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Side-by-side financial comparison of HighPeak Energy, Inc. (HPK) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
HighPeak Energy, Inc. is the larger business by last-quarter revenue ($216.6M vs $148.3M, roughly 1.5× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -11.6%, a 17.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -23.3%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -13.2%).
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina. The company serves over 7 million customers in the eastern United States. In 2024 it ranked as the 141st largest company in the United States – its highest-ever placement on the Fortune 500 list.
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.
HPK vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $216.6M | $148.3M |
| Net Profit | $-25.2M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -7.6% | 11.7% |
| Net Margin | -11.6% | 5.5% |
| Revenue YoY | -23.3% | 38.6% |
| Net Profit YoY | -380.7% | 3.9% |
| EPS (diluted) | $-0.16 | $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 | $216.6M | $148.3M | ||
| Q3 25 | $188.9M | $135.8M | ||
| Q2 25 | $200.4M | $110.8M | ||
| Q1 25 | $257.4M | $80.4M | ||
| Q4 24 | $282.6M | $107.0M | ||
| Q3 24 | $271.6M | $102.2M | ||
| Q2 24 | $275.3M | $99.2M | ||
| Q1 24 | $287.8M | $90.8M |
| Q4 25 | $-25.2M | $8.1M | ||
| Q3 25 | $-18.3M | $11.9M | ||
| Q2 25 | $26.2M | $13.9M | ||
| Q1 25 | $36.3M | $-282.0K | ||
| Q4 24 | $9.0M | $7.8M | ||
| Q3 24 | $49.9M | $-267.0K | ||
| Q2 24 | $29.7M | $11.8M | ||
| Q1 24 | $6.4M | $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 | -7.6% | 11.7% | ||
| Q3 25 | 17.3% | 13.7% | ||
| Q2 25 | 21.7% | 14.4% | ||
| Q1 25 | 35.1% | 5.4% | ||
| Q4 24 | 26.1% | 15.4% | ||
| Q3 24 | 27.0% | 4.4% | ||
| Q2 24 | 31.7% | 18.7% | ||
| Q1 24 | 35.8% | 12.8% |
| Q4 25 | -11.6% | 5.5% | ||
| Q3 25 | -9.7% | 8.7% | ||
| Q2 25 | 13.1% | 12.5% | ||
| Q1 25 | 14.1% | -0.4% | ||
| Q4 24 | 3.2% | 7.3% | ||
| Q3 24 | 18.4% | -0.3% | ||
| Q2 24 | 10.8% | 11.9% | ||
| Q1 24 | 2.2% | 5.3% |
| Q4 25 | $-0.16 | $0.05 | ||
| Q3 25 | $-0.15 | $0.07 | ||
| Q2 25 | $0.19 | $0.08 | ||
| Q1 25 | $0.26 | $0.00 | ||
| Q4 24 | $0.06 | $0.04 | ||
| Q3 24 | $0.35 | $0.00 | ||
| Q2 24 | $0.21 | $0.07 | ||
| Q1 24 | $0.05 | $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 | $162.1M | $7.3M |
| Total DebtLower is stronger | $1.2B | — |
| Stockholders' EquityBook value | $1.6B | $600.0M |
| Total Assets | $3.2B | $904.1M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $162.1M | $7.3M | ||
| Q3 25 | $164.9M | $8.6M | ||
| Q2 25 | $21.9M | $4.7M | ||
| Q1 25 | $51.6M | $35.6M | ||
| Q4 24 | $86.6M | $23.5M | ||
| Q3 24 | $135.6M | $11.1M | ||
| Q2 24 | $157.9M | $3.2M | ||
| Q1 24 | $173.4M | $15.2M |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | $141.8M | ||
| Q4 24 | $1.0B | $141.8M | ||
| Q3 24 | $1.1B | $141.8M | ||
| Q2 24 | $1.1B | $146.8M | ||
| Q1 24 | $1.1B | $168.8M |
| Q4 25 | $1.6B | $600.0M | ||
| Q3 25 | $1.6B | $589.6M | ||
| Q2 25 | $1.7B | $575.4M | ||
| Q1 25 | $1.6B | $558.9M | ||
| Q4 24 | $1.6B | $556.8M | ||
| Q3 24 | $1.6B | $545.2M | ||
| Q2 24 | $1.6B | $544.6M | ||
| Q1 24 | $1.5B | $554.0M |
| Q4 25 | $3.2B | $904.1M | ||
| Q3 25 | $3.2B | $851.8M | ||
| Q2 25 | $3.1B | $795.0M | ||
| Q1 25 | $3.1B | $788.4M | ||
| Q4 24 | $3.1B | $793.1M | ||
| Q3 24 | $3.1B | $801.3M | ||
| Q2 24 | $3.1B | $788.4M | ||
| Q1 24 | $3.1B | $825.3M |
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.63× | 0.25× | ||
| Q4 24 | 0.65× | 0.25× | ||
| Q3 24 | 0.67× | 0.26× | ||
| Q2 24 | 0.70× | 0.27× | ||
| Q1 24 | 0.73× | 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 | $93.1M | $-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 | $93.1M | $-4.1M | ||
| Q3 25 | $120.2M | $19.4M | ||
| Q2 25 | $141.2M | $-13.8M | ||
| Q1 25 | $157.1M | $15.6M | ||
| Q4 24 | $139.5M | $14.0M | ||
| Q3 24 | $177.1M | $15.7M | ||
| Q2 24 | $202.3M | $37.8M | ||
| Q1 24 | $171.4M | $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 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | 5.39× | -1.00× | ||
| Q1 25 | 4.32× | — | ||
| Q4 24 | 15.53× | 1.79× | ||
| Q3 24 | 3.55× | — | ||
| Q2 24 | 6.81× | 3.21× | ||
| Q1 24 | 26.63× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HPK
| Crude Oil Sales | $152.1M | 70% |
| Natural Gas And NGL Sales | $60.8M | 28% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
