a year 0.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 15.7%
- Gross margin at 40% or higher and without meaningful erosion 35.0%
- Goodwill from acquisitions does not grow faster than revenue 7.7%
- Net debt below twice EBITDA 2.5 x EBITDA
- Operating cash flow covers the profits of the last three years 92 m
- Return on capital at 15% or higher, or up versus two years ago 7.3%
- Insiders hold at least 10% or are net buyers 1.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 24.3%
- Exp. sales growth 3Y > 5% 21.1%
- EBIT growth 10Y > 5% 26.2%
- Exp. EBIT growth 3Y > 5% 66.3%
- Net debt < 4x EBIT 3.0x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 35.3%
- Return on equity > 15% 6.8%
- ROCE > 15% 7.3%
- Expected return > 10% 64.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Moen Kirsten | Chief Operating Officer | Other | 2,790 | 7.06 | 19,697 |
| Aug 13, 2026 | Moss Brandon | Chief Executive Officer | Other | 104,386 | 8.14 | 849,702 |
| Jul 17, 2026 | Moss Brandon | Chief Executive Officer | Other | 9,133 | 10.30 | 94,070 |
The company
About the Company
Shoals Technologies Group, Inc. bietet Lösungen und Komponenten für das elektrische Balance of System (EBOS) in den USA und international an.
- Employees
- 1,480
- Headquarters
- Portland, TN
- Address
- 1500 Shoals Way, 37148 Portland, United States
- Phone
- 615 451 1400
- Website
- shoals.com
- IPO Date
- 01/27/2021
- ISIN
- US82489W1071
Management
| Name | Title | Birth Year |
|---|---|---|
| Brandon Moss | CEO & Director | 1980 |
| Jeffery Tolnar | President | 1964 |
| Dominic Bardos | Chief Financial Officer | 1966 |
| Bobbie L. King Jr. | Chief Legal Officer & Corporate Secretary | 1986 |
| Kirsten Moen | Chief Operations Officer | 1976 |
| David Sean Van Bibber | Chief Accounting Officer | 1971 |
| Matthew Tractenberg | Vice President of Finance & Investor Relations | – |
| Lindsey Williams | Vice President of Marketing | – |
| Karen Bazela | Vice President of Sales | – |
| James Hart | Chief People Officer | 1981 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/31/2026 Shoals Technologies Group, Inc. (SHLS): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 08/04/2026 Shoals Technologies Group, Inc. (SHLS): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.