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Side-by-side financial comparison of ESCO TECHNOLOGIES INC (ESE) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
ESCO TECHNOLOGIES INC is the larger business by last-quarter revenue ($289.7M vs $148.3M, roughly 2.0× Shoals Technologies Group, Inc.). ESCO TECHNOLOGIES INC runs the higher net margin — 9.9% vs 5.5%, a 4.4% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 17.3%). ESCO TECHNOLOGIES INC produced more free cash flow last quarter ($63.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 7.8%).
Esco is a Singaporean brand that develops, manufactures, and sells products and services for laboratories.
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.
ESE vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $289.7M | $148.3M |
| Net Profit | $28.7M | $8.1M |
| Gross Margin | 41.4% | 31.6% |
| Operating Margin | 13.2% | 11.7% |
| Net Margin | 9.9% | 5.5% |
| Revenue YoY | 17.3% | 38.6% |
| Net Profit YoY | 22.2% | 3.9% |
| EPS (diluted) | $1.11 | $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 | $289.7M | $148.3M | ||
| Q3 25 | $286.5M | $135.8M | ||
| Q2 25 | $296.3M | $110.8M | ||
| Q1 25 | $265.5M | $80.4M | ||
| Q4 24 | $247.0M | $107.0M | ||
| Q3 24 | $298.5M | $102.2M | ||
| Q2 24 | $260.8M | $99.2M | ||
| Q1 24 | $249.1M | $90.8M |
| Q4 25 | $28.7M | $8.1M | ||
| Q3 25 | $218.7M | $11.9M | ||
| Q2 25 | $26.1M | $13.9M | ||
| Q1 25 | $31.0M | $-282.0K | ||
| Q4 24 | $23.5M | $7.8M | ||
| Q3 24 | $34.3M | $-267.0K | ||
| Q2 24 | $29.2M | $11.8M | ||
| Q1 24 | $23.2M | $4.8M |
| Q4 25 | 41.4% | 31.6% | ||
| Q3 25 | 45.9% | 37.0% | ||
| Q2 25 | 41.2% | 37.2% | ||
| Q1 25 | 41.1% | 35.0% | ||
| Q4 24 | 39.8% | 37.6% | ||
| Q3 24 | 40.1% | 24.8% | ||
| Q2 24 | 39.6% | 40.3% | ||
| Q1 24 | 38.8% | 40.2% |
| Q4 25 | 13.2% | 11.7% | ||
| Q3 25 | 17.2% | 13.7% | ||
| Q2 25 | 11.2% | 14.4% | ||
| Q1 25 | 15.3% | 5.4% | ||
| Q4 24 | 11.4% | 15.4% | ||
| Q3 24 | 14.8% | 4.4% | ||
| Q2 24 | 14.3% | 18.7% | ||
| Q1 24 | 11.7% | 12.8% |
| Q4 25 | 9.9% | 5.5% | ||
| Q3 25 | 76.3% | 8.7% | ||
| Q2 25 | 8.8% | 12.5% | ||
| Q1 25 | 11.7% | -0.4% | ||
| Q4 24 | 9.5% | 7.3% | ||
| Q3 24 | 11.5% | -0.3% | ||
| Q2 24 | 11.2% | 11.9% | ||
| Q1 24 | 9.3% | 5.3% |
| Q4 25 | $1.11 | $0.05 | ||
| Q3 25 | $8.43 | $0.07 | ||
| Q2 25 | $1.01 | $0.08 | ||
| Q1 25 | $1.20 | $0.00 | ||
| Q4 24 | $0.91 | $0.04 | ||
| Q3 24 | $1.32 | $0.00 | ||
| Q2 24 | $1.13 | $0.07 | ||
| Q1 24 | $0.90 | $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 | $103.8M | $7.3M |
| Total DebtLower is stronger | $145.5M | — |
| Stockholders' EquityBook value | $1.6B | $600.0M |
| Total Assets | $2.4B | $904.1M |
| Debt / EquityLower = less leverage | 0.09× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.8M | $7.3M | ||
| Q3 25 | $101.3M | $8.6M | ||
| Q2 25 | $78.7M | $4.7M | ||
| Q1 25 | $57.4M | $35.6M | ||
| Q4 24 | $71.3M | $23.5M | ||
| Q3 24 | $66.0M | $11.1M | ||
| Q2 24 | $63.0M | $3.2M | ||
| Q1 24 | $59.4M | $15.2M |
| Q4 25 | $145.5M | — | ||
| Q3 25 | $186.0M | — | ||
| Q2 25 | $525.0M | — | ||
| Q1 25 | $88.0M | $141.8M | ||
| Q4 24 | $112.0M | $141.8M | ||
| Q3 24 | $122.0M | $141.8M | ||
| Q2 24 | $173.0M | $146.8M | ||
| Q1 24 | $191.0M | $168.8M |
| Q4 25 | $1.6B | $600.0M | ||
| Q3 25 | $1.5B | $589.6M | ||
| Q2 25 | $1.3B | $575.4M | ||
| Q1 25 | $1.3B | $558.9M | ||
| Q4 24 | $1.2B | $556.8M | ||
| Q3 24 | $1.2B | $545.2M | ||
| Q2 24 | $1.2B | $544.6M | ||
| Q1 24 | $1.2B | $554.0M |
| Q4 25 | $2.4B | $904.1M | ||
| Q3 25 | $2.4B | $851.8M | ||
| Q2 25 | $2.5B | $795.0M | ||
| Q1 25 | $1.8B | $788.4M | ||
| Q4 24 | $1.8B | $793.1M | ||
| Q3 24 | $1.8B | $801.3M | ||
| Q2 24 | $1.8B | $788.4M | ||
| Q1 24 | $1.8B | $825.3M |
| Q4 25 | 0.09× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.40× | — | ||
| Q1 25 | 0.07× | 0.25× | ||
| Q4 24 | 0.09× | 0.25× | ||
| Q3 24 | 0.10× | 0.26× | ||
| Q2 24 | 0.14× | 0.27× | ||
| Q1 24 | 0.16× | 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 | $68.9M | $-4.1M |
| Free Cash FlowOCF − Capex | $63.0M | $-11.3M |
| FCF MarginFCF / Revenue | 21.7% | -7.6% |
| Capex IntensityCapex / Revenue | 2.0% | 4.8% |
| Cash ConversionOCF / Net Profit | 2.40× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $239.6M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $68.9M | $-4.1M | ||
| Q3 25 | $109.9M | $19.4M | ||
| Q2 25 | $73.7M | $-13.8M | ||
| Q1 25 | $24.1M | $15.6M | ||
| Q4 24 | $34.2M | $14.0M | ||
| Q3 24 | $72.1M | $15.7M | ||
| Q2 24 | $36.2M | $37.8M | ||
| Q1 24 | $10.5M | $12.9M |
| Q4 25 | $63.0M | $-11.3M | ||
| Q3 25 | $97.8M | $9.0M | ||
| Q2 25 | $64.9M | $-26.0M | ||
| Q1 25 | $14.0M | $12.3M | ||
| Q4 24 | $29.0M | $12.5M | ||
| Q3 24 | $60.9M | $13.3M | ||
| Q2 24 | $27.6M | $35.8M | ||
| Q1 24 | $2.0M | $10.4M |
| Q4 25 | 21.7% | -7.6% | ||
| Q3 25 | 34.1% | 6.6% | ||
| Q2 25 | 21.9% | -23.5% | ||
| Q1 25 | 5.3% | 15.4% | ||
| Q4 24 | 11.7% | 11.6% | ||
| Q3 24 | 20.4% | 13.0% | ||
| Q2 24 | 10.6% | 36.1% | ||
| Q1 24 | 0.8% | 11.4% |
| Q4 25 | 2.0% | 4.8% | ||
| Q3 25 | 4.2% | 7.7% | ||
| Q2 25 | 3.0% | 11.0% | ||
| Q1 25 | 3.8% | 4.0% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 3.8% | 2.3% | ||
| Q2 24 | 3.3% | 2.0% | ||
| Q1 24 | 3.4% | 2.7% |
| Q4 25 | 2.40× | -0.50× | ||
| Q3 25 | 0.50× | 1.63× | ||
| Q2 25 | 2.83× | -1.00× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 1.46× | 1.79× | ||
| Q3 24 | 2.10× | — | ||
| Q2 24 | 1.24× | 3.21× | ||
| Q1 24 | 0.45× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESE
| US Government | $98.0M | 34% |
| Utility Solutions Group | $87.5M | 30% |
| RF Shielding And Test | $58.3M | 20% |
| Commercial | $45.8M | 16% |
| Related Party | $1.3M | 0% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
