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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
AMERICAN STATES WATER CO is the larger business by last-quarter revenue ($164.3M vs $148.3M, roughly 1.1× Shoals Technologies Group, Inc.). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 5.5%, a 12.0% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 14.8%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-36.0M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 10.2%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
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.
AWR vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $148.3M |
| Net Profit | $28.7M | $8.1M |
| Gross Margin | 88.9% | 31.6% |
| Operating Margin | 27.4% | 11.7% |
| Net Margin | 17.5% | 5.5% |
| Revenue YoY | 14.8% | 38.6% |
| Net Profit YoY | 1.1% | 3.9% |
| EPS (diluted) | $0.74 | $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 | $164.3M | $148.3M | ||
| Q3 25 | $182.7M | $135.8M | ||
| Q2 25 | $163.1M | $110.8M | ||
| Q1 25 | $148.0M | $80.4M | ||
| Q4 24 | $143.1M | $107.0M | ||
| Q3 24 | $161.8M | $102.2M | ||
| Q2 24 | $155.3M | $99.2M | ||
| Q1 24 | $135.3M | $90.8M |
| Q4 25 | $28.7M | $8.1M | ||
| Q3 25 | $41.2M | $11.9M | ||
| Q2 25 | $33.7M | $13.9M | ||
| Q1 25 | $26.8M | $-282.0K | ||
| Q4 24 | $28.4M | $7.8M | ||
| Q3 24 | $35.8M | $-267.0K | ||
| Q2 24 | $31.9M | $11.8M | ||
| Q1 24 | $23.1M | $4.8M |
| Q4 25 | 88.9% | 31.6% | ||
| Q3 25 | 91.0% | 37.0% | ||
| Q2 25 | 92.1% | 37.2% | ||
| Q1 25 | 91.3% | 35.0% | ||
| Q4 24 | 92.4% | 37.6% | ||
| Q3 24 | 92.7% | 24.8% | ||
| Q2 24 | 89.6% | 40.3% | ||
| Q1 24 | 88.4% | 40.2% |
| Q4 25 | 27.4% | 11.7% | ||
| Q3 25 | 33.8% | 13.7% | ||
| Q2 25 | 31.3% | 14.4% | ||
| Q1 25 | 30.8% | 5.4% | ||
| Q4 24 | 27.0% | 15.4% | ||
| Q3 24 | 34.0% | 4.4% | ||
| Q2 24 | 33.3% | 18.7% | ||
| Q1 24 | 28.8% | 12.8% |
| Q4 25 | 17.5% | 5.5% | ||
| Q3 25 | 22.5% | 8.7% | ||
| Q2 25 | 20.7% | 12.5% | ||
| Q1 25 | 18.1% | -0.4% | ||
| Q4 24 | 19.9% | 7.3% | ||
| Q3 24 | 22.1% | -0.3% | ||
| Q2 24 | 20.5% | 11.9% | ||
| Q1 24 | 17.1% | 5.3% |
| Q4 25 | $0.74 | $0.05 | ||
| Q3 25 | $1.06 | $0.07 | ||
| Q2 25 | $0.87 | $0.08 | ||
| Q1 25 | $0.70 | $0.00 | ||
| Q4 24 | $0.75 | $0.04 | ||
| Q3 24 | $0.95 | $0.00 | ||
| Q2 24 | $0.85 | $0.07 | ||
| Q1 24 | $0.62 | $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 | $18.8M | $7.3M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $600.0M |
| Total Assets | $2.7B | $904.1M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $7.3M | ||
| Q3 25 | $26.1M | $8.6M | ||
| Q2 25 | $20.2M | $4.7M | ||
| Q1 25 | $21.2M | $35.6M | ||
| Q4 24 | $26.7M | $23.5M | ||
| Q3 24 | $16.5M | $11.1M | ||
| Q2 24 | $3.6M | $3.2M | ||
| Q1 24 | $17.0M | $15.2M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $640.4M | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $1.0B | $600.0M | ||
| Q3 25 | $1.0B | $589.6M | ||
| Q2 25 | $972.5M | $575.4M | ||
| Q1 25 | $956.4M | $558.9M | ||
| Q4 24 | $920.1M | $556.8M | ||
| Q3 24 | $879.5M | $545.2M | ||
| Q2 24 | $833.5M | $544.6M | ||
| Q1 24 | $800.5M | $554.0M |
| Q4 25 | $2.7B | $904.1M | ||
| Q3 25 | $2.7B | $851.8M | ||
| Q2 25 | $2.6B | $795.0M | ||
| Q1 25 | $2.5B | $788.4M | ||
| Q4 24 | $2.5B | $793.1M | ||
| Q3 24 | $2.4B | $801.3M | ||
| Q2 24 | $2.3B | $788.4M | ||
| Q1 24 | $2.3B | $825.3M |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 0.70× | 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 | $27.7M | $-4.1M |
| Free Cash FlowOCF − Capex | $-36.0M | $-11.3M |
| FCF MarginFCF / Revenue | -21.9% | -7.6% |
| Capex IntensityCapex / Revenue | 38.8% | 4.8% |
| Cash ConversionOCF / Net Profit | 0.96× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $-4.1M | ||
| Q3 25 | $92.4M | $19.4M | ||
| Q2 25 | $64.6M | $-13.8M | ||
| Q1 25 | $45.1M | $15.6M | ||
| Q4 24 | $64.5M | $14.0M | ||
| Q3 24 | $63.7M | $15.7M | ||
| Q2 24 | $24.7M | $37.8M | ||
| Q1 24 | $45.8M | $12.9M |
| Q4 25 | $-36.0M | $-11.3M | ||
| Q3 25 | $37.7M | $9.0M | ||
| Q2 25 | $13.7M | $-26.0M | ||
| Q1 25 | $-22.5M | $12.3M | ||
| Q4 24 | $6.0M | $12.5M | ||
| Q3 24 | $-478.0K | $13.3M | ||
| Q2 24 | $-37.0M | $35.8M | ||
| Q1 24 | $-1.7M | $10.4M |
| Q4 25 | -21.9% | -7.6% | ||
| Q3 25 | 20.7% | 6.6% | ||
| Q2 25 | 8.4% | -23.5% | ||
| Q1 25 | -15.2% | 15.4% | ||
| Q4 24 | 4.2% | 11.6% | ||
| Q3 24 | -0.3% | 13.0% | ||
| Q2 24 | -23.8% | 36.1% | ||
| Q1 24 | -1.3% | 11.4% |
| Q4 25 | 38.8% | 4.8% | ||
| Q3 25 | 29.9% | 7.7% | ||
| Q2 25 | 31.2% | 11.0% | ||
| Q1 25 | 45.6% | 4.0% | ||
| Q4 24 | 40.9% | 1.4% | ||
| Q3 24 | 39.7% | 2.3% | ||
| Q2 24 | 39.8% | 2.0% | ||
| Q1 24 | 35.2% | 2.7% |
| Q4 25 | 0.96× | -0.50× | ||
| Q3 25 | 2.24× | 1.63× | ||
| Q2 25 | 1.92× | -1.00× | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | 1.79× | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | 3.21× | ||
| Q1 24 | 1.98× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
