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Side-by-side financial comparison of PLUG POWER INC (PLUG) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
PLUG POWER INC is the larger business by last-quarter revenue ($225.2M vs $148.3M, roughly 1.5× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -375.6%, a 381.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 17.6%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-153.0M). Over the past eight quarters, PLUG POWER INC's revenue compounded faster (36.8% CAGR vs 27.8%).
Plug Power Inc. is an American company engaged in the development of hydrogen fuel cell and electrolyzer systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in Slingerlands, New York, and has facilities in Spokane, Washington, and Rochester, New York.
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.
PLUG vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $225.2M | $148.3M |
| Net Profit | $-846.0M | $8.1M |
| Gross Margin | 2.4% | 31.6% |
| Operating Margin | -338.9% | 11.7% |
| Net Margin | -375.6% | 5.5% |
| Revenue YoY | 17.6% | 38.6% |
| Net Profit YoY | 36.7% | 3.9% |
| EPS (diluted) | $-0.70 | $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 | $225.2M | $148.3M | ||
| Q3 25 | $177.1M | $135.8M | ||
| Q2 25 | $174.0M | $110.8M | ||
| Q1 25 | $133.7M | $80.4M | ||
| Q4 24 | $191.5M | $107.0M | ||
| Q3 24 | $173.7M | $102.2M | ||
| Q2 24 | $143.3M | $99.2M | ||
| Q1 24 | $120.3M | $90.8M |
| Q4 25 | $-846.0M | $8.1M | ||
| Q3 25 | $-361.9M | $11.9M | ||
| Q2 25 | $-227.1M | $13.9M | ||
| Q1 25 | $-196.7M | $-282.0K | ||
| Q4 24 | $-1.3B | $7.8M | ||
| Q3 24 | $-211.2M | $-267.0K | ||
| Q2 24 | $-262.3M | $11.8M | ||
| Q1 24 | $-295.8M | $4.8M |
| Q4 25 | 2.4% | 31.6% | ||
| Q3 25 | -67.9% | 37.0% | ||
| Q2 25 | -30.7% | 37.2% | ||
| Q1 25 | -55.3% | 35.0% | ||
| Q4 24 | -122.5% | 37.6% | ||
| Q3 24 | -57.6% | 24.8% | ||
| Q2 24 | -91.6% | 40.3% | ||
| Q1 24 | -132.3% | 40.2% |
| Q4 25 | -338.9% | 11.7% | ||
| Q3 25 | -197.0% | 13.7% | ||
| Q2 25 | -101.7% | 14.4% | ||
| Q1 25 | -133.5% | 5.4% | ||
| Q4 24 | -678.7% | 15.4% | ||
| Q3 24 | -124.4% | 4.4% | ||
| Q2 24 | -170.7% | 18.7% | ||
| Q1 24 | -215.7% | 12.8% |
| Q4 25 | -375.6% | 5.5% | ||
| Q3 25 | -204.4% | 8.7% | ||
| Q2 25 | -130.5% | 12.5% | ||
| Q1 25 | -147.1% | -0.4% | ||
| Q4 24 | -697.5% | 7.3% | ||
| Q3 24 | -121.5% | -0.3% | ||
| Q2 24 | -183.0% | 11.9% | ||
| Q1 24 | -245.9% | 5.3% |
| Q4 25 | $-0.70 | $0.05 | ||
| Q3 25 | $-0.31 | $0.07 | ||
| Q2 25 | $-0.20 | $0.08 | ||
| Q1 25 | $-0.21 | $0.00 | ||
| Q4 24 | $-1.61 | $0.04 | ||
| Q3 24 | $-0.25 | $0.00 | ||
| Q2 24 | $-0.36 | $0.07 | ||
| Q1 24 | $-0.46 | $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 | $368.5M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $978.1M | $600.0M |
| Total Assets | $2.6B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $368.5M | $7.3M | ||
| Q3 25 | $165.9M | $8.6M | ||
| Q2 25 | $140.7M | $4.7M | ||
| Q1 25 | $295.8M | $35.6M | ||
| Q4 24 | $205.7M | $23.5M | ||
| Q3 24 | $93.9M | $11.1M | ||
| Q2 24 | $62.4M | $3.2M | ||
| Q1 24 | $172.9M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | $3.9M | $141.8M | ||
| Q2 24 | $3.7M | $146.8M | ||
| Q1 24 | $3.8M | $168.8M |
| Q4 25 | $978.1M | $600.0M | ||
| Q3 25 | $1.4B | $589.6M | ||
| Q2 25 | $1.7B | $575.4M | ||
| Q1 25 | $1.9B | $558.9M | ||
| Q4 24 | $1.7B | $556.8M | ||
| Q3 24 | $3.0B | $545.2M | ||
| Q2 24 | $3.0B | $544.6M | ||
| Q1 24 | $2.9B | $554.0M |
| Q4 25 | $2.6B | $904.1M | ||
| Q3 25 | $3.1B | $851.8M | ||
| Q2 25 | $3.4B | $795.0M | ||
| Q1 25 | $3.6B | $788.4M | ||
| Q4 24 | $3.6B | $793.1M | ||
| Q3 24 | $4.7B | $801.3M | ||
| Q2 24 | $4.8B | $788.4M | ||
| Q1 24 | $4.8B | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | 0.00× | 0.26× | ||
| Q2 24 | 0.00× | 0.27× | ||
| Q1 24 | 0.00× | 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 | $-148.6M | $-4.1M |
| Free Cash FlowOCF − Capex | $-153.0M | $-11.3M |
| FCF MarginFCF / Revenue | -67.9% | -7.6% |
| Capex IntensityCapex / Revenue | 1.9% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-647.0M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-148.6M | $-4.1M | ||
| Q3 25 | $-89.8M | $19.4M | ||
| Q2 25 | $-191.8M | $-13.8M | ||
| Q1 25 | $-105.6M | $15.6M | ||
| Q4 24 | $-131.2M | $14.0M | ||
| Q3 24 | $-174.9M | $15.7M | ||
| Q2 24 | $-254.7M | $37.8M | ||
| Q1 24 | $-167.7M | $12.9M |
| Q4 25 | $-153.0M | $-11.3M | ||
| Q3 25 | $-117.5M | $9.0M | ||
| Q2 25 | $-230.4M | $-26.0M | ||
| Q1 25 | $-146.0M | $12.3M | ||
| Q4 24 | $-165.2M | $12.5M | ||
| Q3 24 | $-234.2M | $13.3M | ||
| Q2 24 | $-356.0M | $35.8M | ||
| Q1 24 | $-260.3M | $10.4M |
| Q4 25 | -67.9% | -7.6% | ||
| Q3 25 | -66.4% | 6.6% | ||
| Q2 25 | -132.5% | -23.5% | ||
| Q1 25 | -109.2% | 15.4% | ||
| Q4 24 | -86.3% | 11.6% | ||
| Q3 24 | -134.8% | 13.0% | ||
| Q2 24 | -248.4% | 36.1% | ||
| Q1 24 | -216.5% | 11.4% |
| Q4 25 | 1.9% | 4.8% | ||
| Q3 25 | 15.6% | 7.7% | ||
| Q2 25 | 22.2% | 11.0% | ||
| Q1 25 | 30.3% | 4.0% | ||
| Q4 24 | 17.7% | 1.4% | ||
| Q3 24 | 34.1% | 2.3% | ||
| Q2 24 | 70.7% | 2.0% | ||
| Q1 24 | 77.0% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLUG
| Sales Of Equipment And Related Infrastructure | $111.6M | 50% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | 18% |
| Power Purchase Agreements | $36.1M | 16% |
| Sale Of Cryogenic Equipment | $20.0M | 9% |
| Sales Of Fuel Cell Systems | $11.2M | 5% |
| Other | $4.8M | 2% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
