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Side-by-side financial comparison of Granite Ridge Resources, Inc. (GRNT) 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 $105.5M, roughly 1.4× Granite Ridge Resources, Inc.). On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -0.8%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 8.9%).
Granite Ridge Resources, Inc. is an independent upstream energy company focused on the exploration, development, and production of oil, natural gas, and natural gas liquids. It operates low-cost, high-yield onshore hydrocarbon assets across key U.S. basins, primarily serving North American energy markets.
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.
GRNT vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $105.5M | $148.3M |
| Net Profit | — | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -34.5% | 11.7% |
| Net Margin | — | 5.5% |
| Revenue YoY | -0.8% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | $-0.19 | $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 | $105.5M | $148.3M | ||
| Q3 25 | $112.7M | $135.8M | ||
| Q2 25 | $109.2M | $110.8M | ||
| Q1 25 | $122.9M | $80.4M | ||
| Q4 24 | $106.3M | $107.0M | ||
| Q3 24 | $94.1M | $102.2M | ||
| Q2 24 | $90.7M | $99.2M | ||
| Q1 24 | $89.0M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $14.5M | $11.9M | ||
| Q2 25 | $25.1M | $13.9M | ||
| Q1 25 | $9.8M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $9.1M | $-267.0K | ||
| Q2 24 | $5.1M | $11.8M | ||
| Q1 24 | $16.2M | $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 | -34.5% | 11.7% | ||
| Q3 25 | 17.4% | 13.7% | ||
| Q2 25 | 19.0% | 14.4% | ||
| Q1 25 | 34.6% | 5.4% | ||
| Q4 24 | -6.5% | 15.4% | ||
| Q3 24 | 26.2% | 4.4% | ||
| Q2 24 | 24.1% | 18.7% | ||
| Q1 24 | 22.0% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | 12.9% | 8.7% | ||
| Q2 25 | 23.0% | 12.5% | ||
| Q1 25 | 8.0% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | 9.6% | -0.3% | ||
| Q2 24 | 5.6% | 11.9% | ||
| Q1 24 | 18.2% | 5.3% |
| Q4 25 | $-0.19 | $0.05 | ||
| Q3 25 | $0.11 | $0.07 | ||
| Q2 25 | $0.19 | $0.08 | ||
| Q1 25 | $0.07 | $0.00 | ||
| Q4 24 | $-0.09 | $0.04 | ||
| Q3 24 | $0.07 | $0.00 | ||
| Q2 24 | $0.04 | $0.07 | ||
| Q1 24 | $0.12 | $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 | — | $7.3M |
| Total DebtLower is stronger | $367.8M | — |
| Stockholders' EquityBook value | $605.8M | $600.0M |
| Total Assets | $1.2B | $904.1M |
| Debt / EquityLower = less leverage | 0.61× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $367.8M | — | ||
| Q3 25 | $300.0M | — | ||
| Q2 25 | $275.0M | — | ||
| Q1 25 | $250.0M | $141.8M | ||
| Q4 24 | $205.0M | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | $137.5M | $168.8M |
| Q4 25 | $605.8M | $600.0M | ||
| Q3 25 | $643.9M | $589.6M | ||
| Q2 25 | $642.5M | $575.4M | ||
| Q1 25 | $631.4M | $558.9M | ||
| Q4 24 | $635.4M | $556.8M | ||
| Q3 24 | $660.6M | $545.2M | ||
| Q2 24 | $665.3M | $544.6M | ||
| Q1 24 | $674.0M | $554.0M |
| Q4 25 | $1.2B | $904.1M | ||
| Q3 25 | $1.1B | $851.8M | ||
| Q2 25 | $1.1B | $795.0M | ||
| Q1 25 | $1.1B | $788.4M | ||
| Q4 24 | $1.0B | $793.1M | ||
| Q3 24 | $1.0B | $801.3M | ||
| Q2 24 | $990.5M | $788.4M | ||
| Q1 24 | $966.7M | $825.3M |
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.40× | 0.25× | ||
| Q4 24 | 0.32× | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | 0.20× | 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 | $64.5M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.5M | $-4.1M | ||
| Q3 25 | $77.8M | $19.4M | ||
| Q2 25 | $78.0M | $-13.8M | ||
| Q1 25 | $76.1M | $15.6M | ||
| Q4 24 | $68.2M | $14.0M | ||
| Q3 24 | $74.7M | $15.7M | ||
| Q2 24 | $64.2M | $37.8M | ||
| Q1 24 | $68.7M | $12.9M |
| Q4 25 | — | $-11.3M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $-26.0M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | $13.3M | ||
| Q2 24 | — | $35.8M | ||
| Q1 24 | — | $10.4M |
| Q4 25 | — | -7.6% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 13.0% | ||
| Q2 24 | — | 36.1% | ||
| Q1 24 | — | 11.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | 5.36× | 1.63× | ||
| Q2 25 | 3.11× | -1.00× | ||
| Q1 25 | 7.75× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 8.25× | — | ||
| Q2 24 | 12.58× | 3.21× | ||
| Q1 24 | 4.23× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRNT
| Oil And Gas Service | $87.6M | 83% |
| Natural Gas Storage | $17.9M | 17% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
