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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) 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 $121.4M, roughly 1.2× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs 5.5%, a 32.7% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 11.7%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 7.1%).
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
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.
BNL vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $148.3M |
| Net Profit | $46.4M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 52.2% | 11.7% |
| Net Margin | 38.2% | 5.5% |
| Revenue YoY | 11.7% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | $0.24 | $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.
| Q1 26 | $121.4M | — | ||
| Q4 25 | $118.3M | $148.3M | ||
| Q3 25 | $114.2M | $135.8M | ||
| Q2 25 | $113.0M | $110.8M | ||
| Q1 25 | $108.7M | $80.4M | ||
| Q4 24 | $112.1M | $107.0M | ||
| Q3 24 | $108.4M | $102.2M | ||
| Q2 24 | $105.9M | $99.2M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $8.1M | ||
| Q3 25 | $26.5M | $11.9M | ||
| Q2 25 | $20.2M | $13.9M | ||
| Q1 25 | $16.7M | $-282.0K | ||
| Q4 24 | $26.4M | $7.8M | ||
| Q3 24 | $35.6M | $-267.0K | ||
| Q2 24 | $35.3M | $11.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | 11.7% | ||
| Q3 25 | — | 13.7% | ||
| Q2 25 | — | 14.4% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 18.7% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | 5.5% | ||
| Q3 25 | 23.2% | 8.7% | ||
| Q2 25 | 17.8% | 12.5% | ||
| Q1 25 | 15.4% | -0.4% | ||
| Q4 24 | 23.5% | 7.3% | ||
| Q3 24 | 32.8% | -0.3% | ||
| Q2 24 | 33.4% | 11.9% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $0.05 | ||
| Q3 25 | $0.14 | $0.07 | ||
| Q2 25 | $0.10 | $0.08 | ||
| Q1 25 | $0.09 | $0.00 | ||
| Q4 24 | $0.13 | $0.04 | ||
| Q3 24 | $0.19 | $0.00 | ||
| Q2 24 | $0.19 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.3M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $600.0M |
| Total Assets | $5.8B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $7.3M | ||
| Q3 25 | $82.0M | $8.6M | ||
| Q2 25 | $20.8M | $4.7M | ||
| Q1 25 | $9.6M | $35.6M | ||
| Q4 24 | $14.8M | $23.5M | ||
| Q3 24 | $9.0M | $11.1M | ||
| Q2 24 | $18.3M | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | $141.8M | ||
| Q4 24 | $1.9B | $141.8M | ||
| Q3 24 | $2.0B | $141.8M | ||
| Q2 24 | $1.9B | $146.8M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $600.0M | ||
| Q3 25 | $2.9B | $589.6M | ||
| Q2 25 | $2.9B | $575.4M | ||
| Q1 25 | $2.9B | $558.9M | ||
| Q4 24 | $3.0B | $556.8M | ||
| Q3 24 | $3.0B | $545.2M | ||
| Q2 24 | $3.1B | $544.6M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $904.1M | ||
| Q3 25 | $5.5B | $851.8M | ||
| Q2 25 | $5.3B | $795.0M | ||
| Q1 25 | $5.2B | $788.4M | ||
| Q4 24 | $5.2B | $793.1M | ||
| Q3 24 | $5.3B | $801.3M | ||
| Q2 24 | $5.3B | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | 0.25× | ||
| Q4 24 | 0.64× | 0.25× | ||
| Q3 24 | 0.65× | 0.26× | ||
| Q2 24 | 0.62× | 0.27× |
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 | — | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $-4.1M | ||
| Q3 25 | $64.2M | $19.4M | ||
| Q2 25 | $79.3M | $-13.8M | ||
| Q1 25 | $71.5M | $15.6M | ||
| Q4 24 | $276.3M | $14.0M | ||
| Q3 24 | $67.3M | $15.7M | ||
| Q2 24 | $74.2M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $-11.3M | ||
| Q3 25 | $58.0M | $9.0M | ||
| Q2 25 | $76.7M | $-26.0M | ||
| Q1 25 | $57.1M | $12.3M | ||
| Q4 24 | $259.5M | $12.5M | ||
| Q3 24 | $60.3M | $13.3M | ||
| Q2 24 | $74.0M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | -7.6% | ||
| Q3 25 | 50.8% | 6.6% | ||
| Q2 25 | 67.9% | -23.5% | ||
| Q1 25 | 52.5% | 15.4% | ||
| Q4 24 | 231.4% | 11.6% | ||
| Q3 24 | 55.6% | 13.0% | ||
| Q2 24 | 69.9% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 4.8% | ||
| Q3 25 | 5.4% | 7.7% | ||
| Q2 25 | 2.3% | 11.0% | ||
| Q1 25 | 13.2% | 4.0% | ||
| Q4 24 | 15.0% | 1.4% | ||
| Q3 24 | 6.5% | 2.3% | ||
| Q2 24 | 0.2% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | -0.50× | ||
| Q3 25 | 2.43× | 1.63× | ||
| Q2 25 | 3.93× | -1.00× | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | 1.79× | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 2.10× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
