SHLS
Shoals Technologies Group, Inc.
SHLS's fundamentals are mixed, but it looks cheap: trading at 35x earnings, below its usual 41x. Analysts expect strong earnings growth, though they disagree widely on how much.
SHLS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Weak | |
| Healthy |
SHLS's revenue, profitability and balance sheet are currently healthy, but its cash flow is weak.
SHLS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $8.07 | — |
| Cheap | 23x | $5.40 | -33% |
| Current | 35x | $8.07 | — |
| Fair | 41x | $9.32 | +15% |
| Expensive | 89x | $20.40 | +153% |
Historical ranges are pointers, not guarantees.
SHLS's PE is in its fair range at 35x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
SHLS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for SHLS, with profitability improving. However, they disagree widely on these estimates.
SHLS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.55 | +140% |
| Q3 2026 | $0.23 | +21% |
| Q2 2026 | $0.19 | +58% |
| Q1 2026 | $0.20 | +82% |
| Q4 2025 | $0.20 | +43% |
| Q3 2025 | $0.19 | 0% |
| Q2 2025 | $0.12 | -7.7% |
| Q1 2025 | $0.11 | -35% |
| Q4 2024 | $0.14 | -42% |
SHLS's earnings per share have fallen from their peak: $0.23 over the past year, against $1.00 in mid-2023.
SHLS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $195.3M | +44% |
| Q2 2026 | $163.4M | +47% |
| Q1 2026 | $140.6M | +75% |
| Q4 2025 | $148.3M | +39% |
| Q3 2025 | $135.8M | +33% |
| Q2 2025 | $110.8M | +12% |
| Q1 2025 | $80.4M | -12% |
| Q4 2024 | $107M | -18% |
SHLS's revenue has grown year over year for six quarters in a row: $195M last quarter, up 44% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +1.1 points |
| Q2 2026 | 11% | -3 points |
| Q1 2026 | 5.5% | +0.1 points |
| Q4 2025 | 12% | -3.7 points |
| Q3 2025 | 14% | +9.3 points |
| Q2 2025 | 14% | -4.3 points |
| Q1 2025 | 5.4% | -7.4 points |
| Q4 2024 | 15% | -9 points |
SHLS's operating margin was 15% last quarter, up 1.1 points from the same quarter a year ago.
SHLS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $26M | +190% |
| Q2 2026 | -$207K | +$25.8M |
| Q1 2026 | -$49.1M | -498% |
| Q4 2025 | -$11.3M | -190% |
| Q3 2025 | $9M | -33% |
| Q2 2025 | -$26M | -173% |
| Q1 2025 | $12.3M | +19% |
| Q4 2024 | $12.5M | -47% |
SHLS's free cash flow has turned negative after years in the green: −$35M over the past year.
SHLS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +110K shares |
| 1 year | +0.8% | +1.4M shares |
| 3 years | +0.1% | +168K shares |
| 5 years | +2% | +3.3M shares |
| Available history | +2.1% | +3.5M shares |
SHLS has 170M diluted shares, up 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $100,000 |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
SHLS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.8x | Healthy |
| Q2 2026 | 2.4x | Moderate |
| Q1 2026 | 2.5x | Moderate |
| Q4 2025 | 1.9x | Healthy |
| Q3 2025 | 1.8x | Healthy |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 1.9x | Healthy |
SHLS's net debt is about 1.8 years of its operating earnings (EBITDA), about the same as a year ago.
SHLS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.8 | Neutral |
| Stochastic | 51.0 | Neutral |
SHLS's weekly RSI is 49 (neutral) and its Stochastic is 51 (neutral).
SHLS PE vs Energy Sector
| Metric | SHLS | Sector median | Relative |
|---|---|---|---|
| PE | 35x | 13x | 167% above |
| PE % | 38 | 53 | 15 pts below |
SHLS is trading at 35x earnings, a 167% premium to the Energy sector's median of 13x.
SHLS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.08 | 0.1% below |
| 20 week MA | $8.33 | 3.1% below |
| 50 week MA | $8.57 | 5.8% below |
| 100 week MA | $7.13 | 13% above |
| 200 week MA | $10.9 | 26% below |
SHLS's trend is mixed: it's above one of its five weekly moving averages, and 26% below its 200-week average.
SHLS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $33.9 | $26.1 | -23% |
| 2022 | $26.1 | $25.0 | -4.1% |
| 2023 | $25.0 | $15.5 | -38% |
| 2024 | $15.5 | $5.64 | -64% |
| 2025 | $5.64 | $9.21 | +63% |
| 2026 YTD | $9.21 | $8.07 | -12% |
SHLS has finished lower in four of the last five years. It's down 12% so far in 2026.