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Side-by-side financial comparison of Vita Coco Company, Inc. (COCO) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Vita Coco Company, Inc. is the larger business by last-quarter revenue ($179.8M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). Vita Coco Company, Inc. runs the higher net margin — 17.0% vs 5.5%, a 11.5% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 37.3%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 11.7%).
The Vita Coco Company, doing business simply as Vita Coco, is an American beverage company which mainly sells coconut water. The largest brand globally in coconut/plant waters, Vita Coco has operations in 31 countries as of 2016. It is a benefit corporation. The company is owned by All Market Inc.
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.
COCO vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $148.3M |
| Net Profit | $30.5M | $8.1M |
| Gross Margin | 39.9% | 31.6% |
| Operating Margin | 18.7% | 11.7% |
| Net Margin | 17.0% | 5.5% |
| Revenue YoY | 37.3% | 38.6% |
| Net Profit YoY | 61.4% | 3.9% |
| EPS (diluted) | $0.50 | $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 | $179.8M | — | ||
| Q4 25 | $127.8M | $148.3M | ||
| Q3 25 | $182.3M | $135.8M | ||
| Q2 25 | $168.8M | $110.8M | ||
| Q1 25 | $130.9M | $80.4M | ||
| Q4 24 | $127.3M | $107.0M | ||
| Q3 24 | $132.9M | $102.2M | ||
| Q2 24 | $144.1M | $99.2M |
| Q1 26 | $30.5M | — | ||
| Q4 25 | $5.5M | $8.1M | ||
| Q3 25 | $24.0M | $11.9M | ||
| Q2 25 | $22.9M | $13.9M | ||
| Q1 25 | $18.9M | $-282.0K | ||
| Q4 24 | $3.4M | $7.8M | ||
| Q3 24 | $19.3M | $-267.0K | ||
| Q2 24 | $19.1M | $11.8M |
| Q1 26 | 39.9% | — | ||
| Q4 25 | 34.9% | 31.6% | ||
| Q3 25 | 37.7% | 37.0% | ||
| Q2 25 | 36.3% | 37.2% | ||
| Q1 25 | 36.7% | 35.0% | ||
| Q4 24 | 32.5% | 37.6% | ||
| Q3 24 | 38.8% | 24.8% | ||
| Q2 24 | 40.8% | 40.3% |
| Q1 26 | 18.7% | — | ||
| Q4 25 | 8.0% | 11.7% | ||
| Q3 25 | 15.3% | 13.7% | ||
| Q2 25 | 14.9% | 14.4% | ||
| Q1 25 | 14.7% | 5.4% | ||
| Q4 24 | 3.4% | 15.4% | ||
| Q3 24 | 15.5% | 4.4% | ||
| Q2 24 | 20.8% | 18.7% |
| Q1 26 | 17.0% | — | ||
| Q4 25 | 4.3% | 5.5% | ||
| Q3 25 | 13.2% | 8.7% | ||
| Q2 25 | 13.6% | 12.5% | ||
| Q1 25 | 14.4% | -0.4% | ||
| Q4 24 | 2.6% | 7.3% | ||
| Q3 24 | 14.5% | -0.3% | ||
| Q2 24 | 13.2% | 11.9% |
| Q1 26 | $0.50 | — | ||
| Q4 25 | $0.10 | $0.05 | ||
| Q3 25 | $0.40 | $0.07 | ||
| Q2 25 | $0.38 | $0.08 | ||
| Q1 25 | $0.31 | $0.00 | ||
| Q4 24 | $0.06 | $0.04 | ||
| Q3 24 | $0.32 | $0.00 | ||
| Q2 24 | $0.32 | $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 | $201.9M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $352.2M | $600.0M |
| Total Assets | $488.3M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $201.9M | — | ||
| Q4 25 | $196.9M | $7.3M | ||
| Q3 25 | $203.7M | $8.6M | ||
| Q2 25 | $167.0M | $4.7M | ||
| Q1 25 | $153.6M | $35.6M | ||
| Q4 24 | $164.7M | $23.5M | ||
| Q3 24 | $156.7M | $11.1M | ||
| Q2 24 | $150.1M | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | $352.2M | — | ||
| Q4 25 | $331.5M | $600.0M | ||
| Q3 25 | $323.7M | $589.6M | ||
| Q2 25 | $296.9M | $575.4M | ||
| Q1 25 | $277.9M | $558.9M | ||
| Q4 24 | $258.8M | $556.8M | ||
| Q3 24 | $252.1M | $545.2M | ||
| Q2 24 | $232.0M | $544.6M |
| Q1 26 | $488.3M | — | ||
| Q4 25 | $461.2M | $904.1M | ||
| Q3 25 | $461.3M | $851.8M | ||
| Q2 25 | $421.1M | $795.0M | ||
| Q1 25 | $384.0M | $788.4M | ||
| Q4 24 | $362.4M | $793.1M | ||
| Q3 24 | $353.1M | $801.3M | ||
| Q2 24 | $323.0M | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 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 | $-3.9M | $-4.1M | ||
| Q3 25 | $39.1M | $19.4M | ||
| Q2 25 | $21.8M | $-13.8M | ||
| Q1 25 | $-9.8M | $15.6M | ||
| Q4 24 | $6.9M | $14.0M | ||
| Q3 24 | $9.3M | $15.7M | ||
| Q2 24 | $26.9M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-7.1M | $-11.3M | ||
| Q3 25 | $35.6M | $9.0M | ||
| Q2 25 | $20.9M | $-26.0M | ||
| Q1 25 | $-10.4M | $12.3M | ||
| Q4 24 | $6.8M | $12.5M | ||
| Q3 24 | $8.9M | $13.3M | ||
| Q2 24 | $26.6M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | -5.6% | -7.6% | ||
| Q3 25 | 19.6% | 6.6% | ||
| Q2 25 | 12.4% | -23.5% | ||
| Q1 25 | -7.9% | 15.4% | ||
| Q4 24 | 5.3% | 11.6% | ||
| Q3 24 | 6.7% | 13.0% | ||
| Q2 24 | 18.5% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.5% | 4.8% | ||
| Q3 25 | 1.9% | 7.7% | ||
| Q2 25 | 0.6% | 11.0% | ||
| Q1 25 | 0.4% | 4.0% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.3% | 2.3% | ||
| Q2 24 | 0.2% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | -0.70× | -0.50× | ||
| Q3 25 | 1.63× | 1.63× | ||
| Q2 25 | 0.95× | -1.00× | ||
| Q1 25 | -0.52× | — | ||
| Q4 24 | 2.05× | 1.79× | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 1.41× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
COCO
| Subtotal | $148.2M | 82% |
| Private Label | $24.4M | 14% |
| Other | $7.2M | 4% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
