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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $148.3M, roughly 1.6× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 4.4%, a 1.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 20.3%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 5.1%).
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.
CSW vs SHLS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $148.3M |
| Net Profit | $10.3M | $8.1M |
| Gross Margin | 39.7% | 31.6% |
| Operating Margin | 7.4% | 11.7% |
| Net Margin | 4.4% | 5.5% |
| Revenue YoY | 20.3% | 38.6% |
| Net Profit YoY | -61.9% | 3.9% |
| EPS (diluted) | $0.62 | $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 | $233.0M | $148.3M | ||
| Q3 25 | $277.0M | $135.8M | ||
| Q2 25 | $263.6M | $110.8M | ||
| Q1 25 | $230.5M | $80.4M | ||
| Q4 24 | $193.6M | $107.0M | ||
| Q3 24 | $227.9M | $102.2M | ||
| Q2 24 | $226.2M | $99.2M | ||
| Q1 24 | $210.9M | $90.8M |
| Q4 25 | $10.3M | $8.1M | ||
| Q3 25 | $40.7M | $11.9M | ||
| Q2 25 | $40.9M | $13.9M | ||
| Q1 25 | $35.1M | $-282.0K | ||
| Q4 24 | $26.9M | $7.8M | ||
| Q3 24 | $36.1M | $-267.0K | ||
| Q2 24 | $38.6M | $11.8M | ||
| Q1 24 | $31.8M | $4.8M |
| Q4 25 | 39.7% | 31.6% | ||
| Q3 25 | 43.0% | 37.0% | ||
| Q2 25 | 43.8% | 37.2% | ||
| Q1 25 | 44.2% | 35.0% | ||
| Q4 24 | 41.4% | 37.6% | ||
| Q3 24 | 45.6% | 24.8% | ||
| Q2 24 | 47.5% | 40.3% | ||
| Q1 24 | 44.4% | 40.2% |
| Q4 25 | 7.4% | 11.7% | ||
| Q3 25 | 20.5% | 13.7% | ||
| Q2 25 | 20.8% | 14.4% | ||
| Q1 25 | 19.5% | 5.4% | ||
| Q4 24 | 15.3% | 15.4% | ||
| Q3 24 | 22.6% | 4.4% | ||
| Q2 24 | 24.3% | 18.7% | ||
| Q1 24 | 21.0% | 12.8% |
| Q4 25 | 4.4% | 5.5% | ||
| Q3 25 | 14.7% | 8.7% | ||
| Q2 25 | 15.5% | 12.5% | ||
| Q1 25 | 15.2% | -0.4% | ||
| Q4 24 | 13.9% | 7.3% | ||
| Q3 24 | 15.8% | -0.3% | ||
| Q2 24 | 17.1% | 11.9% | ||
| Q1 24 | 15.1% | 5.3% |
| Q4 25 | $0.62 | $0.05 | ||
| Q3 25 | $2.41 | $0.07 | ||
| Q2 25 | $2.43 | $0.08 | ||
| Q1 25 | $2.05 | $0.00 | ||
| Q4 24 | $1.60 | $0.04 | ||
| Q3 24 | $2.26 | $0.00 | ||
| Q2 24 | $2.47 | $0.07 | ||
| Q1 24 | $2.03 | $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 | $40.2M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $600.0M |
| Total Assets | $2.3B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $7.3M | ||
| Q3 25 | $31.5M | $8.6M | ||
| Q2 25 | $38.0M | $4.7M | ||
| Q1 25 | $225.8M | $35.6M | ||
| Q4 24 | $213.8M | $23.5M | ||
| Q3 24 | $273.2M | $11.1M | ||
| Q2 24 | $18.9M | $3.2M | ||
| Q1 24 | $22.2M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | $166.0M | $168.8M |
| Q4 25 | $1.1B | $600.0M | ||
| Q3 25 | $1.1B | $589.6M | ||
| Q2 25 | $1.1B | $575.4M | ||
| Q1 25 | $1.1B | $558.9M | ||
| Q4 24 | $1.0B | $556.8M | ||
| Q3 24 | $1.0B | $545.2M | ||
| Q2 24 | $650.2M | $544.6M | ||
| Q1 24 | $615.7M | $554.0M |
| Q4 25 | $2.3B | $904.1M | ||
| Q3 25 | $1.5B | $851.8M | ||
| Q2 25 | $1.5B | $795.0M | ||
| Q1 25 | $1.4B | $788.4M | ||
| Q4 24 | $1.4B | $793.1M | ||
| Q3 24 | $1.4B | $801.3M | ||
| Q2 24 | $1.1B | $788.4M | ||
| Q1 24 | $1.0B | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | 0.27× | 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 | $28.9M | $-4.1M |
| Free Cash FlowOCF − Capex | $22.7M | $-11.3M |
| FCF MarginFCF / Revenue | 9.8% | -7.6% |
| Capex IntensityCapex / Revenue | 2.6% | 4.8% |
| Cash ConversionOCF / Net Profit | 2.81× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $-4.1M | ||
| Q3 25 | $61.8M | $19.4M | ||
| Q2 25 | $60.6M | $-13.8M | ||
| Q1 25 | $27.3M | $15.6M | ||
| Q4 24 | $11.6M | $14.0M | ||
| Q3 24 | $66.8M | $15.7M | ||
| Q2 24 | $62.7M | $37.8M | ||
| Q1 24 | $22.4M | $12.9M |
| Q4 25 | $22.7M | $-11.3M | ||
| Q3 25 | $58.7M | $9.0M | ||
| Q2 25 | $57.7M | $-26.0M | ||
| Q1 25 | $22.8M | $12.3M | ||
| Q4 24 | $8.5M | $12.5M | ||
| Q3 24 | $61.3M | $13.3M | ||
| Q2 24 | $59.6M | $35.8M | ||
| Q1 24 | $17.5M | $10.4M |
| Q4 25 | 9.8% | -7.6% | ||
| Q3 25 | 21.2% | 6.6% | ||
| Q2 25 | 21.9% | -23.5% | ||
| Q1 25 | 9.9% | 15.4% | ||
| Q4 24 | 4.4% | 11.6% | ||
| Q3 24 | 26.9% | 13.0% | ||
| Q2 24 | 26.3% | 36.1% | ||
| Q1 24 | 8.3% | 11.4% |
| Q4 25 | 2.6% | 4.8% | ||
| Q3 25 | 1.1% | 7.7% | ||
| Q2 25 | 1.1% | 11.0% | ||
| Q1 25 | 2.0% | 4.0% | ||
| Q4 24 | 1.6% | 1.4% | ||
| Q3 24 | 2.4% | 2.3% | ||
| Q2 24 | 1.4% | 2.0% | ||
| Q1 24 | 2.3% | 2.7% |
| Q4 25 | 2.81× | -0.50× | ||
| Q3 25 | 1.52× | 1.63× | ||
| Q2 25 | 1.48× | -1.00× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | 1.79× | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | 3.21× | ||
| Q1 24 | 0.71× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
