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Side-by-side financial comparison of PennyMac Mortgage Investment Trust (PMT) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $93.6M, roughly 1.6× PennyMac Mortgage Investment Trust). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs 5.5%, a 50.5% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -13.3%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 12.3%).
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
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.
PMT vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.6M | $148.3M |
| Net Profit | $52.4M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 38.6% | 11.7% |
| Net Margin | 56.0% | 5.5% |
| Revenue YoY | -13.3% | 38.6% |
| Net Profit YoY | 12.5% | 3.9% |
| EPS (diluted) | $0.49 | $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 | $93.6M | $148.3M | ||
| Q3 25 | $99.2M | $135.8M | ||
| Q2 25 | $70.2M | $110.8M | ||
| Q1 25 | $44.5M | $80.4M | ||
| Q4 24 | $107.9M | $107.0M | ||
| Q3 24 | $80.9M | $102.2M | ||
| Q2 24 | $71.2M | $99.2M | ||
| Q1 24 | $74.2M | $90.8M |
| Q4 25 | $52.4M | $8.1M | ||
| Q3 25 | $58.3M | $11.9M | ||
| Q2 25 | $7.5M | $13.9M | ||
| Q1 25 | $9.7M | $-282.0K | ||
| Q4 24 | $46.5M | $7.8M | ||
| Q3 24 | $41.4M | $-267.0K | ||
| Q2 24 | $25.4M | $11.8M | ||
| Q1 24 | $47.6M | $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 | 38.6% | 11.7% | ||
| Q3 25 | 47.4% | 13.7% | ||
| Q2 25 | 24.2% | 14.4% | ||
| Q1 25 | -14.2% | 5.4% | ||
| Q4 24 | 51.1% | 15.4% | ||
| Q3 24 | 32.8% | 4.4% | ||
| Q2 24 | 40.2% | 18.7% | ||
| Q1 24 | 43.6% | 12.8% |
| Q4 25 | 56.0% | 5.5% | ||
| Q3 25 | 58.7% | 8.7% | ||
| Q2 25 | 10.7% | 12.5% | ||
| Q1 25 | 21.8% | -0.4% | ||
| Q4 24 | 43.1% | 7.3% | ||
| Q3 24 | 51.2% | -0.3% | ||
| Q2 24 | 35.7% | 11.9% | ||
| Q1 24 | 64.2% | 5.3% |
| Q4 25 | $0.49 | $0.05 | ||
| Q3 25 | $0.55 | $0.07 | ||
| Q2 25 | $-0.04 | $0.08 | ||
| Q1 25 | $-0.01 | $0.00 | ||
| Q4 24 | $0.45 | $0.04 | ||
| Q3 24 | $0.36 | $0.00 | ||
| Q2 24 | $0.17 | $0.07 | ||
| Q1 24 | $0.39 | $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 | $190.5M | $7.3M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.9B | $600.0M |
| Total Assets | $21.3B | $904.1M |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.5M | $7.3M | ||
| Q3 25 | $181.0M | $8.6M | ||
| Q2 25 | $108.6M | $4.7M | ||
| Q1 25 | $204.2M | $35.6M | ||
| Q4 24 | $103.2M | $23.5M | ||
| Q3 24 | $102.8M | $11.1M | ||
| Q2 24 | $336.3M | $3.2M | ||
| Q1 24 | $343.3M | $15.2M |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $299.0M | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $968.4M | $141.8M | ||
| Q4 24 | $1.0B | $141.8M | ||
| Q3 24 | $5.2B | $141.8M | ||
| Q2 24 | $5.4B | $146.8M | ||
| Q1 24 | $5.1B | $168.8M |
| Q4 25 | $1.9B | $600.0M | ||
| Q3 25 | $1.9B | $589.6M | ||
| Q2 25 | $1.9B | $575.4M | ||
| Q1 25 | $1.9B | $558.9M | ||
| Q4 24 | $1.9B | $556.8M | ||
| Q3 24 | $1.9B | $545.2M | ||
| Q2 24 | $1.9B | $544.6M | ||
| Q1 24 | $2.0B | $554.0M |
| Q4 25 | $21.3B | $904.1M | ||
| Q3 25 | $18.5B | $851.8M | ||
| Q2 25 | $16.8B | $795.0M | ||
| Q1 25 | $14.9B | $788.4M | ||
| Q4 24 | $14.4B | $793.1M | ||
| Q3 24 | $13.1B | $801.3M | ||
| Q2 24 | $12.1B | $788.4M | ||
| Q1 24 | $12.3B | $825.3M |
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.51× | 0.25× | ||
| Q4 24 | 0.52× | 0.25× | ||
| Q3 24 | 2.70× | 0.26× | ||
| Q2 24 | 2.76× | 0.27× | ||
| Q1 24 | 2.60× | 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 | $-7.2B | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | -137.76× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2B | $-4.1M | ||
| Q3 25 | $-1.3B | $19.4M | ||
| Q2 25 | $-2.0B | $-13.8M | ||
| Q1 25 | $-594.3M | $15.6M | ||
| Q4 24 | $-2.7B | $14.0M | ||
| Q3 24 | $-983.8M | $15.7M | ||
| Q2 24 | $243.8M | $37.8M | ||
| Q1 24 | $-342.4M | $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 | -137.76× | -0.50× | ||
| Q3 25 | -22.26× | 1.63× | ||
| Q2 25 | -267.53× | -1.00× | ||
| Q1 25 | -61.39× | — | ||
| Q4 24 | -58.08× | 1.79× | ||
| Q3 24 | -23.76× | — | ||
| Q2 24 | 9.59× | 3.21× | ||
| Q1 24 | -7.19× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
