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Side-by-side financial comparison of HELIX ENERGY SOLUTIONS GROUP INC (HLX) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
HELIX ENERGY SOLUTIONS GROUP INC is the larger business by last-quarter revenue ($287.9M vs $148.3M, roughly 1.9× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -4.7%, a 10.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -13.8%). HELIX ENERGY SOLUTIONS GROUP INC produced more free cash flow last quarter ($59.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -11.2%).
Helix Energy Solutions Inc., known as Cal Dive International prior to 2006, is an American oil and gas services company headquartered in Houston, Texas. The company is a global provider of offshore services in well intervention and ROV operations of new and existing oil and gas fields.
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.
HLX vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $287.9M | $148.3M |
| Net Profit | $-13.4M | $8.1M |
| Gross Margin | 3.1% | 31.6% |
| Operating Margin | — | 11.7% |
| Net Margin | -4.7% | 5.5% |
| Revenue YoY | -13.8% | 38.6% |
| Net Profit YoY | -536.4% | 3.9% |
| EPS (diluted) | $-0.09 | $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.
| Q1 26 | $287.9M | — | ||
| Q4 25 | $334.2M | $148.3M | ||
| Q3 25 | $377.0M | $135.8M | ||
| Q2 25 | $302.3M | $110.8M | ||
| Q1 25 | $278.1M | $80.4M | ||
| Q4 24 | $355.1M | $107.0M | ||
| Q3 24 | $342.4M | $102.2M | ||
| Q2 24 | $364.8M | $99.2M |
| Q1 26 | $-13.4M | — | ||
| Q4 25 | $8.3M | $8.1M | ||
| Q3 25 | $22.1M | $11.9M | ||
| Q2 25 | $-2.6M | $13.9M | ||
| Q1 25 | $3.1M | $-282.0K | ||
| Q4 24 | $20.1M | $7.8M | ||
| Q3 24 | $29.5M | $-267.0K | ||
| Q2 24 | $32.3M | $11.8M |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 15.2% | 31.6% | ||
| Q3 25 | 17.5% | 37.0% | ||
| Q2 25 | 4.9% | 37.2% | ||
| Q1 25 | 9.9% | 35.0% | ||
| Q4 24 | 16.6% | 37.6% | ||
| Q3 24 | 19.2% | 24.8% | ||
| Q2 24 | 20.7% | 40.3% |
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | 11.7% | ||
| Q3 25 | 12.7% | 13.7% | ||
| Q2 25 | -1.0% | 14.4% | ||
| Q1 25 | 2.9% | 5.4% | ||
| Q4 24 | 8.7% | 15.4% | ||
| Q3 24 | 13.0% | 4.4% | ||
| Q2 24 | 14.6% | 18.7% |
| Q1 26 | -4.7% | — | ||
| Q4 25 | 2.5% | 5.5% | ||
| Q3 25 | 5.9% | 8.7% | ||
| Q2 25 | -0.9% | 12.5% | ||
| Q1 25 | 1.1% | -0.4% | ||
| Q4 24 | 5.7% | 7.3% | ||
| Q3 24 | 8.6% | -0.3% | ||
| Q2 24 | 8.9% | 11.9% |
| Q1 26 | $-0.09 | — | ||
| Q4 25 | $0.06 | $0.05 | ||
| Q3 25 | $0.15 | $0.07 | ||
| Q2 25 | $-0.02 | $0.08 | ||
| Q1 25 | $0.02 | $0.00 | ||
| Q4 24 | $0.13 | $0.04 | ||
| Q3 24 | $0.19 | $0.00 | ||
| Q2 24 | $0.21 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $501.3M | $7.3M |
| Total DebtLower is stronger | $303.8M | — |
| Stockholders' EquityBook value | $1.6B | $600.0M |
| Total Assets | $2.6B | $904.1M |
| Debt / EquityLower = less leverage | 0.20× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $501.3M | — | ||
| Q4 25 | $445.2M | $7.3M | ||
| Q3 25 | $338.0M | $8.6M | ||
| Q2 25 | $319.7M | $4.7M | ||
| Q1 25 | $370.0M | $35.6M | ||
| Q4 24 | $368.0M | $23.5M | ||
| Q3 24 | $324.1M | $11.1M | ||
| Q2 24 | $275.1M | $3.2M |
| Q1 26 | $303.8M | — | ||
| Q4 25 | $308.0M | — | ||
| Q3 25 | $307.5M | — | ||
| Q2 25 | $311.6M | — | ||
| Q1 25 | $311.1M | $141.8M | ||
| Q4 24 | $315.2M | $141.8M | ||
| Q3 24 | $314.7M | $141.8M | ||
| Q2 24 | $318.6M | $146.8M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $600.0M | ||
| Q3 25 | $1.6B | $589.6M | ||
| Q2 25 | $1.6B | $575.4M | ||
| Q1 25 | $1.5B | $558.9M | ||
| Q4 24 | $1.5B | $556.8M | ||
| Q3 24 | $1.6B | $545.2M | ||
| Q2 24 | $1.5B | $544.6M |
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $904.1M | ||
| Q3 25 | $2.6B | $851.8M | ||
| Q2 25 | $2.7B | $795.0M | ||
| Q1 25 | $2.6B | $788.4M | ||
| Q4 24 | $2.6B | $793.1M | ||
| Q3 24 | $2.7B | $801.3M | ||
| Q2 24 | $2.6B | $788.4M |
| Q1 26 | 0.20× | — | ||
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.20× | 0.25× | ||
| Q4 24 | 0.21× | 0.25× | ||
| Q3 24 | 0.20× | 0.26× | ||
| Q2 24 | 0.21× | 0.27× |
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 | $61.8M | $-4.1M |
| Free Cash FlowOCF − Capex | $59.0M | $-11.3M |
| FCF MarginFCF / Revenue | 20.5% | -7.6% |
| Capex IntensityCapex / Revenue | 1.0% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $167.4M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $61.8M | — | ||
| Q4 25 | $113.2M | $-4.1M | ||
| Q3 25 | $24.3M | $19.4M | ||
| Q2 25 | $-17.1M | $-13.8M | ||
| Q1 25 | $16.4M | $15.6M | ||
| Q4 24 | $78.0M | $14.0M | ||
| Q3 24 | $55.7M | $15.7M | ||
| Q2 24 | $-12.2M | $37.8M |
| Q1 26 | $59.0M | — | ||
| Q4 25 | $107.5M | $-11.3M | ||
| Q3 25 | $22.6M | $9.0M | ||
| Q2 25 | $-21.6M | $-26.0M | ||
| Q1 25 | $12.0M | $12.3M | ||
| Q4 24 | $65.5M | $12.5M | ||
| Q3 24 | $52.5M | $13.3M | ||
| Q2 24 | $-16.2M | $35.8M |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 32.2% | -7.6% | ||
| Q3 25 | 6.0% | 6.6% | ||
| Q2 25 | -7.1% | -23.5% | ||
| Q1 25 | 4.3% | 15.4% | ||
| Q4 24 | 18.4% | 11.6% | ||
| Q3 24 | 15.3% | 13.0% | ||
| Q2 24 | -4.4% | 36.1% |
| Q1 26 | 1.0% | — | ||
| Q4 25 | 1.7% | 4.8% | ||
| Q3 25 | 0.4% | 7.7% | ||
| Q2 25 | 1.5% | 11.0% | ||
| Q1 25 | 1.6% | 4.0% | ||
| Q4 24 | 3.5% | 1.4% | ||
| Q3 24 | 0.9% | 2.3% | ||
| Q2 24 | 1.1% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 13.68× | -0.50× | ||
| Q3 25 | 1.10× | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | 5.35× | — | ||
| Q4 24 | 3.88× | 1.79× | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | -0.38× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HLX
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
