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Side-by-side financial comparison of ASTRONICS CORP (ATRO) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
ASTRONICS CORP is the larger business by last-quarter revenue ($240.1M vs $148.3M, roughly 1.6× Shoals Technologies Group, Inc.). On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 15.1%). ASTRONICS CORP produced more free cash flow last quarter ($15.8M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 13.9%).
Astronics Corporation is an American aerospace electronics corporation founded in 1968, headquartered in East Aurora, New York. It is traded on NASDAQ as Nasdaq: ATRO. It is known for lighting and electronics integrations on military, commercial, and business aircraft and semiconductor test systems.
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.
ATRO vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.1M | $148.3M |
| Net Profit | — | $8.1M |
| Gross Margin | 33.3% | 31.6% |
| Operating Margin | 14.8% | 11.7% |
| Net Margin | — | 5.5% |
| Revenue YoY | 15.1% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | $0.82 | $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 | $240.1M | $148.3M | ||
| Q3 25 | $211.4M | $135.8M | ||
| Q2 25 | $204.7M | $110.8M | ||
| Q1 25 | $205.9M | $80.4M | ||
| Q4 24 | $208.5M | $107.0M | ||
| Q3 24 | $203.7M | $102.2M | ||
| Q2 24 | $198.1M | $99.2M | ||
| Q1 24 | $185.1M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-11.1M | $11.9M | ||
| Q2 25 | $1.3M | $13.9M | ||
| Q1 25 | $9.5M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-11.7M | $-267.0K | ||
| Q2 24 | $1.5M | $11.8M | ||
| Q1 24 | $-3.2M | $4.8M |
| Q4 25 | 33.3% | 31.6% | ||
| Q3 25 | 30.5% | 37.0% | ||
| Q2 25 | 25.8% | 37.2% | ||
| Q1 25 | 29.5% | 35.0% | ||
| Q4 24 | 29.8% | 37.6% | ||
| Q3 24 | 27.1% | 24.8% | ||
| Q2 24 | 28.0% | 40.3% | ||
| Q1 24 | 25.7% | 40.2% |
| Q4 25 | 14.8% | 11.7% | ||
| Q3 25 | 10.9% | 13.7% | ||
| Q2 25 | 2.3% | 14.4% | ||
| Q1 25 | 6.4% | 5.4% | ||
| Q4 24 | 4.3% | 15.4% | ||
| Q3 24 | 4.1% | 4.4% | ||
| Q2 24 | 3.8% | 18.7% | ||
| Q1 24 | 0.9% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | -5.2% | 8.7% | ||
| Q2 25 | 0.6% | 12.5% | ||
| Q1 25 | 4.6% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -5.8% | -0.3% | ||
| Q2 24 | 0.8% | 11.9% | ||
| Q1 24 | -1.7% | 5.3% |
| Q4 25 | $0.82 | $0.05 | ||
| Q3 25 | $-0.31 | $0.07 | ||
| Q2 25 | $0.04 | $0.08 | ||
| Q1 25 | $0.26 | $0.00 | ||
| Q4 24 | $-0.07 | $0.04 | ||
| Q3 24 | $-0.34 | $0.00 | ||
| Q2 24 | $0.04 | $0.07 | ||
| Q1 24 | $-0.09 | $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 | $18.2M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $140.1M | $600.0M |
| Total Assets | $706.7M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | $7.3M | ||
| Q3 25 | $13.5M | $8.6M | ||
| Q2 25 | $13.5M | $4.7M | ||
| Q1 25 | $24.8M | $35.6M | ||
| Q4 24 | $9.3M | $23.5M | ||
| Q3 24 | $5.2M | $11.1M | ||
| Q2 24 | $2.9M | $3.2M | ||
| Q1 24 | $5.3M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $140.1M | $600.0M | ||
| Q3 25 | $108.9M | $589.6M | ||
| Q2 25 | $271.6M | $575.4M | ||
| Q1 25 | $266.8M | $558.9M | ||
| Q4 24 | $256.1M | $556.8M | ||
| Q3 24 | $249.2M | $545.2M | ||
| Q2 24 | $257.9M | $544.6M | ||
| Q1 24 | $251.7M | $554.0M |
| Q4 25 | $706.7M | $904.1M | ||
| Q3 25 | $682.2M | $851.8M | ||
| Q2 25 | $646.7M | $795.0M | ||
| Q1 25 | $662.2M | $788.4M | ||
| Q4 24 | $648.8M | $793.1M | ||
| Q3 24 | $651.6M | $801.3M | ||
| Q2 24 | $644.9M | $788.4M | ||
| Q1 24 | $630.0M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 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 | $27.6M | $-4.1M |
| Free Cash FlowOCF − Capex | $15.8M | $-11.3M |
| FCF MarginFCF / Revenue | 6.6% | -7.6% |
| Capex IntensityCapex / Revenue | 4.9% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.6M | $-4.1M | ||
| Q3 25 | $34.2M | $19.4M | ||
| Q2 25 | $-7.6M | $-13.8M | ||
| Q1 25 | $20.6M | $15.6M | ||
| Q4 24 | $26.4M | $14.0M | ||
| Q3 24 | $8.4M | $15.7M | ||
| Q2 24 | $-6.3M | $37.8M | ||
| Q1 24 | $2.0M | $12.9M |
| Q4 25 | $15.8M | $-11.3M | ||
| Q3 25 | $21.0M | $9.0M | ||
| Q2 25 | $-12.2M | $-26.0M | ||
| Q1 25 | $18.5M | $12.3M | ||
| Q4 24 | $23.2M | $12.5M | ||
| Q3 24 | $6.5M | $13.3M | ||
| Q2 24 | $-8.1M | $35.8M | ||
| Q1 24 | $439.0K | $10.4M |
| Q4 25 | 6.6% | -7.6% | ||
| Q3 25 | 9.9% | 6.6% | ||
| Q2 25 | -6.0% | -23.5% | ||
| Q1 25 | 9.0% | 15.4% | ||
| Q4 24 | 11.1% | 11.6% | ||
| Q3 24 | 3.2% | 13.0% | ||
| Q2 24 | -4.1% | 36.1% | ||
| Q1 24 | 0.2% | 11.4% |
| Q4 25 | 4.9% | 4.8% | ||
| Q3 25 | 6.2% | 7.7% | ||
| Q2 25 | 2.2% | 11.0% | ||
| Q1 25 | 1.0% | 4.0% | ||
| Q4 24 | 1.5% | 1.4% | ||
| Q3 24 | 0.9% | 2.3% | ||
| Q2 24 | 0.9% | 2.0% | ||
| Q1 24 | 0.9% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | -5.81× | -1.00× | ||
| Q1 25 | 2.17× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.08× | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATRO
| Product Line Electrical Power And Motion | $113.8M | 47% |
| Product Line Avionics | $32.0M | 13% |
| Military Aircraft | $28.0M | 12% |
| General Aviation | $22.3M | 9% |
| Government And Defense | $20.5M | 9% |
| Product Line Systems Certification | $13.2M | 6% |
| Product Line Structures | $3.7M | 2% |
| Product Line Other | $2.3M | 1% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
