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Side-by-side financial comparison of GCM Grosvenor Inc. (GCMG) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
GCM Grosvenor Inc. is the larger business by last-quarter revenue ($177.1M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs 5.5%, a 27.4% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 7.2%). GCM Grosvenor Inc. produced more free cash flow last quarter ($175.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 27.5%).
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
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.
GCMG vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $177.1M | $148.3M |
| Net Profit | $58.2M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 30.9% | 11.7% |
| Net Margin | 32.8% | 5.5% |
| Revenue YoY | 7.2% | 38.6% |
| Net Profit YoY | 149.2% | 3.9% |
| EPS (diluted) | $0.23 | $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 | $177.1M | $148.3M | ||
| Q3 25 | $135.0M | $135.8M | ||
| Q2 25 | $119.7M | $110.8M | ||
| Q1 25 | $125.8M | $80.4M | ||
| Q4 24 | $165.3M | $107.0M | ||
| Q3 24 | $122.9M | $102.2M | ||
| Q2 24 | $117.0M | $99.2M | ||
| Q1 24 | $108.9M | $90.8M |
| Q4 25 | $58.2M | $8.1M | ||
| Q3 25 | $10.5M | $11.9M | ||
| Q2 25 | $15.4M | $13.9M | ||
| Q1 25 | $463.0K | $-282.0K | ||
| Q4 24 | $7.6M | $7.8M | ||
| Q3 24 | $4.2M | $-267.0K | ||
| Q2 24 | $4.8M | $11.8M | ||
| Q1 24 | $2.1M | $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 | 30.9% | 11.7% | ||
| Q3 25 | 32.7% | 13.7% | ||
| Q2 25 | 16.1% | 14.4% | ||
| Q1 25 | 12.2% | 5.4% | ||
| Q4 24 | 26.4% | 15.4% | ||
| Q3 24 | 20.3% | 4.4% | ||
| Q2 24 | 17.8% | 18.7% | ||
| Q1 24 | -14.7% | 12.8% |
| Q4 25 | 32.8% | 5.5% | ||
| Q3 25 | 7.8% | 8.7% | ||
| Q2 25 | 12.9% | 12.5% | ||
| Q1 25 | 0.4% | -0.4% | ||
| Q4 24 | 4.6% | 7.3% | ||
| Q3 24 | 3.4% | -0.3% | ||
| Q2 24 | 4.1% | 11.9% | ||
| Q1 24 | 2.0% | 5.3% |
| Q4 25 | $0.23 | $0.05 | ||
| Q3 25 | $0.16 | $0.07 | ||
| Q2 25 | $0.05 | $0.08 | ||
| Q1 25 | $-0.02 | $0.00 | ||
| Q4 24 | $0.09 | $0.04 | ||
| Q3 24 | $0.03 | $0.00 | ||
| Q2 24 | $0.04 | $0.07 | ||
| Q1 24 | $-0.13 | $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 | $242.1M | $7.3M |
| Total DebtLower is stronger | $428.4M | — |
| Stockholders' EquityBook value | $27.0M | $600.0M |
| Total Assets | $813.8M | $904.1M |
| Debt / EquityLower = less leverage | 15.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $242.1M | $7.3M | ||
| Q3 25 | $182.7M | $8.6M | ||
| Q2 25 | $136.3M | $4.7M | ||
| Q1 25 | $94.5M | $35.6M | ||
| Q4 24 | $89.5M | $23.5M | ||
| Q3 24 | $98.4M | $11.1M | ||
| Q2 24 | $73.9M | $3.2M | ||
| Q1 24 | $41.9M | $15.2M |
| Q4 25 | $428.4M | — | ||
| Q3 25 | $429.3M | — | ||
| Q2 25 | $430.2M | — | ||
| Q1 25 | $431.1M | $141.8M | ||
| Q4 24 | $432.0M | $141.8M | ||
| Q3 24 | $432.9M | $141.8M | ||
| Q2 24 | $433.8M | $146.8M | ||
| Q1 24 | $384.0M | $168.8M |
| Q4 25 | $27.0M | $600.0M | ||
| Q3 25 | $-7.4M | $589.6M | ||
| Q2 25 | $-12.3M | $575.4M | ||
| Q1 25 | $-28.3M | $558.9M | ||
| Q4 24 | $-27.6M | $556.8M | ||
| Q3 24 | $-31.9M | $545.2M | ||
| Q2 24 | $-28.5M | $544.6M | ||
| Q1 24 | $-26.4M | $554.0M |
| Q4 25 | $813.8M | $904.1M | ||
| Q3 25 | $685.9M | $851.8M | ||
| Q2 25 | $636.9M | $795.0M | ||
| Q1 25 | $579.8M | $788.4M | ||
| Q4 24 | $612.7M | $793.1M | ||
| Q3 24 | $575.0M | $801.3M | ||
| Q2 24 | $543.9M | $788.4M | ||
| Q1 24 | $497.3M | $825.3M |
| Q4 25 | 15.87× | — | ||
| 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 | $183.5M | $-4.1M |
| Free Cash FlowOCF − Capex | $175.0M | $-11.3M |
| FCF MarginFCF / Revenue | 98.8% | -7.6% |
| Capex IntensityCapex / Revenue | 4.8% | 4.8% |
| Cash ConversionOCF / Net Profit | 3.16× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $326.2M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.5M | $-4.1M | ||
| Q3 25 | $79.8M | $19.4M | ||
| Q2 25 | $42.0M | $-13.8M | ||
| Q1 25 | $33.3M | $15.6M | ||
| Q4 24 | $148.8M | $14.0M | ||
| Q3 24 | $69.0M | $15.7M | ||
| Q2 24 | $17.5M | $37.8M | ||
| Q1 24 | $24.2M | $12.9M |
| Q4 25 | $175.0M | $-11.3M | ||
| Q3 25 | $78.3M | $9.0M | ||
| Q2 25 | $40.8M | $-26.0M | ||
| Q1 25 | $32.1M | $12.3M | ||
| Q4 24 | $132.0M | $12.5M | ||
| Q3 24 | $62.2M | $13.3M | ||
| Q2 24 | $12.8M | $35.8M | ||
| Q1 24 | $20.0M | $10.4M |
| Q4 25 | 98.8% | -7.6% | ||
| Q3 25 | 58.0% | 6.6% | ||
| Q2 25 | 34.1% | -23.5% | ||
| Q1 25 | 25.5% | 15.4% | ||
| Q4 24 | 79.9% | 11.6% | ||
| Q3 24 | 50.6% | 13.0% | ||
| Q2 24 | 10.9% | 36.1% | ||
| Q1 24 | 18.4% | 11.4% |
| Q4 25 | 4.8% | 4.8% | ||
| Q3 25 | 1.1% | 7.7% | ||
| Q2 25 | 1.0% | 11.0% | ||
| Q1 25 | 0.9% | 4.0% | ||
| Q4 24 | 10.1% | 1.4% | ||
| Q3 24 | 5.5% | 2.3% | ||
| Q2 24 | 4.0% | 2.0% | ||
| Q1 24 | 3.9% | 2.7% |
| Q4 25 | 3.16× | -0.50× | ||
| Q3 25 | 7.61× | 1.63× | ||
| Q2 25 | 2.72× | -1.00× | ||
| Q1 25 | 71.84× | — | ||
| Q4 24 | 19.54× | 1.79× | ||
| Q3 24 | 16.60× | — | ||
| Q2 24 | 3.64× | 3.21× | ||
| Q1 24 | 11.40× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
