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Side-by-side financial comparison of OIL STATES INTERNATIONAL, INC (OIS) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
OIL STATES INTERNATIONAL, INC is the larger business by last-quarter revenue ($178.5M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -65.7%, a 71.2% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 8.4%). OIL STATES INTERNATIONAL, INC produced more free cash flow last quarter ($47.1M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 3.3%).
Oil States International, Inc. is an American multinational corporation. It focuses on providing services to oil and gas companies. It is a public company listed on the New York Stock Exchange.
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.
OIS vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $178.5M | $148.3M |
| Net Profit | $-117.2M | $8.1M |
| Gross Margin | 10.9% | 31.6% |
| Operating Margin | -63.7% | 11.7% |
| Net Margin | -65.7% | 5.5% |
| Revenue YoY | 8.4% | 38.6% |
| Net Profit YoY | -873.2% | 3.9% |
| EPS (diluted) | $-1.99 | $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 | $178.5M | $148.3M | ||
| Q3 25 | $165.2M | $135.8M | ||
| Q2 25 | $165.4M | $110.8M | ||
| Q1 25 | $159.9M | $80.4M | ||
| Q4 24 | $164.6M | $107.0M | ||
| Q3 24 | $174.3M | $102.2M | ||
| Q2 24 | $186.4M | $99.2M | ||
| Q1 24 | $167.3M | $90.8M |
| Q4 25 | $-117.2M | $8.1M | ||
| Q3 25 | $1.9M | $11.9M | ||
| Q2 25 | $2.8M | $13.9M | ||
| Q1 25 | $3.2M | $-282.0K | ||
| Q4 24 | $15.2M | $7.8M | ||
| Q3 24 | $-14.3M | $-267.0K | ||
| Q2 24 | $1.3M | $11.8M | ||
| Q1 24 | $-13.4M | $4.8M |
| Q4 25 | 10.9% | 31.6% | ||
| Q3 25 | 22.1% | 37.0% | ||
| Q2 25 | 24.2% | 37.2% | ||
| Q1 25 | 23.3% | 35.0% | ||
| Q4 24 | 23.7% | 37.6% | ||
| Q3 24 | 21.7% | 24.8% | ||
| Q2 24 | 23.8% | 40.3% | ||
| Q1 24 | 21.1% | 40.2% |
| Q4 25 | -63.7% | 11.7% | ||
| Q3 25 | 2.9% | 13.7% | ||
| Q2 25 | 3.2% | 14.4% | ||
| Q1 25 | 3.5% | 5.4% | ||
| Q4 24 | 11.2% | 15.4% | ||
| Q3 24 | -6.3% | 4.4% | ||
| Q2 24 | 1.1% | 18.7% | ||
| Q1 24 | -6.7% | 12.8% |
| Q4 25 | -65.7% | 5.5% | ||
| Q3 25 | 1.2% | 8.7% | ||
| Q2 25 | 1.7% | 12.5% | ||
| Q1 25 | 2.0% | -0.4% | ||
| Q4 24 | 9.2% | 7.3% | ||
| Q3 24 | -8.2% | -0.3% | ||
| Q2 24 | 0.7% | 11.9% | ||
| Q1 24 | -8.0% | 5.3% |
| Q4 25 | $-1.99 | $0.05 | ||
| Q3 25 | $0.03 | $0.07 | ||
| Q2 25 | $0.05 | $0.08 | ||
| Q1 25 | $0.05 | $0.00 | ||
| Q4 24 | $0.24 | $0.04 | ||
| Q3 24 | $-0.23 | $0.00 | ||
| Q2 24 | $0.02 | $0.07 | ||
| Q1 24 | $-0.21 | $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 | $69.9M | $7.3M |
| Total DebtLower is stronger | $1.7M | — |
| Stockholders' EquityBook value | $573.2M | $600.0M |
| Total Assets | $883.4M | $904.1M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $69.9M | $7.3M | ||
| Q3 25 | $67.1M | $8.6M | ||
| Q2 25 | $53.9M | $4.7M | ||
| Q1 25 | $66.8M | $35.6M | ||
| Q4 24 | $65.4M | $23.5M | ||
| Q3 24 | $46.0M | $11.1M | ||
| Q2 24 | $25.2M | $3.2M | ||
| Q1 24 | $24.1M | $15.2M |
| Q4 25 | $1.7M | — | ||
| Q3 25 | $1.9M | — | ||
| Q2 25 | $1.9M | — | ||
| Q1 25 | $124.7M | $141.8M | ||
| Q4 24 | $124.7M | $141.8M | ||
| Q3 24 | $124.6M | $141.8M | ||
| Q2 24 | $124.3M | $146.8M | ||
| Q1 24 | $135.6M | $168.8M |
| Q4 25 | $573.2M | $600.0M | ||
| Q3 25 | $689.0M | $589.6M | ||
| Q2 25 | $690.6M | $575.4M | ||
| Q1 25 | $683.4M | $558.9M | ||
| Q4 24 | $680.7M | $556.8M | ||
| Q3 24 | $684.8M | $545.2M | ||
| Q2 24 | $690.4M | $544.6M | ||
| Q1 24 | $692.3M | $554.0M |
| Q4 25 | $883.4M | $904.1M | ||
| Q3 25 | $1.0B | $851.8M | ||
| Q2 25 | $993.7M | $795.0M | ||
| Q1 25 | $990.7M | $788.4M | ||
| Q4 24 | $1.0B | $793.1M | ||
| Q3 24 | $994.1M | $801.3M | ||
| Q2 24 | $1.0B | $788.4M | ||
| Q1 24 | $1.0B | $825.3M |
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.18× | 0.25× | ||
| Q4 24 | 0.18× | 0.25× | ||
| Q3 24 | 0.18× | 0.26× | ||
| Q2 24 | 0.18× | 0.27× | ||
| Q1 24 | 0.20× | 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 | $50.1M | $-4.1M |
| Free Cash FlowOCF − Capex | $47.1M | $-11.3M |
| FCF MarginFCF / Revenue | 26.4% | -7.6% |
| Capex IntensityCapex / Revenue | 1.7% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $73.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $50.1M | $-4.1M | ||
| Q3 25 | $30.7M | $19.4M | ||
| Q2 25 | $15.0M | $-13.8M | ||
| Q1 25 | $9.3M | $15.6M | ||
| Q4 24 | $18.2M | $14.0M | ||
| Q3 24 | $28.8M | $15.7M | ||
| Q2 24 | $10.2M | $37.8M | ||
| Q1 24 | $-11.4M | $12.9M |
| Q4 25 | $47.1M | $-11.3M | ||
| Q3 25 | $22.0M | $9.0M | ||
| Q2 25 | $4.7M | $-26.0M | ||
| Q1 25 | $137.0K | $12.3M | ||
| Q4 24 | $4.0M | $12.5M | ||
| Q3 24 | $21.4M | $13.3M | ||
| Q2 24 | $4.5M | $35.8M | ||
| Q1 24 | $-21.5M | $10.4M |
| Q4 25 | 26.4% | -7.6% | ||
| Q3 25 | 13.3% | 6.6% | ||
| Q2 25 | 2.8% | -23.5% | ||
| Q1 25 | 0.1% | 15.4% | ||
| Q4 24 | 2.4% | 11.6% | ||
| Q3 24 | 12.3% | 13.0% | ||
| Q2 24 | 2.4% | 36.1% | ||
| Q1 24 | -12.8% | 11.4% |
| Q4 25 | 1.7% | 4.8% | ||
| Q3 25 | 5.3% | 7.7% | ||
| Q2 25 | 6.2% | 11.0% | ||
| Q1 25 | 5.7% | 4.0% | ||
| Q4 24 | 8.6% | 1.4% | ||
| Q3 24 | 4.3% | 2.3% | ||
| Q2 24 | 3.1% | 2.0% | ||
| Q1 24 | 6.0% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | 16.15× | 1.63× | ||
| Q2 25 | 5.33× | -1.00× | ||
| Q1 25 | 2.94× | — | ||
| Q4 24 | 1.20× | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | 7.87× | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OIS
| Project Driven | $112.6M | 63% |
| Downhole Technologies | $32.1M | 18% |
| Completion And Production Services | $23.1M | 13% |
| Military And Other Products | $10.7M | 6% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
