SHLS Stock Analysis: Shoals Technologies | NASDAQ

Solar Systems, Battery Storage, Power Distribution, Monitoring

Total Rating 31

Safety 87

Buy Signal -0.25

Solar
Industry Rotation: +7.0

Market Cap: 1.26B
Avg Turnover: 30.0M

Risk 3d forecast

Volatility77.8%

VaR 5^th Pctl12.6%

VaR vs Median-1.39%

Reward TTM

Sharpe Ratio0.35

Rel. Str. IBD20

Rel. Str. Peer Group31.4

Character TTM

Beta2.591

Beta Downside2.197

Hurst Exponent0.533

Drawdowns 3y

Max DD84.05%

CAGR/Max DD-0.29

CAGR/Mean DD-0.45

EPS (Earnings per Share)

EPS CAGR: -18.80%
EPS Trend: -69.8%

Last SUE: 0.50
Qual. Beats: 0

Revenue

Rev. CAGR: 4.68%
Rev. Trend: 33.5%

Last SUE: 1.77
Qual. Beats: 7

Warnings

High Debt While Negative Cash Flow

Below Avwap Earnings

Below Sma 200d

Tailwinds

Confidence

Seasonality 5.7 years of data

Jan -8.1% 11

Feb -18.2% 11

Mar -0.0% 9

Apr -13.9% 11

May +30.5% 48

Jun -10.2% 11

Jul +17.5% 11

Aug -6.5% 10

Sep +0.6% 0

Oct +6.5% 21

Nov -0.2% 0

Dec +1.9% 0

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: SHLS Shoals Technologies

Shoals Technologies Group, Inc. (NASDAQ: SHLS) is a U.S.-based provider of electrical balance of system (EBOS) solutions and components serving the solar and battery energy storage industries. Founded in 1996 and headquartered in Portland, Tennessee, the company designs, manufactures, and sells a range of products including solar big lead assembly (BLA) solutions, homeruns, combiners and re-combiners, load break disconnects, wireless performance monitoring, and battery energy storage solutions (BESS). It also supplies original equipment manufacturer (OEM) components and provides technical support services during installation and the transition to operations and maintenance.

The companys customer base includes engineering, procurement, and construction (EPC) firms, utilities, solar developers, independent power producers, solar module manufacturers, and charge point operators. Shoals went public on NASDAQ on January 27, 2021, and is classified within the Industrials sector under the Electrical Components & Equipment sub-industry.

EBOS refers to the non-module components that interconnect solar panels and battery systems within a project, encompassing cabling, combiner boxes, disconnects, and monitoring equipment. As a pure-play supplier of EBOS components, Shoals revenue is closely tied to global solar and energy storage deployment activity, and its solutions are designed to be compatible with major inverter and module manufacturers used across utility-scale and commercial installations.

Headlines to Watch Out For

Utility-scale solar project demand drives EBOS bookings
Battery storage BESS segment expansion accelerates revenue mix
Pricing pressure rises as solar competition intensifies margins

Piotroski VR-10 (Strict) 2.0

Net Income: 31.8m TTM > 0 and > 6% of Revenue
FCF/TA: -0.05 > 0.02 and ΔFCF/TA -6.59 > 1.0
NWC/Revenue: 34.86% < 20% (prev 27.16%; Δ 7.70% < -1%)
CFO/TA -0.02 > 3% & CFO -19.3m > Net Income 31.8m
Net Debt (255.1m) to EBITDA (70.6m): 3.61 < 3
Current Ratio: 2.25 > 1.5 & < 3
Outstanding Shares: last quarter (170.0m) vs 12m ago 1.47% < -2%
Gross Margin: 31.92% > 18% (prev 33.70%; Δ -1.78% > 0.5%)
Asset Turnover: 64.91% > 50% (prev 50.36%; Δ 14.55% > 0%)
Interest Coverage Ratio: 4.82 > 6 (EBIT TTM 56.3m / Interest Expense TTM 11.7m)

Altman Z'' 3.82

A: 0.20 (Total Current Assets 369.5m - Total Current Liabilities 164.5m) / Total Assets 1.02b
B: 0.14 (Retained Earnings 144.0m / Total Assets 1.02b)
C: 0.06 (EBIT TTM 56.3m / Avg Total Assets 905.9m)
D: 1.54 (Book Value of Equity 617.2m / Total Liabilities 399.7m)
Altman-Z'' = 3.82 = AA

Beneish M -2.83

DSRI: 0.95 (Receivables 157.3m/113.3m, Revenue 588.1m/400.4m)
GMI: 1.06 (GM 33.70% / 31.92%)
AQI: 0.75 (AQ_t 0.53 / AQ_t-1 0.71)
SGI: 1.47 (Revenue 588.1m / 400.4m)
TATA: 0.05 (NI 31.8m - CFO -19.3m) / TA 1.02b)
Beneish M = -2.83 (Cap -4..+1) = A

What is the price of SHLS shares?

As of September 29, 2026, the stock is trading at USD 7.42 with a total of 2,723,002 shares traded. Over the past week, the price has changed by -5.30%, over one month by +3.92%, over three months by -20.13% and over the past year by -1.07%.

Current recommended Stop Loss: 6.40 (which is 13.7% or 2.1 ATR below the current price).

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?

Analysts Target Price	11.3	52.6%

Shoals Technologies (SHLS) - Fundamental Data Overview as of 28 September 2026

Market Cap USD = 1.26b (1.26b USD * 1.0 USD.USD)
P/E Trailing = 39.3158
P/E Forward = 12.8535
P/S = 2.1379
P/B = 2.1023
P/EG = 0.5354
Revenue TTM = 588.1m USD
EBIT TTM = 56.3m USD
EBITDA TTM = 70.6m USD
Long Term Debt = 196.8m USD (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 270.9m USD (from shortLongTermDebtTotal, last quarter) + Leases 37.1m
Net Debt = 255.1m USD (calculated: Debt 270.9m - CCE 15.7m)
Enterprise Value = 1.51b USD (1.26b + Debt 270.9m - CCE 15.7m)
Interest Coverage Ratio = 4.82 (Ebit TTM 56.3m / Interest Expense TTM 11.7m)
EV/FCF = -29.32x (Enterprise Value 1.51b / FCF TTM -51.6m)
FCF Yield = -3.41% (FCF TTM -51.6m / Enterprise Value 1.51b)
FCF Margin = -8.77% (FCF TTM -51.6m / Revenue TTM 588.1m)
Net Margin = 5.41% (Net Income TTM 31.8m / Revenue TTM 588.1m)
Gross Margin = 31.92% ((Revenue TTM 588.1m - Cost of Revenue TTM 400.4m) / Revenue TTM)
Gross Margin QoQ = 30.31% (prev 29.18%)
Tobins Q-Ratio = 1.49 (Enterprise Value 1.51b / Total Assets 1.02b)
Interest Expense / Debt = 4.31% (Interest Expense 11.7m / Debt 270.9m)
Taxrate = 28.67% (12.8m / 44.6m)
NOPAT = 40.2m (EBIT 56.3m * (1 - 28.67%))
Current Ratio = 2.25 (Total Current Assets 369.5m / Total Current Liabilities 164.5m)
Debt / Equity = 0.44 (Debt 270.9m / totalStockholderEquity, last quarter 617.2m)
Debt / EBITDA = 3.61 (Net Debt 255.1m / EBITDA 70.6m)
Debt / FCF = -4.95 (negative FCF - burning cash) (Net Debt 255.1m / FCF TTM -51.6m)
Total Stockholder Equity = 602.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.51% (Net Income 31.8m / Total Assets 1.02b)
RoE = 5.29% (Net Income TTM 31.8m / Total Stockholder Equity 602.1m)
RoCE = 7.05% (EBIT 56.3m / Capital Employed (Equity 602.1m + L.T.Debt 196.8m))
RoIC = 4.80% (NOPAT 40.2m / Invested Capital 836.7m)
WACC = 12.97% (E(1.26b)/V(1.53b) * Re(15.10%) + D(270.9m)/V(1.53b) * Rd(4.31%) * (1-Tc(0.29)))
Discount Rate = 15.10% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: -5.70 | Cagr: -0.13%
[DCF] Fair Price = unknown (Cash Flow -51.6m)
EPS Correlation: -69.76 | EPS CAGR: -18.80% | SUE: 0.50 | # QB: 0
Revenue Correlation: 33.49 | Revenue CAGR: 4.68% | SUE: 1.77 | # QB: 7
EPS current Quarter (2026-09-30): EPS=0.13 | Chg30d=+5.13% | Revisions=+0% | Analysts=15
EPS current Year (2026-12-31): EPS=0.44 | Chg30d=+6.84% | Revisions=+50% | GrowthEPS=+23.2% | GrowthRev=+31.7%
EPS next Year (2027-12-31): EPS=0.55 | Chg30d=+7.17% | Revisions=+47% | GrowthEPS=+24.3% | GrowthRev=+11.4%
[Analyst] Revisions Ratio: +40% (up=28, down=11)