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Side-by-side financial comparison of Guardant Health, Inc. (GH) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Guardant Health, Inc. is the larger business by last-quarter revenue ($281.3M vs $148.3M, roughly 1.9× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -45.7%, a 51.2% gap on every dollar of revenue. On growth, Guardant Health, Inc. posted the faster year-over-year revenue change (39.4% vs 38.6%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-54.2M). Over the past eight quarters, Guardant Health, Inc.'s revenue compounded faster (29.2% CAGR vs 27.8%).
Guardant Health, Inc. is an American biotechnology company based in Palo Alto, California. Co-founders Helmy Eltoukhy and AmirAli Talasaz serve as co-chief executive officers.
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.
GH vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $281.3M | $148.3M |
| Net Profit | $-128.5M | $8.1M |
| Gross Margin | 64.6% | 31.6% |
| Operating Margin | -43.0% | 11.7% |
| Net Margin | -45.7% | 5.5% |
| Revenue YoY | 39.4% | 38.6% |
| Net Profit YoY | -15.8% | 3.9% |
| EPS (diluted) | $-1.01 | $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 | $281.3M | $148.3M | ||
| Q3 25 | $265.2M | $135.8M | ||
| Q2 25 | $232.1M | $110.8M | ||
| Q1 25 | $203.5M | $80.4M | ||
| Q4 24 | $201.8M | $107.0M | ||
| Q3 24 | $191.5M | $102.2M | ||
| Q2 24 | $177.2M | $99.2M | ||
| Q1 24 | $168.5M | $90.8M |
| Q4 25 | $-128.5M | $8.1M | ||
| Q3 25 | $-92.7M | $11.9M | ||
| Q2 25 | $-99.9M | $13.9M | ||
| Q1 25 | $-95.2M | $-282.0K | ||
| Q4 24 | $-111.0M | $7.8M | ||
| Q3 24 | $-107.8M | $-267.0K | ||
| Q2 24 | $-102.6M | $11.8M | ||
| Q1 24 | $-115.0M | $4.8M |
| Q4 25 | 64.6% | 31.6% | ||
| Q3 25 | 64.7% | 37.0% | ||
| Q2 25 | 65.0% | 37.2% | ||
| Q1 25 | 63.3% | 35.0% | ||
| Q4 24 | 61.6% | 37.6% | ||
| Q3 24 | 61.1% | 24.8% | ||
| Q2 24 | 59.1% | 40.3% | ||
| Q1 24 | 61.2% | 40.2% |
| Q4 25 | -43.0% | 11.7% | ||
| Q3 25 | -37.3% | 13.7% | ||
| Q2 25 | -45.9% | 14.4% | ||
| Q1 25 | -54.6% | 5.4% | ||
| Q4 24 | -62.4% | 15.4% | ||
| Q3 24 | -61.3% | 4.4% | ||
| Q2 24 | -56.8% | 18.7% | ||
| Q1 24 | -59.2% | 12.8% |
| Q4 25 | -45.7% | 5.5% | ||
| Q3 25 | -35.0% | 8.7% | ||
| Q2 25 | -43.0% | 12.5% | ||
| Q1 25 | -46.8% | -0.4% | ||
| Q4 24 | -55.0% | 7.3% | ||
| Q3 24 | -56.3% | -0.3% | ||
| Q2 24 | -57.9% | 11.9% | ||
| Q1 24 | -68.2% | 5.3% |
| Q4 25 | $-1.01 | $0.05 | ||
| Q3 25 | $-0.74 | $0.07 | ||
| Q2 25 | $-0.80 | $0.08 | ||
| Q1 25 | $-0.77 | $0.00 | ||
| Q4 24 | $-0.90 | $0.04 | ||
| Q3 24 | $-0.88 | $0.00 | ||
| Q2 24 | $-0.84 | $0.07 | ||
| Q1 24 | $-0.94 | $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 | $378.2M | $7.3M |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $-99.3M | $600.0M |
| Total Assets | $2.0B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $378.2M | $7.3M | ||
| Q3 25 | $580.0M | $8.6M | ||
| Q2 25 | $629.1M | $4.7M | ||
| Q1 25 | $698.6M | $35.6M | ||
| Q4 24 | $525.5M | $23.5M | ||
| Q3 24 | $585.0M | $11.1M | ||
| Q2 24 | $933.7M | $3.2M | ||
| Q1 24 | $1.0B | $15.2M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | $141.8M | ||
| Q4 24 | $1.1B | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $-99.3M | $600.0M | ||
| Q3 25 | $-354.5M | $589.6M | ||
| Q2 25 | $-305.5M | $575.4M | ||
| Q1 25 | $-250.8M | $558.9M | ||
| Q4 24 | $-139.6M | $556.8M | ||
| Q3 24 | $-60.1M | $545.2M | ||
| Q2 24 | $-1.6M | $544.6M | ||
| Q1 24 | $68.3M | $554.0M |
| Q4 25 | $2.0B | $904.1M | ||
| Q3 25 | $1.3B | $851.8M | ||
| Q2 25 | $1.3B | $795.0M | ||
| Q1 25 | $1.3B | $788.4M | ||
| Q4 24 | $1.5B | $793.1M | ||
| Q3 24 | $1.5B | $801.3M | ||
| Q2 24 | $1.6B | $788.4M | ||
| Q1 24 | $1.7B | $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 | $-26.4M | $-4.1M |
| Free Cash FlowOCF − Capex | $-54.2M | $-11.3M |
| FCF MarginFCF / Revenue | -19.3% | -7.6% |
| Capex IntensityCapex / Revenue | 9.9% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-233.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-26.4M | $-4.1M | ||
| Q3 25 | $-35.4M | $19.4M | ||
| Q2 25 | $-60.3M | $-13.8M | ||
| Q1 25 | $-62.7M | $15.6M | ||
| Q4 24 | $-64.5M | $14.0M | ||
| Q3 24 | $-51.1M | $15.7M | ||
| Q2 24 | $-94.0M | $37.8M | ||
| Q1 24 | $-30.3M | $12.9M |
| Q4 25 | $-54.2M | $-11.3M | ||
| Q3 25 | $-45.8M | $9.0M | ||
| Q2 25 | $-65.9M | $-26.0M | ||
| Q1 25 | $-67.1M | $12.3M | ||
| Q4 24 | $-83.4M | $12.5M | ||
| Q3 24 | $-55.3M | $13.3M | ||
| Q2 24 | $-99.1M | $35.8M | ||
| Q1 24 | $-37.2M | $10.4M |
| Q4 25 | -19.3% | -7.6% | ||
| Q3 25 | -17.3% | 6.6% | ||
| Q2 25 | -28.4% | -23.5% | ||
| Q1 25 | -33.0% | 15.4% | ||
| Q4 24 | -41.3% | 11.6% | ||
| Q3 24 | -28.9% | 13.0% | ||
| Q2 24 | -55.9% | 36.1% | ||
| Q1 24 | -22.1% | 11.4% |
| Q4 25 | 9.9% | 4.8% | ||
| Q3 25 | 3.9% | 7.7% | ||
| Q2 25 | 2.4% | 11.0% | ||
| Q1 25 | 2.2% | 4.0% | ||
| Q4 24 | 9.4% | 1.4% | ||
| Q3 24 | 2.2% | 2.3% | ||
| Q2 24 | 2.9% | 2.0% | ||
| Q1 24 | 4.1% | 2.7% |
| Q4 25 | — | -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
GH
| Oncology | $189.9M | 68% |
| Biopharma Data | $54.0M | 19% |
| Screening | $35.1M | 12% |
| Licensing Other | $2.2M | 1% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
