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Side-by-side financial comparison of Innovex International, Inc. (INVX) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Innovex International, Inc. is the larger business by last-quarter revenue ($273.6M vs $148.3M, roughly 1.8× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 5.1%, a 0.4% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 9.1%). Over the past eight quarters, Innovex International, Inc.'s revenue compounded faster (46.2% CAGR vs 27.8%).
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.
INVX vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.6M | $148.3M |
| Net Profit | $14.0M | $8.1M |
| Gross Margin | 28.9% | 31.6% |
| Operating Margin | 9.4% | 11.7% |
| Net Margin | 5.1% | 5.5% |
| Revenue YoY | 9.1% | 38.6% |
| Net Profit YoY | -56.1% | 3.9% |
| EPS (diluted) | $0.20 | $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 | $273.6M | $148.3M | ||
| Q3 25 | $240.0M | $135.8M | ||
| Q2 25 | $224.2M | $110.8M | ||
| Q1 25 | $240.4M | $80.4M | ||
| Q4 24 | $250.7M | $107.0M | ||
| Q3 24 | $151.8M | $102.2M | ||
| Q2 24 | $130.3M | $99.2M | ||
| Q1 24 | $128.0M | $90.8M |
| Q4 25 | $14.0M | $8.1M | ||
| Q3 25 | $39.2M | $11.9M | ||
| Q2 25 | $15.3M | $13.9M | ||
| Q1 25 | $14.8M | $-282.0K | ||
| Q4 24 | $31.8M | $7.8M | ||
| Q3 24 | $82.6M | $-267.0K | ||
| Q2 24 | $9.5M | $11.8M | ||
| Q1 24 | $16.4M | $4.8M |
| Q4 25 | 28.9% | 31.6% | ||
| Q3 25 | 31.6% | 37.0% | ||
| Q2 25 | 32.0% | 37.2% | ||
| Q1 25 | 31.8% | 35.0% | ||
| Q4 24 | 33.9% | 37.6% | ||
| Q3 24 | 34.7% | 24.8% | ||
| Q2 24 | 35.3% | 40.3% | ||
| Q1 24 | 38.4% | 40.2% |
| Q4 25 | 9.4% | 11.7% | ||
| Q3 25 | 26.0% | 13.7% | ||
| Q2 25 | 10.1% | 14.4% | ||
| Q1 25 | 9.1% | 5.4% | ||
| Q4 24 | 10.7% | 15.4% | ||
| Q3 24 | -8.7% | 4.4% | ||
| Q2 24 | 10.0% | 18.7% | ||
| Q1 24 | 17.4% | 12.8% |
| Q4 25 | 5.1% | 5.5% | ||
| Q3 25 | 16.3% | 8.7% | ||
| Q2 25 | 6.8% | 12.5% | ||
| Q1 25 | 6.1% | -0.4% | ||
| Q4 24 | 12.7% | 7.3% | ||
| Q3 24 | 54.4% | -0.3% | ||
| Q2 24 | 7.3% | 11.9% | ||
| Q1 24 | 12.8% | 5.3% |
| Q4 25 | $0.20 | $0.05 | ||
| Q3 25 | $0.57 | $0.07 | ||
| Q2 25 | $0.22 | $0.08 | ||
| Q1 25 | $0.21 | $0.00 | ||
| Q4 24 | $-0.03 | $0.04 | ||
| Q3 24 | $1.99 | $0.00 | ||
| Q2 24 | $0.30 | $0.07 | ||
| Q1 24 | $0.51 | $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 | — | $7.3M |
| Total DebtLower is stronger | $18.9M | — |
| Stockholders' EquityBook value | $1.1B | $600.0M |
| Total Assets | $1.3B | $904.1M |
| Debt / EquityLower = less leverage | 0.02× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | $185.6M | $3.2M | ||
| Q1 24 | $202.2M | $15.2M |
| Q4 25 | $18.9M | — | ||
| Q3 25 | $20.1M | — | ||
| Q2 25 | $34.8M | — | ||
| Q1 25 | $19.7M | $141.8M | ||
| Q4 24 | $24.9M | $141.8M | ||
| Q3 24 | $12.4M | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $1.1B | $600.0M | ||
| Q3 25 | $1.0B | $589.6M | ||
| Q2 25 | $995.6M | $575.4M | ||
| Q1 25 | $978.4M | $558.9M | ||
| Q4 24 | $958.2M | $556.8M | ||
| Q3 24 | $904.4M | $545.2M | ||
| Q2 24 | $352.5M | $544.6M | ||
| Q1 24 | $344.3M | $554.0M |
| Q4 25 | $1.3B | $904.1M | ||
| Q3 25 | $1.3B | $851.8M | ||
| Q2 25 | $1.2B | $795.0M | ||
| Q1 25 | $1.2B | $788.4M | ||
| Q4 24 | $1.2B | $793.1M | ||
| Q3 24 | $1.1B | $801.3M | ||
| Q2 24 | $1.0B | $788.4M | ||
| Q1 24 | $1.0B | $825.3M |
| Q4 25 | 0.02× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.02× | 0.25× | ||
| Q4 24 | 0.03× | 0.25× | ||
| Q3 24 | 0.01× | 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 | $52.2M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 3.74× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.2M | $-4.1M | ||
| Q3 25 | $48.4M | $19.4M | ||
| Q2 25 | $59.2M | $-13.8M | ||
| Q1 25 | $31.1M | $15.6M | ||
| Q4 24 | $36.3M | $14.0M | ||
| Q3 24 | $21.7M | $15.7M | ||
| Q2 24 | $22.8M | $37.8M | ||
| Q1 24 | $12.6M | $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 | $16.6M | $35.8M | ||
| Q1 24 | $7.8M | $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 | 12.7% | 36.1% | ||
| Q1 24 | 6.1% | 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 | 4.7% | 2.0% | ||
| Q1 24 | 3.7% | 2.7% |
| Q4 25 | 3.74× | -0.50× | ||
| Q3 25 | 1.23× | 1.63× | ||
| Q2 25 | 3.86× | -1.00× | ||
| Q1 25 | 2.11× | — | ||
| Q4 24 | 1.14× | 1.79× | ||
| Q3 24 | 0.26× | — | ||
| Q2 24 | 2.39× | 3.21× | ||
| Q1 24 | 0.77× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INVX
| Products | $202.7M | 74% |
| Leasing | $42.3M | 15% |
| Services | $28.6M | 10% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
