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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
MARA Holdings, Inc. is the larger business by last-quarter revenue ($202.3M vs $148.3M, roughly 1.4× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -14298.3%, a 14303.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -5.6%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-1.2B). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 10.7%).
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
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.
MARA vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $148.3M |
| Net Profit | $-1.7B | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -11795.9% | 11.7% |
| Net Margin | -14298.3% | 5.5% |
| Revenue YoY | -5.6% | 38.6% |
| Net Profit YoY | -423.5% | 3.9% |
| EPS (diluted) | $-4.25 | $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 | $202.3M | $148.3M | ||
| Q3 25 | $252.4M | $135.8M | ||
| Q2 25 | $238.5M | $110.8M | ||
| Q1 25 | $213.9M | $80.4M | ||
| Q4 24 | $214.4M | $107.0M | ||
| Q3 24 | $131.6M | $102.2M | ||
| Q2 24 | $145.1M | $99.2M | ||
| Q1 24 | $165.2M | $90.8M |
| Q4 25 | $-1.7B | $8.1M | ||
| Q3 25 | $123.1M | $11.9M | ||
| Q2 25 | $808.2M | $13.9M | ||
| Q1 25 | $-533.4M | $-282.0K | ||
| Q4 24 | $528.5M | $7.8M | ||
| Q3 24 | $-124.8M | $-267.0K | ||
| Q2 24 | $-199.7M | $11.8M | ||
| Q1 24 | $337.2M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | -2613.4% | 37.6% | ||
| Q3 24 | -1065.0% | 24.8% | ||
| Q2 24 | -587.6% | 40.3% | ||
| Q1 24 | -289.4% | 40.2% |
| Q4 25 | -11795.9% | 11.7% | ||
| Q3 25 | 18.9% | 13.7% | ||
| Q2 25 | — | 14.4% | ||
| Q1 25 | -253.0% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | -130.8% | 4.4% | ||
| Q2 24 | -160.1% | 18.7% | ||
| Q1 24 | — | 12.8% |
| Q4 25 | -14298.3% | 5.5% | ||
| Q3 25 | 48.8% | 8.7% | ||
| Q2 25 | 338.9% | 12.5% | ||
| Q1 25 | -249.4% | -0.4% | ||
| Q4 24 | 5367.4% | 7.3% | ||
| Q3 24 | -94.8% | -0.3% | ||
| Q2 24 | -137.6% | 11.9% | ||
| Q1 24 | 204.1% | 5.3% |
| Q4 25 | $-4.25 | $0.05 | ||
| Q3 25 | $0.27 | $0.07 | ||
| Q2 25 | $1.84 | $0.08 | ||
| Q1 25 | $-1.55 | $0.00 | ||
| Q4 24 | $1.60 | $0.04 | ||
| Q3 24 | $-0.42 | $0.00 | ||
| Q2 24 | $-0.72 | $0.07 | ||
| Q1 24 | $1.26 | $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 | $547.1M | $7.3M |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $3.5B | $600.0M |
| Total Assets | $7.3B | $904.1M |
| Debt / EquityLower = less leverage | 1.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.1M | $7.3M | ||
| Q3 25 | $826.4M | $8.6M | ||
| Q2 25 | $109.5M | $4.7M | ||
| Q1 25 | $196.2M | $35.6M | ||
| Q4 24 | $391.8M | $23.5M | ||
| Q3 24 | $164.3M | $11.1M | ||
| Q2 24 | $256.0M | $3.2M | ||
| Q1 24 | $324.3M | $15.2M |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | $141.8M | ||
| Q4 24 | $2.4B | $141.8M | ||
| Q3 24 | $618.7M | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $3.5B | $600.0M | ||
| Q3 25 | $5.2B | $589.6M | ||
| Q2 25 | $4.8B | $575.4M | ||
| Q1 25 | $3.7B | $558.9M | ||
| Q4 24 | $4.1B | $556.8M | ||
| Q3 24 | $2.9B | $545.2M | ||
| Q2 24 | $2.6B | $544.6M | ||
| Q1 24 | $2.5B | $554.0M |
| Q4 25 | $7.3B | $904.1M | ||
| Q3 25 | $9.2B | $851.8M | ||
| Q2 25 | $7.7B | $795.0M | ||
| Q1 25 | $6.4B | $788.4M | ||
| Q4 24 | $6.8B | $793.1M | ||
| Q3 24 | $3.6B | $801.3M | ||
| Q2 24 | $3.1B | $788.4M | ||
| Q1 24 | $3.0B | $825.3M |
| Q4 25 | 1.04× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.62× | 0.25× | ||
| Q4 24 | 0.59× | 0.25× | ||
| Q3 24 | 0.22× | 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 | $-802.7M | $-4.1M |
| Free Cash FlowOCF − Capex | $-1.2B | $-11.3M |
| FCF MarginFCF / Revenue | -598.0% | -7.6% |
| Capex IntensityCapex / Revenue | 201.2% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-802.7M | $-4.1M | ||
| Q3 25 | $-199.0M | $19.4M | ||
| Q2 25 | $-163.4M | $-13.8M | ||
| Q1 25 | $-215.5M | $15.6M | ||
| Q4 24 | $-677.0M | $14.0M | ||
| Q3 24 | $-160.1M | $15.7M | ||
| Q2 24 | $-115.2M | $37.8M | ||
| Q1 24 | $-88.3M | $12.9M |
| Q4 25 | $-1.2B | $-11.3M | ||
| Q3 25 | $-283.9M | $9.0M | ||
| Q2 25 | $-282.4M | $-26.0M | ||
| Q1 25 | $-254.3M | $12.3M | ||
| Q4 24 | $-927.8M | $12.5M | ||
| Q3 24 | $-198.1M | $13.3M | ||
| Q2 24 | $-132.4M | $35.8M | ||
| Q1 24 | $-97.4M | $10.4M |
| Q4 25 | -598.0% | -7.6% | ||
| Q3 25 | -112.5% | 6.6% | ||
| Q2 25 | -118.4% | -23.5% | ||
| Q1 25 | -118.9% | 15.4% | ||
| Q4 24 | -432.8% | 11.6% | ||
| Q3 24 | -150.5% | 13.0% | ||
| Q2 24 | -91.2% | 36.1% | ||
| Q1 24 | -59.0% | 11.4% |
| Q4 25 | 201.2% | 4.8% | ||
| Q3 25 | 33.6% | 7.7% | ||
| Q2 25 | 49.9% | 11.0% | ||
| Q1 25 | 18.2% | 4.0% | ||
| Q4 24 | 117.0% | 1.4% | ||
| Q3 24 | 28.9% | 2.3% | ||
| Q2 24 | 11.9% | 2.0% | ||
| Q1 24 | 5.5% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | -1.62× | 1.63× | ||
| Q2 25 | -0.20× | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | -0.26× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MARA
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
