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Side-by-side financial comparison of Honest Company, Inc. (HNST) 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 $88.0M, roughly 1.7× Honest Company, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -26.8%, a 32.2% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -11.8%). Honest Company, Inc. produced more free cash flow last quarter ($18.1M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 1.0%).
The Honest Company, Inc. is an American digital-first consumer goods company, based in Los Angeles and founded by actress Jessica Alba, Christopher Gavigan, and Brian Lee. The company had $319 million in 2021 sales, and was valued at roughly $550 million as of February 2022. Carla Vernón, Chief Executive Officer, is one of the first Afro-Latina CEOs of a U.S. publicly traded company. The Honest Company has raised multiple rounds of venture capital, and went public via an initial public offeri...
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.
HNST vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $88.0M | $148.3M |
| Net Profit | $-23.6M | $8.1M |
| Gross Margin | 15.7% | 31.6% |
| Operating Margin | -27.5% | 11.7% |
| Net Margin | -26.8% | 5.5% |
| Revenue YoY | -11.8% | 38.6% |
| Net Profit YoY | -2813.2% | 3.9% |
| EPS (diluted) | $-0.21 | $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 | $88.0M | $148.3M | ||
| Q3 25 | $92.6M | $135.8M | ||
| Q2 25 | $93.5M | $110.8M | ||
| Q1 25 | $97.3M | $80.4M | ||
| Q4 24 | $99.8M | $107.0M | ||
| Q3 24 | $99.2M | $102.2M | ||
| Q2 24 | $93.0M | $99.2M | ||
| Q1 24 | $86.2M | $90.8M |
| Q4 25 | $-23.6M | $8.1M | ||
| Q3 25 | $758.0K | $11.9M | ||
| Q2 25 | $3.9M | $13.9M | ||
| Q1 25 | $3.3M | $-282.0K | ||
| Q4 24 | $-809.0K | $7.8M | ||
| Q3 24 | $165.0K | $-267.0K | ||
| Q2 24 | $-4.1M | $11.8M | ||
| Q1 24 | $-1.4M | $4.8M |
| Q4 25 | 15.7% | 31.6% | ||
| Q3 25 | 37.3% | 37.0% | ||
| Q2 25 | 40.4% | 37.2% | ||
| Q1 25 | 38.7% | 35.0% | ||
| Q4 24 | 38.8% | 37.6% | ||
| Q3 24 | 38.7% | 24.8% | ||
| Q2 24 | 38.3% | 40.3% | ||
| Q1 24 | 37.0% | 40.2% |
| Q4 25 | -27.5% | 11.7% | ||
| Q3 25 | 0.3% | 13.7% | ||
| Q2 25 | 3.1% | 14.4% | ||
| Q1 25 | 2.6% | 5.4% | ||
| Q4 24 | -1.0% | 15.4% | ||
| Q3 24 | 0.1% | 4.4% | ||
| Q2 24 | -4.3% | 18.7% | ||
| Q1 24 | -1.5% | 12.8% |
| Q4 25 | -26.8% | 5.5% | ||
| Q3 25 | 0.8% | 8.7% | ||
| Q2 25 | 4.1% | 12.5% | ||
| Q1 25 | 3.3% | -0.4% | ||
| Q4 24 | -0.8% | 7.3% | ||
| Q3 24 | 0.2% | -0.3% | ||
| Q2 24 | -4.4% | 11.9% | ||
| Q1 24 | -1.6% | 5.3% |
| Q4 25 | $-0.21 | $0.05 | ||
| Q3 25 | $0.01 | $0.07 | ||
| Q2 25 | $0.03 | $0.08 | ||
| Q1 25 | $0.03 | $0.00 | ||
| Q4 24 | $-0.01 | $0.04 | ||
| Q3 24 | $0.00 | $0.00 | ||
| Q2 24 | $-0.04 | $0.07 | ||
| Q1 24 | $-0.01 | $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 | $89.6M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $169.7M | $600.0M |
| Total Assets | $225.4M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $89.6M | $7.3M | ||
| Q3 25 | $71.5M | $8.6M | ||
| Q2 25 | $72.1M | $4.7M | ||
| Q1 25 | $72.8M | $35.6M | ||
| Q4 24 | $75.4M | $23.5M | ||
| Q3 24 | $53.4M | $11.1M | ||
| Q2 24 | $36.6M | $3.2M | ||
| Q1 24 | $33.6M | $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 | $169.7M | $600.0M | ||
| Q3 25 | $190.2M | $589.6M | ||
| Q2 25 | $187.0M | $575.4M | ||
| Q1 25 | $180.4M | $558.9M | ||
| Q4 24 | $174.3M | $556.8M | ||
| Q3 24 | $133.9M | $545.2M | ||
| Q2 24 | $129.7M | $544.6M | ||
| Q1 24 | $124.8M | $554.0M |
| Q4 25 | $225.4M | $904.1M | ||
| Q3 25 | $241.5M | $851.8M | ||
| Q2 25 | $249.0M | $795.0M | ||
| Q1 25 | $265.3M | $788.4M | ||
| Q4 24 | $247.4M | $793.1M | ||
| Q3 24 | $209.2M | $801.3M | ||
| Q2 24 | $200.2M | $788.4M | ||
| Q1 24 | $198.1M | $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 | $19.3M | $-4.1M |
| Free Cash FlowOCF − Capex | $18.1M | $-11.3M |
| FCF MarginFCF / Revenue | 20.5% | -7.6% |
| Capex IntensityCapex / Revenue | 1.4% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $13.6M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.3M | $-4.1M | ||
| Q3 25 | $-504.0K | $19.4M | ||
| Q2 25 | $-745.0K | $-13.8M | ||
| Q1 25 | $-2.9M | $15.6M | ||
| Q4 24 | $-16.8M | $14.0M | ||
| Q3 24 | $15.1M | $15.7M | ||
| Q2 24 | $2.9M | $37.8M | ||
| Q1 24 | $336.0K | $12.9M |
| Q4 25 | $18.1M | $-11.3M | ||
| Q3 25 | $-624.0K | $9.0M | ||
| Q2 25 | $-826.0K | $-26.0M | ||
| Q1 25 | $-3.0M | $12.3M | ||
| Q4 24 | $-17.2M | $12.5M | ||
| Q3 24 | $15.0M | $13.3M | ||
| Q2 24 | $2.9M | $35.8M | ||
| Q1 24 | $260.0K | $10.4M |
| Q4 25 | 20.5% | -7.6% | ||
| Q3 25 | -0.7% | 6.6% | ||
| Q2 25 | -0.9% | -23.5% | ||
| Q1 25 | -3.1% | 15.4% | ||
| Q4 24 | -17.2% | 11.6% | ||
| Q3 24 | 15.1% | 13.0% | ||
| Q2 24 | 3.1% | 36.1% | ||
| Q1 24 | 0.3% | 11.4% |
| Q4 25 | 1.4% | 4.8% | ||
| Q3 25 | 0.1% | 7.7% | ||
| Q2 25 | 0.1% | 11.0% | ||
| Q1 25 | 0.1% | 4.0% | ||
| Q4 24 | 0.3% | 1.4% | ||
| Q3 24 | 0.1% | 2.3% | ||
| Q2 24 | 0.0% | 2.0% | ||
| Q1 24 | 0.1% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | -0.66× | 1.63× | ||
| Q2 25 | -0.19× | -1.00× | ||
| Q1 25 | -0.90× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 91.42× | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HNST
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
