vs
Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($167.1M vs $148.3M, roughly 1.1× Shoals Technologies Group, Inc.). INDEPENDENCE REALTY TRUST, INC. runs the higher net margin — 19.9% vs 5.5%, a 14.4% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 3.8%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 2.0%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
IRT vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $167.1M | $148.3M |
| Net Profit | $33.3M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | — | 11.7% |
| Net Margin | 19.9% | 5.5% |
| Revenue YoY | 3.8% | 38.6% |
| Net Profit YoY | 3410.0% | 3.9% |
| EPS (diluted) | $0.14 | $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 | $167.1M | $148.3M | ||
| Q3 25 | $167.1M | $135.8M | ||
| Q2 25 | $162.2M | $110.8M | ||
| Q1 25 | $161.2M | $80.4M | ||
| Q4 24 | $161.0M | $107.0M | ||
| Q3 24 | $160.1M | $102.2M | ||
| Q2 24 | $158.4M | $99.2M | ||
| Q1 24 | $160.5M | $90.8M |
| Q4 25 | $33.3M | $8.1M | ||
| Q3 25 | $6.9M | $11.9M | ||
| Q2 25 | $8.0M | $13.9M | ||
| Q1 25 | $8.4M | $-282.0K | ||
| Q4 24 | $-1.0M | $7.8M | ||
| Q3 24 | $12.4M | $-267.0K | ||
| Q2 24 | $10.4M | $11.8M | ||
| Q1 24 | $17.6M | $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 | — | 11.7% | ||
| Q3 25 | — | 13.7% | ||
| Q2 25 | — | 14.4% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 18.7% | ||
| Q1 24 | — | 12.8% |
| Q4 25 | 19.9% | 5.5% | ||
| Q3 25 | 4.1% | 8.7% | ||
| Q2 25 | 5.0% | 12.5% | ||
| Q1 25 | 5.2% | -0.4% | ||
| Q4 24 | -0.6% | 7.3% | ||
| Q3 24 | 7.7% | -0.3% | ||
| Q2 24 | 6.5% | 11.9% | ||
| Q1 24 | 10.9% | 5.3% |
| Q4 25 | $0.14 | $0.05 | ||
| Q3 25 | $0.03 | $0.07 | ||
| Q2 25 | $0.03 | $0.08 | ||
| Q1 25 | $0.04 | $0.00 | ||
| Q4 24 | $-0.01 | $0.04 | ||
| Q3 24 | $0.05 | $0.00 | ||
| Q2 24 | $0.05 | $0.07 | ||
| Q1 24 | $0.08 | $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 | $23.6M | $7.3M |
| Total DebtLower is stronger | $2.3B | — |
| Stockholders' EquityBook value | $3.5B | $600.0M |
| Total Assets | $6.0B | $904.1M |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.6M | $7.3M | ||
| Q3 25 | $23.3M | $8.6M | ||
| Q2 25 | $19.5M | $4.7M | ||
| Q1 25 | $29.1M | $35.6M | ||
| Q4 24 | $21.2M | $23.5M | ||
| Q3 24 | $17.6M | $11.1M | ||
| Q2 24 | $21.0M | $3.2M | ||
| Q1 24 | $21.3M | $15.2M |
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.3B | $141.8M | ||
| Q4 24 | $2.3B | $141.8M | ||
| Q3 24 | $2.3B | $141.8M | ||
| Q2 24 | $2.3B | $146.8M | ||
| Q1 24 | $2.3B | $168.8M |
| Q4 25 | $3.5B | $600.0M | ||
| Q3 25 | $3.5B | $589.6M | ||
| Q2 25 | $3.4B | $575.4M | ||
| Q1 25 | $3.5B | $558.9M | ||
| Q4 24 | $3.4B | $556.8M | ||
| Q3 24 | $3.4B | $545.2M | ||
| Q2 24 | $3.4B | $544.6M | ||
| Q1 24 | $3.4B | $554.0M |
| Q4 25 | $6.0B | $904.1M | ||
| Q3 25 | $6.1B | $851.8M | ||
| Q2 25 | $6.0B | $795.0M | ||
| Q1 25 | $6.0B | $788.4M | ||
| Q4 24 | $6.1B | $793.1M | ||
| Q3 24 | $5.9B | $801.3M | ||
| Q2 24 | $5.9B | $788.4M | ||
| Q1 24 | $6.0B | $825.3M |
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.65× | 0.25× | ||
| Q4 24 | 0.68× | 0.25× | ||
| Q3 24 | 0.68× | 0.26× | ||
| Q2 24 | 0.66× | 0.27× | ||
| Q1 24 | 0.67× | 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 | $282.1M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 8.48× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.1M | $-4.1M | ||
| Q3 25 | $79.3M | $19.4M | ||
| Q2 25 | $82.2M | $-13.8M | ||
| Q1 25 | $60.4M | $15.6M | ||
| Q4 24 | $259.8M | $14.0M | ||
| Q3 24 | $69.2M | $15.7M | ||
| Q2 24 | $83.0M | $37.8M | ||
| Q1 24 | $44.1M | $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 | — | $35.8M | ||
| Q1 24 | — | $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 | — | 36.1% | ||
| Q1 24 | — | 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 | — | 2.0% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 8.48× | -0.50× | ||
| Q3 25 | 11.51× | 1.63× | ||
| Q2 25 | 10.22× | -1.00× | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | 3.21× | ||
| Q1 24 | 2.51× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
