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Side-by-side financial comparison of ONESPAWORLD HOLDINGS Ltd (OSW) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $148.3M, roughly 1.6× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 5.0%, a 0.5% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 11.5%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 7.1%).
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.
OSW vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $242.1M | $148.3M |
| Net Profit | $12.1M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 6.8% | 11.7% |
| Net Margin | 5.0% | 5.5% |
| Revenue YoY | 11.5% | 38.6% |
| Net Profit YoY | -16.2% | 3.9% |
| EPS (diluted) | $0.12 | $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 | $242.1M | $148.3M | ||
| Q3 25 | $258.5M | $135.8M | ||
| Q2 25 | $240.7M | $110.8M | ||
| Q1 25 | $219.6M | $80.4M | ||
| Q4 24 | $217.2M | $107.0M | ||
| Q3 24 | $241.7M | $102.2M | ||
| Q2 24 | $224.9M | $99.2M | ||
| Q1 24 | $211.2M | $90.8M |
| Q4 25 | $12.1M | $8.1M | ||
| Q3 25 | $24.3M | $11.9M | ||
| Q2 25 | $19.9M | $13.9M | ||
| Q1 25 | $15.3M | $-282.0K | ||
| Q4 24 | $14.4M | $7.8M | ||
| Q3 24 | $21.6M | $-267.0K | ||
| Q2 24 | $15.8M | $11.8M | ||
| Q1 24 | $21.2M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | 6.8% | 11.7% | ||
| Q3 25 | 10.2% | 13.7% | ||
| Q2 25 | 9.2% | 14.4% | ||
| Q1 25 | 7.7% | 5.4% | ||
| Q4 24 | 7.9% | 15.4% | ||
| Q3 24 | 10.3% | 4.4% | ||
| Q2 24 | 8.4% | 18.7% | ||
| Q1 24 | 8.0% | 12.8% |
| Q4 25 | 5.0% | 5.5% | ||
| Q3 25 | 9.4% | 8.7% | ||
| Q2 25 | 8.3% | 12.5% | ||
| Q1 25 | 7.0% | -0.4% | ||
| Q4 24 | 6.6% | 7.3% | ||
| Q3 24 | 8.9% | -0.3% | ||
| Q2 24 | 7.0% | 11.9% | ||
| Q1 24 | 10.0% | 5.3% |
| Q4 25 | $0.12 | $0.05 | ||
| Q3 25 | $0.23 | $0.07 | ||
| Q2 25 | $0.19 | $0.08 | ||
| Q1 25 | $0.15 | $0.00 | ||
| Q4 24 | $0.13 | $0.04 | ||
| Q3 24 | $0.20 | $0.00 | ||
| Q2 24 | $0.15 | $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 | $16.3M | $7.3M |
| Total DebtLower is stronger | $84.0M | — |
| Stockholders' EquityBook value | $542.6M | $600.0M |
| Total Assets | $707.1M | $904.1M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.3M | $7.3M | ||
| Q3 25 | $29.6M | $8.6M | ||
| Q2 25 | $35.0M | $4.7M | ||
| Q1 25 | $22.6M | $35.6M | ||
| Q4 24 | $57.4M | $23.5M | ||
| Q3 24 | $48.8M | $11.1M | ||
| Q2 24 | $62.5M | $3.2M | ||
| Q1 24 | $65.4M | $15.2M |
| Q4 25 | $84.0M | — | ||
| Q3 25 | $85.2M | — | ||
| Q2 25 | $96.2M | — | ||
| Q1 25 | $97.4M | $141.8M | ||
| Q4 24 | $98.6M | $141.8M | ||
| Q3 24 | $98.7M | $141.8M | ||
| Q2 24 | $123.8M | $146.8M | ||
| Q1 24 | $138.6M | $168.8M |
| Q4 25 | $542.6M | $600.0M | ||
| Q3 25 | $552.8M | $589.6M | ||
| Q2 25 | $548.3M | $575.4M | ||
| Q1 25 | $530.6M | $558.9M | ||
| Q4 24 | $554.5M | $556.8M | ||
| Q3 24 | $540.1M | $545.2M | ||
| Q2 24 | $532.7M | $544.6M | ||
| Q1 24 | $515.5M | $554.0M |
| Q4 25 | $707.1M | $904.1M | ||
| Q3 25 | $732.6M | $851.8M | ||
| Q2 25 | $731.8M | $795.0M | ||
| Q1 25 | $708.7M | $788.4M | ||
| Q4 24 | $746.4M | $793.1M | ||
| Q3 24 | $734.0M | $801.3M | ||
| Q2 24 | $756.8M | $788.4M | ||
| Q1 24 | $763.6M | $825.3M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.18× | 0.25× | ||
| Q4 24 | 0.18× | 0.25× | ||
| Q3 24 | 0.18× | 0.26× | ||
| Q2 24 | 0.23× | 0.27× | ||
| Q1 24 | 0.27× | 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 | $20.0M | $-4.1M |
| Free Cash FlowOCF − Capex | $14.9M | $-11.3M |
| FCF MarginFCF / Revenue | 6.2% | -7.6% |
| Capex IntensityCapex / Revenue | 2.1% | 4.8% |
| Cash ConversionOCF / Net Profit | 1.65× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $68.4M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.0M | $-4.1M | ||
| Q3 25 | $33.2M | $19.4M | ||
| Q2 25 | $20.3M | $-13.8M | ||
| Q1 25 | $10.1M | $15.6M | ||
| Q4 24 | $16.6M | $14.0M | ||
| Q3 24 | $28.6M | $15.7M | ||
| Q2 24 | $18.7M | $37.8M | ||
| Q1 24 | $15.0M | $12.9M |
| Q4 25 | $14.9M | $-11.3M | ||
| Q3 25 | $27.6M | $9.0M | ||
| Q2 25 | $17.6M | $-26.0M | ||
| Q1 25 | $8.4M | $12.3M | ||
| Q4 24 | $13.2M | $12.5M | ||
| Q3 24 | $27.5M | $13.3M | ||
| Q2 24 | $17.6M | $35.8M | ||
| Q1 24 | $13.7M | $10.4M |
| Q4 25 | 6.2% | -7.6% | ||
| Q3 25 | 10.7% | 6.6% | ||
| Q2 25 | 7.3% | -23.5% | ||
| Q1 25 | 3.8% | 15.4% | ||
| Q4 24 | 6.1% | 11.6% | ||
| Q3 24 | 11.4% | 13.0% | ||
| Q2 24 | 7.8% | 36.1% | ||
| Q1 24 | 6.5% | 11.4% |
| Q4 25 | 2.1% | 4.8% | ||
| Q3 25 | 2.2% | 7.7% | ||
| Q2 25 | 1.1% | 11.0% | ||
| Q1 25 | 0.8% | 4.0% | ||
| Q4 24 | 1.5% | 1.4% | ||
| Q3 24 | 0.5% | 2.3% | ||
| Q2 24 | 0.5% | 2.0% | ||
| Q1 24 | 0.6% | 2.7% |
| Q4 25 | 1.65× | -0.50× | ||
| Q3 25 | 1.36× | 1.63× | ||
| Q2 25 | 1.02× | -1.00× | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 1.15× | 1.79× | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.19× | 3.21× | ||
| Q1 24 | 0.71× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
