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Side-by-side financial comparison of Immunocore Holdings plc (IMCR) 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 $104.5M, roughly 1.4× Immunocore Holdings plc). On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 24.3%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-35.5M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 21.7%).
Immunocore is a global commercial-stage biotechnology company, based in Oxfordshire, which researches and develops biological drugs using soluble T-cell receptor technology.
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.
IMCR vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.5M | $148.3M |
| Net Profit | — | $8.1M |
| Gross Margin | 97.4% | 31.6% |
| Operating Margin | -18.8% | 11.7% |
| Net Margin | — | 5.5% |
| Revenue YoY | 24.3% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | $-0.61 | $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 | $104.5M | $148.3M | ||
| Q3 25 | $103.7M | $135.8M | ||
| Q2 25 | $98.0M | $110.8M | ||
| Q1 25 | $93.9M | $80.4M | ||
| Q4 24 | $84.1M | $107.0M | ||
| Q3 24 | $80.2M | $102.2M | ||
| Q2 24 | $75.4M | $99.2M | ||
| Q1 24 | $70.5M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-177.0K | $11.9M | ||
| Q2 25 | $-10.3M | $13.9M | ||
| Q1 25 | $5.0M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $8.7M | $-267.0K | ||
| Q2 24 | $-11.6M | $11.8M | ||
| Q1 24 | $-24.4M | $4.8M |
| Q4 25 | 97.4% | 31.6% | ||
| Q3 25 | 99.5% | 37.0% | ||
| Q2 25 | 98.9% | 37.2% | ||
| Q1 25 | 99.1% | 35.0% | ||
| Q4 24 | 99.6% | 37.6% | ||
| Q3 24 | 99.4% | 24.8% | ||
| Q2 24 | 97.7% | 40.3% | ||
| Q1 24 | 99.7% | 40.2% |
| Q4 25 | -18.8% | 11.7% | ||
| Q3 25 | -6.9% | 13.7% | ||
| Q2 25 | -15.2% | 14.4% | ||
| Q1 25 | -3.9% | 5.4% | ||
| Q4 24 | -23.1% | 15.4% | ||
| Q3 24 | -10.6% | 4.4% | ||
| Q2 24 | -21.2% | 18.7% | ||
| Q1 24 | -37.6% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | -0.2% | 8.7% | ||
| Q2 25 | -10.5% | 12.5% | ||
| Q1 25 | 5.4% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | 10.9% | -0.3% | ||
| Q2 24 | -15.4% | 11.9% | ||
| Q1 24 | -34.7% | 5.3% |
| Q4 25 | $-0.61 | $0.05 | ||
| Q3 25 | $0.00 | $0.07 | ||
| Q2 25 | $-0.20 | $0.08 | ||
| Q1 25 | $0.10 | $0.00 | ||
| Q4 24 | $-0.47 | $0.04 | ||
| Q3 24 | $0.17 | $0.00 | ||
| Q2 24 | $-0.23 | $0.07 | ||
| Q1 24 | $-0.49 | $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 | $864.2M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $381.0M | $600.0M |
| Total Assets | $1.1B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $864.2M | $7.3M | ||
| Q3 25 | $892.4M | $8.6M | ||
| Q2 25 | $882.8M | $4.7M | ||
| Q1 25 | $837.0M | $35.6M | ||
| Q4 24 | $820.4M | $23.5M | ||
| Q3 24 | $901.3M | $11.1M | ||
| Q2 24 | $859.6M | $3.2M | ||
| Q1 24 | $832.8M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | $438.7M | $141.8M | ||
| Q2 24 | $452.5M | $146.8M | ||
| Q1 24 | $452.5M | $168.8M |
| Q4 25 | $381.0M | $600.0M | ||
| Q3 25 | $396.6M | $589.6M | ||
| Q2 25 | $388.5M | $575.4M | ||
| Q1 25 | $378.5M | $558.9M | ||
| Q4 24 | $360.7M | $556.8M | ||
| Q3 24 | $377.8M | $545.2M | ||
| Q2 24 | $359.1M | $544.6M | ||
| Q1 24 | $359.5M | $554.0M |
| Q4 25 | $1.1B | $904.1M | ||
| Q3 25 | $1.1B | $851.8M | ||
| Q2 25 | $1.1B | $795.0M | ||
| Q1 25 | $1.0B | $788.4M | ||
| Q4 24 | $1.0B | $793.1M | ||
| Q3 24 | $1.1B | $801.3M | ||
| Q2 24 | $1.0B | $788.4M | ||
| Q1 24 | $994.0M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | 1.16× | 0.26× | ||
| Q2 24 | 1.26× | 0.27× | ||
| Q1 24 | 1.26× | 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 | $-32.7M | $-4.1M |
| Free Cash FlowOCF − Capex | $-35.5M | $-11.3M |
| FCF MarginFCF / Revenue | -34.0% | -7.6% |
| Capex IntensityCapex / Revenue | 2.8% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-15.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-32.7M | $-4.1M | ||
| Q3 25 | $-4.5M | $19.4M | ||
| Q2 25 | $26.0M | $-13.8M | ||
| Q1 25 | $435.0K | $15.6M | ||
| Q4 24 | $-14.0M | $14.0M | ||
| Q3 24 | $21.1M | $15.7M | ||
| Q2 24 | $23.5M | $37.8M | ||
| Q1 24 | $-4.6M | $12.9M |
| Q4 25 | $-35.5M | $-11.3M | ||
| Q3 25 | $-5.2M | $9.0M | ||
| Q2 25 | $25.6M | $-26.0M | ||
| Q1 25 | $137.0K | $12.3M | ||
| Q4 24 | $-17.5M | $12.5M | ||
| Q3 24 | $20.3M | $13.3M | ||
| Q2 24 | $23.1M | $35.8M | ||
| Q1 24 | $-5.0M | $10.4M |
| Q4 25 | -34.0% | -7.6% | ||
| Q3 25 | -5.0% | 6.6% | ||
| Q2 25 | 26.1% | -23.5% | ||
| Q1 25 | 0.1% | 15.4% | ||
| Q4 24 | -20.9% | 11.6% | ||
| Q3 24 | 25.3% | 13.0% | ||
| Q2 24 | 30.7% | 36.1% | ||
| Q1 24 | -7.1% | 11.4% |
| Q4 25 | 2.8% | 4.8% | ||
| Q3 25 | 0.7% | 7.7% | ||
| Q2 25 | 0.4% | 11.0% | ||
| Q1 25 | 0.3% | 4.0% | ||
| Q4 24 | 4.3% | 1.4% | ||
| Q3 24 | 1.0% | 2.3% | ||
| Q2 24 | 0.4% | 2.0% | ||
| Q1 24 | 0.6% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | 0.09× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 2.42× | — | ||
| 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
IMCR
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
