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Side-by-side financial comparison of NPK International Inc. (NPKI) 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 $75.2M, roughly 2.0× NPK International Inc.). On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 30.7%). NPK International Inc. produced more free cash flow last quarter ($5.8M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 23.9%).
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.
NPKI vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.2M | $148.3M |
| Net Profit | — | $8.1M |
| Gross Margin | 37.7% | 31.6% |
| Operating Margin | 16.7% | 11.7% |
| Net Margin | — | 5.5% |
| Revenue YoY | 30.7% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | $0.17 | $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 | $75.2M | $148.3M | ||
| Q3 25 | $68.8M | $135.8M | ||
| Q2 25 | $68.2M | $110.8M | ||
| Q1 25 | $64.8M | $80.4M | ||
| Q4 24 | $57.5M | $107.0M | ||
| Q3 24 | $44.2M | $102.2M | ||
| Q2 24 | $66.8M | $99.2M | ||
| Q1 24 | $49.0M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $5.7M | $11.9M | ||
| Q2 25 | $8.7M | $13.9M | ||
| Q1 25 | $10.0M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-174.3M | $-267.0K | ||
| Q2 24 | $8.0M | $11.8M | ||
| Q1 24 | $7.3M | $4.8M |
| Q4 25 | 37.7% | 31.6% | ||
| Q3 25 | 31.9% | 37.0% | ||
| Q2 25 | 36.9% | 37.2% | ||
| Q1 25 | 39.0% | 35.0% | ||
| Q4 24 | 39.2% | 37.6% | ||
| Q3 24 | 27.5% | 24.8% | ||
| Q2 24 | 37.2% | 40.3% | ||
| Q1 24 | 36.0% | 40.2% |
| Q4 25 | 16.7% | 11.7% | ||
| Q3 25 | 13.2% | 13.7% | ||
| Q2 25 | 17.0% | 14.4% | ||
| Q1 25 | 20.9% | 5.4% | ||
| Q4 24 | 20.2% | 15.4% | ||
| Q3 24 | 2.8% | 4.4% | ||
| Q2 24 | 18.7% | 18.7% | ||
| Q1 24 | 14.2% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | 8.2% | 8.7% | ||
| Q2 25 | 12.7% | 12.5% | ||
| Q1 25 | 15.4% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -394.3% | -0.3% | ||
| Q2 24 | 12.0% | 11.9% | ||
| Q1 24 | 14.9% | 5.3% |
| Q4 25 | $0.17 | $0.05 | ||
| Q3 25 | $0.07 | $0.07 | ||
| Q2 25 | $0.10 | $0.08 | ||
| Q1 25 | $0.11 | $0.00 | ||
| Q4 24 | $0.10 | $0.04 | ||
| Q3 24 | $-1.99 | $0.00 | ||
| Q2 24 | $0.09 | $0.07 | ||
| Q1 24 | $0.08 | $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 | $5.1M | $7.3M |
| Total DebtLower is stronger | $16.9M | — |
| Stockholders' EquityBook value | $351.2M | $600.0M |
| Total Assets | $441.8M | $904.1M |
| Debt / EquityLower = less leverage | 0.05× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.1M | $7.3M | ||
| Q3 25 | $35.6M | $8.6M | ||
| Q2 25 | $26.0M | $4.7M | ||
| Q1 25 | $20.8M | $35.6M | ||
| Q4 24 | $17.8M | $23.5M | ||
| Q3 24 | $42.9M | $11.1M | ||
| Q2 24 | $35.1M | $3.2M | ||
| Q1 24 | $37.7M | $15.2M |
| Q4 25 | $16.9M | — | ||
| Q3 25 | $9.5M | — | ||
| Q2 25 | $9.3M | — | ||
| Q1 25 | $8.1M | $141.8M | ||
| Q4 24 | $7.7M | $141.8M | ||
| Q3 24 | $14.0M | $141.8M | ||
| Q2 24 | $58.0M | $146.8M | ||
| Q1 24 | $77.4M | $168.8M |
| Q4 25 | $351.2M | $600.0M | ||
| Q3 25 | $333.9M | $589.6M | ||
| Q2 25 | $328.8M | $575.4M | ||
| Q1 25 | $326.9M | $558.9M | ||
| Q4 24 | $326.5M | $556.8M | ||
| Q3 24 | $316.5M | $545.2M | ||
| Q2 24 | $426.6M | $544.6M | ||
| Q1 24 | $421.6M | $554.0M |
| Q4 25 | $441.8M | $904.1M | ||
| Q3 25 | $404.5M | $851.8M | ||
| Q2 25 | $393.7M | $795.0M | ||
| Q1 25 | $390.0M | $788.4M | ||
| Q4 24 | $393.7M | $793.1M | ||
| Q3 24 | $389.6M | $801.3M | ||
| Q2 24 | $624.8M | $788.4M | ||
| Q1 24 | $640.8M | $825.3M |
| Q4 25 | 0.05× | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.02× | 0.25× | ||
| Q4 24 | 0.02× | 0.25× | ||
| Q3 24 | 0.04× | 0.26× | ||
| Q2 24 | 0.14× | 0.27× | ||
| Q1 24 | 0.18× | 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 | $18.0M | $-4.1M |
| Free Cash FlowOCF − Capex | $5.8M | $-11.3M |
| FCF MarginFCF / Revenue | 7.6% | -7.6% |
| Capex IntensityCapex / Revenue | 16.3% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $26.3M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.0M | $-4.1M | ||
| Q3 25 | $24.7M | $19.4M | ||
| Q2 25 | $21.4M | $-13.8M | ||
| Q1 25 | $8.8M | $15.6M | ||
| Q4 24 | $-4.1M | $14.0M | ||
| Q3 24 | $2.8M | $15.7M | ||
| Q2 24 | $27.6M | $37.8M | ||
| Q1 24 | $11.9M | $12.9M |
| Q4 25 | $5.8M | $-11.3M | ||
| Q3 25 | $12.0M | $9.0M | ||
| Q2 25 | $9.7M | $-26.0M | ||
| Q1 25 | $-1.2M | $12.3M | ||
| Q4 24 | $-17.7M | $12.5M | ||
| Q3 24 | $-6.7M | $13.3M | ||
| Q2 24 | $21.0M | $35.8M | ||
| Q1 24 | $-1.9M | $10.4M |
| Q4 25 | 7.6% | -7.6% | ||
| Q3 25 | 17.4% | 6.6% | ||
| Q2 25 | 14.3% | -23.5% | ||
| Q1 25 | -1.8% | 15.4% | ||
| Q4 24 | -30.8% | 11.6% | ||
| Q3 24 | -15.2% | 13.0% | ||
| Q2 24 | 31.4% | 36.1% | ||
| Q1 24 | -3.9% | 11.4% |
| Q4 25 | 16.3% | 4.8% | ||
| Q3 25 | 18.5% | 7.7% | ||
| Q2 25 | 17.1% | 11.0% | ||
| Q1 25 | 15.5% | 4.0% | ||
| Q4 24 | 23.6% | 1.4% | ||
| Q3 24 | 21.4% | 2.3% | ||
| Q2 24 | 9.9% | 2.0% | ||
| Q1 24 | 28.3% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | 4.37× | 1.63× | ||
| Q2 25 | 2.47× | -1.00× | ||
| Q1 25 | 0.88× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.43× | 3.21× | ||
| Q1 24 | 1.64× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NPKI
| Rental Revenue | $34.8M | 46% |
| Products | $25.5M | 34% |
| Services | $14.9M | 20% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
