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Side-by-side financial comparison of Flywire Corp (FLYW) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Flywire Corp is the larger business by last-quarter revenue ($157.5M vs $148.3M, roughly 1.1× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 0.0%, a 5.5% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 34.0%). Flywire Corp produced more free cash flow last quarter ($4.5M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 17.5%).
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
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.
FLYW vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.5M | $148.3M |
| Net Profit | $33.0K | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -0.6% | 11.7% |
| Net Margin | 0.0% | 5.5% |
| Revenue YoY | 34.0% | 38.6% |
| Net Profit YoY | 100.2% | 3.9% |
| EPS (diluted) | $0.01 | $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 | $157.5M | $148.3M | ||
| Q3 25 | $200.1M | $135.8M | ||
| Q2 25 | $131.9M | $110.8M | ||
| Q1 25 | $133.5M | $80.4M | ||
| Q4 24 | $117.5M | $107.0M | ||
| Q3 24 | $156.8M | $102.2M | ||
| Q2 24 | $103.7M | $99.2M | ||
| Q1 24 | $114.1M | $90.8M |
| Q4 25 | $33.0K | $8.1M | ||
| Q3 25 | $29.6M | $11.9M | ||
| Q2 25 | $-12.0M | $13.9M | ||
| Q1 25 | $-4.2M | $-282.0K | ||
| Q4 24 | $-15.9M | $7.8M | ||
| Q3 24 | $38.9M | $-267.0K | ||
| Q2 24 | $-13.9M | $11.8M | ||
| Q1 24 | $-6.2M | $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 | -0.6% | 11.7% | ||
| Q3 25 | 16.1% | 13.7% | ||
| Q2 25 | -6.8% | 14.4% | ||
| Q1 25 | -8.2% | 5.4% | ||
| Q4 24 | -4.9% | 15.4% | ||
| Q3 24 | 12.9% | 4.4% | ||
| Q2 24 | -15.2% | 18.7% | ||
| Q1 24 | -5.2% | 12.8% |
| Q4 25 | 0.0% | 5.5% | ||
| Q3 25 | 14.8% | 8.7% | ||
| Q2 25 | -9.1% | 12.5% | ||
| Q1 25 | -3.1% | -0.4% | ||
| Q4 24 | -13.5% | 7.3% | ||
| Q3 24 | 24.8% | -0.3% | ||
| Q2 24 | -13.4% | 11.9% | ||
| Q1 24 | -5.4% | 5.3% |
| Q4 25 | $0.01 | $0.05 | ||
| Q3 25 | $0.23 | $0.07 | ||
| Q2 25 | $-0.10 | $0.08 | ||
| Q1 25 | $-0.03 | $0.00 | ||
| Q4 24 | $-0.12 | $0.04 | ||
| Q3 24 | $0.30 | $0.00 | ||
| Q2 24 | $-0.11 | $0.07 | ||
| Q1 24 | $-0.05 | $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 | $355.0M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $835.2M | $600.0M |
| Total Assets | $1.3B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $355.0M | $7.3M | ||
| Q3 25 | $377.3M | $8.6M | ||
| Q2 25 | $274.2M | $4.7M | ||
| Q1 25 | $255.3M | $35.6M | ||
| Q4 24 | $611.1M | $23.5M | ||
| Q3 24 | $681.1M | $11.1M | ||
| Q2 24 | $571.0M | $3.2M | ||
| Q1 24 | $619.0M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | $15.0M | — | ||
| Q2 25 | $60.0M | — | ||
| Q1 25 | $60.0M | $141.8M | ||
| Q4 24 | $0 | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $835.2M | $600.0M | ||
| Q3 25 | $829.1M | $589.6M | ||
| Q2 25 | $792.4M | $575.4M | ||
| Q1 25 | $784.3M | $558.9M | ||
| Q4 24 | $814.8M | $556.8M | ||
| Q3 24 | $843.2M | $545.2M | ||
| Q2 24 | $802.6M | $544.6M | ||
| Q1 24 | $-797.0M | $554.0M |
| Q4 25 | $1.3B | $904.1M | ||
| Q3 25 | $1.3B | $851.8M | ||
| Q2 25 | $1.1B | $795.0M | ||
| Q1 25 | $1.1B | $788.4M | ||
| Q4 24 | $1.1B | $793.1M | ||
| Q3 24 | $1.2B | $801.3M | ||
| Q2 24 | $998.7M | $788.4M | ||
| Q1 24 | $998.7M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.08× | 0.25× | ||
| Q4 24 | 0.00× | 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 | $4.9M | $-4.1M |
| Free Cash FlowOCF − Capex | $4.5M | $-11.3M |
| FCF MarginFCF / Revenue | 2.9% | -7.6% |
| Capex IntensityCapex / Revenue | 0.2% | 4.8% |
| Cash ConversionOCF / Net Profit | 148.06× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $98.8M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $-4.1M | ||
| Q3 25 | $150.1M | $19.4M | ||
| Q2 25 | $24.1M | $-13.8M | ||
| Q1 25 | $-78.9M | $15.6M | ||
| Q4 24 | $-28.6M | $14.0M | ||
| Q3 24 | $184.6M | $15.7M | ||
| Q2 24 | $-19.3M | $37.8M | ||
| Q1 24 | $-38.1M | $12.9M |
| Q4 25 | $4.5M | $-11.3M | ||
| Q3 25 | $149.9M | $9.0M | ||
| Q2 25 | $23.5M | $-26.0M | ||
| Q1 25 | $-79.1M | $12.3M | ||
| Q4 24 | $-28.7M | $12.5M | ||
| Q3 24 | $184.4M | $13.3M | ||
| Q2 24 | $-19.7M | $35.8M | ||
| Q1 24 | $-38.3M | $10.4M |
| Q4 25 | 2.9% | -7.6% | ||
| Q3 25 | 74.9% | 6.6% | ||
| Q2 25 | 17.8% | -23.5% | ||
| Q1 25 | -59.3% | 15.4% | ||
| Q4 24 | -24.4% | 11.6% | ||
| Q3 24 | 117.6% | 13.0% | ||
| Q2 24 | -19.0% | 36.1% | ||
| Q1 24 | -33.6% | 11.4% |
| Q4 25 | 0.2% | 4.8% | ||
| Q3 25 | 0.1% | 7.7% | ||
| Q2 25 | 0.4% | 11.0% | ||
| Q1 25 | 0.1% | 4.0% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.1% | 2.3% | ||
| Q2 24 | 0.3% | 2.0% | ||
| Q1 24 | 0.2% | 2.7% |
| Q4 25 | 148.06× | -0.50× | ||
| Q3 25 | 5.07× | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 4.75× | — | ||
| 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
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
