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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) 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 $85.1M, roughly 1.7× 4D Molecular Therapeutics, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs 5.5%, a 17.3% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 38.6%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $-11.3M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 27.8%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
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.
FDMT vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $148.3M |
| Net Profit | $19.4M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 17.3% | 11.7% |
| Net Margin | 22.8% | 5.5% |
| Revenue YoY | 8508900.0% | 38.6% |
| Net Profit YoY | 139.1% | 3.9% |
| EPS (diluted) | $0.43 | $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 | $85.1M | $148.3M | ||
| Q3 25 | $90.0K | $135.8M | ||
| Q2 25 | $15.0K | $110.8M | ||
| Q1 25 | $14.0K | $80.4M | ||
| Q4 24 | $1.0K | $107.0M | ||
| Q3 24 | $3.0K | $102.2M | ||
| Q2 24 | $5.0K | $99.2M | ||
| Q1 24 | $28.0K | $90.8M |
| Q4 25 | $19.4M | $8.1M | ||
| Q3 25 | $-56.9M | $11.9M | ||
| Q2 25 | $-54.7M | $13.9M | ||
| Q1 25 | $-48.0M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-43.8M | $-267.0K | ||
| Q2 24 | $-35.0M | $11.8M | ||
| Q1 24 | $-32.4M | $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 | 17.3% | 11.7% | ||
| Q3 25 | -67983.3% | 13.7% | ||
| Q2 25 | -396373.3% | 14.4% | ||
| Q1 25 | -383007.1% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | -1704400.0% | 4.4% | ||
| Q2 24 | -849120.0% | 18.7% | ||
| Q1 24 | -136200.0% | 12.8% |
| Q4 25 | 22.8% | 5.5% | ||
| Q3 25 | -63195.6% | 8.7% | ||
| Q2 25 | -364386.7% | 12.5% | ||
| Q1 25 | -342657.1% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -1461433.3% | -0.3% | ||
| Q2 24 | -699060.0% | 11.9% | ||
| Q1 24 | -115717.9% | 5.3% |
| Q4 25 | $0.43 | $0.05 | ||
| Q3 25 | $-1.01 | $0.07 | ||
| Q2 25 | $-0.98 | $0.08 | ||
| Q1 25 | $-0.86 | $0.00 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | $-0.79 | $0.00 | ||
| Q2 24 | $-0.63 | $0.07 | ||
| Q1 24 | $-0.66 | $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 | $402.7M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $505.7M | $600.0M |
| Total Assets | $566.7M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $7.3M | ||
| Q3 25 | $305.1M | $8.6M | ||
| Q2 25 | $293.2M | $4.7M | ||
| Q1 25 | $321.4M | $35.6M | ||
| Q4 24 | $424.9M | $23.5M | ||
| Q3 24 | $501.9M | $11.1M | ||
| Q2 24 | $541.9M | $3.2M | ||
| Q1 24 | $525.9M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $505.7M | $600.0M | ||
| Q3 25 | $369.0M | $589.6M | ||
| Q2 25 | $420.9M | $575.4M | ||
| Q1 25 | $469.7M | $558.9M | ||
| Q4 24 | $510.6M | $556.8M | ||
| Q3 24 | $552.9M | $545.2M | ||
| Q2 24 | $588.3M | $544.6M | ||
| Q1 24 | $600.6M | $554.0M |
| Q4 25 | $566.7M | $904.1M | ||
| Q3 25 | $424.0M | $851.8M | ||
| Q2 25 | $473.6M | $795.0M | ||
| Q1 25 | $515.7M | $788.4M | ||
| Q4 24 | $560.4M | $793.1M | ||
| Q3 24 | $604.0M | $801.3M | ||
| Q2 24 | $620.1M | $788.4M | ||
| Q1 24 | $629.9M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 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 | $28.6M | $-4.1M |
| Free Cash FlowOCF − Capex | $28.5M | $-11.3M |
| FCF MarginFCF / Revenue | 33.5% | -7.6% |
| Capex IntensityCapex / Revenue | 0.1% | 4.8% |
| Cash ConversionOCF / Net Profit | 1.47× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $-4.1M | ||
| Q3 25 | $-46.5M | $19.4M | ||
| Q2 25 | $-43.4M | $-13.8M | ||
| Q1 25 | $-47.8M | $15.6M | ||
| Q4 24 | $-134.6M | $14.0M | ||
| Q3 24 | $-29.4M | $15.7M | ||
| Q2 24 | $-30.2M | $37.8M | ||
| Q1 24 | $-29.1M | $12.9M |
| Q4 25 | $28.5M | $-11.3M | ||
| Q3 25 | $-46.6M | $9.0M | ||
| Q2 25 | $-43.4M | $-26.0M | ||
| Q1 25 | $-48.4M | $12.3M | ||
| Q4 24 | $-138.4M | $12.5M | ||
| Q3 24 | $-31.2M | $13.3M | ||
| Q2 24 | $-30.6M | $35.8M | ||
| Q1 24 | $-29.8M | $10.4M |
| Q4 25 | 33.5% | -7.6% | ||
| Q3 25 | -51765.6% | 6.6% | ||
| Q2 25 | -289620.0% | -23.5% | ||
| Q1 25 | -345635.7% | 15.4% | ||
| Q4 24 | -13837100.0% | 11.6% | ||
| Q3 24 | -1038966.7% | 13.0% | ||
| Q2 24 | -611840.0% | 36.1% | ||
| Q1 24 | -106421.4% | 11.4% |
| Q4 25 | 0.1% | 4.8% | ||
| Q3 25 | 101.1% | 7.7% | ||
| Q2 25 | 440.0% | 11.0% | ||
| Q1 25 | 4507.1% | 4.0% | ||
| Q4 24 | 378600.0% | 1.4% | ||
| Q3 24 | 59266.7% | 2.3% | ||
| Q2 24 | 6980.0% | 2.0% | ||
| Q1 24 | 2535.7% | 2.7% |
| Q4 25 | 1.47× | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FDMT
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
