SHLS Stock Analysis: Shoals Technologies | NASDAQ
Solar | NASDAQ, USA | Market Cap: 1.433m USD | 12M Return: 65.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 50.6M
EPS Trend: -78.9%
Qual. Beats: 0
Rev. Trend: 15.1%
Qual. Beats: 6
Warnings
Tailwinds
No distinct edge detected
Seasonality 5.4 years of data
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.
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.
- Utility-scale solar project demand drives EBOS bookings
- Battery storage BESS segment expansion accelerates revenue mix
- Pricing pressure rises as solar competition intensifies margins
| Net Income: 33.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.08 > 0.02 and ΔFCF/TA -16.89 > 1.0 |
| NWC/Revenue: 32.54% < 20% (prev 27.64%; Δ 4.89% < -1%) |
| CFO/TA -0.04 > 3% & CFO -39.9m > Net Income 33.6m |
| Net Debt (255.5m) to EBITDA (69.5m): 3.67 < 3 |
| Current Ratio: 1.84 > 1.5 & < 3 |
| Outstanding Shares: last quarter (167.6m) vs 12m ago 0.36% < -2% |
| Gross Margin: 33.50% > 18% (prev 34.39%; Δ -0.89% > 0.5%) |
| Asset Turnover: 58.87% > 50% (prev 49.31%; Δ 9.56% > 0%) |
| Interest Coverage Ratio: 5.42 > 6 (EBIT TTM 56.6m / Interest Expense TTM 10.4m) |
| A: 0.17 (Total Current Assets 382.5m - Total Current Liabilities 208.3m) / Total Assets 1.03b |
| B: 0.13 (Retained Earnings 131.9m / Total Assets 1.03b) |
| C: 0.06 (EBIT TTM 56.6m / Avg Total Assets 909.7m) |
| D: 1.40 (Book Value of Equity 601.6m / Total Liabilities 429.2m) |
| Altman-Z'' = 3.42 = A |
| DSRI: 1.94 (Receivables 209.1m/78.1m, Revenue 535.5m/388.8m) |
| GMI: 1.03 (GM 34.39% / 33.50%) |
| AQI: 0.73 (AQ_t 0.53 / AQ_t-1 0.72) |
| SGI: 1.38 (Revenue 535.5m / 388.8m) |
| TATA: 0.07 (NI 33.6m - CFO -39.9m) / TA 1.03b) |
| Beneish M = -2.11 (Cap -4..+1) = BB |
As of July 31, 2026, the stock is trading at USD 8.90 with a total of 4,792,021 shares traded. Over the past week, the price has changed by -10.01%, over one month by -4.20%, over three months by +21.25% and over the past year by +65.12%.
Current recommended Stop Loss: 7.80 (which is 12.4% or 1.3 ATR below the current price).
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
| Analysts Target Price | 11.1 | 24.2% |
P/E Trailing = 47.4444
P/E Forward = 21.8341
P/S = 2.6754
P/B = 2.6184
P/EG = 0.9099
Revenue TTM = 535.5m USD
EBIT TTM = 56.6m USD
EBITDA TTM = 69.5m USD
Long Term Debt = 181.8m USD (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 257.4m USD (from shortLongTermDebtTotal, last quarter) + Leases 37.8m
Net Debt = 255.5m USD (calculated: Debt 257.4m - CCE 1.88m)
Enterprise Value = 1.69b USD (1.43b + Debt 257.4m - CCE 1.88m)
Interest Coverage Ratio = 5.42 (Ebit TTM 56.6m / Interest Expense TTM 10.4m)
EV/FCF = -21.81x (Enterprise Value 1.69b / FCF TTM -77.4m)
FCF Yield = -4.59% (FCF TTM -77.4m / Enterprise Value 1.69b)
FCF Margin = -14.46% (FCF TTM -77.4m / Revenue TTM 535.5m)
Net Margin = 6.27% (Net Income TTM 33.6m / Revenue TTM 535.5m)
Gross Margin = 33.50% ((Revenue TTM 535.5m - Cost of Revenue TTM 356.1m) / Revenue TTM)
Gross Margin QoQ = 29.18% (prev 31.63%)
Tobins Q-Ratio = 1.64 (Enterprise Value 1.69b / Total Assets 1.03b)
Interest Expense / Debt = 4.06% (Interest Expense 10.4m / Debt 257.4m)
Taxrate = 27.23% (12.6m / 46.1m)
NOPAT = 41.2m (EBIT 56.6m * (1 - 27.23%))
Current Ratio = 1.84 (Total Current Assets 382.5m / Total Current Liabilities 208.3m)
Debt / Equity = 0.43 (Debt 257.4m / totalStockholderEquity, last quarter 601.6m)
Debt / EBITDA = 3.67 (Net Debt 255.5m / EBITDA 69.5m)
Debt / FCF = -3.30 (negative FCF - burning cash) (Net Debt 255.5m / FCF TTM -77.4m)
Total Stockholder Equity = 591.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.69% (Net Income 33.6m / Total Assets 1.03b)
RoE = 5.67% (Net Income TTM 33.6m / Total Stockholder Equity 591.7m)
RoCE = 7.31% (EBIT 56.6m / Capital Employed (Equity 591.7m + L.T.Debt 181.8m))
RoIC = 5.02% (NOPAT 41.2m / Invested Capital 820.7m)
WACC = 12.33% (E(1.43b)/V(1.69b) * Re(14.02%) + D(257.4m)/V(1.69b) * Rd(4.06%) * (1-Tc(0.27)))
Discount Rate = 14.02% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: -45.79 | Cagr: -0.72%
[DCF] Fair Price = unknown (Cash Flow -77.4m)
EPS Correlation: -78.91 | EPS CAGR: -21.77% | SUE: 0.50 | # QB: 0
Revenue Correlation: 15.10 | Revenue CAGR: 1.64% | SUE: 4.0 | # QB: 6
EPS current Quarter (2026-06-30): EPS=0.10 | Chg30d=+0.00% | Revisions=+25% | Analysts=16
EPS next Quarter (2026-09-30): EPS=0.12 | Chg30d=-0.08% | Revisions=-25% | Analysts=16
EPS current Year (2026-12-31): EPS=0.41 | Chg30d=+0.27% | Revisions=+25% | GrowthEPS=+15.3% | GrowthRev=+31.3%
EPS next Year (2027-12-31): EPS=0.51 | Chg30d=+2.25% | Revisions=+0% | GrowthEPS=+23.9% | GrowthRev=+9.1%
[Analyst] Revisions Ratio: +12% (up=3, down=2)