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Side-by-side financial comparison of AVANOS MEDICAL, INC. (AVNS) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
AVANOS MEDICAL, INC. is the larger business by last-quarter revenue ($180.9M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -0.7%, a 6.2% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 0.7%). AVANOS MEDICAL, INC. produced more free cash flow last quarter ($21.3M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 4.4%).
Avanos Medical, Inc. is a medical technology company making clinical medical devices. The company consists of two franchises – Pain Management and Chronic Care – that address reducing the use of opioids while helping patients recover faster and preventing infection.
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.
AVNS vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $180.9M | $148.3M |
| Net Profit | $-1.3M | $8.1M |
| Gross Margin | 47.5% | 31.6% |
| Operating Margin | 1.4% | 11.7% |
| Net Margin | -0.7% | 5.5% |
| Revenue YoY | 0.7% | 38.6% |
| Net Profit YoY | 99.7% | 3.9% |
| EPS (diluted) | $-0.02 | $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 | $180.9M | $148.3M | ||
| Q3 25 | $177.8M | $135.8M | ||
| Q2 25 | $175.0M | $110.8M | ||
| Q1 25 | $167.5M | $80.4M | ||
| Q4 24 | $179.6M | $107.0M | ||
| Q3 24 | $170.4M | $102.2M | ||
| Q2 24 | $171.7M | $99.2M | ||
| Q1 24 | $166.1M | $90.8M |
| Q4 25 | $-1.3M | $8.1M | ||
| Q3 25 | $-1.4M | $11.9M | ||
| Q2 25 | $-76.8M | $13.9M | ||
| Q1 25 | $6.6M | $-282.0K | ||
| Q4 24 | $-397.3M | $7.8M | ||
| Q3 24 | $4.3M | $-267.0K | ||
| Q2 24 | $1.8M | $11.8M | ||
| Q1 24 | $-900.0K | $4.8M |
| Q4 25 | 47.5% | 31.6% | ||
| Q3 25 | 48.4% | 37.0% | ||
| Q2 25 | 52.6% | 37.2% | ||
| Q1 25 | 53.6% | 35.0% | ||
| Q4 24 | 54.6% | 37.6% | ||
| Q3 24 | 54.5% | 24.8% | ||
| Q2 24 | 55.7% | 40.3% | ||
| Q1 24 | 57.1% | 40.2% |
| Q4 25 | 1.4% | 11.7% | ||
| Q3 25 | 0.1% | 13.7% | ||
| Q2 25 | -42.6% | 14.4% | ||
| Q1 25 | 6.1% | 5.4% | ||
| Q4 24 | -233.0% | 15.4% | ||
| Q3 24 | 7.0% | 4.4% | ||
| Q2 24 | 3.7% | 18.7% | ||
| Q1 24 | 2.4% | 12.8% |
| Q4 25 | -0.7% | 5.5% | ||
| Q3 25 | -0.8% | 8.7% | ||
| Q2 25 | -43.9% | 12.5% | ||
| Q1 25 | 3.9% | -0.4% | ||
| Q4 24 | -221.2% | 7.3% | ||
| Q3 24 | 2.5% | -0.3% | ||
| Q2 24 | 1.0% | 11.9% | ||
| Q1 24 | -0.5% | 5.3% |
| Q4 25 | $-0.02 | $0.05 | ||
| Q3 25 | $-0.03 | $0.07 | ||
| Q2 25 | $-1.66 | $0.08 | ||
| Q1 25 | $0.14 | $0.00 | ||
| Q4 24 | $-8.64 | $0.04 | ||
| Q3 24 | $0.09 | $0.00 | ||
| Q2 24 | $0.04 | $0.07 | ||
| Q1 24 | $-0.02 | $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 | $89.8M | $7.3M |
| Total DebtLower is stronger | $90.3M | — |
| Stockholders' EquityBook value | $778.2M | $600.0M |
| Total Assets | $1.1B | $904.1M |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $89.8M | $7.3M | ||
| Q3 25 | $70.5M | $8.6M | ||
| Q2 25 | $90.3M | $4.7M | ||
| Q1 25 | $97.0M | $35.6M | ||
| Q4 24 | $107.7M | $23.5M | ||
| Q3 24 | $89.0M | $11.1M | ||
| Q2 24 | $92.2M | $3.2M | ||
| Q1 24 | $75.8M | $15.2M |
| Q4 25 | $90.3M | — | ||
| Q3 25 | $93.4M | — | ||
| Q2 25 | $95.7M | — | ||
| Q1 25 | $98.0M | $141.8M | ||
| Q4 24 | $125.3M | $141.8M | ||
| Q3 24 | $152.6M | $141.8M | ||
| Q2 24 | $164.9M | $146.8M | ||
| Q1 24 | $167.2M | $168.8M |
| Q4 25 | $778.2M | $600.0M | ||
| Q3 25 | $778.0M | $589.6M | ||
| Q2 25 | $776.3M | $575.4M | ||
| Q1 25 | $839.4M | $558.9M | ||
| Q4 24 | $828.5M | $556.8M | ||
| Q3 24 | $1.2B | $545.2M | ||
| Q2 24 | $1.2B | $544.6M | ||
| Q1 24 | $1.2B | $554.0M |
| Q4 25 | $1.1B | $904.1M | ||
| Q3 25 | $1.1B | $851.8M | ||
| Q2 25 | $1.0B | $795.0M | ||
| Q1 25 | $1.1B | $788.4M | ||
| Q4 24 | $1.2B | $793.1M | ||
| Q3 24 | $1.7B | $801.3M | ||
| Q2 24 | $1.7B | $788.4M | ||
| Q1 24 | $1.7B | $825.3M |
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.12× | 0.25× | ||
| Q4 24 | 0.15× | 0.25× | ||
| Q3 24 | 0.12× | 0.26× | ||
| Q2 24 | 0.13× | 0.27× | ||
| Q1 24 | 0.14× | 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 | $28.2M | $-4.1M |
| Free Cash FlowOCF − Capex | $21.3M | $-11.3M |
| FCF MarginFCF / Revenue | 11.8% | -7.6% |
| Capex IntensityCapex / Revenue | 3.8% | 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 | $28.2M | $-4.1M | ||
| Q3 25 | $14.0M | $19.4M | ||
| Q2 25 | $6.8M | $-13.8M | ||
| Q1 25 | $25.7M | $15.6M | ||
| Q4 24 | $57.9M | $14.0M | ||
| Q3 24 | $23.0M | $15.7M | ||
| Q2 24 | $27.8M | $37.8M | ||
| Q1 24 | $-8.0M | $12.9M |
| Q4 25 | $21.3M | $-11.3M | ||
| Q3 25 | $7.0M | $9.0M | ||
| Q2 25 | $-4.2M | $-26.0M | ||
| Q1 25 | $19.0M | $12.3M | ||
| Q4 24 | $53.1M | $12.5M | ||
| Q3 24 | $20.0M | $13.3M | ||
| Q2 24 | $21.9M | $35.8M | ||
| Q1 24 | $-12.1M | $10.4M |
| Q4 25 | 11.8% | -7.6% | ||
| Q3 25 | 3.9% | 6.6% | ||
| Q2 25 | -2.4% | -23.5% | ||
| Q1 25 | 11.3% | 15.4% | ||
| Q4 24 | 29.6% | 11.6% | ||
| Q3 24 | 11.7% | 13.0% | ||
| Q2 24 | 12.8% | 36.1% | ||
| Q1 24 | -7.3% | 11.4% |
| Q4 25 | 3.8% | 4.8% | ||
| Q3 25 | 3.9% | 7.7% | ||
| Q2 25 | 6.3% | 11.0% | ||
| Q1 25 | 4.0% | 4.0% | ||
| Q4 24 | 2.7% | 1.4% | ||
| Q3 24 | 1.8% | 2.3% | ||
| Q2 24 | 3.4% | 2.0% | ||
| Q1 24 | 2.5% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | 3.89× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 5.35× | — | ||
| Q2 24 | 15.44× | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNS
| Enteral Feeding | $83.0M | 46% |
| Radiofrequency Ablation | $36.9M | 20% |
| Neonate Solutions | $32.1M | 18% |
| Surgical Pain And Recovery | $24.7M | 14% |
| Corporate Other | $4.2M | 2% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
