vs
Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) 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 $75.6M, roughly 2.0× Armada Hoffler Properties, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 3.1%, a 2.3% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 0.8%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
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.
AHH vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $148.3M |
| Net Profit | $2.4M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 31.0% | 11.7% |
| Net Margin | 3.1% | 5.5% |
| Revenue YoY | 0.8% | 38.6% |
| Net Profit YoY | -89.8% | 3.9% |
| EPS (diluted) | $0.00 | $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.
| Q4 25 | $75.6M | $148.3M | ||
| Q3 25 | $72.7M | $135.8M | ||
| Q2 25 | $69.1M | $110.8M | ||
| Q1 25 | $67.8M | $80.4M | ||
| Q4 24 | $75.0M | $107.0M | ||
| Q3 24 | $114.4M | $102.2M | ||
| Q2 24 | $116.8M | $99.2M | ||
| Q1 24 | $127.0M | $90.8M |
| Q4 25 | $2.4M | $8.1M | ||
| Q3 25 | $80.0K | $11.9M | ||
| Q2 25 | $5.9M | $13.9M | ||
| Q1 25 | $-2.8M | $-282.0K | ||
| Q4 24 | $23.4M | $7.8M | ||
| Q3 24 | $-5.0M | $-267.0K | ||
| Q2 24 | $3.2M | $11.8M | ||
| Q1 24 | $14.1M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | 45.0% | 24.8% | ||
| Q2 24 | 41.8% | 40.3% | ||
| Q1 24 | 37.9% | 40.2% |
| Q4 25 | 31.0% | 11.7% | ||
| Q3 25 | 29.2% | 13.7% | ||
| Q2 25 | 29.6% | 14.4% | ||
| Q1 25 | 23.2% | 5.4% | ||
| Q4 24 | 50.1% | 15.4% | ||
| Q3 24 | 19.0% | 4.4% | ||
| Q2 24 | 11.9% | 18.7% | ||
| Q1 24 | 15.1% | 12.8% |
| Q4 25 | 3.1% | 5.5% | ||
| Q3 25 | 0.1% | 8.7% | ||
| Q2 25 | 8.6% | 12.5% | ||
| Q1 25 | -4.1% | -0.4% | ||
| Q4 24 | 31.2% | 7.3% | ||
| Q3 24 | -4.4% | -0.3% | ||
| Q2 24 | 2.7% | 11.9% | ||
| Q1 24 | 11.1% | 5.3% |
| Q4 25 | $0.00 | $0.05 | ||
| Q3 25 | $-0.04 | $0.07 | ||
| Q2 25 | $0.04 | $0.08 | ||
| Q1 25 | $-0.07 | $0.00 | ||
| Q4 24 | $0.28 | $0.04 | ||
| Q3 24 | $-0.11 | $0.00 | ||
| Q2 24 | $0.00 | $0.07 | ||
| Q1 24 | $0.17 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $7.3M |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | $600.0M |
| Total Assets | $2.6B | $904.1M |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $7.3M | ||
| Q3 25 | $46.5M | $8.6M | ||
| Q2 25 | $52.1M | $4.7M | ||
| Q1 25 | $45.7M | $35.6M | ||
| Q4 24 | $31.9M | $23.5M | ||
| Q3 24 | $43.9M | $11.1M | ||
| Q2 24 | $20.3M | $3.2M | ||
| Q1 24 | $41.9M | $15.2M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | $141.8M | ||
| Q4 24 | $1.3B | $141.8M | ||
| Q3 24 | $1.3B | $141.8M | ||
| Q2 24 | $1.4B | $146.8M | ||
| Q1 24 | $1.4B | $168.8M |
| Q4 25 | $627.8M | $600.0M | ||
| Q3 25 | $638.8M | $589.6M | ||
| Q2 25 | $652.0M | $575.4M | ||
| Q1 25 | $657.4M | $558.9M | ||
| Q4 24 | $670.6M | $556.8M | ||
| Q3 24 | $663.9M | $545.2M | ||
| Q2 24 | $562.7M | $544.6M | ||
| Q1 24 | $571.4M | $554.0M |
| Q4 25 | $2.6B | $904.1M | ||
| Q3 25 | $2.6B | $851.8M | ||
| Q2 25 | $2.6B | $795.0M | ||
| Q1 25 | $2.5B | $788.4M | ||
| Q4 24 | $2.5B | $793.1M | ||
| Q3 24 | $2.6B | $801.3M | ||
| Q2 24 | $2.6B | $788.4M | ||
| Q1 24 | $2.6B | $825.3M |
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | 0.25× | ||
| Q4 24 | 1.93× | 0.25× | ||
| Q3 24 | 2.00× | 0.26× | ||
| Q2 24 | 2.52× | 0.27× | ||
| Q1 24 | 2.50× | 0.30× |
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 | $64.2M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 26.99× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $-4.1M | ||
| Q3 25 | $26.3M | $19.4M | ||
| Q2 25 | $11.1M | $-13.8M | ||
| Q1 25 | $107.0K | $15.6M | ||
| Q4 24 | $112.0M | $14.0M | ||
| Q3 24 | $27.3M | $15.7M | ||
| Q2 24 | $17.4M | $37.8M | ||
| Q1 24 | $46.5M | $12.9M |
| Q4 25 | — | $-11.3M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $-26.0M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | $13.3M | ||
| Q2 24 | — | $35.8M | ||
| Q1 24 | — | $10.4M |
| Q4 25 | — | -7.6% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 13.0% | ||
| Q2 24 | — | 36.1% | ||
| Q1 24 | — | 11.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 26.99× | -0.50× | ||
| Q3 25 | 328.63× | 1.63× | ||
| Q2 25 | 1.87× | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | 3.21× | ||
| Q1 24 | 3.30× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
