vs
Side-by-side financial comparison of ONTO INNOVATION INC. (ONTO) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
ONTO INNOVATION INC. is the larger business by last-quarter revenue ($218.2M vs $148.3M, roughly 1.5× Shoals Technologies Group, Inc.). ONTO INNOVATION INC. runs the higher net margin — 12.9% vs 5.5%, a 7.5% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -13.5%). ONTO INNOVATION INC. produced more free cash flow last quarter ($82.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 2.6%).
Onto Innovation Inc. is an American semiconductor company formed in 2019 from the merger of Rudolph Technologies, Inc. and Nanometrics Incorporated. It is a provider of process and process control equipment and software for microelectronic manufacturing 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.
ONTO vs SHLS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $218.2M | $148.3M |
| Net Profit | $28.2M | $8.1M |
| Gross Margin | 50.7% | 31.6% |
| Operating Margin | 10.9% | 11.7% |
| Net Margin | 12.9% | 5.5% |
| Revenue YoY | -13.5% | 38.6% |
| Net Profit YoY | -46.8% | 3.9% |
| EPS (diluted) | $0.57 | $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 | — | $148.3M | ||
| Q3 25 | $218.2M | $135.8M | ||
| Q2 25 | $253.6M | $110.8M | ||
| Q1 25 | $266.6M | $80.4M | ||
| Q4 24 | $263.9M | $107.0M | ||
| Q3 24 | $252.2M | $102.2M | ||
| Q2 24 | $242.3M | $99.2M | ||
| Q1 24 | $228.8M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $28.2M | $11.9M | ||
| Q2 25 | $33.9M | $13.9M | ||
| Q1 25 | $64.1M | $-282.0K | ||
| Q4 24 | $48.8M | $7.8M | ||
| Q3 24 | $53.1M | $-267.0K | ||
| Q2 24 | $52.9M | $11.8M | ||
| Q1 24 | $46.9M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | 50.7% | 37.0% | ||
| Q2 25 | 48.2% | 37.2% | ||
| Q1 25 | 53.7% | 35.0% | ||
| Q4 24 | 50.2% | 37.6% | ||
| Q3 24 | 54.1% | 24.8% | ||
| Q2 24 | 52.9% | 40.3% | ||
| Q1 24 | 51.7% | 40.2% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | 10.9% | 13.7% | ||
| Q2 25 | 12.7% | 14.4% | ||
| Q1 25 | 23.7% | 5.4% | ||
| Q4 24 | 16.1% | 15.4% | ||
| Q3 24 | 21.0% | 4.4% | ||
| Q2 24 | 20.2% | 18.7% | ||
| Q1 24 | 18.7% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | 12.9% | 8.7% | ||
| Q2 25 | 13.4% | 12.5% | ||
| Q1 25 | 24.0% | -0.4% | ||
| Q4 24 | 18.5% | 7.3% | ||
| Q3 24 | 21.0% | -0.3% | ||
| Q2 24 | 21.9% | 11.9% | ||
| Q1 24 | 20.5% | 5.3% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | $0.57 | $0.07 | ||
| Q2 25 | $0.69 | $0.08 | ||
| Q1 25 | $1.30 | $0.00 | ||
| Q4 24 | $0.98 | $0.04 | ||
| Q3 24 | $1.07 | $0.00 | ||
| Q2 24 | $1.07 | $0.07 | ||
| Q1 24 | $0.94 | $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 | $603.1M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.0B | $600.0M |
| Total Assets | $2.2B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | $603.1M | $8.6M | ||
| Q2 25 | $217.5M | $4.7M | ||
| Q1 25 | $203.7M | $35.6M | ||
| Q4 24 | $212.9M | $23.5M | ||
| Q3 24 | $188.7M | $11.1M | ||
| Q2 24 | $172.6M | $3.2M | ||
| Q1 24 | $190.9M | $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 | — | $600.0M | ||
| Q3 25 | $2.0B | $589.6M | ||
| Q2 25 | $2.0B | $575.4M | ||
| Q1 25 | $1.9B | $558.9M | ||
| Q4 24 | $1.9B | $556.8M | ||
| Q3 24 | $1.9B | $545.2M | ||
| Q2 24 | $1.8B | $544.6M | ||
| Q1 24 | $1.8B | $554.0M |
| Q4 25 | — | $904.1M | ||
| Q3 25 | $2.2B | $851.8M | ||
| Q2 25 | $2.1B | $795.0M | ||
| Q1 25 | $2.1B | $788.4M | ||
| Q4 24 | $2.1B | $793.1M | ||
| Q3 24 | $2.1B | $801.3M | ||
| Q2 24 | $2.0B | $788.4M | ||
| Q1 24 | $2.0B | $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 | $83.4M | $-4.1M |
| Free Cash FlowOCF − Capex | $82.0M | $-11.3M |
| FCF MarginFCF / Revenue | 37.6% | -7.6% |
| Capex IntensityCapex / Revenue | 0.6% | 4.8% |
| Cash ConversionOCF / Net Profit | 2.95× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $261.3M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-4.1M | ||
| Q3 25 | $83.4M | $19.4M | ||
| Q2 25 | $57.9M | $-13.8M | ||
| Q1 25 | $92.0M | $15.6M | ||
| Q4 24 | $56.0M | $14.0M | ||
| Q3 24 | $67.2M | $15.7M | ||
| Q2 24 | $65.3M | $37.8M | ||
| Q1 24 | $57.1M | $12.9M |
| Q4 25 | — | $-11.3M | ||
| Q3 25 | $82.0M | $9.0M | ||
| Q2 25 | $44.2M | $-26.0M | ||
| Q1 25 | $83.7M | $12.3M | ||
| Q4 24 | $51.4M | $12.5M | ||
| Q3 24 | $59.2M | $13.3M | ||
| Q2 24 | $53.0M | $35.8M | ||
| Q1 24 | $50.2M | $10.4M |
| Q4 25 | — | -7.6% | ||
| Q3 25 | 37.6% | 6.6% | ||
| Q2 25 | 17.4% | -23.5% | ||
| Q1 25 | 31.4% | 15.4% | ||
| Q4 24 | 19.5% | 11.6% | ||
| Q3 24 | 23.5% | 13.0% | ||
| Q2 24 | 21.9% | 36.1% | ||
| Q1 24 | 21.9% | 11.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 0.6% | 7.7% | ||
| Q2 25 | 5.4% | 11.0% | ||
| Q1 25 | 3.1% | 4.0% | ||
| Q4 24 | 1.8% | 1.4% | ||
| Q3 24 | 3.2% | 2.3% | ||
| Q2 24 | 5.1% | 2.0% | ||
| Q1 24 | 3.0% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | 2.95× | 1.63× | ||
| Q2 25 | 1.71× | -1.00× | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.15× | 1.79× | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.23× | 3.21× | ||
| Q1 24 | 1.22× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
