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Side-by-side financial comparison of Pangaea Logistics Solutions Ltd. (PANL) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs 5.5%, a 1.0% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 24.9%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 27.8%).
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
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.
PANL vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.9M | $148.3M |
| Net Profit | $11.9M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 9.5% | 11.7% |
| Net Margin | 6.5% | 5.5% |
| Revenue YoY | 24.9% | 38.6% |
| Net Profit YoY | 40.9% | 3.9% |
| EPS (diluted) | $0.18 | $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 | $183.9M | $148.3M | ||
| Q3 25 | $168.7M | $135.8M | ||
| Q2 25 | $156.7M | $110.8M | ||
| Q1 25 | $122.8M | $80.4M | ||
| Q4 24 | $147.2M | $107.0M | ||
| Q3 24 | $153.1M | $102.2M | ||
| Q2 24 | $131.5M | $99.2M | ||
| Q1 24 | $104.7M | $90.8M |
| Q4 25 | $11.9M | $8.1M | ||
| Q3 25 | $12.2M | $11.9M | ||
| Q2 25 | $-2.7M | $13.9M | ||
| Q1 25 | $-2.0M | $-282.0K | ||
| Q4 24 | $8.4M | $7.8M | ||
| Q3 24 | $5.1M | $-267.0K | ||
| Q2 24 | $3.7M | $11.8M | ||
| Q1 24 | $11.7M | $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 | 9.5% | 11.7% | ||
| Q3 25 | 10.0% | 13.7% | ||
| Q2 25 | 2.3% | 14.4% | ||
| Q1 25 | 2.4% | 5.4% | ||
| Q4 24 | 10.1% | 15.4% | ||
| Q3 24 | 9.8% | 4.4% | ||
| Q2 24 | 5.8% | 18.7% | ||
| Q1 24 | 10.5% | 12.8% |
| Q4 25 | 6.5% | 5.5% | ||
| Q3 25 | 7.2% | 8.7% | ||
| Q2 25 | -1.8% | 12.5% | ||
| Q1 25 | -1.6% | -0.4% | ||
| Q4 24 | 5.7% | 7.3% | ||
| Q3 24 | 3.3% | -0.3% | ||
| Q2 24 | 2.8% | 11.9% | ||
| Q1 24 | 11.1% | 5.3% |
| Q4 25 | $0.18 | $0.05 | ||
| Q3 25 | $0.19 | $0.07 | ||
| Q2 25 | $-0.04 | $0.08 | ||
| Q1 25 | $-0.03 | $0.00 | ||
| Q4 24 | $0.19 | $0.04 | ||
| Q3 24 | $0.11 | $0.00 | ||
| Q2 24 | $0.08 | $0.07 | ||
| Q1 24 | $0.25 | $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 | $103.1M | $7.3M |
| Total DebtLower is stronger | $249.6M | — |
| Stockholders' EquityBook value | $429.3M | $600.0M |
| Total Assets | $928.1M | $904.1M |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.1M | $7.3M | ||
| Q3 25 | $94.0M | $8.6M | ||
| Q2 25 | $59.3M | $4.7M | ||
| Q1 25 | $63.9M | $35.6M | ||
| Q4 24 | $86.8M | $23.5M | ||
| Q3 24 | $93.1M | $11.1M | ||
| Q2 24 | $77.9M | $3.2M | ||
| Q1 24 | $95.9M | $15.2M |
| Q4 25 | $249.6M | — | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $244.7M | — | ||
| Q1 25 | $251.0M | $141.8M | ||
| Q4 24 | $257.2M | $141.8M | ||
| Q3 24 | $133.6M | $141.8M | ||
| Q2 24 | $90.5M | $146.8M | ||
| Q1 24 | $95.9M | $168.8M |
| Q4 25 | $429.3M | $600.0M | ||
| Q3 25 | $420.3M | $589.6M | ||
| Q2 25 | $414.4M | $575.4M | ||
| Q1 25 | $420.8M | $558.9M | ||
| Q4 24 | $427.8M | $556.8M | ||
| Q3 24 | $332.6M | $545.2M | ||
| Q2 24 | $331.5M | $544.6M | ||
| Q1 24 | $332.0M | $554.0M |
| Q4 25 | $928.1M | $904.1M | ||
| Q3 25 | $932.1M | $851.8M | ||
| Q2 25 | $916.0M | $795.0M | ||
| Q1 25 | $918.0M | $788.4M | ||
| Q4 24 | $936.5M | $793.1M | ||
| Q3 24 | $749.2M | $801.3M | ||
| Q2 24 | $692.9M | $788.4M | ||
| Q1 24 | $703.3M | $825.3M |
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.60× | 0.25× | ||
| Q4 24 | 0.60× | 0.25× | ||
| Q3 24 | 0.40× | 0.26× | ||
| Q2 24 | 0.27× | 0.27× | ||
| Q1 24 | 0.29× | 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 | $15.1M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 1.27× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.1M | $-4.1M | ||
| Q3 25 | $28.6M | $19.4M | ||
| Q2 25 | $14.4M | $-13.8M | ||
| Q1 25 | $-4.4M | $15.6M | ||
| Q4 24 | $19.3M | $14.0M | ||
| Q3 24 | $28.5M | $15.7M | ||
| Q2 24 | $9.0M | $37.8M | ||
| Q1 24 | $9.0M | $12.9M |
| Q4 25 | — | $-11.3M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $-26.0M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | $13.3M | ||
| Q2 24 | — | $35.8M | ||
| Q1 24 | — | $10.4M |
| Q4 25 | — | -7.6% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 13.0% | ||
| Q2 24 | — | 36.1% | ||
| Q1 24 | — | 11.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 1.27× | -0.50× | ||
| Q3 25 | 2.34× | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.29× | 1.79× | ||
| Q3 24 | 5.57× | — | ||
| Q2 24 | 2.43× | 3.21× | ||
| Q1 24 | 0.77× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
