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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) 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 $114.8M, roughly 1.3× HA Sustainable Infrastructure Capital, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -46.8%, a 52.3% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 13.3%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 4.2%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
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.
HASI vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $148.3M |
| Net Profit | $-53.8M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -57.4% | 11.7% |
| Net Margin | -46.8% | 5.5% |
| Revenue YoY | 13.3% | 38.6% |
| Net Profit YoY | -176.7% | 3.9% |
| EPS (diluted) | $-0.38 | $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 | $114.8M | $148.3M | ||
| Q3 25 | $103.1M | $135.8M | ||
| Q2 25 | $85.7M | $110.8M | ||
| Q1 25 | $96.9M | $80.4M | ||
| Q4 24 | $101.3M | $107.0M | ||
| Q3 24 | $82.0M | $102.2M | ||
| Q2 24 | $94.5M | $99.2M | ||
| Q1 24 | $105.8M | $90.8M |
| Q4 25 | $-53.8M | $8.1M | ||
| Q3 25 | $83.3M | $11.9M | ||
| Q2 25 | $98.4M | $13.9M | ||
| Q1 25 | $56.6M | $-282.0K | ||
| Q4 24 | $70.1M | $7.8M | ||
| Q3 24 | $-19.6M | $-267.0K | ||
| Q2 24 | $26.5M | $11.8M | ||
| Q1 24 | $123.0M | $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 | -57.4% | 11.7% | ||
| Q3 25 | — | 13.7% | ||
| Q2 25 | — | 14.4% | ||
| Q1 25 | 84.7% | 5.4% | ||
| Q4 24 | 90.9% | 15.4% | ||
| Q3 24 | -32.1% | 4.4% | ||
| Q2 24 | 39.5% | 18.7% | ||
| Q1 24 | — | 12.8% |
| Q4 25 | -46.8% | 5.5% | ||
| Q3 25 | 80.8% | 8.7% | ||
| Q2 25 | 114.9% | 12.5% | ||
| Q1 25 | 58.4% | -0.4% | ||
| Q4 24 | 69.2% | 7.3% | ||
| Q3 24 | -23.9% | -0.3% | ||
| Q2 24 | 28.1% | 11.9% | ||
| Q1 24 | 116.3% | 5.3% |
| Q4 25 | $-0.38 | $0.05 | ||
| Q3 25 | $0.61 | $0.07 | ||
| Q2 25 | $0.74 | $0.08 | ||
| Q1 25 | $0.44 | $0.00 | ||
| Q4 24 | $0.58 | $0.04 | ||
| Q3 24 | $-0.17 | $0.00 | ||
| Q2 24 | $0.23 | $0.07 | ||
| Q1 24 | $0.98 | $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 | $110.2M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $600.0M |
| Total Assets | $8.2B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $7.3M | ||
| Q3 25 | $301.8M | $8.6M | ||
| Q2 25 | $86.5M | $4.7M | ||
| Q1 25 | $67.4M | $35.6M | ||
| Q4 24 | $129.8M | $23.5M | ||
| Q3 24 | $44.1M | $11.1M | ||
| Q2 24 | $145.7M | $3.2M | ||
| Q1 24 | $61.4M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $2.7B | $600.0M | ||
| Q3 25 | $2.7B | $589.6M | ||
| Q2 25 | $2.6B | $575.4M | ||
| Q1 25 | $2.5B | $558.9M | ||
| Q4 24 | $2.4B | $556.8M | ||
| Q3 24 | $2.3B | $545.2M | ||
| Q2 24 | $2.3B | $544.6M | ||
| Q1 24 | $2.3B | $554.0M |
| Q4 25 | $8.2B | $904.1M | ||
| Q3 25 | $8.2B | $851.8M | ||
| Q2 25 | $7.6B | $795.0M | ||
| Q1 25 | $7.5B | $788.4M | ||
| Q4 24 | $7.1B | $793.1M | ||
| Q3 24 | $6.7B | $801.3M | ||
| Q2 24 | $6.7B | $788.4M | ||
| Q1 24 | $6.7B | $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 | $167.3M | $-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 | $167.3M | $-4.1M | ||
| Q3 25 | $-121.8M | $19.4M | ||
| Q2 25 | $79.6M | $-13.8M | ||
| Q1 25 | $-37.1M | $15.6M | ||
| Q4 24 | $5.9M | $14.0M | ||
| Q3 24 | $21.9M | $15.7M | ||
| Q2 24 | $-24.8M | $37.8M | ||
| Q1 24 | $20.9M | $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 | -1.46× | 1.63× | ||
| Q2 25 | 0.81× | -1.00× | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | 3.21× | ||
| Q1 24 | 0.17× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
