(SHLS) Shoals Technologies - Overview

Sector: Technology | Industry: Solar | Exchange: NASDAQ (USA) | Market Cap: 1.111m USD | Total Return: 111.7% in 12m

Stock Solar EBOS, Battery Storage, Electrical Components, Monitoring
Total Rating 49
Risk 76
Buy Signal -0.24
Solar +5.7
Electrical Components & Equipment +0.2
Market Cap: 1,111m
Avg Trading Vol: 26.4M USD
ATR: 8.17%
Peers RS (IBD): 40.9
Risk 5d forecast
Volatility82.1%
Rel. Tail Risk-10.8%
Reward TTM
Sharpe Ratio1.18
Alpha71.06
Character TTM
Beta1.662
Beta Downside1.960
Drawdowns 3y
Max DD89.56%
CAGR/Max DD-0.38
EPS (Earnings per Share) EPS (Earnings per Share) of SHLS over the last years for every Quarter: "2021-03": 0.05, "2021-06": 0.09, "2021-09": 0.07, "2021-12": 0.01, "2022-03": 0.08, "2022-06": 0.07, "2022-09": 0.1, "2022-12": 0.15, "2023-03": 0.14, "2023-06": 0.14, "2023-09": 0.2, "2023-12": 0.12, "2024-03": 0.07, "2024-06": 0.1, "2024-09": -0.0016, "2024-12": 0.08, "2025-03": -0.0017, "2025-06": 0.08, "2025-09": 0.07, "2025-12": 0.1,
EPS CAGR: 6.13%
EPS Trend: -37.5%
Last SUE: -0.88
Qual. Beats: 0
Revenue Revenue of SHLS over the last years for every Quarter: 2021-03: 45.604, 2021-06: 59.722, 2021-09: 59.84, 2021-12: 48.046, 2022-03: 67.976, 2022-06: 73.49, 2022-09: 90.823, 2022-12: 94.651, 2023-03: 105.086, 2023-06: 119.208, 2023-09: 134.209, 2023-12: 130.436, 2024-03: 90.807, 2024-06: 99.249, 2024-09: 102.165, 2024-12: 106.987, 2025-03: 80.361, 2025-06: 110.841, 2025-09: 135.804, 2025-12: 148.325,
Rev. CAGR: 23.13%
Rev. Trend: 57.9%
Last SUE: 1.05
Qual. Beats: 5
Risks
Technicals: volatile
Description: SHLS Shoals Technologies March 18, 2026

Shoals Technologies Group, Inc. (SHLS) provides electrical balance of system (EBOS) solutions for solar and battery storage industries globally. The company offers a range of products including solar big lead assembly (BLA) solutions, combiners, and battery energy storage solutions (BESS).

The solar energy sector is experiencing significant growth, driving demand for efficient electrical infrastructure. Shoals business model focuses on providing key components and services to various stakeholders in the solar and battery storage value chain, including engineering, procurement, and construction (EPC) firms, utilities, and independent power producers.

For a deeper dive into SHLSs financial performance and market position, continue your research on ValueRay.

Headlines to Watch Out For
  • Solar energy project development drives EBOS solution demand
  • Battery storage market expansion increases BESS product sales
  • Raw material cost fluctuations impact manufacturing margins
  • Competition from alternative EBOS providers pressures pricing
  • Government solar incentives and policies influence project pipeline
Piotroski VR‑10 (Strict, 0-10) 5.5
Net Income: 33.6m TTM > 0 and > 6% of Revenue
FCF/TA: -0.02 > 0.02 and ΔFCF/TA -10.84 > 1.0
NWC/Revenue: 27.47% < 20% (prev 26.91%; Δ 0.55% < -1%)
CFO/TA 0.02 > 3% & CFO 17.1m > Net Income 33.6m
Net Debt (168.1m) to EBITDA (70.6m): 2.38 < 3
Current Ratio: 2.03 > 1.5 & < 3
Outstanding Shares: last quarter (169.7m) vs 12m ago 1.70% < -2%
Gross Margin: 35.03% > 18% (prev 0.36%; Δ 3.47k% > 0.5%)
Asset Turnover: 56.01% > 50% (prev 50.34%; Δ 5.68% > 0%)
Interest Coverage Ratio: 5.87 > 6 (EBITDA TTM 70.6m / Interest Expense TTM 9.96m)
Altman Z'' 2.34
A: 0.14 (Total Current Assets 257.9m - Total Current Liabilities 127.3m) / Total Assets 904.1m
B: 0.15 (Retained Earnings 132.2m / Total Assets 904.1m)
C: 0.07 (EBIT TTM 58.5m / Avg Total Assets 848.6m)
D: 0.43 (Book Value of Equity 132.2m / Total Liabilities 304.1m)
Altman-Z'' Score: 2.34 = BBB
Beneish M -2.73
DSRI: 1.28 (Receivables 150.9m/99.0m, Revenue 475.3m/399.2m)
GMI: 1.02 (GM 35.03% / 35.57%)
AQI: 0.83 (AQ_t 0.60 / AQ_t-1 0.73)
SGI: 1.19 (Revenue 475.3m / 399.2m)
TATA: 0.02 (NI 33.6m - CFO 17.1m) / TA 904.1m)
Beneish M-Score: -2.73 (Cap -4..+1) = A
What is the price of SHLS shares? As of April 02, 2026, the stock is trading at USD 6.58 with a total of 3,862,612 shares traded.
Over the past week, the price has changed by -0.14%, over one month by +15.77%, over three months by -24.09% and over the past year by +111.66%.
Is SHLS a buy, sell or hold? Shoals Technologies has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy SHLS.
  • StrongBuy: 9
  • Buy: 4
  • Hold: 7
  • Sell: 1
  • StrongSell: 0
What are the forecasts/targets for the SHLS price?
ISSUER TARGET UP/DOWN
Wallstreet Target Price 9.6 46.4%
Analysts Target Price 9.6 46.4%
SHLS Fundamental Data Overview March 29, 2026
P/E Trailing = 33.1
P/E Forward = 14.8368
P/S = 2.3366
P/B = 1.6969
P/EG = 0.614
Revenue TTM = 475.3m USD
EBIT TTM = 58.5m USD
EBITDA TTM = 70.6m USD
Long Term Debt = 136.8m USD (from longTermDebt, last quarter)
 Short Term Debt = unknown (none)
 Debt = 175.4m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 168.1m USD (from netDebt column, last quarter)
Enterprise Value = 1.28b USD (1.11b + Debt 175.4m - CCE 7.32m)
Interest Coverage Ratio = 5.87 (Ebit TTM 58.5m / Interest Expense TTM 9.96m)
EV/FCF = -80.04x (Enterprise Value 1.28b / FCF TTM -16.0m)
FCF Yield = -1.25% (FCF TTM -16.0m / Enterprise Value 1.28b)
FCF Margin = -3.36% (FCF TTM -16.0m / Revenue TTM 475.3m)
Net Margin = 7.06% (Net Income TTM 33.6m / Revenue TTM 475.3m)
Gross Margin = 35.03% ((Revenue TTM 475.3m - Cost of Revenue TTM 308.8m) / Revenue TTM)
Gross Margin QoQ = 31.63% (prev 37.00%)
Tobins Q-Ratio = 1.41 (Enterprise Value 1.28b / Total Assets 904.1m)
Interest Expense / Debt = 1.43% (Interest Expense 2.51m / Debt 175.4m)
Taxrate = 40.55% (5.54m / 13.7m)
NOPAT = 34.8m (EBIT 58.5m * (1 - 40.55%))
Current Ratio = 2.03 (Total Current Assets 257.9m / Total Current Liabilities 127.3m)
Debt / Equity = 0.29 (Debt 175.4m / totalStockholderEquity, last quarter 600.0m)
Debt / EBITDA = 2.38 (Net Debt 168.1m / EBITDA 70.6m)
 Debt / FCF = -10.52 (negative FCF - burning cash) (Net Debt 168.1m / FCF TTM -16.0m)
 Total Stockholder Equity = 581.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.96% (Net Income 33.6m / Total Assets 904.1m)
RoE = 5.78% (Net Income TTM 33.6m / Total Stockholder Equity 581.0m)
RoCE = 8.15% (EBIT 58.5m / Capital Employed (Equity 581.0m + L.T.Debt 136.8m))
RoIC = 4.86% (NOPAT 34.8m / Invested Capital 715.2m)
WACC = 10.33% (E(1.11b)/V(1.29b) * Re(11.83%) + D(175.4m)/V(1.29b) * Rd(1.43%) * (1-Tc(0.41)))
Discount Rate = 11.83% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.90%
 [DCF] Fair Price = unknown (Cash Flow -16.0m)
 EPS Correlation: -37.49 | EPS CAGR: 6.13% | SUE: -0.88 | # QB: 0
Revenue Correlation: 57.94 | Revenue CAGR: 23.13% | SUE: 1.05 | # QB: 5
EPS next Quarter (2026-06-30): EPS=0.09 | Chg7d=+0.000 | Chg30d=-0.028 | Revisions Net=-8 | Analysts=17
EPS current Year (2026-12-31): EPS=0.41 | Chg7d=+0.001 | Chg30d=-0.093 | Revisions Net=-14 | Growth EPS=+12.9% | Growth Revenue=+23.6%
EPS next Year (2027-12-31): EPS=0.51 | Chg7d=-0.006 | Chg30d=-0.096 | Revisions Net=-11 | Growth EPS=+24.3% | Growth Revenue=+11.2%
[Analyst] Revisions Ratio: -0.67 (2 Up / 10 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 8.8% (Discount Rate 11.8% - Earnings Yield 3.0%)
[Growth] Growth Spread = +16.9% (Analyst 25.7% - Implied 8.8%)
Additional Sources for SHLS Stock Fund Manager Positions: Dataroma · Stockcircle