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Side-by-side financial comparison of ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
ESSENTIAL PROPERTIES REALTY TRUST, INC. is the larger business by last-quarter revenue ($158.8M vs $148.3M, roughly 1.1× Shoals Technologies Group, Inc.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs 5.5%, a 32.3% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 22.8%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 20.6%).
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
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.
EPRT vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.8M | $148.3M |
| Net Profit | $60.0M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 56.5% | 11.7% |
| Net Margin | 37.8% | 5.5% |
| Revenue YoY | 22.8% | 38.6% |
| Net Profit YoY | 6.5% | 3.9% |
| EPS (diluted) | $0.28 | $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 | $158.8M | — | ||
| Q4 25 | $149.9M | $148.3M | ||
| Q3 25 | $144.9M | $135.8M | ||
| Q2 25 | $137.1M | $110.8M | ||
| Q1 25 | $129.4M | $80.4M | ||
| Q4 24 | $119.7M | $107.0M | ||
| Q3 24 | $117.1M | $102.2M | ||
| Q2 24 | $109.3M | $99.2M |
| Q1 26 | $60.0M | — | ||
| Q4 25 | $68.1M | $8.1M | ||
| Q3 25 | $65.6M | $11.9M | ||
| Q2 25 | $63.2M | $13.9M | ||
| Q1 25 | $56.1M | $-282.0K | ||
| Q4 24 | $55.4M | $7.8M | ||
| Q3 24 | $49.1M | $-267.0K | ||
| Q2 24 | $51.5M | $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 | 56.5% | — | ||
| Q4 25 | 65.9% | 11.7% | ||
| Q3 25 | 64.7% | 13.7% | ||
| Q2 25 | 64.1% | 14.4% | ||
| Q1 25 | 61.6% | 5.4% | ||
| Q4 24 | 66.1% | 15.4% | ||
| Q3 24 | 59.7% | 4.4% | ||
| Q2 24 | 61.1% | 18.7% |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 45.4% | 5.5% | ||
| Q3 25 | 45.3% | 8.7% | ||
| Q2 25 | 46.1% | 12.5% | ||
| Q1 25 | 43.4% | -0.4% | ||
| Q4 24 | 46.3% | 7.3% | ||
| Q3 24 | 42.0% | -0.3% | ||
| Q2 24 | 47.1% | 11.9% |
| Q1 26 | $0.28 | — | ||
| Q4 25 | $0.34 | $0.05 | ||
| Q3 25 | $0.33 | $0.07 | ||
| Q2 25 | $0.32 | $0.08 | ||
| Q1 25 | $0.29 | $0.00 | ||
| Q4 24 | $0.31 | $0.04 | ||
| Q3 24 | $0.27 | $0.00 | ||
| Q2 24 | $0.29 | $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 | $15.2M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.4B | $600.0M |
| Total Assets | $7.2B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.2M | — | ||
| Q4 25 | $60.2M | $7.3M | ||
| Q3 25 | $23.8M | $8.6M | ||
| Q2 25 | $20.8M | $4.7M | ||
| Q1 25 | $47.0M | $35.6M | ||
| Q4 24 | $40.7M | $23.5M | ||
| Q3 24 | $32.7M | $11.1M | ||
| Q2 24 | $23.6M | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.1B | $141.8M | ||
| Q4 24 | $2.1B | $141.8M | ||
| Q3 24 | $2.2B | $141.8M | ||
| Q2 24 | $1.9B | $146.8M |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $4.2B | $600.0M | ||
| Q3 25 | $3.8B | $589.6M | ||
| Q2 25 | $3.8B | $575.4M | ||
| Q1 25 | $3.8B | $558.9M | ||
| Q4 24 | $3.6B | $556.8M | ||
| Q3 24 | $3.2B | $545.2M | ||
| Q2 24 | $3.2B | $544.6M |
| Q1 26 | $7.2B | — | ||
| Q4 25 | $6.9B | $904.1M | ||
| Q3 25 | $6.6B | $851.8M | ||
| Q2 25 | $6.3B | $795.0M | ||
| Q1 25 | $6.1B | $788.4M | ||
| Q4 24 | $5.8B | $793.1M | ||
| Q3 24 | $5.5B | $801.3M | ||
| Q2 24 | $5.3B | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.56× | 0.25× | ||
| Q4 24 | 0.60× | 0.25× | ||
| Q3 24 | 0.69× | 0.26× | ||
| Q2 24 | 0.59× | 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 | $381.1M | $-4.1M | ||
| Q3 25 | $99.0M | $19.4M | ||
| Q2 25 | $99.8M | $-13.8M | ||
| Q1 25 | $77.2M | $15.6M | ||
| Q4 24 | $308.5M | $14.0M | ||
| Q3 24 | $73.5M | $15.7M | ||
| Q2 24 | $81.1M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-11.3M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $-26.0M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | $13.3M | ||
| Q2 24 | — | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | -7.6% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 13.0% | ||
| Q2 24 | — | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 5.60× | -0.50× | ||
| Q3 25 | 1.51× | 1.63× | ||
| Q2 25 | 1.58× | -1.00× | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 5.57× | 1.79× | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.57× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
