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Side-by-side financial comparison of DORIAN LPG LTD. (LPG) 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 $120.0M, roughly 1.2× DORIAN LPG LTD.). DORIAN LPG LTD. runs the higher net margin — 39.3% vs 5.5%, a 33.9% gap on every dollar of revenue. On growth, DORIAN LPG LTD. posted the faster year-over-year revenue change (48.7% vs 38.6%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -7.9%).
Dorian LPG Ltd. is a leading international shipping company focused on the seaborne transportation of liquefied petroleum gas (LPG). It owns and operates a modern fleet of very large gas carriers, serving energy and petrochemical industry clients across key markets including North America, Asia and Europe.
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.
LPG vs SHLS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.0M | $148.3M |
| Net Profit | $47.2M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 42.8% | 11.7% |
| Net Margin | 39.3% | 5.5% |
| Revenue YoY | 48.7% | 38.6% |
| Net Profit YoY | 120.9% | 3.9% |
| EPS (diluted) | $1.11 | $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 | $120.0M | $148.3M | ||
| Q3 25 | $124.1M | $135.8M | ||
| Q2 25 | $84.2M | $110.8M | ||
| Q1 25 | $75.9M | $80.4M | ||
| Q4 24 | $80.7M | $107.0M | ||
| Q3 24 | $82.4M | $102.2M | ||
| Q2 24 | $114.4M | $99.2M | ||
| Q1 24 | $141.4M | $90.8M |
| Q4 25 | $47.2M | $8.1M | ||
| Q3 25 | $55.4M | $11.9M | ||
| Q2 25 | $10.1M | $13.9M | ||
| Q1 25 | $8.1M | $-282.0K | ||
| Q4 24 | $21.4M | $7.8M | ||
| Q3 24 | $9.4M | $-267.0K | ||
| Q2 24 | $51.3M | $11.8M | ||
| Q1 24 | $79.2M | $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 | 42.8% | 11.7% | ||
| Q3 25 | 47.8% | 13.7% | ||
| Q2 25 | 18.5% | 14.4% | ||
| Q1 25 | 19.4% | 5.4% | ||
| Q4 24 | 29.0% | 15.4% | ||
| Q3 24 | 23.2% | 4.4% | ||
| Q2 24 | 48.5% | 18.7% | ||
| Q1 24 | 58.3% | 12.8% |
| Q4 25 | 39.3% | 5.5% | ||
| Q3 25 | 44.6% | 8.7% | ||
| Q2 25 | 12.0% | 12.5% | ||
| Q1 25 | 10.7% | -0.4% | ||
| Q4 24 | 26.5% | 7.3% | ||
| Q3 24 | 11.4% | -0.3% | ||
| Q2 24 | 44.9% | 11.9% | ||
| Q1 24 | 56.0% | 5.3% |
| Q4 25 | $1.11 | $0.05 | ||
| Q3 25 | $1.30 | $0.07 | ||
| Q2 25 | $0.24 | $0.08 | ||
| Q1 25 | $0.17 | $0.00 | ||
| Q4 24 | $0.50 | $0.04 | ||
| Q3 24 | $0.22 | $0.00 | ||
| Q2 24 | $1.25 | $0.07 | ||
| Q1 24 | $1.96 | $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 | $294.5M | $7.3M |
| Total DebtLower is stronger | $513.2M | — |
| Stockholders' EquityBook value | $1.1B | $600.0M |
| Total Assets | $1.8B | $904.1M |
| Debt / EquityLower = less leverage | 0.47× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $294.5M | $7.3M | ||
| Q3 25 | $268.3M | $8.6M | ||
| Q2 25 | $277.9M | $4.7M | ||
| Q1 25 | $316.9M | $35.6M | ||
| Q4 24 | $314.5M | $23.5M | ||
| Q3 24 | $348.6M | $11.1M | ||
| Q2 24 | $353.3M | $3.2M | ||
| Q1 24 | $282.5M | $15.2M |
| Q4 25 | $513.2M | — | ||
| Q3 25 | $526.4M | — | ||
| Q2 25 | $539.6M | — | ||
| Q1 25 | $553.3M | $141.8M | ||
| Q4 24 | $565.9M | $141.8M | ||
| Q3 24 | $579.0M | $141.8M | ||
| Q2 24 | $592.1M | $146.8M | ||
| Q1 24 | $605.1M | $168.8M |
| Q4 25 | $1.1B | $600.0M | ||
| Q3 25 | $1.1B | $589.6M | ||
| Q2 25 | $1.0B | $575.4M | ||
| Q1 25 | $1.0B | $558.9M | ||
| Q4 24 | $1.1B | $556.8M | ||
| Q3 24 | $1.1B | $545.2M | ||
| Q2 24 | $1.1B | $544.6M | ||
| Q1 24 | $1.0B | $554.0M |
| Q4 25 | $1.8B | $904.1M | ||
| Q3 25 | $1.8B | $851.8M | ||
| Q2 25 | $1.7B | $795.0M | ||
| Q1 25 | $1.8B | $788.4M | ||
| Q4 24 | $1.8B | $793.1M | ||
| Q3 24 | $1.9B | $801.3M | ||
| Q2 24 | $1.9B | $788.4M | ||
| Q1 24 | $1.8B | $825.3M |
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.49× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | 0.25× | ||
| Q4 24 | 0.53× | 0.25× | ||
| Q3 24 | 0.53× | 0.26× | ||
| Q2 24 | 0.53× | 0.27× | ||
| Q1 24 | 0.59× | 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 | $80.8M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 1.71× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.8M | $-4.1M | ||
| Q3 25 | $46.4M | $19.4M | ||
| Q2 25 | $814.5K | $-13.8M | ||
| Q1 25 | $50.2M | $15.6M | ||
| Q4 24 | $24.3M | $14.0M | ||
| Q3 24 | $57.3M | $15.7M | ||
| Q2 24 | $41.2M | $37.8M | ||
| Q1 24 | $154.2M | $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 | 1.71× | -0.50× | ||
| Q3 25 | 0.84× | 1.63× | ||
| Q2 25 | 0.08× | -1.00× | ||
| Q1 25 | 6.20× | — | ||
| Q4 24 | 1.14× | 1.79× | ||
| Q3 24 | 6.08× | — | ||
| Q2 24 | 0.80× | 3.21× | ||
| Q1 24 | 1.95× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LPG
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
