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Side-by-side financial comparison of Forestar Group Inc. (FOR) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Forestar Group Inc. is the larger business by last-quarter revenue ($273.0M vs $148.3M, roughly 1.8× Shoals Technologies Group, Inc.). Forestar Group Inc. runs the higher net margin — 5.6% vs 5.5%, a 0.2% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 9.0%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-157.1M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -9.6%).
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and...
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.
FOR vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $148.3M |
| Net Profit | $15.4M | $8.1M |
| Gross Margin | 20.1% | 31.6% |
| Operating Margin | 7.6% | 11.7% |
| Net Margin | 5.6% | 5.5% |
| Revenue YoY | 9.0% | 38.6% |
| Net Profit YoY | -6.7% | 3.9% |
| EPS (diluted) | $0.30 | $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 | $273.0M | $148.3M | ||
| Q3 25 | $670.5M | $135.8M | ||
| Q2 25 | $390.5M | $110.8M | ||
| Q1 25 | $351.0M | $80.4M | ||
| Q4 24 | $250.4M | $107.0M | ||
| Q3 24 | $551.3M | $102.2M | ||
| Q2 24 | $318.4M | $99.2M | ||
| Q1 24 | $333.8M | $90.8M |
| Q4 25 | $15.4M | $8.1M | ||
| Q3 25 | $86.9M | $11.9M | ||
| Q2 25 | $32.9M | $13.9M | ||
| Q1 25 | $31.6M | $-282.0K | ||
| Q4 24 | $16.5M | $7.8M | ||
| Q3 24 | $81.5M | $-267.0K | ||
| Q2 24 | $38.7M | $11.8M | ||
| Q1 24 | $45.0M | $4.8M |
| Q4 25 | 20.1% | 31.6% | ||
| Q3 25 | 22.3% | 37.0% | ||
| Q2 25 | 20.4% | 37.2% | ||
| Q1 25 | 22.6% | 35.0% | ||
| Q4 24 | 22.0% | 37.6% | ||
| Q3 24 | 23.9% | 24.8% | ||
| Q2 24 | 22.5% | 40.3% | ||
| Q1 24 | 24.9% | 40.2% |
| Q4 25 | 7.6% | 11.7% | ||
| Q3 25 | 16.9% | 13.7% | ||
| Q2 25 | 11.2% | 14.4% | ||
| Q1 25 | 11.6% | 5.4% | ||
| Q4 24 | 8.7% | 15.4% | ||
| Q3 24 | 19.7% | 4.4% | ||
| Q2 24 | 16.2% | 18.7% | ||
| Q1 24 | 17.6% | 12.8% |
| Q4 25 | 5.6% | 5.5% | ||
| Q3 25 | 13.0% | 8.7% | ||
| Q2 25 | 8.4% | 12.5% | ||
| Q1 25 | 9.0% | -0.4% | ||
| Q4 24 | 6.6% | 7.3% | ||
| Q3 24 | 14.8% | -0.3% | ||
| Q2 24 | 12.2% | 11.9% | ||
| Q1 24 | 13.5% | 5.3% |
| Q4 25 | $0.30 | $0.05 | ||
| Q3 25 | $1.70 | $0.07 | ||
| Q2 25 | $0.65 | $0.08 | ||
| Q1 25 | $0.62 | $0.00 | ||
| Q4 24 | $0.32 | $0.04 | ||
| Q3 24 | $1.59 | $0.00 | ||
| Q2 24 | $0.76 | $0.07 | ||
| Q1 24 | $0.89 | $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 | $211.7M | $7.3M |
| Total DebtLower is stronger | $793.2M | — |
| Stockholders' EquityBook value | $1.8B | $600.0M |
| Total Assets | $3.2B | $904.1M |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $211.7M | $7.3M | ||
| Q3 25 | $379.2M | $8.6M | ||
| Q2 25 | $189.2M | $4.7M | ||
| Q1 25 | $174.3M | $35.6M | ||
| Q4 24 | $132.0M | $23.5M | ||
| Q3 24 | $481.2M | $11.1M | ||
| Q2 24 | $359.2M | $3.2M | ||
| Q1 24 | $416.2M | $15.2M |
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | $141.8M | ||
| Q4 24 | $806.8M | $141.8M | ||
| Q3 24 | $706.4M | $141.8M | ||
| Q2 24 | $706.1M | $146.8M | ||
| Q1 24 | $705.7M | $168.8M |
| Q4 25 | $1.8B | $600.0M | ||
| Q3 25 | $1.8B | $589.6M | ||
| Q2 25 | $1.7B | $575.4M | ||
| Q1 25 | $1.6B | $558.9M | ||
| Q4 24 | $1.6B | $556.8M | ||
| Q3 24 | $1.6B | $545.2M | ||
| Q2 24 | $1.5B | $544.6M | ||
| Q1 24 | $1.5B | $554.0M |
| Q4 25 | $3.2B | $904.1M | ||
| Q3 25 | $3.1B | $851.8M | ||
| Q2 25 | $3.1B | $795.0M | ||
| Q1 25 | $3.0B | $788.4M | ||
| Q4 24 | $3.0B | $793.1M | ||
| Q3 24 | $2.8B | $801.3M | ||
| Q2 24 | $2.7B | $788.4M | ||
| Q1 24 | $2.6B | $825.3M |
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | 0.25× | ||
| Q4 24 | 0.50× | 0.25× | ||
| Q3 24 | 0.44× | 0.26× | ||
| Q2 24 | 0.47× | 0.27× | ||
| Q1 24 | 0.48× | 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 | $-157.0M | $-4.1M |
| Free Cash FlowOCF − Capex | $-157.1M | $-11.3M |
| FCF MarginFCF / Revenue | -57.5% | -7.6% |
| Capex IntensityCapex / Revenue | 0.0% | 4.8% |
| Cash ConversionOCF / Net Profit | -10.19× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $93.0M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-157.0M | $-4.1M | ||
| Q3 25 | $256.3M | $19.4M | ||
| Q2 25 | $15.8M | $-13.8M | ||
| Q1 25 | $-19.8M | $15.6M | ||
| Q4 24 | $-450.0M | $14.0M | ||
| Q3 24 | $119.2M | $15.7M | ||
| Q2 24 | $-61.7M | $37.8M | ||
| Q1 24 | $-59.2M | $12.9M |
| Q4 25 | $-157.1M | $-11.3M | ||
| Q3 25 | $255.6M | $9.0M | ||
| Q2 25 | $15.0M | $-26.0M | ||
| Q1 25 | $-20.5M | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | $118.4M | $13.3M | ||
| Q2 24 | $-62.3M | $35.8M | ||
| Q1 24 | $-59.8M | $10.4M |
| Q4 25 | -57.5% | -7.6% | ||
| Q3 25 | 38.1% | 6.6% | ||
| Q2 25 | 3.8% | -23.5% | ||
| Q1 25 | -5.8% | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | 21.5% | 13.0% | ||
| Q2 24 | -19.6% | 36.1% | ||
| Q1 24 | -17.9% | 11.4% |
| Q4 25 | 0.0% | 4.8% | ||
| Q3 25 | 0.1% | 7.7% | ||
| Q2 25 | 0.2% | 11.0% | ||
| Q1 25 | 0.2% | 4.0% | ||
| Q4 24 | 0.0% | 1.4% | ||
| Q3 24 | 0.1% | 2.3% | ||
| Q2 24 | 0.2% | 2.0% | ||
| Q1 24 | 0.2% | 2.7% |
| Q4 25 | -10.19× | -0.50× | ||
| Q3 25 | 2.95× | 1.63× | ||
| Q2 25 | 0.48× | -1.00× | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | 1.79× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | 3.21× | ||
| Q1 24 | -1.32× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
