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Side-by-side financial comparison of NWPX Infrastructure, Inc. (NWPX) 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 $138.3M, roughly 1.1× NWPX Infrastructure, Inc.). NWPX Infrastructure, Inc. runs the higher net margin — 7.6% vs 5.5%, a 2.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 19.1%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 3.3%).
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.
NWPX vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $138.3M | $148.3M |
| Net Profit | $10.5M | $8.1M |
| Gross Margin | 19.3% | 31.6% |
| Operating Margin | 9.2% | 11.7% |
| Net Margin | 7.6% | 5.5% |
| Revenue YoY | 19.1% | 38.6% |
| Net Profit YoY | 165.7% | 3.9% |
| EPS (diluted) | $1.08 | $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 | $138.3M | — | ||
| Q4 25 | $125.6M | $148.3M | ||
| Q3 25 | $151.1M | $135.8M | ||
| Q2 25 | $133.2M | $110.8M | ||
| Q1 25 | $116.1M | $80.4M | ||
| Q4 24 | $119.6M | $107.0M | ||
| Q3 24 | $130.2M | $102.2M | ||
| Q2 24 | $129.5M | $99.2M |
| Q1 26 | $10.5M | — | ||
| Q4 25 | $8.9M | $8.1M | ||
| Q3 25 | $13.5M | $11.9M | ||
| Q2 25 | $9.1M | $13.9M | ||
| Q1 25 | $4.0M | $-282.0K | ||
| Q4 24 | $10.1M | $7.8M | ||
| Q3 24 | $10.3M | $-267.0K | ||
| Q2 24 | $8.6M | $11.8M |
| Q1 26 | 19.3% | — | ||
| Q4 25 | 21.3% | 31.6% | ||
| Q3 25 | 21.3% | 37.0% | ||
| Q2 25 | 19.0% | 37.2% | ||
| Q1 25 | 16.7% | 35.0% | ||
| Q4 24 | 18.8% | 37.6% | ||
| Q3 24 | 20.8% | 24.8% | ||
| Q2 24 | 19.9% | 40.3% |
| Q1 26 | 9.2% | — | ||
| Q4 25 | 10.4% | 11.7% | ||
| Q3 25 | 12.6% | 13.7% | ||
| Q2 25 | 9.9% | 14.4% | ||
| Q1 25 | 4.8% | 5.4% | ||
| Q4 24 | 8.8% | 15.4% | ||
| Q3 24 | 11.9% | 4.4% | ||
| Q2 24 | 10.5% | 18.7% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 7.1% | 5.5% | ||
| Q3 25 | 8.9% | 8.7% | ||
| Q2 25 | 6.8% | 12.5% | ||
| Q1 25 | 3.4% | -0.4% | ||
| Q4 24 | 8.4% | 7.3% | ||
| Q3 24 | 7.9% | -0.3% | ||
| Q2 24 | 6.7% | 11.9% |
| Q1 26 | $1.08 | — | ||
| Q4 25 | $0.88 | $0.05 | ||
| Q3 25 | $1.38 | $0.07 | ||
| Q2 25 | $0.91 | $0.08 | ||
| Q1 25 | $0.39 | $0.00 | ||
| Q4 24 | $1.00 | $0.04 | ||
| Q3 24 | $1.02 | $0.00 | ||
| Q2 24 | $0.86 | $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 | $14.3M | $7.3M |
| Total DebtLower is stronger | $10.7M | — |
| Stockholders' EquityBook value | $403.7M | $600.0M |
| Total Assets | $634.1M | $904.1M |
| Debt / EquityLower = less leverage | 0.03× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $14.3M | — | ||
| Q4 25 | $2.3M | $7.3M | ||
| Q3 25 | $2.7M | $8.6M | ||
| Q2 25 | $2.0M | $4.7M | ||
| Q1 25 | $5.3M | $35.6M | ||
| Q4 24 | $5.0M | $23.5M | ||
| Q3 24 | $5.7M | $11.1M | ||
| Q2 24 | $4.5M | $3.2M |
| Q1 26 | $10.7M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | $403.7M | — | ||
| Q4 25 | $394.8M | $600.0M | ||
| Q3 25 | $386.4M | $589.6M | ||
| Q2 25 | $379.5M | $575.4M | ||
| Q1 25 | $378.5M | $558.9M | ||
| Q4 24 | $374.0M | $556.8M | ||
| Q3 24 | $362.4M | $545.2M | ||
| Q2 24 | $351.2M | $544.6M |
| Q1 26 | $634.1M | — | ||
| Q4 25 | $579.6M | $904.1M | ||
| Q3 25 | $605.2M | $851.8M | ||
| Q2 25 | $592.6M | $795.0M | ||
| Q1 25 | $582.2M | $788.4M | ||
| Q4 24 | $589.7M | $793.1M | ||
| Q3 24 | $617.2M | $801.3M | ||
| Q2 24 | $631.7M | $788.4M |
| Q1 26 | 0.03× | — | ||
| 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 | $29.3M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 2.78× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $29.3M | — | ||
| Q4 25 | $36.0M | $-4.1M | ||
| Q3 25 | $21.0M | $19.4M | ||
| Q2 25 | $5.4M | $-13.8M | ||
| Q1 25 | $4.8M | $15.6M | ||
| Q4 24 | $36.1M | $14.0M | ||
| Q3 24 | $22.7M | $15.7M | ||
| Q2 24 | $22.3M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $30.8M | $-11.3M | ||
| Q3 25 | $13.2M | $9.0M | ||
| Q2 25 | $1.9M | $-26.0M | ||
| Q1 25 | $1.2M | $12.3M | ||
| Q4 24 | $31.9M | $12.5M | ||
| Q3 24 | $16.8M | $13.3M | ||
| Q2 24 | $16.2M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | 24.5% | -7.6% | ||
| Q3 25 | 8.7% | 6.6% | ||
| Q2 25 | 1.4% | -23.5% | ||
| Q1 25 | 1.0% | 15.4% | ||
| Q4 24 | 26.7% | 11.6% | ||
| Q3 24 | 12.9% | 13.0% | ||
| Q2 24 | 12.5% | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | 4.8% | ||
| Q3 25 | 5.2% | 7.7% | ||
| Q2 25 | 2.6% | 11.0% | ||
| Q1 25 | 3.2% | 4.0% | ||
| Q4 24 | 3.5% | 1.4% | ||
| Q3 24 | 4.6% | 2.3% | ||
| Q2 24 | 4.7% | 2.0% |
| Q1 26 | 2.78× | — | ||
| Q4 25 | 4.06× | -0.50× | ||
| Q3 25 | 1.55× | 1.63× | ||
| Q2 25 | 0.60× | -1.00× | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 3.58× | 1.79× | ||
| Q3 24 | 2.22× | — | ||
| Q2 24 | 2.58× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NWPX
| Water Transmission Systems | $93.5M | 68% |
| Precast Infrastructure and Engineered Systems | $44.8M | 32% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
