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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) 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 $113.9M, roughly 1.3× Industrial Logistics Properties Trust). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -1.6%, a 7.0% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 0.7%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
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.
ILPT vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $148.3M |
| Net Profit | $-1.8M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -22.1% | 11.7% |
| Net Margin | -1.6% | 5.5% |
| Revenue YoY | 3.1% | 38.6% |
| Net Profit YoY | 92.6% | 3.9% |
| EPS (diluted) | $-0.02 | $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 | $113.9M | $148.3M | ||
| Q3 25 | $110.9M | $135.8M | ||
| Q2 25 | $112.1M | $110.8M | ||
| Q1 25 | $111.9M | $80.4M | ||
| Q4 24 | $110.5M | $107.0M | ||
| Q3 24 | $108.9M | $102.2M | ||
| Q2 24 | $110.6M | $99.2M | ||
| Q1 24 | $112.2M | $90.8M |
| Q4 25 | $-1.8M | $8.1M | ||
| Q3 25 | $-21.6M | $11.9M | ||
| Q2 25 | $-21.3M | $13.9M | ||
| Q1 25 | $-21.5M | $-282.0K | ||
| Q4 24 | $-24.1M | $7.8M | ||
| Q3 24 | $-25.0M | $-267.0K | ||
| Q2 24 | $-23.2M | $11.8M | ||
| Q1 24 | $-23.4M | $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 | -22.1% | 11.7% | ||
| Q3 25 | -29.4% | 13.7% | ||
| Q2 25 | -30.8% | 14.4% | ||
| Q1 25 | -26.9% | 5.4% | ||
| Q4 24 | -31.1% | 15.4% | ||
| Q3 24 | -33.5% | 4.4% | ||
| Q2 24 | -32.4% | 18.7% | ||
| Q1 24 | -31.7% | 12.8% |
| Q4 25 | -1.6% | 5.5% | ||
| Q3 25 | -19.4% | 8.7% | ||
| Q2 25 | -19.0% | 12.5% | ||
| Q1 25 | -19.2% | -0.4% | ||
| Q4 24 | -21.8% | 7.3% | ||
| Q3 24 | -22.9% | -0.3% | ||
| Q2 24 | -20.9% | 11.9% | ||
| Q1 24 | -20.9% | 5.3% |
| Q4 25 | $-0.02 | $0.05 | ||
| Q3 25 | $-0.33 | $0.07 | ||
| Q2 25 | $-0.32 | $0.08 | ||
| Q1 25 | $-0.33 | $0.00 | ||
| Q4 24 | $-0.37 | $0.04 | ||
| Q3 24 | $-0.38 | $0.00 | ||
| Q2 24 | $-0.35 | $0.07 | ||
| Q1 24 | $-0.36 | $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 | $94.8M | $7.3M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $600.0M |
| Total Assets | $5.2B | $904.1M |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $7.3M | ||
| Q3 25 | $83.2M | $8.6M | ||
| Q2 25 | $58.6M | $4.7M | ||
| Q1 25 | $108.0M | $35.6M | ||
| Q4 24 | $131.7M | $23.5M | ||
| Q3 24 | $153.9M | $11.1M | ||
| Q2 24 | $146.2M | $3.2M | ||
| Q1 24 | $128.4M | $15.2M |
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | $141.8M | ||
| Q4 24 | $4.3B | $141.8M | ||
| Q3 24 | $4.3B | $141.8M | ||
| Q2 24 | $4.3B | $146.8M | ||
| Q1 24 | $4.3B | $168.8M |
| Q4 25 | $489.7M | $600.0M | ||
| Q3 25 | $494.1M | $589.6M | ||
| Q2 25 | $519.1M | $575.4M | ||
| Q1 25 | $539.5M | $558.9M | ||
| Q4 24 | $562.0M | $556.8M | ||
| Q3 24 | $585.9M | $545.2M | ||
| Q2 24 | $618.3M | $544.6M | ||
| Q1 24 | $643.2M | $554.0M |
| Q4 25 | $5.2B | $904.1M | ||
| Q3 25 | $5.2B | $851.8M | ||
| Q2 25 | $5.2B | $795.0M | ||
| Q1 25 | $5.4B | $788.4M | ||
| Q4 24 | $5.4B | $793.1M | ||
| Q3 24 | $5.5B | $801.3M | ||
| Q2 24 | $5.5B | $788.4M | ||
| Q1 24 | $5.5B | $825.3M |
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | 0.25× | ||
| Q4 24 | 7.65× | 0.25× | ||
| Q3 24 | 7.35× | 0.26× | ||
| Q2 24 | 6.96× | 0.27× | ||
| Q1 24 | 6.70× | 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 | $60.7M | $-4.1M |
| Free Cash FlowOCF − Capex | $42.0M | $-11.3M |
| FCF MarginFCF / Revenue | 36.9% | -7.6% |
| Capex IntensityCapex / Revenue | 16.4% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $-4.1M | ||
| Q3 25 | $22.7M | $19.4M | ||
| Q2 25 | $18.4M | $-13.8M | ||
| Q1 25 | $11.4M | $15.6M | ||
| Q4 24 | $2.0M | $14.0M | ||
| Q3 24 | $-3.4M | $15.7M | ||
| Q2 24 | $10.8M | $37.8M | ||
| Q1 24 | $8.0M | $12.9M |
| Q4 25 | $42.0M | $-11.3M | ||
| Q3 25 | $17.6M | $9.0M | ||
| Q2 25 | $15.2M | $-26.0M | ||
| Q1 25 | $5.0M | $12.3M | ||
| Q4 24 | $-3.7M | $12.5M | ||
| Q3 24 | $-5.9M | $13.3M | ||
| Q2 24 | $9.4M | $35.8M | ||
| Q1 24 | $5.9M | $10.4M |
| Q4 25 | 36.9% | -7.6% | ||
| Q3 25 | 15.9% | 6.6% | ||
| Q2 25 | 13.5% | -23.5% | ||
| Q1 25 | 4.5% | 15.4% | ||
| Q4 24 | -3.4% | 11.6% | ||
| Q3 24 | -5.5% | 13.0% | ||
| Q2 24 | 8.5% | 36.1% | ||
| Q1 24 | 5.2% | 11.4% |
| Q4 25 | 16.4% | 4.8% | ||
| Q3 25 | 4.6% | 7.7% | ||
| Q2 25 | 2.9% | 11.0% | ||
| Q1 25 | 5.7% | 4.0% | ||
| Q4 24 | 5.2% | 1.4% | ||
| Q3 24 | 2.3% | 2.3% | ||
| Q2 24 | 1.3% | 2.0% | ||
| Q1 24 | 1.9% | 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
ILPT
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
