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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $110.6M, roughly 1.3× American Assets Trust, Inc.). American Assets Trust, Inc. runs the higher net margin — 6.1% vs 5.5%, a 0.6% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 1.8%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -0.1%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
AAT vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $148.3M |
| Net Profit | $6.7M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 23.4% | 11.7% |
| Net Margin | 6.1% | 5.5% |
| Revenue YoY | 1.8% | 38.6% |
| Net Profit YoY | -16.3% | 3.9% |
| EPS (diluted) | $0.08 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $110.6M | — | ||
| Q4 25 | $110.1M | $148.3M | ||
| Q3 25 | $109.6M | $135.8M | ||
| Q2 25 | $107.9M | $110.8M | ||
| Q1 25 | $108.6M | $80.4M | ||
| Q4 24 | $113.5M | $107.0M | ||
| Q3 24 | $122.8M | $102.2M | ||
| Q2 24 | $110.9M | $99.2M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $8.1M | ||
| Q3 25 | $4.5M | $11.9M | ||
| Q2 25 | $5.5M | $13.9M | ||
| Q1 25 | $42.5M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $16.7M | $-267.0K | ||
| Q2 24 | $11.9M | $11.8M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | 31.6% | ||
| Q3 25 | 60.5% | 37.0% | ||
| Q2 25 | 62.6% | 37.2% | ||
| Q1 25 | 62.0% | 35.0% | ||
| Q4 24 | 61.3% | 37.6% | ||
| Q3 24 | 65.5% | 24.8% | ||
| Q2 24 | 63.6% | 40.3% |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | 11.7% | ||
| Q3 25 | 22.6% | 13.7% | ||
| Q2 25 | 24.1% | 14.4% | ||
| Q1 25 | 66.3% | 5.4% | ||
| Q4 24 | 26.5% | 15.4% | ||
| Q3 24 | 30.8% | 4.4% | ||
| Q2 24 | 27.8% | 18.7% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | 5.5% | ||
| Q3 25 | 4.1% | 8.7% | ||
| Q2 25 | 5.1% | 12.5% | ||
| Q1 25 | 39.2% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | 13.6% | -0.3% | ||
| Q2 24 | 10.7% | 11.9% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | $0.05 | ||
| Q3 25 | $0.07 | $0.07 | ||
| Q2 25 | $0.09 | $0.08 | ||
| Q1 25 | $0.70 | $0.00 | ||
| Q4 24 | $0.14 | $0.04 | ||
| Q3 24 | $0.28 | $0.00 | ||
| Q2 24 | $0.20 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.3M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $600.0M |
| Total Assets | $2.9B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | $7.3M | ||
| Q3 25 | $138.7M | $8.6M | ||
| Q2 25 | $143.7M | $4.7M | ||
| Q1 25 | $143.9M | $35.6M | ||
| Q4 24 | $425.7M | $23.5M | ||
| Q3 24 | $533.0M | $11.1M | ||
| Q2 24 | $114.9M | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $2.0B | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | $600.0M | ||
| Q3 25 | $1.2B | $589.6M | ||
| Q2 25 | $1.2B | $575.4M | ||
| Q1 25 | $1.2B | $558.9M | ||
| Q4 24 | $1.2B | $556.8M | ||
| Q3 24 | $1.2B | $545.2M | ||
| Q2 24 | $1.2B | $544.6M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $904.1M | ||
| Q3 25 | $2.9B | $851.8M | ||
| Q2 25 | $3.0B | $795.0M | ||
| Q1 25 | $3.0B | $788.4M | ||
| Q4 24 | $3.3B | $793.1M | ||
| Q3 24 | $3.4B | $801.3M | ||
| Q2 24 | $3.0B | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 1.72× | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | 14.5% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | $-4.1M | ||
| Q3 25 | $40.5M | $19.4M | ||
| Q2 25 | $49.2M | $-13.8M | ||
| Q1 25 | $36.9M | $15.6M | ||
| Q4 24 | $207.1M | $14.0M | ||
| Q3 24 | $52.4M | $15.7M | ||
| Q2 24 | $59.3M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | $-11.3M | ||
| Q3 25 | $23.1M | $9.0M | ||
| Q2 25 | $28.4M | $-26.0M | ||
| Q1 25 | $20.4M | $12.3M | ||
| Q4 24 | $136.9M | $12.5M | ||
| Q3 24 | $28.0M | $13.3M | ||
| Q2 24 | $43.6M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | -7.6% | ||
| Q3 25 | 21.1% | 6.6% | ||
| Q2 25 | 26.3% | -23.5% | ||
| Q1 25 | 18.8% | 15.4% | ||
| Q4 24 | 120.7% | 11.6% | ||
| Q3 24 | 22.8% | 13.0% | ||
| Q2 24 | 39.3% | 36.1% |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | 4.8% | ||
| Q3 25 | 15.9% | 7.7% | ||
| Q2 25 | 19.3% | 11.0% | ||
| Q1 25 | 15.1% | 4.0% | ||
| Q4 24 | 61.9% | 1.4% | ||
| Q3 24 | 19.9% | 2.3% | ||
| Q2 24 | 14.1% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.50× | ||
| Q3 25 | 8.98× | 1.63× | ||
| Q2 25 | 9.01× | -1.00× | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 3.15× | — | ||
| Q2 24 | 4.98× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAT
| Rental income | $104.4M | 94% |
| Other | $6.2M | 6% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
