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Side-by-side financial comparison of HCI Group, Inc. (HCI) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $148.3M, roughly 1.7× Shoals Technologies Group, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs 5.5%, a 34.2% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 38.6%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
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.
HCI vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $148.3M |
| Net Profit | $97.7M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 58.5% | 11.7% |
| Net Margin | 39.7% | 5.5% |
| Revenue YoY | 52.1% | 38.6% |
| Net Profit YoY | 3679.2% | 3.9% |
| EPS (diluted) | $7.29 | $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 | $246.2M | $148.3M | ||
| Q3 25 | $216.3M | $135.8M | ||
| Q2 25 | $221.9M | $110.8M | ||
| Q1 25 | $216.4M | $80.4M | ||
| Q4 24 | $161.9M | $107.0M | ||
| Q3 24 | $175.3M | $102.2M | ||
| Q2 24 | $206.2M | $99.2M | ||
| Q1 24 | $206.6M | $90.8M |
| Q4 25 | $97.7M | $8.1M | ||
| Q3 25 | $65.5M | $11.9M | ||
| Q2 25 | $66.2M | $13.9M | ||
| Q1 25 | $69.7M | $-282.0K | ||
| Q4 24 | $2.6M | $7.8M | ||
| Q3 24 | $5.7M | $-267.0K | ||
| Q2 24 | $54.1M | $11.8M | ||
| Q1 24 | $47.6M | $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 | 58.5% | 11.7% | ||
| Q3 25 | 41.9% | 13.7% | ||
| Q2 25 | 42.5% | 14.4% | ||
| Q1 25 | 46.4% | 5.4% | ||
| Q4 24 | 3.6% | 15.4% | ||
| Q3 24 | 8.0% | 4.4% | ||
| Q2 24 | 36.9% | 18.7% | ||
| Q1 24 | 37.5% | 12.8% |
| Q4 25 | 39.7% | 5.5% | ||
| Q3 25 | 30.3% | 8.7% | ||
| Q2 25 | 29.8% | 12.5% | ||
| Q1 25 | 32.2% | -0.4% | ||
| Q4 24 | 1.6% | 7.3% | ||
| Q3 24 | 3.2% | -0.3% | ||
| Q2 24 | 26.2% | 11.9% | ||
| Q1 24 | 23.0% | 5.3% |
| Q4 25 | $7.29 | $0.05 | ||
| Q3 25 | $4.90 | $0.07 | ||
| Q2 25 | $5.18 | $0.08 | ||
| Q1 25 | $5.35 | $0.00 | ||
| Q4 24 | $0.32 | $0.04 | ||
| Q3 24 | $0.52 | $0.00 | ||
| Q2 24 | $4.24 | $0.07 | ||
| Q1 24 | $3.81 | $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 | $1.2B | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $600.0M |
| Total Assets | $2.5B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $7.3M | ||
| Q3 25 | $987.9M | $8.6M | ||
| Q2 25 | $947.2M | $4.7M | ||
| Q1 25 | $754.5M | $35.6M | ||
| Q4 24 | $532.5M | $23.5M | ||
| Q3 24 | $518.8M | $11.1M | ||
| Q2 24 | $445.8M | $3.2M | ||
| Q1 24 | $655.4M | $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 | $1.0B | $600.0M | ||
| Q3 25 | $821.8M | $589.6M | ||
| Q2 25 | $758.6M | $575.4M | ||
| Q1 25 | $522.7M | $558.9M | ||
| Q4 24 | $453.3M | $556.8M | ||
| Q3 24 | $455.3M | $545.2M | ||
| Q2 24 | $447.3M | $544.6M | ||
| Q1 24 | $395.7M | $554.0M |
| Q4 25 | $2.5B | $904.1M | ||
| Q3 25 | $2.3B | $851.8M | ||
| Q2 25 | $2.4B | $795.0M | ||
| Q1 25 | $2.3B | $788.4M | ||
| Q4 24 | $2.2B | $793.1M | ||
| Q3 24 | $2.0B | $801.3M | ||
| Q2 24 | $1.9B | $788.4M | ||
| Q1 24 | $1.8B | $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 | $444.4M | $-4.1M |
| Free Cash FlowOCF − Capex | $440.8M | $-11.3M |
| FCF MarginFCF / Revenue | 179.0% | -7.6% |
| Capex IntensityCapex / Revenue | 1.5% | 4.8% |
| Cash ConversionOCF / Net Profit | 4.55× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.4M | $-4.1M | ||
| Q3 25 | $26.7M | $19.4M | ||
| Q2 25 | $145.0M | $-13.8M | ||
| Q1 25 | $162.0M | $15.6M | ||
| Q4 24 | $331.8M | $14.0M | ||
| Q3 24 | $104.1M | $15.7M | ||
| Q2 24 | $-29.0M | $37.8M | ||
| Q1 24 | $182.0M | $12.9M |
| Q4 25 | $440.8M | $-11.3M | ||
| Q3 25 | $25.9M | $9.0M | ||
| Q2 25 | $144.5M | $-26.0M | ||
| Q1 25 | $160.3M | $12.3M | ||
| Q4 24 | $327.8M | $12.5M | ||
| Q3 24 | $103.2M | $13.3M | ||
| Q2 24 | $-30.1M | $35.8M | ||
| Q1 24 | $181.0M | $10.4M |
| Q4 25 | 179.0% | -7.6% | ||
| Q3 25 | 12.0% | 6.6% | ||
| Q2 25 | 65.1% | -23.5% | ||
| Q1 25 | 74.1% | 15.4% | ||
| Q4 24 | 202.5% | 11.6% | ||
| Q3 24 | 58.9% | 13.0% | ||
| Q2 24 | -14.6% | 36.1% | ||
| Q1 24 | 87.6% | 11.4% |
| Q4 25 | 1.5% | 4.8% | ||
| Q3 25 | 0.4% | 7.7% | ||
| Q2 25 | 0.2% | 11.0% | ||
| Q1 25 | 0.8% | 4.0% | ||
| Q4 24 | 2.5% | 1.4% | ||
| Q3 24 | 0.5% | 2.3% | ||
| Q2 24 | 0.5% | 2.0% | ||
| Q1 24 | 0.5% | 2.7% |
| Q4 25 | 4.55× | -0.50× | ||
| Q3 25 | 0.41× | 1.63× | ||
| Q2 25 | 2.19× | -1.00× | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 128.41× | 1.79× | ||
| Q3 24 | 18.33× | — | ||
| Q2 24 | -0.54× | 3.21× | ||
| Q1 24 | 3.82× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
