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Side-by-side financial comparison of Mistras Group, Inc. (MG) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Mistras Group, Inc. is the larger business by last-quarter revenue ($181.5M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 2.1%, a 3.4% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 5.1%). Mistras Group, Inc. produced more free cash flow last quarter ($26.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -0.8%).
Mistras Group, Inc. is a global provider of asset integrity and protection solutions, offering non-destructive testing, inspection, real-time monitoring, and engineering consulting services. Its key client segments include oil and gas, aerospace, power generation, and manufacturing industries, with operations spanning North America, Europe, and Asia-Pacific, helping clients enhance operational safety, extend asset lifespans, and minimize unplanned downtime.
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.
MG vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $181.5M | $148.3M |
| Net Profit | $3.8M | $8.1M |
| Gross Margin | 28.4% | 31.6% |
| Operating Margin | 7.0% | 11.7% |
| Net Margin | 2.1% | 5.5% |
| Revenue YoY | 5.1% | 38.6% |
| Net Profit YoY | -27.4% | 3.9% |
| EPS (diluted) | $0.12 | $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 | $181.5M | $148.3M | ||
| Q3 25 | $195.5M | $135.8M | ||
| Q2 25 | $185.4M | $110.8M | ||
| Q1 25 | $161.6M | $80.4M | ||
| Q4 24 | $172.7M | $107.0M | ||
| Q3 24 | $182.7M | $102.2M | ||
| Q2 24 | $189.8M | $99.2M | ||
| Q1 24 | $184.4M | $90.8M |
| Q4 25 | $3.8M | $8.1M | ||
| Q3 25 | $13.1M | $11.9M | ||
| Q2 25 | $3.0M | $13.9M | ||
| Q1 25 | $-3.2M | $-282.0K | ||
| Q4 24 | $5.2M | $7.8M | ||
| Q3 24 | $6.4M | $-267.0K | ||
| Q2 24 | $6.4M | $11.8M | ||
| Q1 24 | $995.0K | $4.8M |
| Q4 25 | 28.4% | 31.6% | ||
| Q3 25 | 29.8% | 37.0% | ||
| Q2 25 | 29.1% | 37.2% | ||
| Q1 25 | 25.3% | 35.0% | ||
| Q4 24 | 26.5% | 37.6% | ||
| Q3 24 | 26.8% | 24.8% | ||
| Q2 24 | 27.1% | 40.3% | ||
| Q1 24 | 25.0% | 40.2% |
| Q4 25 | 7.0% | 11.7% | ||
| Q3 25 | 10.4% | 13.7% | ||
| Q2 25 | 4.5% | 14.4% | ||
| Q1 25 | -0.6% | 5.4% | ||
| Q4 24 | 6.1% | 15.4% | ||
| Q3 24 | 6.5% | 4.4% | ||
| Q2 24 | 6.3% | 18.7% | ||
| Q1 24 | 3.0% | 12.8% |
| Q4 25 | 2.1% | 5.5% | ||
| Q3 25 | 6.7% | 8.7% | ||
| Q2 25 | 1.6% | 12.5% | ||
| Q1 25 | -2.0% | -0.4% | ||
| Q4 24 | 3.0% | 7.3% | ||
| Q3 24 | 3.5% | -0.3% | ||
| Q2 24 | 3.4% | 11.9% | ||
| Q1 24 | 0.5% | 5.3% |
| Q4 25 | $0.12 | $0.05 | ||
| Q3 25 | $0.41 | $0.07 | ||
| Q2 25 | $0.10 | $0.08 | ||
| Q1 25 | $-0.10 | $0.00 | ||
| Q4 24 | $0.17 | $0.04 | ||
| Q3 24 | $0.20 | $0.00 | ||
| Q2 24 | $0.20 | $0.07 | ||
| Q1 24 | $0.03 | $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 | $28.0M | $7.3M |
| Total DebtLower is stronger | $178.0M | — |
| Stockholders' EquityBook value | $235.1M | $600.0M |
| Total Assets | $578.8M | $904.1M |
| Debt / EquityLower = less leverage | 0.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.0M | $7.3M | ||
| Q3 25 | $27.8M | $8.6M | ||
| Q2 25 | $20.0M | $4.7M | ||
| Q1 25 | $18.5M | $35.6M | ||
| Q4 24 | $18.3M | $23.5M | ||
| Q3 24 | $20.4M | $11.1M | ||
| Q2 24 | $17.2M | $3.2M | ||
| Q1 24 | $16.9M | $15.2M |
| Q4 25 | $178.0M | — | ||
| Q3 25 | $202.3M | — | ||
| Q2 25 | $189.4M | — | ||
| Q1 25 | $171.9M | $141.8M | ||
| Q4 24 | $169.6M | $141.8M | ||
| Q3 24 | $189.7M | $141.8M | ||
| Q2 24 | $199.7M | $146.8M | ||
| Q1 24 | $198.4M | $168.8M |
| Q4 25 | $235.1M | $600.0M | ||
| Q3 25 | $227.4M | $589.6M | ||
| Q2 25 | $215.8M | $575.4M | ||
| Q1 25 | $198.7M | $558.9M | ||
| Q4 24 | $198.6M | $556.8M | ||
| Q3 24 | $205.2M | $545.2M | ||
| Q2 24 | $193.2M | $544.6M | ||
| Q1 24 | $187.1M | $554.0M |
| Q4 25 | $578.8M | $904.1M | ||
| Q3 25 | $596.3M | $851.8M | ||
| Q2 25 | $571.0M | $795.0M | ||
| Q1 25 | $526.8M | $788.4M | ||
| Q4 24 | $523.0M | $793.1M | ||
| Q3 24 | $551.7M | $801.3M | ||
| Q2 24 | $548.1M | $788.4M | ||
| Q1 24 | $542.1M | $825.3M |
| Q4 25 | 0.76× | — | ||
| Q3 25 | 0.89× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.87× | 0.25× | ||
| Q4 24 | 0.85× | 0.25× | ||
| Q3 24 | 0.92× | 0.26× | ||
| Q2 24 | 1.03× | 0.27× | ||
| Q1 24 | 1.06× | 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 | $32.1M | $-4.1M |
| Free Cash FlowOCF − Capex | $26.0M | $-11.3M |
| FCF MarginFCF / Revenue | 14.3% | -7.6% |
| Capex IntensityCapex / Revenue | 3.4% | 4.8% |
| Cash ConversionOCF / Net Profit | 8.55× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $8.3M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.1M | $-4.1M | ||
| Q3 25 | $4.5M | $19.4M | ||
| Q2 25 | $-9.3M | $-13.8M | ||
| Q1 25 | $5.6M | $15.6M | ||
| Q4 24 | $25.7M | $14.0M | ||
| Q3 24 | $19.4M | $15.7M | ||
| Q2 24 | $4.5M | $37.8M | ||
| Q1 24 | $604.0K | $12.9M |
| Q4 25 | $26.0M | $-11.3M | ||
| Q3 25 | $-4.1M | $9.0M | ||
| Q2 25 | $-14.7M | $-26.0M | ||
| Q1 25 | $1.1M | $12.3M | ||
| Q4 24 | $22.1M | $12.5M | ||
| Q3 24 | $14.6M | $13.3M | ||
| Q2 24 | $-284.0K | $35.8M | ||
| Q1 24 | $-4.2M | $10.4M |
| Q4 25 | 14.3% | -7.6% | ||
| Q3 25 | -2.1% | 6.6% | ||
| Q2 25 | -7.9% | -23.5% | ||
| Q1 25 | 0.7% | 15.4% | ||
| Q4 24 | 12.8% | 11.6% | ||
| Q3 24 | 8.0% | 13.0% | ||
| Q2 24 | -0.1% | 36.1% | ||
| Q1 24 | -2.3% | 11.4% |
| Q4 25 | 3.4% | 4.8% | ||
| Q3 25 | 4.4% | 7.7% | ||
| Q2 25 | 2.9% | 11.0% | ||
| Q1 25 | 2.8% | 4.0% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 2.6% | 2.3% | ||
| Q2 24 | 2.5% | 2.0% | ||
| Q1 24 | 2.6% | 2.7% |
| Q4 25 | 8.55× | -0.50× | ||
| Q3 25 | 0.34× | 1.63× | ||
| Q2 25 | -3.07× | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.96× | 1.79× | ||
| Q3 24 | 3.02× | — | ||
| Q2 24 | 0.71× | 3.21× | ||
| Q1 24 | 0.61× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MG
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
