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Side-by-side financial comparison of Enhabit, Inc. (EHAB) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Enhabit, Inc. is the larger business by last-quarter revenue ($270.4M vs $148.3M, roughly 1.8× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -14.3%, a 19.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 4.7%). Enhabit, Inc. produced more free cash flow last quarter ($3.3M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 1.5%).
Enhabit, Inc., is a Dallas, Texas-based provider of home health and hospice services. The company operates 255 home health and 110 hospice locations in 34 states with a concentration in Texas, Alabama, Florida, Georgia, Oklahoma and Mississippi. Enhabit is the fourth-largest provider of home health services in the United States and is a leading provider of hospice services. The company was formed in 2022 when Encompass Health spun off its home health and hospice business.
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.
EHAB vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.4M | $148.3M |
| Net Profit | $-38.7M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -12.3% | 11.7% |
| Net Margin | -14.3% | 5.5% |
| Revenue YoY | 4.7% | 38.6% |
| Net Profit YoY | 15.9% | 3.9% |
| EPS (diluted) | $-0.76 | $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 | $270.4M | $148.3M | ||
| Q3 25 | $263.6M | $135.8M | ||
| Q2 25 | $266.1M | $110.8M | ||
| Q1 25 | $259.9M | $80.4M | ||
| Q4 24 | $258.2M | $107.0M | ||
| Q3 24 | $253.6M | $102.2M | ||
| Q2 24 | $260.6M | $99.2M | ||
| Q1 24 | $262.4M | $90.8M |
| Q4 25 | $-38.7M | $8.1M | ||
| Q3 25 | $11.1M | $11.9M | ||
| Q2 25 | $5.2M | $13.9M | ||
| Q1 25 | $17.8M | $-282.0K | ||
| Q4 24 | $-46.0M | $7.8M | ||
| Q3 24 | $-110.2M | $-267.0K | ||
| Q2 24 | $-200.0K | $11.8M | ||
| Q1 24 | $200.0K | $4.8M |
| 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 24 | — | 40.2% |
| Q4 25 | -12.3% | 11.7% | ||
| Q3 25 | 6.4% | 13.7% | ||
| Q2 25 | 6.3% | 14.4% | ||
| Q1 25 | 6.1% | 5.4% | ||
| Q4 24 | -16.0% | 15.4% | ||
| Q3 24 | -38.6% | 4.4% | ||
| Q2 24 | 4.3% | 18.7% | ||
| Q1 24 | 4.9% | 12.8% |
| Q4 25 | -14.3% | 5.5% | ||
| Q3 25 | 4.2% | 8.7% | ||
| Q2 25 | 2.0% | 12.5% | ||
| Q1 25 | 6.8% | -0.4% | ||
| Q4 24 | -17.8% | 7.3% | ||
| Q3 24 | -43.5% | -0.3% | ||
| Q2 24 | -0.1% | 11.9% | ||
| Q1 24 | 0.1% | 5.3% |
| Q4 25 | $-0.76 | $0.05 | ||
| Q3 25 | $0.22 | $0.07 | ||
| Q2 25 | $0.10 | $0.08 | ||
| Q1 25 | $0.35 | $0.00 | ||
| Q4 24 | $-0.92 | $0.04 | ||
| Q3 24 | $-2.20 | $0.00 | ||
| Q2 24 | $0.00 | $0.07 | ||
| Q1 24 | $0.01 | $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 | $43.6M | $7.3M |
| Total DebtLower is stronger | $426.0M | — |
| Stockholders' EquityBook value | $534.0M | $600.0M |
| Total Assets | $1.2B | $904.1M |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $43.6M | $7.3M | ||
| Q3 25 | $56.9M | $8.6M | ||
| Q2 25 | $37.1M | $4.7M | ||
| Q1 25 | $39.5M | $35.6M | ||
| Q4 24 | $28.4M | $23.5M | ||
| Q3 24 | $45.7M | $11.1M | ||
| Q2 24 | $28.5M | $3.2M | ||
| Q1 24 | $36.5M | $15.2M |
| Q4 25 | $426.0M | — | ||
| Q3 25 | $441.5M | — | ||
| Q2 25 | $456.9M | — | ||
| Q1 25 | $467.3M | $141.8M | ||
| Q4 24 | $492.6M | $141.8M | ||
| Q3 24 | $502.9M | $141.8M | ||
| Q2 24 | $512.7M | $146.8M | ||
| Q1 24 | $526.7M | $168.8M |
| Q4 25 | $534.0M | $600.0M | ||
| Q3 25 | $566.8M | $589.6M | ||
| Q2 25 | $552.4M | $575.4M | ||
| Q1 25 | $543.2M | $558.9M | ||
| Q4 24 | $523.5M | $556.8M | ||
| Q3 24 | $566.1M | $545.2M | ||
| Q2 24 | $674.3M | $544.6M | ||
| Q1 24 | $672.3M | $554.0M |
| Q4 25 | $1.2B | $904.1M | ||
| Q3 25 | $1.2B | $851.8M | ||
| Q2 25 | $1.2B | $795.0M | ||
| Q1 25 | $1.2B | $788.4M | ||
| Q4 24 | $1.2B | $793.1M | ||
| Q3 24 | $1.3B | $801.3M | ||
| Q2 24 | $1.4B | $788.4M | ||
| Q1 24 | $1.4B | $825.3M |
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.78× | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | 0.86× | 0.25× | ||
| Q4 24 | 0.94× | 0.25× | ||
| Q3 24 | 0.89× | 0.26× | ||
| Q2 24 | 0.76× | 0.27× | ||
| Q1 24 | 0.78× | 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 | $4.4M | $-4.1M |
| Free Cash FlowOCF − Capex | $3.3M | $-11.3M |
| FCF MarginFCF / Revenue | 1.2% | -7.6% |
| Capex IntensityCapex / Revenue | 0.4% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $65.8M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.4M | $-4.1M | ||
| Q3 25 | $37.8M | $19.4M | ||
| Q2 25 | $10.6M | $-13.8M | ||
| Q1 25 | $17.9M | $15.6M | ||
| Q4 24 | $-4.1M | $14.0M | ||
| Q3 24 | $28.4M | $15.7M | ||
| Q2 24 | $9.6M | $37.8M | ||
| Q1 24 | $17.3M | $12.9M |
| Q4 25 | $3.3M | $-11.3M | ||
| Q3 25 | $36.2M | $9.0M | ||
| Q2 25 | $8.7M | $-26.0M | ||
| Q1 25 | $17.6M | $12.3M | ||
| Q4 24 | $-4.7M | $12.5M | ||
| Q3 24 | $27.7M | $13.3M | ||
| Q2 24 | $8.9M | $35.8M | ||
| Q1 24 | $15.5M | $10.4M |
| Q4 25 | 1.2% | -7.6% | ||
| Q3 25 | 13.7% | 6.6% | ||
| Q2 25 | 3.3% | -23.5% | ||
| Q1 25 | 6.8% | 15.4% | ||
| Q4 24 | -1.8% | 11.6% | ||
| Q3 24 | 10.9% | 13.0% | ||
| Q2 24 | 3.4% | 36.1% | ||
| Q1 24 | 5.9% | 11.4% |
| Q4 25 | 0.4% | 4.8% | ||
| Q3 25 | 0.6% | 7.7% | ||
| Q2 25 | 0.7% | 11.0% | ||
| Q1 25 | 0.1% | 4.0% | ||
| Q4 24 | 0.2% | 1.4% | ||
| Q3 24 | 0.3% | 2.3% | ||
| Q2 24 | 0.3% | 2.0% | ||
| Q1 24 | 0.7% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | 3.41× | 1.63× | ||
| Q2 25 | 2.04× | -1.00× | ||
| Q1 25 | 1.01× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | 86.50× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EHAB
| Third Party Payor Medicare | $111.6M | 41% |
| Third Party Payor Medicare Advantage | $67.5M | 25% |
| Hospice Segment | $63.6M | 24% |
| Third Party Payor Managed Care | $24.9M | 9% |
| Third Party Payor Medicaid | $1.7M | 1% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
