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Side-by-side financial comparison of HIGHWOODS PROPERTIES, INC. (HIW) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
HIGHWOODS PROPERTIES, INC. is the larger business by last-quarter revenue ($203.4M vs $148.3M, roughly 1.4× Shoals Technologies Group, Inc.). HIGHWOODS PROPERTIES, INC. runs the higher net margin — 14.6% vs 5.5%, a 9.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -1.1%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -1.9%).
Highwoods Properties, Inc. is a publicly traded real estate investment trust that owns, develops, acquires, and manages high-quality office properties primarily located in fast-growing metropolitan areas across the Southeastern and Mid-Atlantic regions of the United States. Its client base includes corporate tenants across diverse industry segments such as technology, healthcare, finance, and professional services.
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.
HIW vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $203.4M | $148.3M |
| Net Profit | $29.7M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 67.2% | 11.7% |
| Net Margin | 14.6% | 5.5% |
| Revenue YoY | -1.1% | 38.6% |
| Net Profit YoY | 1029.4% | 3.9% |
| EPS (diluted) | $0.25 | $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 | $203.4M | $148.3M | ||
| Q3 25 | $201.8M | $135.8M | ||
| Q2 25 | $200.6M | $110.8M | ||
| Q1 25 | $200.4M | $80.4M | ||
| Q4 24 | $205.5M | $107.0M | ||
| Q3 24 | $204.3M | $102.2M | ||
| Q2 24 | $204.7M | $99.2M | ||
| Q1 24 | $211.3M | $90.8M |
| Q4 25 | $29.7M | $8.1M | ||
| Q3 25 | $13.7M | $11.9M | ||
| Q2 25 | $19.2M | $13.9M | ||
| Q1 25 | $100.0M | $-282.0K | ||
| Q4 24 | $-3.2M | $7.8M | ||
| Q3 24 | $15.5M | $-267.0K | ||
| Q2 24 | $64.8M | $11.8M | ||
| Q1 24 | $27.2M | $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 | 67.2% | 11.7% | ||
| Q3 25 | 67.3% | 13.7% | ||
| Q2 25 | 68.3% | 14.4% | ||
| Q1 25 | 67.5% | 5.4% | ||
| Q4 24 | 65.2% | 15.4% | ||
| Q3 24 | 67.8% | 4.4% | ||
| Q2 24 | 68.5% | 18.7% | ||
| Q1 24 | 66.7% | 12.8% |
| Q4 25 | 14.6% | 5.5% | ||
| Q3 25 | 6.8% | 8.7% | ||
| Q2 25 | 9.6% | 12.5% | ||
| Q1 25 | 49.9% | -0.4% | ||
| Q4 24 | -1.6% | 7.3% | ||
| Q3 24 | 7.6% | -0.3% | ||
| Q2 24 | 31.6% | 11.9% | ||
| Q1 24 | 12.9% | 5.3% |
| Q4 25 | $0.25 | $0.05 | ||
| Q3 25 | $0.12 | $0.07 | ||
| Q2 25 | $0.17 | $0.08 | ||
| Q1 25 | $0.91 | $0.00 | ||
| Q4 24 | $-0.04 | $0.04 | ||
| Q3 24 | $0.14 | $0.00 | ||
| Q2 24 | $0.59 | $0.07 | ||
| Q1 24 | $0.25 | $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 | $27.4M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.4B | $600.0M |
| Total Assets | $6.3B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.4M | $7.3M | ||
| Q3 25 | $26.3M | $8.6M | ||
| Q2 25 | $21.2M | $4.7M | ||
| Q1 25 | $20.1M | $35.6M | ||
| Q4 24 | $22.4M | $23.5M | ||
| Q3 24 | $23.6M | $11.1M | ||
| Q2 24 | $27.0M | $3.2M | ||
| Q1 24 | $16.4M | $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 | $2.4B | $600.0M | ||
| Q3 25 | $2.4B | $589.6M | ||
| Q2 25 | $2.4B | $575.4M | ||
| Q1 25 | $2.4B | $558.9M | ||
| Q4 24 | $2.4B | $556.8M | ||
| Q3 24 | $2.4B | $545.2M | ||
| Q2 24 | $2.4B | $544.6M | ||
| Q1 24 | $2.4B | $554.0M |
| Q4 25 | $6.3B | $904.1M | ||
| Q3 25 | $6.1B | $851.8M | ||
| Q2 25 | $6.1B | $795.0M | ||
| Q1 25 | $6.1B | $788.4M | ||
| Q4 24 | $6.0B | $793.1M | ||
| Q3 24 | $6.0B | $801.3M | ||
| Q2 24 | $6.0B | $788.4M | ||
| Q1 24 | $6.0B | $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 | $359.2M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 12.09× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $359.2M | $-4.1M | ||
| Q3 25 | $96.7M | $19.4M | ||
| Q2 25 | $116.5M | $-13.8M | ||
| Q1 25 | $46.3M | $15.6M | ||
| Q4 24 | $403.6M | $14.0M | ||
| Q3 24 | $97.5M | $15.7M | ||
| Q2 24 | $130.0M | $37.8M | ||
| Q1 24 | $72.4M | $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 | 12.09× | -0.50× | ||
| Q3 25 | 7.05× | 1.63× | ||
| Q2 25 | 6.06× | -1.00× | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 6.30× | — | ||
| Q2 24 | 2.01× | 3.21× | ||
| Q1 24 | 2.66× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HIW
| Raleigh NC | $45.6M | 22% |
| Nashville TN | $38.7M | 19% |
| Atlanta GA | $36.1M | 18% |
| Charlotte NC | $26.1M | 13% |
| Tampa FL | $22.2M | 11% |
| Orlando FL | $14.4M | 7% |
| Other | $11.4M | 6% |
| Richmond VA | $8.8M | 4% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
