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Side-by-side financial comparison of MAXLINEAR, INC (MXL) 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 $137.2M, roughly 1.1× MAXLINEAR, INC). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -32.9%, a 38.4% gap on every dollar of revenue. On growth, MAXLINEAR, INC posted the faster year-over-year revenue change (43.0% vs 38.6%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 22.1%).
MaxLinear, Inc. is an American electronic hardware company. Founded in 2003, it provides highly integrated radio-frequency (RF) analog and mixed-signal semiconductor products for broadband communications applications. It is a New York Stock Exchange-traded company.
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.
MXL vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $137.2M | $148.3M |
| Net Profit | $-45.1M | $8.1M |
| Gross Margin | 57.5% | 31.6% |
| Operating Margin | 30.0% | 11.7% |
| Net Margin | -32.9% | 5.5% |
| Revenue YoY | 43.0% | 38.6% |
| Net Profit YoY | -203.0% | 3.9% |
| EPS (diluted) | $-0.52 | $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.
| Q1 26 | $137.2M | — | ||
| Q4 25 | $136.4M | $148.3M | ||
| Q3 25 | $126.5M | $135.8M | ||
| Q2 25 | $108.8M | $110.8M | ||
| Q1 25 | $95.9M | $80.4M | ||
| Q4 24 | $92.2M | $107.0M | ||
| Q3 24 | $81.1M | $102.2M | ||
| Q2 24 | $92.0M | $99.2M |
| Q1 26 | $-45.1M | — | ||
| Q4 25 | $-14.9M | $8.1M | ||
| Q3 25 | $-45.5M | $11.9M | ||
| Q2 25 | $-26.6M | $13.9M | ||
| Q1 25 | $-49.7M | $-282.0K | ||
| Q4 24 | $-57.8M | $7.8M | ||
| Q3 24 | $-75.8M | $-267.0K | ||
| Q2 24 | $-39.3M | $11.8M |
| Q1 26 | 57.5% | — | ||
| Q4 25 | 57.6% | 31.6% | ||
| Q3 25 | 56.9% | 37.0% | ||
| Q2 25 | 56.5% | 37.2% | ||
| Q1 25 | 56.1% | 35.0% | ||
| Q4 24 | 55.6% | 37.6% | ||
| Q3 24 | 54.4% | 24.8% | ||
| Q2 24 | 54.6% | 40.3% |
| Q1 26 | 30.0% | — | ||
| Q4 25 | -10.9% | 11.7% | ||
| Q3 25 | -32.7% | 13.7% | ||
| Q2 25 | -22.6% | 14.4% | ||
| Q1 25 | -48.0% | 5.4% | ||
| Q4 24 | -44.7% | 15.4% | ||
| Q3 24 | -82.3% | 4.4% | ||
| Q2 24 | -44.4% | 18.7% |
| Q1 26 | -32.9% | — | ||
| Q4 25 | -10.9% | 5.5% | ||
| Q3 25 | -36.0% | 8.7% | ||
| Q2 25 | -24.4% | 12.5% | ||
| Q1 25 | -51.8% | -0.4% | ||
| Q4 24 | -62.8% | 7.3% | ||
| Q3 24 | -93.4% | -0.3% | ||
| Q2 24 | -42.7% | 11.9% |
| Q1 26 | $-0.52 | — | ||
| Q4 25 | $-0.17 | $0.05 | ||
| Q3 25 | $-0.52 | $0.07 | ||
| Q2 25 | $-0.31 | $0.08 | ||
| Q1 25 | $-0.58 | $0.00 | ||
| Q4 24 | $-0.68 | $0.04 | ||
| Q3 24 | $-0.90 | $0.00 | ||
| Q2 24 | $-0.47 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $61.1M | $7.3M |
| Total DebtLower is stronger | $123.8M | — |
| Stockholders' EquityBook value | $454.2M | $600.0M |
| Total Assets | $771.3M | $904.1M |
| Debt / EquityLower = less leverage | 0.27× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $61.1M | — | ||
| Q4 25 | $72.8M | $7.3M | ||
| Q3 25 | $111.9M | $8.6M | ||
| Q2 25 | $108.6M | $4.7M | ||
| Q1 25 | $102.8M | $35.6M | ||
| Q4 24 | $118.6M | $23.5M | ||
| Q3 24 | $148.5M | $11.1M | ||
| Q2 24 | $185.1M | $3.2M |
| Q1 26 | $123.8M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | $454.2M | — | ||
| Q4 25 | $451.9M | $600.0M | ||
| Q3 25 | $464.7M | $589.6M | ||
| Q2 25 | $488.3M | $575.4M | ||
| Q1 25 | $493.2M | $558.9M | ||
| Q4 24 | $516.3M | $556.8M | ||
| Q3 24 | $556.9M | $545.2M | ||
| Q2 24 | $617.3M | $544.6M |
| Q1 26 | $771.3M | — | ||
| Q4 25 | $796.4M | $904.1M | ||
| Q3 25 | $808.1M | $851.8M | ||
| Q2 25 | $863.7M | $795.0M | ||
| Q1 25 | $855.3M | $788.4M | ||
| Q4 24 | $864.6M | $793.1M | ||
| Q3 24 | $895.3M | $801.3M | ||
| Q2 24 | $973.2M | $788.4M |
| Q1 26 | 0.27× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× |
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 | — | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $10.4M | $-4.1M | ||
| Q3 25 | $10.1M | $19.4M | ||
| Q2 25 | $10.5M | $-13.8M | ||
| Q1 25 | $-11.4M | $15.6M | ||
| Q4 24 | $-27.8M | $14.0M | ||
| Q3 24 | $-30.7M | $15.7M | ||
| Q2 24 | $-2.7M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $6.7M | $-11.3M | ||
| Q3 25 | $4.4M | $9.0M | ||
| Q2 25 | $9.3M | $-26.0M | ||
| Q1 25 | $-13.4M | $12.3M | ||
| Q4 24 | $-30.0M | $12.5M | ||
| Q3 24 | $-34.9M | $13.3M | ||
| Q2 24 | $-5.7M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | -7.6% | ||
| Q3 25 | 3.5% | 6.6% | ||
| Q2 25 | 8.6% | -23.5% | ||
| Q1 25 | -14.0% | 15.4% | ||
| Q4 24 | -32.6% | 11.6% | ||
| Q3 24 | -43.0% | 13.0% | ||
| Q2 24 | -6.2% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.7% | 4.8% | ||
| Q3 25 | 4.5% | 7.7% | ||
| Q2 25 | 1.1% | 11.0% | ||
| Q1 25 | 2.1% | 4.0% | ||
| Q4 24 | 2.4% | 1.4% | ||
| Q3 24 | 5.1% | 2.3% | ||
| Q2 24 | 3.3% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MXL
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
