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Side-by-side financial comparison of LIQUIDITY SERVICES INC (LQDT) 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 $121.2M, roughly 1.2× LIQUIDITY SERVICES INC). LIQUIDITY SERVICES INC runs the higher net margin — 6.2% vs 5.5%, a 0.7% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -0.9%). LIQUIDITY SERVICES INC produced more free cash flow last quarter ($-2.8M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 15.1%).
Liquidity Services, Inc. is an American e-commerce company providing surplus asset management services through a network of online marketplaces. It serves businesses and government agencies by facilitating the resale of surplus, returned, and end-of-life goods. Founded in 1999 and headquartered in Bethesda, Maryland, United States.
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.
LQDT vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.2M | $148.3M |
| Net Profit | $7.5M | $8.1M |
| Gross Margin | 47.0% | 31.6% |
| Operating Margin | 7.7% | 11.7% |
| Net Margin | 6.2% | 5.5% |
| Revenue YoY | -0.9% | 38.6% |
| Net Profit YoY | 28.9% | 3.9% |
| EPS (diluted) | $0.23 | $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 | $121.2M | $148.3M | ||
| Q3 25 | $118.1M | $135.8M | ||
| Q2 25 | $119.9M | $110.8M | ||
| Q1 25 | $116.4M | $80.4M | ||
| Q4 24 | $122.3M | $107.0M | ||
| Q3 24 | $106.9M | $102.2M | ||
| Q2 24 | $93.6M | $99.2M | ||
| Q1 24 | $91.5M | $90.8M |
| Q4 25 | $7.5M | $8.1M | ||
| Q3 25 | $7.8M | $11.9M | ||
| Q2 25 | $7.4M | $13.9M | ||
| Q1 25 | $7.1M | $-282.0K | ||
| Q4 24 | $5.8M | $7.8M | ||
| Q3 24 | $6.4M | $-267.0K | ||
| Q2 24 | $6.0M | $11.8M | ||
| Q1 24 | $5.7M | $4.8M |
| Q4 25 | 47.0% | 31.6% | ||
| Q3 25 | 47.8% | 37.0% | ||
| Q2 25 | 45.7% | 37.2% | ||
| Q1 25 | 40.8% | 35.0% | ||
| Q4 24 | 41.0% | 37.6% | ||
| Q3 24 | 45.6% | 24.8% | ||
| Q2 24 | 52.8% | 40.3% | ||
| Q1 24 | 51.6% | 40.2% |
| Q4 25 | 7.7% | 11.7% | ||
| Q3 25 | 9.3% | 13.7% | ||
| Q2 25 | 8.5% | 14.4% | ||
| Q1 25 | 5.8% | 5.4% | ||
| Q4 24 | 5.8% | 15.4% | ||
| Q3 24 | 6.8% | 4.4% | ||
| Q2 24 | 8.4% | 18.7% | ||
| Q1 24 | 7.2% | 12.8% |
| Q4 25 | 6.2% | 5.5% | ||
| Q3 25 | 6.6% | 8.7% | ||
| Q2 25 | 6.2% | 12.5% | ||
| Q1 25 | 6.1% | -0.4% | ||
| Q4 24 | 4.7% | 7.3% | ||
| Q3 24 | 6.0% | -0.3% | ||
| Q2 24 | 6.4% | 11.9% | ||
| Q1 24 | 6.2% | 5.3% |
| Q4 25 | $0.23 | $0.05 | ||
| Q3 25 | $0.24 | $0.07 | ||
| Q2 25 | $0.23 | $0.08 | ||
| Q1 25 | $0.22 | $0.00 | ||
| Q4 24 | $0.18 | $0.04 | ||
| Q3 24 | $0.20 | $0.00 | ||
| Q2 24 | $0.19 | $0.07 | ||
| Q1 24 | $0.18 | $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 | $11.6M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $215.3M | $600.0M |
| Total Assets | $369.1M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.6M | $7.3M | ||
| Q3 25 | $11.2M | $8.6M | ||
| Q2 25 | $11.4M | $4.7M | ||
| Q1 25 | $10.5M | $35.6M | ||
| Q4 24 | $10.4M | $23.5M | ||
| Q3 24 | $2.3M | $11.1M | ||
| Q2 24 | $6.5M | $3.2M | ||
| Q1 24 | $8.4M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $215.3M | $600.0M | ||
| Q3 25 | $203.2M | $589.6M | ||
| Q2 25 | $208.7M | $575.4M | ||
| Q1 25 | $196.3M | $558.9M | ||
| Q4 24 | $189.2M | $556.8M | ||
| Q3 24 | $182.6M | $545.2M | ||
| Q2 24 | $172.0M | $544.6M | ||
| Q1 24 | $163.9M | $554.0M |
| Q4 25 | $369.1M | $904.1M | ||
| Q3 25 | $375.1M | $851.8M | ||
| Q2 25 | $372.4M | $795.0M | ||
| Q1 25 | $358.8M | $788.4M | ||
| Q4 24 | $333.2M | $793.1M | ||
| Q3 24 | $346.9M | $801.3M | ||
| Q2 24 | $325.5M | $788.4M | ||
| Q1 24 | $303.7M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 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 | $-526.0K | $-4.1M |
| Free Cash FlowOCF − Capex | $-2.8M | $-11.3M |
| FCF MarginFCF / Revenue | -2.3% | -7.6% |
| Capex IntensityCapex / Revenue | 1.9% | 4.8% |
| Cash ConversionOCF / Net Profit | -0.07× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $70.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-526.0K | $-4.1M | ||
| Q3 25 | $38.0M | $19.4M | ||
| Q2 25 | $19.3M | $-13.8M | ||
| Q1 25 | $21.6M | $15.6M | ||
| Q4 24 | $-12.1M | $14.0M | ||
| Q3 24 | $22.0M | $15.7M | ||
| Q2 24 | $22.2M | $37.8M | ||
| Q1 24 | $34.8M | $12.9M |
| Q4 25 | $-2.8M | $-11.3M | ||
| Q3 25 | $36.0M | $9.0M | ||
| Q2 25 | $17.2M | $-26.0M | ||
| Q1 25 | $19.8M | $12.3M | ||
| Q4 24 | $-14.0M | $12.5M | ||
| Q3 24 | $19.2M | $13.3M | ||
| Q2 24 | $20.3M | $35.8M | ||
| Q1 24 | $32.5M | $10.4M |
| Q4 25 | -2.3% | -7.6% | ||
| Q3 25 | 30.5% | 6.6% | ||
| Q2 25 | 14.3% | -23.5% | ||
| Q1 25 | 17.0% | 15.4% | ||
| Q4 24 | -11.4% | 11.6% | ||
| Q3 24 | 17.9% | 13.0% | ||
| Q2 24 | 21.7% | 36.1% | ||
| Q1 24 | 35.5% | 11.4% |
| Q4 25 | 1.9% | 4.8% | ||
| Q3 25 | 1.7% | 7.7% | ||
| Q2 25 | 1.8% | 11.0% | ||
| Q1 25 | 1.6% | 4.0% | ||
| Q4 24 | 1.5% | 1.4% | ||
| Q3 24 | 2.7% | 2.3% | ||
| Q2 24 | 2.1% | 2.0% | ||
| Q1 24 | 2.6% | 2.7% |
| Q4 25 | -0.07× | -0.50× | ||
| Q3 25 | 4.86× | 1.63× | ||
| Q2 25 | 2.60× | -1.00× | ||
| Q1 25 | 3.07× | — | ||
| Q4 24 | -2.09× | 1.79× | ||
| Q3 24 | 3.45× | — | ||
| Q2 24 | 3.71× | 3.21× | ||
| Q1 24 | 6.10× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LQDT
| RSCG | $82.0M | 68% |
| Gov Deals | $22.3M | 18% |
| CAG | $11.5M | 9% |
| Machinio And Software Solutions Corporation | $5.5M | 5% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
