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Side-by-side financial comparison of Evolus, Inc. (EOLS) 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 $73.1M, roughly 2.0× Evolus, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -14.6%, a 20.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 6.7%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 4.6%).
Evolus, Inc. is a medical aesthetics company focused on developing and commercializing non-surgical cosmetic treatment solutions. Its flagship product is a prescription neuromodulator designed to reduce moderate to severe glabellar frown lines, serving licensed aesthetic healthcare providers and consumers across North America, Europe, and key Asia-Pacific regional markets.
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.
EOLS vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.1M | $148.3M |
| Net Profit | $-10.7M | $8.1M |
| Gross Margin | 66.9% | 31.6% |
| Operating Margin | 23.8% | 11.7% |
| Net Margin | -14.6% | 5.5% |
| Revenue YoY | 6.7% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | $-0.16 | $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 | $73.1M | — | ||
| Q4 25 | $90.3M | $148.3M | ||
| Q3 25 | $69.0M | $135.8M | ||
| Q2 25 | $69.4M | $110.8M | ||
| Q1 25 | $68.5M | $80.4M | ||
| Q4 24 | $78.9M | $107.0M | ||
| Q3 24 | $61.1M | $102.2M | ||
| Q2 24 | $66.9M | $99.2M |
| Q1 26 | $-10.7M | — | ||
| Q4 25 | $130.0K | $8.1M | ||
| Q3 25 | $-15.7M | $11.9M | ||
| Q2 25 | $-17.1M | $13.9M | ||
| Q1 25 | $-18.9M | $-282.0K | ||
| Q4 24 | $-6.8M | $7.8M | ||
| Q3 24 | $-19.2M | $-267.0K | ||
| Q2 24 | $-11.3M | $11.8M |
| Q1 26 | 66.9% | — | ||
| Q4 25 | 65.7% | 31.6% | ||
| Q3 25 | 66.5% | 37.0% | ||
| Q2 25 | 65.3% | 37.2% | ||
| Q1 25 | 68.1% | 35.0% | ||
| Q4 24 | 66.7% | 37.6% | ||
| Q3 24 | 68.9% | 24.8% | ||
| Q2 24 | 70.3% | 40.3% |
| Q1 26 | 23.8% | — | ||
| Q4 25 | 4.7% | 11.7% | ||
| Q3 25 | -16.7% | 13.7% | ||
| Q2 25 | -14.7% | 14.4% | ||
| Q1 25 | -22.1% | 5.4% | ||
| Q4 24 | -2.9% | 15.4% | ||
| Q3 24 | -25.3% | 4.4% | ||
| Q2 24 | -11.5% | 18.7% |
| Q1 26 | -14.6% | — | ||
| Q4 25 | 0.1% | 5.5% | ||
| Q3 25 | -22.8% | 8.7% | ||
| Q2 25 | -24.7% | 12.5% | ||
| Q1 25 | -27.6% | -0.4% | ||
| Q4 24 | -8.6% | 7.3% | ||
| Q3 24 | -31.4% | -0.3% | ||
| Q2 24 | -17.0% | 11.9% |
| Q1 26 | $-0.16 | — | ||
| Q4 25 | $0.01 | $0.05 | ||
| Q3 25 | $-0.24 | $0.07 | ||
| Q2 25 | $-0.27 | $0.08 | ||
| Q1 25 | $-0.30 | $0.00 | ||
| Q4 24 | $-0.11 | $0.04 | ||
| Q3 24 | $-0.30 | $0.00 | ||
| Q2 24 | $-0.18 | $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 | $49.8M | $7.3M |
| Total DebtLower is stronger | $156.4M | — |
| Stockholders' EquityBook value | — | $600.0M |
| Total Assets | $220.6M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $49.8M | — | ||
| Q4 25 | $53.8M | $7.3M | ||
| Q3 25 | $43.5M | $8.6M | ||
| Q2 25 | $61.7M | $4.7M | ||
| Q1 25 | $67.9M | $35.6M | ||
| Q4 24 | $87.0M | $23.5M | ||
| Q3 24 | $85.0M | $11.1M | ||
| Q2 24 | $93.7M | $3.2M |
| Q1 26 | $156.4M | — | ||
| Q4 25 | $146.1M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $121.8M | $141.8M | ||
| Q4 24 | $121.5M | $141.8M | ||
| Q3 24 | $121.2M | $141.8M | ||
| Q2 24 | $120.9M | $146.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-23.1M | $600.0M | ||
| Q3 25 | $-28.8M | $589.6M | ||
| Q2 25 | $-18.7M | $575.4M | ||
| Q1 25 | $-6.6M | $558.9M | ||
| Q4 24 | $5.5M | $556.8M | ||
| Q3 24 | $5.9M | $545.2M | ||
| Q2 24 | $19.3M | $544.6M |
| Q1 26 | $220.6M | — | ||
| Q4 25 | $225.9M | $904.1M | ||
| Q3 25 | $219.0M | $851.8M | ||
| Q2 25 | $228.8M | $795.0M | ||
| Q1 25 | $213.4M | $788.4M | ||
| Q4 24 | $232.6M | $793.1M | ||
| Q3 24 | $229.6M | $801.3M | ||
| Q2 24 | $233.8M | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 22.00× | 0.25× | ||
| Q3 24 | 20.58× | 0.26× | ||
| Q2 24 | 6.26× | 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 | $12.8M | $-4.1M | ||
| Q3 25 | $-14.7M | $19.4M | ||
| Q2 25 | $-24.8M | $-13.8M | ||
| Q1 25 | $-15.6M | $15.6M | ||
| Q4 24 | $4.8M | $14.0M | ||
| Q3 24 | $-5.7M | $15.7M | ||
| Q2 24 | $-6.5M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $11.3M | $-11.3M | ||
| Q3 25 | $-15.6M | $9.0M | ||
| Q2 25 | $-25.5M | $-26.0M | ||
| Q1 25 | $-16.0M | $12.3M | ||
| Q4 24 | $4.4M | $12.5M | ||
| Q3 24 | $-6.0M | $13.3M | ||
| Q2 24 | $-6.9M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | 12.6% | -7.6% | ||
| Q3 25 | -22.7% | 6.6% | ||
| Q2 25 | -36.7% | -23.5% | ||
| Q1 25 | -23.3% | 15.4% | ||
| Q4 24 | 5.5% | 11.6% | ||
| Q3 24 | -9.9% | 13.0% | ||
| Q2 24 | -10.4% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 4.8% | ||
| Q3 25 | 1.4% | 7.7% | ||
| Q2 25 | 1.0% | 11.0% | ||
| Q1 25 | 0.5% | 4.0% | ||
| Q4 24 | 0.6% | 1.4% | ||
| Q3 24 | 0.5% | 2.3% | ||
| Q2 24 | 0.7% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 98.67× | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EOLS
| Product revenue, net | $72.7M | 99% |
| Service revenue | $390.0K | 1% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
