vs
Side-by-side financial comparison of IHS Holding Ltd (IHS) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $148.3M, roughly 1.7× Shoals Technologies Group, Inc.). On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $148.3M |
| Net Profit | — | $8.1M |
| Gross Margin | 83.6% | 31.6% |
| Operating Margin | — | 11.7% |
| Net Margin | — | 5.5% |
| Revenue YoY | 0.1% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | — | $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 | $254.0M | $148.3M | ||
| Q3 25 | $455.1M | $135.8M | ||
| Q2 25 | $433.3M | $110.8M | ||
| Q1 25 | $439.6M | $80.4M | ||
| Q4 24 | $253.8M | $107.0M | ||
| Q3 24 | $420.3M | $102.2M | ||
| Q2 24 | $435.4M | $99.2M | ||
| Q1 24 | $417.7M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $147.4M | $11.9M | ||
| Q2 25 | $32.3M | $13.9M | ||
| Q1 25 | $30.7M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-205.7M | $-267.0K | ||
| Q2 24 | $-124.3M | $11.8M | ||
| Q1 24 | $-1.6B | $4.8M |
| Q4 25 | 83.6% | 31.6% | ||
| Q3 25 | 47.5% | 37.0% | ||
| Q2 25 | 51.3% | 37.2% | ||
| Q1 25 | 51.4% | 35.0% | ||
| Q4 24 | 72.1% | 37.6% | ||
| Q3 24 | 52.0% | 24.8% | ||
| Q2 24 | 52.5% | 40.3% | ||
| Q1 24 | 39.1% | 40.2% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | 35.1% | 13.7% | ||
| Q2 25 | 33.8% | 14.4% | ||
| Q1 25 | 37.1% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | 29.9% | 4.4% | ||
| Q2 24 | 34.0% | 18.7% | ||
| Q1 24 | -1.7% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | 32.4% | 8.7% | ||
| Q2 25 | 7.5% | 12.5% | ||
| Q1 25 | 7.0% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -48.9% | -0.3% | ||
| Q2 24 | -28.5% | 11.9% | ||
| Q1 24 | -372.8% | 5.3% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | $0.44 | $0.07 | ||
| Q2 25 | $0.10 | $0.08 | ||
| Q1 25 | $0.10 | $0.00 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | $-0.61 | $0.00 | ||
| Q2 24 | $-0.36 | $0.07 | ||
| Q1 24 | $-4.67 | $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 | $825.7M | $7.3M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $600.0M |
| Total Assets | $4.5B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $7.3M | ||
| Q3 25 | $647.6M | $8.6M | ||
| Q2 25 | $531.8M | $4.7M | ||
| Q1 25 | $629.0M | $35.6M | ||
| Q4 24 | $578.0M | $23.5M | ||
| Q3 24 | $397.5M | $11.1M | ||
| Q2 24 | $445.7M | $3.2M | ||
| Q1 24 | $333.2M | $15.2M |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | $141.8M | ||
| Q4 24 | $3.3B | $141.8M | ||
| Q3 24 | $3.5B | $141.8M | ||
| Q2 24 | $3.6B | $146.8M | ||
| Q1 24 | $3.5B | $168.8M |
| Q4 25 | $-89.8M | $600.0M | ||
| Q3 25 | $38.1M | $589.6M | ||
| Q2 25 | $-98.4M | $575.4M | ||
| Q1 25 | $-184.4M | $558.9M | ||
| Q4 24 | $-314.4M | $556.8M | ||
| Q3 24 | $-284.7M | $545.2M | ||
| Q2 24 | $-308.3M | $544.6M | ||
| Q1 24 | $-163.2M | $554.0M |
| Q4 25 | $4.5B | $904.1M | ||
| Q3 25 | $4.7B | $851.8M | ||
| Q2 25 | $4.5B | $795.0M | ||
| Q1 25 | $4.4B | $788.4M | ||
| Q4 24 | $4.2B | $793.1M | ||
| Q3 24 | $4.6B | $801.3M | ||
| Q2 24 | $4.5B | $788.4M | ||
| Q1 24 | $4.6B | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| 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 | $246.9M | $-4.1M |
| Free Cash FlowOCF − Capex | $178.6M | $-11.3M |
| FCF MarginFCF / Revenue | 70.3% | -7.6% |
| Capex IntensityCapex / Revenue | 26.9% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $-4.1M | ||
| Q3 25 | $251.3M | $19.4M | ||
| Q2 25 | $237.7M | $-13.8M | ||
| Q1 25 | $200.3M | $15.6M | ||
| Q4 24 | $344.4M | $14.0M | ||
| Q3 24 | $174.5M | $15.7M | ||
| Q2 24 | $134.7M | $37.8M | ||
| Q1 24 | $75.8M | $12.9M |
| Q4 25 | $178.6M | $-11.3M | ||
| Q3 25 | $189.2M | $9.0M | ||
| Q2 25 | $197.7M | $-26.0M | ||
| Q1 25 | $153.2M | $12.3M | ||
| Q4 24 | $282.9M | $12.5M | ||
| Q3 24 | $122.3M | $13.3M | ||
| Q2 24 | $74.2M | $35.8M | ||
| Q1 24 | $14.8M | $10.4M |
| Q4 25 | 70.3% | -7.6% | ||
| Q3 25 | 41.6% | 6.6% | ||
| Q2 25 | 45.6% | -23.5% | ||
| Q1 25 | 34.8% | 15.4% | ||
| Q4 24 | 111.5% | 11.6% | ||
| Q3 24 | 29.1% | 13.0% | ||
| Q2 24 | 17.0% | 36.1% | ||
| Q1 24 | 3.5% | 11.4% |
| Q4 25 | 26.9% | 4.8% | ||
| Q3 25 | 13.6% | 7.7% | ||
| Q2 25 | 9.2% | 11.0% | ||
| Q1 25 | 10.7% | 4.0% | ||
| Q4 24 | 24.2% | 1.4% | ||
| Q3 24 | 12.4% | 2.3% | ||
| Q2 24 | 13.9% | 2.0% | ||
| Q1 24 | 14.6% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | 1.70× | 1.63× | ||
| Q2 25 | 7.36× | -1.00× | ||
| Q1 25 | 6.52× | — | ||
| 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
IHS
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
