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Side-by-side financial comparison of MATRIX SERVICE CO (MTRX) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
MATRIX SERVICE CO is the larger business by last-quarter revenue ($210.5M vs $148.3M, roughly 1.4× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -0.4%, a 5.9% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 12.5%). MATRIX SERVICE CO produced more free cash flow last quarter ($6.3M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 12.6%).
Matrix Telecom, Inc., operating as Matrix Business Technologies, Trinsic, Powered by Matrix, Excel Telecommunications and various other niche brands is a United States telecommunications firm that provides voice and data services to consumers and small and medium businesses as well as multi-location distributed enterprise markets. The firm also provides wholesale voice services to the telecommunications, wireless and cable industries.
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.
MTRX vs SHLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $210.5M | $148.3M |
| Net Profit | $-894.0K | $8.1M |
| Gross Margin | 6.2% | 31.6% |
| Operating Margin | -1.0% | 11.7% |
| Net Margin | -0.4% | 5.5% |
| Revenue YoY | 12.5% | 38.6% |
| Net Profit YoY | 83.8% | 3.9% |
| EPS (diluted) | $-0.03 | $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 | $210.5M | $148.3M | ||
| Q3 25 | $211.9M | $135.8M | ||
| Q2 25 | $216.4M | $110.8M | ||
| Q1 25 | $200.2M | $80.4M | ||
| Q4 24 | $187.2M | $107.0M | ||
| Q3 24 | $165.6M | $102.2M | ||
| Q2 24 | $189.5M | $99.2M | ||
| Q1 24 | $166.0M | $90.8M |
| Q4 25 | $-894.0K | $8.1M | ||
| Q3 25 | $-3.7M | $11.9M | ||
| Q2 25 | $-11.3M | $13.9M | ||
| Q1 25 | $-3.4M | $-282.0K | ||
| Q4 24 | $-5.5M | $7.8M | ||
| Q3 24 | $-9.2M | $-267.0K | ||
| Q2 24 | $-4.4M | $11.8M | ||
| Q1 24 | $-14.6M | $4.8M |
| Q4 25 | 6.2% | 31.6% | ||
| Q3 25 | 6.7% | 37.0% | ||
| Q2 25 | 3.8% | 37.2% | ||
| Q1 25 | 6.4% | 35.0% | ||
| Q4 24 | 5.8% | 37.6% | ||
| Q3 24 | 4.7% | 24.8% | ||
| Q2 24 | 6.6% | 40.3% | ||
| Q1 24 | 3.4% | 40.2% |
| Q4 25 | -1.0% | 11.7% | ||
| Q3 25 | -2.6% | 13.7% | ||
| Q2 25 | -6.0% | 14.4% | ||
| Q1 25 | -2.5% | 5.4% | ||
| Q4 24 | -3.4% | 15.4% | ||
| Q3 24 | -6.5% | 4.4% | ||
| Q2 24 | -2.8% | 18.7% | ||
| Q1 24 | -8.7% | 12.8% |
| Q4 25 | -0.4% | 5.5% | ||
| Q3 25 | -1.7% | 8.7% | ||
| Q2 25 | -5.2% | 12.5% | ||
| Q1 25 | -1.7% | -0.4% | ||
| Q4 24 | -3.0% | 7.3% | ||
| Q3 24 | -5.6% | -0.3% | ||
| Q2 24 | -2.3% | 11.9% | ||
| Q1 24 | -8.8% | 5.3% |
| Q4 25 | $-0.03 | $0.05 | ||
| Q3 25 | $-0.13 | $0.07 | ||
| Q2 25 | $-0.41 | $0.08 | ||
| Q1 25 | $-0.12 | $0.00 | ||
| Q4 24 | $-0.20 | $0.04 | ||
| Q3 24 | $-0.33 | $0.00 | ||
| Q2 24 | $-0.16 | $0.07 | ||
| Q1 24 | $-0.53 | $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 | $199.0M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $137.6M | $600.0M |
| Total Assets | $650.2M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $199.0M | $7.3M | ||
| Q3 25 | $192.3M | $8.6M | ||
| Q2 25 | $224.6M | $4.7M | ||
| Q1 25 | $185.5M | $35.6M | ||
| Q4 24 | $156.8M | $23.5M | ||
| Q3 24 | $124.6M | $11.1M | ||
| Q2 24 | $115.6M | $3.2M | ||
| Q1 24 | $69.7M | $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 | $137.6M | $600.0M | ||
| Q3 25 | $136.3M | $589.6M | ||
| Q2 25 | $142.7M | $575.4M | ||
| Q1 25 | $150.7M | $558.9M | ||
| Q4 24 | $151.9M | $556.8M | ||
| Q3 24 | $156.5M | $545.2M | ||
| Q2 24 | $164.2M | $544.6M | ||
| Q1 24 | $165.8M | $554.0M |
| Q4 25 | $650.2M | $904.1M | ||
| Q3 25 | $598.2M | $851.8M | ||
| Q2 25 | $600.3M | $795.0M | ||
| Q1 25 | $613.7M | $788.4M | ||
| Q4 24 | $513.8M | $793.1M | ||
| Q3 24 | $470.2M | $801.3M | ||
| Q2 24 | $451.4M | $788.4M | ||
| Q1 24 | $440.0M | $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 | $7.5M | $-4.1M |
| Free Cash FlowOCF − Capex | $6.3M | $-11.3M |
| FCF MarginFCF / Revenue | 3.0% | -7.6% |
| Capex IntensityCapex / Revenue | 0.6% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $45.5M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.5M | $-4.1M | ||
| Q3 25 | $-25.9M | $19.4M | ||
| Q2 25 | $40.7M | $-13.8M | ||
| Q1 25 | $31.2M | $15.6M | ||
| Q4 24 | $33.6M | $14.0M | ||
| Q3 24 | $11.9M | $15.7M | ||
| Q2 24 | $47.0M | $37.8M | ||
| Q1 24 | $24.8M | $12.9M |
| Q4 25 | $6.3M | $-11.3M | ||
| Q3 25 | $-27.9M | $9.0M | ||
| Q2 25 | $38.4M | $-26.0M | ||
| Q1 25 | $28.7M | $12.3M | ||
| Q4 24 | $32.7M | $12.5M | ||
| Q3 24 | $10.0M | $13.3M | ||
| Q2 24 | $45.7M | $35.8M | ||
| Q1 24 | $20.0M | $10.4M |
| Q4 25 | 3.0% | -7.6% | ||
| Q3 25 | -13.2% | 6.6% | ||
| Q2 25 | 17.8% | -23.5% | ||
| Q1 25 | 14.3% | 15.4% | ||
| Q4 24 | 17.5% | 11.6% | ||
| Q3 24 | 6.0% | 13.0% | ||
| Q2 24 | 24.1% | 36.1% | ||
| Q1 24 | 12.1% | 11.4% |
| Q4 25 | 0.6% | 4.8% | ||
| Q3 25 | 0.9% | 7.7% | ||
| Q2 25 | 1.0% | 11.0% | ||
| Q1 25 | 1.3% | 4.0% | ||
| Q4 24 | 0.5% | 1.4% | ||
| Q3 24 | 1.2% | 2.3% | ||
| Q2 24 | 0.7% | 2.0% | ||
| Q1 24 | 2.9% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MTRX
| Storage And Terminal Solutions | $99.9M | 47% |
| Utility And Power Infrastructure | $75.4M | 36% |
| Process And Industrial Facilities | $35.3M | 17% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
