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Side-by-side financial comparison of Azenta, Inc. (AZTA) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Azenta, Inc. is the larger business by last-quarter revenue ($148.6M vs $148.3M, roughly 1.0× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -10.4%, a 15.9% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 0.8%). Azenta, Inc. produced more free cash flow last quarter ($14.7M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 4.4%).
Azenta, was founded in 1978, and is based in Chelmsford, Massachusetts, United States. The company is a provider of life sciences services including genomics, cryogenic storage, automation, and informatics.
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.
AZTA vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.6M | $148.3M |
| Net Profit | $-15.4M | $8.1M |
| Gross Margin | 42.9% | 31.6% |
| Operating Margin | -4.9% | 11.7% |
| Net Margin | -10.4% | 5.5% |
| Revenue YoY | 0.8% | 38.6% |
| Net Profit YoY | -15.7% | 3.9% |
| EPS (diluted) | $-0.34 | $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 | $148.6M | $148.3M | ||
| Q3 25 | $159.2M | $135.8M | ||
| Q2 25 | $143.9M | $110.8M | ||
| Q1 25 | $143.3M | $80.4M | ||
| Q4 24 | $147.4M | $107.0M | ||
| Q3 24 | $150.6M | $102.2M | ||
| Q2 24 | $144.3M | $99.2M | ||
| Q1 24 | $136.4M | $90.8M |
| Q4 25 | $-15.4M | $8.1M | ||
| Q3 25 | $50.9M | $11.9M | ||
| Q2 25 | $-48.0M | $13.9M | ||
| Q1 25 | $-47.7M | $-282.0K | ||
| Q4 24 | $-11.0M | $7.8M | ||
| Q3 24 | $-6.6M | $-267.0K | ||
| Q2 24 | $-6.6M | $11.8M | ||
| Q1 24 | $-137.4M | $4.8M |
| Q4 25 | 42.9% | 31.6% | ||
| Q3 25 | 45.4% | 37.0% | ||
| Q2 25 | 46.2% | 37.2% | ||
| Q1 25 | 43.8% | 35.0% | ||
| Q4 24 | 46.7% | 37.6% | ||
| Q3 24 | 45.5% | 24.8% | ||
| Q2 24 | 44.8% | 40.3% | ||
| Q1 24 | 43.8% | 40.2% |
| Q4 25 | -4.9% | 11.7% | ||
| Q3 25 | 1.2% | 13.7% | ||
| Q2 25 | -1.3% | 14.4% | ||
| Q1 25 | -12.7% | 5.4% | ||
| Q4 24 | -5.9% | 15.4% | ||
| Q3 24 | -3.1% | 4.4% | ||
| Q2 24 | -4.9% | 18.7% | ||
| Q1 24 | -18.1% | 12.8% |
| Q4 25 | -10.4% | 5.5% | ||
| Q3 25 | 32.0% | 8.7% | ||
| Q2 25 | -33.4% | 12.5% | ||
| Q1 25 | -33.3% | -0.4% | ||
| Q4 24 | -7.5% | 7.3% | ||
| Q3 24 | -4.4% | -0.3% | ||
| Q2 24 | -4.5% | 11.9% | ||
| Q1 24 | -100.8% | 5.3% |
| Q4 25 | $-0.34 | $0.05 | ||
| Q3 25 | $1.12 | $0.07 | ||
| Q2 25 | $-1.05 | $0.08 | ||
| Q1 25 | $-1.04 | $0.00 | ||
| Q4 24 | $-0.25 | $0.04 | ||
| Q3 24 | $-0.25 | $0.00 | ||
| Q2 24 | $-0.12 | $0.07 | ||
| Q1 24 | $-2.48 | $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 | $336.6M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.7B | $600.0M |
| Total Assets | $2.1B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $336.6M | $7.3M | ||
| Q3 25 | $279.8M | $8.6M | ||
| Q2 25 | $270.0M | $4.7M | ||
| Q1 25 | $253.6M | $35.6M | ||
| Q4 24 | $377.5M | $23.5M | ||
| Q3 24 | $280.0M | $11.1M | ||
| Q2 24 | $336.5M | $3.2M | ||
| Q1 24 | $353.5M | $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 | $1.7B | $600.0M | ||
| Q3 25 | $1.7B | $589.6M | ||
| Q2 25 | $1.7B | $575.4M | ||
| Q1 25 | $1.7B | $558.9M | ||
| Q4 24 | $1.7B | $556.8M | ||
| Q3 24 | $1.8B | $545.2M | ||
| Q2 24 | $2.0B | $544.6M | ||
| Q1 24 | $2.2B | $554.0M |
| Q4 25 | $2.1B | $904.1M | ||
| Q3 25 | $2.1B | $851.8M | ||
| Q2 25 | $2.0B | $795.0M | ||
| Q1 25 | $2.0B | $788.4M | ||
| Q4 24 | $2.0B | $793.1M | ||
| Q3 24 | $2.1B | $801.3M | ||
| Q2 24 | $2.3B | $788.4M | ||
| Q1 24 | $2.6B | $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 | $20.8M | $-4.1M |
| Free Cash FlowOCF − Capex | $14.7M | $-11.3M |
| FCF MarginFCF / Revenue | 9.9% | -7.6% |
| Capex IntensityCapex / Revenue | 4.2% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $30.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.8M | $-4.1M | ||
| Q3 25 | $2.2M | $19.4M | ||
| Q2 25 | $25.8M | $-13.8M | ||
| Q1 25 | $14.4M | $15.6M | ||
| Q4 24 | $29.8M | $14.0M | ||
| Q3 24 | $17.7M | $15.7M | ||
| Q2 24 | $9.8M | $37.8M | ||
| Q1 24 | $8.7M | $12.9M |
| Q4 25 | $14.7M | $-11.3M | ||
| Q3 25 | $-5.7M | $9.0M | ||
| Q2 25 | $15.0M | $-26.0M | ||
| Q1 25 | $7.0M | $12.3M | ||
| Q4 24 | $22.0M | $12.5M | ||
| Q3 24 | $8.3M | $13.3M | ||
| Q2 24 | $1.3M | $35.8M | ||
| Q1 24 | $428.0K | $10.4M |
| Q4 25 | 9.9% | -7.6% | ||
| Q3 25 | -3.6% | 6.6% | ||
| Q2 25 | 10.4% | -23.5% | ||
| Q1 25 | 4.9% | 15.4% | ||
| Q4 24 | 15.0% | 11.6% | ||
| Q3 24 | 5.5% | 13.0% | ||
| Q2 24 | 0.9% | 36.1% | ||
| Q1 24 | 0.3% | 11.4% |
| Q4 25 | 4.2% | 4.8% | ||
| Q3 25 | 4.9% | 7.7% | ||
| Q2 25 | 7.5% | 11.0% | ||
| Q1 25 | 5.2% | 4.0% | ||
| Q4 24 | 5.3% | 1.4% | ||
| Q3 24 | 6.2% | 2.3% | ||
| Q2 24 | 5.9% | 2.0% | ||
| Q1 24 | 6.1% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | 0.04× | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AZTA
| Multiomics | $67.2M | 45% |
| Core Products | $47.6M | 32% |
| Sample Repository Solutions | $33.8M | 23% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
