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Side-by-side financial comparison of AMERISAFE INC (AMSF) 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 $80.1M, roughly 1.9× AMERISAFE INC). AMERISAFE INC runs the higher net margin — 10.2% vs 5.5%, a 4.7% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 10.3%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 2.8%).
AMERISAFE Inc. is a specialty insurance provider that focuses exclusively on workers' compensation coverage for small and mid-sized businesses in high-hazard industries including construction, logging, trucking, and manufacturing. It operates across 49 U.S. states, offering tailored insurance policies paired with targeted risk management support for 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.
AMSF vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $80.1M | $148.3M |
| Net Profit | $8.1M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | — | 11.7% |
| Net Margin | 10.2% | 5.5% |
| Revenue YoY | 10.3% | 38.6% |
| Net Profit YoY | -9.0% | 3.9% |
| EPS (diluted) | $0.43 | $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 | $80.1M | — | ||
| Q4 25 | $81.6M | $148.3M | ||
| Q3 25 | $82.0M | $135.8M | ||
| Q2 25 | $81.1M | $110.8M | ||
| Q1 25 | $72.6M | $80.4M | ||
| Q4 24 | $74.0M | $107.0M | ||
| Q3 24 | $78.7M | $102.2M | ||
| Q2 24 | $75.8M | $99.2M |
| Q1 26 | $8.1M | — | ||
| Q4 25 | $10.4M | $8.1M | ||
| Q3 25 | $13.8M | $11.9M | ||
| Q2 25 | $14.0M | $13.9M | ||
| Q1 25 | $8.9M | $-282.0K | ||
| Q4 24 | $13.2M | $7.8M | ||
| Q3 24 | $14.3M | $-267.0K | ||
| Q2 24 | $11.0M | $11.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% |
| Q1 26 | — | — | ||
| Q4 25 | 15.6% | 11.7% | ||
| Q3 25 | 21.3% | 13.7% | ||
| Q2 25 | 21.5% | 14.4% | ||
| Q1 25 | 15.5% | 5.4% | ||
| Q4 24 | 22.7% | 15.4% | ||
| Q3 24 | 22.6% | 4.4% | ||
| Q2 24 | 18.1% | 18.7% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | 12.8% | 5.5% | ||
| Q3 25 | 16.9% | 8.7% | ||
| Q2 25 | 17.2% | 12.5% | ||
| Q1 25 | 12.3% | -0.4% | ||
| Q4 24 | 17.8% | 7.3% | ||
| Q3 24 | 18.2% | -0.3% | ||
| Q2 24 | 14.5% | 11.9% |
| Q1 26 | $0.43 | — | ||
| Q4 25 | $0.55 | $0.05 | ||
| Q3 25 | $0.72 | $0.07 | ||
| Q2 25 | $0.73 | $0.08 | ||
| Q1 25 | $0.47 | $0.00 | ||
| Q4 24 | $0.69 | $0.04 | ||
| Q3 24 | $0.75 | $0.00 | ||
| Q2 24 | $0.57 | $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 | $34.2M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $246.6M | $600.0M |
| Total Assets | — | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.2M | — | ||
| Q4 25 | $61.9M | $7.3M | ||
| Q3 25 | $54.7M | $8.6M | ||
| Q2 25 | $48.5M | $4.7M | ||
| Q1 25 | $44.8M | $35.6M | ||
| Q4 24 | $44.1M | $23.5M | ||
| Q3 24 | $63.7M | $11.1M | ||
| Q2 24 | $30.6M | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | $246.6M | — | ||
| Q4 25 | $251.6M | $600.0M | ||
| Q3 25 | $274.8M | $589.6M | ||
| Q2 25 | $265.6M | $575.4M | ||
| Q1 25 | $260.8M | $558.9M | ||
| Q4 24 | $257.3M | $556.8M | ||
| Q3 24 | $314.4M | $545.2M | ||
| Q2 24 | $301.0M | $544.6M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $904.1M | ||
| Q3 25 | $1.2B | $851.8M | ||
| Q2 25 | $1.2B | $795.0M | ||
| Q1 25 | $1.2B | $788.4M | ||
| Q4 24 | $1.2B | $793.1M | ||
| Q3 24 | $1.3B | $801.3M | ||
| Q2 24 | $1.2B | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 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 | — | 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 | $11.1M | $-4.1M | ||
| Q3 25 | $10.7M | $19.4M | ||
| Q2 25 | $-8.4M | $-13.8M | ||
| Q1 25 | $-1.8M | $15.6M | ||
| Q4 24 | $24.2M | $14.0M | ||
| Q3 24 | $8.4M | $15.7M | ||
| Q2 24 | $-2.6M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $8.9M | $-11.3M | ||
| Q3 25 | $9.8M | $9.0M | ||
| Q2 25 | $-9.5M | $-26.0M | ||
| Q1 25 | $-1.8M | $12.3M | ||
| Q4 24 | $23.4M | $12.5M | ||
| Q3 24 | $8.4M | $13.3M | ||
| Q2 24 | $-2.6M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | -7.6% | ||
| Q3 25 | 11.9% | 6.6% | ||
| Q2 25 | -11.7% | -23.5% | ||
| Q1 25 | -2.5% | 15.4% | ||
| Q4 24 | 31.5% | 11.6% | ||
| Q3 24 | 10.7% | 13.0% | ||
| Q2 24 | -3.5% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 4.8% | ||
| Q3 25 | 1.1% | 7.7% | ||
| Q2 25 | 1.3% | 11.0% | ||
| Q1 25 | 0.0% | 4.0% | ||
| Q4 24 | 1.1% | 1.4% | ||
| Q3 24 | 0.0% | 2.3% | ||
| Q2 24 | 0.1% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.06× | -0.50× | ||
| Q3 25 | 0.77× | 1.63× | ||
| Q2 25 | -0.61× | -1.00× | ||
| Q1 25 | -0.20× | — | ||
| Q4 24 | 1.83× | 1.79× | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | -0.24× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMSF
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
