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Side-by-side financial comparison of HEARTLAND EXPRESS INC (HTLD) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
HEARTLAND EXPRESS INC is the larger business by last-quarter revenue ($179.4M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -10.8%, a 16.3% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -26.1%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-44.2M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -18.5%).
Heartland Express is an American trucking company headquartered in North Liberty, Iowa. The company offers truckload shipping services across the United States.
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.
HTLD vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.4M | $148.3M |
| Net Profit | $-19.4M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -12.7% | 11.7% |
| Net Margin | -10.8% | 5.5% |
| Revenue YoY | -26.1% | 38.6% |
| Net Profit YoY | -949.2% | 3.9% |
| EPS (diluted) | $-0.24 | $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 | $179.4M | $148.3M | ||
| Q3 25 | $196.5M | $135.8M | ||
| Q2 25 | $210.4M | $110.8M | ||
| Q1 25 | $219.4M | $80.4M | ||
| Q4 24 | $242.6M | $107.0M | ||
| Q3 24 | $259.9M | $102.2M | ||
| Q2 24 | $274.8M | $99.2M | ||
| Q1 24 | $270.3M | $90.8M |
| Q4 25 | $-19.4M | $8.1M | ||
| Q3 25 | $-8.3M | $11.9M | ||
| Q2 25 | $-10.9M | $13.9M | ||
| Q1 25 | $-13.9M | $-282.0K | ||
| Q4 24 | $-1.9M | $7.8M | ||
| Q3 24 | $-9.3M | $-267.0K | ||
| Q2 24 | $-3.5M | $11.8M | ||
| Q1 24 | $-15.1M | $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 | -12.7% | 11.7% | ||
| Q3 25 | -3.7% | 13.7% | ||
| Q2 25 | -5.9% | 14.4% | ||
| Q1 25 | -6.8% | 5.4% | ||
| Q4 24 | 0.4% | 15.4% | ||
| Q3 24 | -2.7% | 4.4% | ||
| Q2 24 | 0.1% | 18.7% | ||
| Q1 24 | -5.3% | 12.8% |
| Q4 25 | -10.8% | 5.5% | ||
| Q3 25 | -4.2% | 8.7% | ||
| Q2 25 | -5.2% | 12.5% | ||
| Q1 25 | -6.3% | -0.4% | ||
| Q4 24 | -0.8% | 7.3% | ||
| Q3 24 | -3.6% | -0.3% | ||
| Q2 24 | -1.3% | 11.9% | ||
| Q1 24 | -5.6% | 5.3% |
| Q4 25 | $-0.24 | $0.05 | ||
| Q3 25 | $-0.11 | $0.07 | ||
| Q2 25 | $-0.14 | $0.08 | ||
| Q1 25 | $-0.18 | $0.00 | ||
| Q4 24 | $-0.03 | $0.04 | ||
| Q3 24 | $-0.12 | $0.00 | ||
| Q2 24 | $-0.04 | $0.07 | ||
| Q1 24 | $-0.19 | $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 | $18.5M | $7.3M |
| Total DebtLower is stronger | $154.1M | — |
| Stockholders' EquityBook value | $755.3M | $600.0M |
| Total Assets | $1.2B | $904.1M |
| Debt / EquityLower = less leverage | 0.20× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.5M | $7.3M | ||
| Q3 25 | $32.7M | $8.6M | ||
| Q2 25 | $22.9M | $4.7M | ||
| Q1 25 | $23.9M | $35.6M | ||
| Q4 24 | $12.8M | $23.5M | ||
| Q3 24 | $30.7M | $11.1M | ||
| Q2 24 | $23.9M | $3.2M | ||
| Q1 24 | $23.8M | $15.2M |
| Q4 25 | $154.1M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $187.9M | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $755.3M | $600.0M | ||
| Q3 25 | $775.6M | $589.6M | ||
| Q2 25 | $786.7M | $575.4M | ||
| Q1 25 | $807.7M | $558.9M | ||
| Q4 24 | $822.6M | $556.8M | ||
| Q3 24 | $825.7M | $545.2M | ||
| Q2 24 | $836.8M | $544.6M | ||
| Q1 24 | $848.8M | $554.0M |
| Q4 25 | $1.2B | $904.1M | ||
| Q3 25 | $1.3B | $851.8M | ||
| Q2 25 | $1.3B | $795.0M | ||
| Q1 25 | $1.3B | $788.4M | ||
| Q4 24 | $1.3B | $793.1M | ||
| Q3 24 | $1.4B | $801.3M | ||
| Q2 24 | $1.4B | $788.4M | ||
| Q1 24 | $1.5B | $825.3M |
| Q4 25 | 0.20× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 0.23× | 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 | $14.9M | $-4.1M |
| Free Cash FlowOCF − Capex | $-44.2M | $-11.3M |
| FCF MarginFCF / Revenue | -24.6% | -7.6% |
| Capex IntensityCapex / Revenue | 33.0% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-66.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.9M | $-4.1M | ||
| Q3 25 | $27.5M | $19.4M | ||
| Q2 25 | $21.0M | $-13.8M | ||
| Q1 25 | $25.8M | $15.6M | ||
| Q4 24 | $37.8M | $14.0M | ||
| Q3 24 | $35.6M | $15.7M | ||
| Q2 24 | $40.0M | $37.8M | ||
| Q1 24 | $31.0M | $12.9M |
| Q4 25 | $-44.2M | $-11.3M | ||
| Q3 25 | $-12.2M | $9.0M | ||
| Q2 25 | $-12.8M | $-26.0M | ||
| Q1 25 | $2.3M | $12.3M | ||
| Q4 24 | $-45.5M | $12.5M | ||
| Q3 24 | $24.6M | $13.3M | ||
| Q2 24 | $29.4M | $35.8M | ||
| Q1 24 | $26.3M | $10.4M |
| Q4 25 | -24.6% | -7.6% | ||
| Q3 25 | -6.2% | 6.6% | ||
| Q2 25 | -6.1% | -23.5% | ||
| Q1 25 | 1.0% | 15.4% | ||
| Q4 24 | -18.8% | 11.6% | ||
| Q3 24 | 9.5% | 13.0% | ||
| Q2 24 | 10.7% | 36.1% | ||
| Q1 24 | 9.7% | 11.4% |
| Q4 25 | 33.0% | 4.8% | ||
| Q3 25 | 20.2% | 7.7% | ||
| Q2 25 | 16.1% | 11.0% | ||
| Q1 25 | 10.7% | 4.0% | ||
| Q4 24 | 34.3% | 1.4% | ||
| Q3 24 | 4.2% | 2.3% | ||
| Q2 24 | 3.8% | 2.0% | ||
| Q1 24 | 1.7% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| 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
HTLD
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
