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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) 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 $111.5M, roughly 1.3× AVIAT NETWORKS, INC.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 5.1%, a 0.3% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
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.
AVNW vs SHLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $148.3M |
| Net Profit | $5.7M | $8.1M |
| Gross Margin | 32.4% | 31.6% |
| Operating Margin | 6.5% | 11.7% |
| Net Margin | 5.1% | 5.5% |
| Revenue YoY | -5.7% | 38.6% |
| Net Profit YoY | 27.2% | 3.9% |
| EPS (diluted) | $0.44 | $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 | $111.5M | $148.3M | ||
| Q3 25 | $107.3M | $135.8M | ||
| Q2 25 | $115.3M | $110.8M | ||
| Q1 25 | $112.6M | $80.4M | ||
| Q4 24 | $118.2M | $107.0M | ||
| Q3 24 | $88.4M | $102.2M | ||
| Q2 24 | $116.7M | $99.2M | ||
| Q1 24 | $110.8M | $90.8M |
| Q4 25 | $5.7M | $8.1M | ||
| Q3 25 | $162.0K | $11.9M | ||
| Q2 25 | $5.2M | $13.9M | ||
| Q1 25 | $3.5M | $-282.0K | ||
| Q4 24 | $4.5M | $7.8M | ||
| Q3 24 | $-11.9M | $-267.0K | ||
| Q2 24 | $1.5M | $11.8M | ||
| Q1 24 | $3.9M | $4.8M |
| Q4 25 | 32.4% | 31.6% | ||
| Q3 25 | 33.2% | 37.0% | ||
| Q2 25 | 34.2% | 37.2% | ||
| Q1 25 | 34.9% | 35.0% | ||
| Q4 24 | 34.6% | 37.6% | ||
| Q3 24 | 22.4% | 24.8% | ||
| Q2 24 | 35.3% | 40.3% | ||
| Q1 24 | 32.5% | 40.2% |
| Q4 25 | 6.5% | 11.7% | ||
| Q3 25 | 4.8% | 13.7% | ||
| Q2 25 | 7.7% | 14.4% | ||
| Q1 25 | 8.3% | 5.4% | ||
| Q4 24 | 6.7% | 15.4% | ||
| Q3 24 | -17.6% | 4.4% | ||
| Q2 24 | 4.7% | 18.7% | ||
| Q1 24 | 5.1% | 12.8% |
| Q4 25 | 5.1% | 5.5% | ||
| Q3 25 | 0.2% | 8.7% | ||
| Q2 25 | 4.5% | 12.5% | ||
| Q1 25 | 3.1% | -0.4% | ||
| Q4 24 | 3.8% | 7.3% | ||
| Q3 24 | -13.4% | -0.3% | ||
| Q2 24 | 1.3% | 11.9% | ||
| Q1 24 | 3.5% | 5.3% |
| Q4 25 | $0.44 | $0.05 | ||
| Q3 25 | $0.01 | $0.07 | ||
| Q2 25 | $0.42 | $0.08 | ||
| Q1 25 | $0.27 | $0.00 | ||
| Q4 24 | $0.35 | $0.04 | ||
| Q3 24 | $-0.94 | $0.00 | ||
| Q2 24 | $0.11 | $0.07 | ||
| Q1 24 | $0.30 | $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 | $86.5M | $7.3M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $600.0M |
| Total Assets | $659.4M | $904.1M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $7.3M | ||
| Q3 25 | $64.8M | $8.6M | ||
| Q2 25 | $59.7M | $4.7M | ||
| Q1 25 | $49.4M | $35.6M | ||
| Q4 24 | $52.6M | $23.5M | ||
| Q3 24 | $51.0M | $11.1M | ||
| Q2 24 | $64.6M | $3.2M | ||
| Q1 24 | $59.2M | $15.2M |
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | $141.8M | ||
| Q4 24 | $74.9M | $141.8M | ||
| Q3 24 | $83.4M | $141.8M | ||
| Q2 24 | $48.4M | $146.8M | ||
| Q1 24 | $48.9M | $168.8M |
| Q4 25 | $271.6M | $600.0M | ||
| Q3 25 | $263.6M | $589.6M | ||
| Q2 25 | $263.2M | $575.4M | ||
| Q1 25 | $256.1M | $558.9M | ||
| Q4 24 | $249.6M | $556.8M | ||
| Q3 24 | $247.1M | $545.2M | ||
| Q2 24 | $255.9M | $544.6M | ||
| Q1 24 | $256.0M | $554.0M |
| Q4 25 | $659.4M | $904.1M | ||
| Q3 25 | $643.3M | $851.8M | ||
| Q2 25 | $633.3M | $795.0M | ||
| Q1 25 | $628.3M | $788.4M | ||
| Q4 24 | $594.1M | $793.1M | ||
| Q3 24 | $590.9M | $801.3M | ||
| Q2 24 | $535.2M | $788.4M | ||
| Q1 24 | $490.3M | $825.3M |
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | 0.25× | ||
| Q4 24 | 0.30× | 0.25× | ||
| Q3 24 | 0.34× | 0.26× | ||
| Q2 24 | 0.19× | 0.27× | ||
| Q1 24 | 0.19× | 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 | $23.9M | $-4.1M |
| Free Cash FlowOCF − Capex | $22.5M | $-11.3M |
| FCF MarginFCF / Revenue | 20.2% | -7.6% |
| Capex IntensityCapex / Revenue | 1.3% | 4.8% |
| Cash ConversionOCF / Net Profit | 4.18× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-4.1M | ||
| Q3 25 | $-11.7M | $19.4M | ||
| Q2 25 | $10.5M | $-13.8M | ||
| Q1 25 | $1.6M | $15.6M | ||
| Q4 24 | $20.8M | $14.0M | ||
| Q3 24 | $-27.2M | $15.7M | ||
| Q2 24 | $8.3M | $37.8M | ||
| Q1 24 | $15.3M | $12.9M |
| Q4 25 | $22.5M | $-11.3M | ||
| Q3 25 | $-13.5M | $9.0M | ||
| Q2 25 | $8.2M | $-26.0M | ||
| Q1 25 | $-1.2M | $12.3M | ||
| Q4 24 | $18.3M | $12.5M | ||
| Q3 24 | $-32.6M | $13.3M | ||
| Q2 24 | $7.5M | $35.8M | ||
| Q1 24 | $14.8M | $10.4M |
| Q4 25 | 20.2% | -7.6% | ||
| Q3 25 | -12.6% | 6.6% | ||
| Q2 25 | 7.1% | -23.5% | ||
| Q1 25 | -1.0% | 15.4% | ||
| Q4 24 | 15.5% | 11.6% | ||
| Q3 24 | -36.8% | 13.0% | ||
| Q2 24 | 6.4% | 36.1% | ||
| Q1 24 | 13.4% | 11.4% |
| Q4 25 | 1.3% | 4.8% | ||
| Q3 25 | 1.6% | 7.7% | ||
| Q2 25 | 2.0% | 11.0% | ||
| Q1 25 | 2.5% | 4.0% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 6.1% | 2.3% | ||
| Q2 24 | 0.7% | 2.0% | ||
| Q1 24 | 0.4% | 2.7% |
| Q4 25 | 4.18× | -0.50× | ||
| Q3 25 | -72.48× | 1.63× | ||
| Q2 25 | 2.02× | -1.00× | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | 3.21× | ||
| Q1 24 | 3.96× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
