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Side-by-side financial comparison of POWER SOLUTIONS INTERNATIONAL, INC. (PSIX) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
POWER SOLUTIONS INTERNATIONAL, INC. is the larger business by last-quarter revenue ($191.2M vs $148.3M, roughly 1.3× Shoals Technologies Group, Inc.). POWER SOLUTIONS INTERNATIONAL, INC. runs the higher net margin — 8.4% vs 5.5%, a 2.9% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 32.5%). POWER SOLUTIONS INTERNATIONAL, INC. produced more free cash flow last quarter ($-7.6M vs $-11.3M). Over the past eight quarters, POWER SOLUTIONS INTERNATIONAL, INC.'s revenue compounded faster (41.7% CAGR vs 27.8%).
Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, is an electric power transmission and distribution company headquartered in Ahmedabad. As of April 2025, the company operates a cumulative transmission network of 26,696 circuit kilometers and is one of the largest private sector power transmission companies operating in India.
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.
PSIX vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $191.2M | $148.3M |
| Net Profit | $16.1M | $8.1M |
| Gross Margin | 21.9% | 31.6% |
| Operating Margin | 12.7% | 11.7% |
| Net Margin | 8.4% | 5.5% |
| Revenue YoY | 32.5% | 38.6% |
| Net Profit YoY | -31.0% | 3.9% |
| EPS (diluted) | $0.69 | $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 | $191.2M | $148.3M | ||
| Q3 25 | $203.8M | $135.8M | ||
| Q2 25 | $191.9M | $110.8M | ||
| Q1 25 | $135.4M | $80.4M | ||
| Q4 24 | $144.3M | $107.0M | ||
| Q3 24 | $125.8M | $102.2M | ||
| Q2 24 | $110.6M | $99.2M | ||
| Q1 24 | $95.2M | $90.8M |
| Q4 25 | $16.1M | $8.1M | ||
| Q3 25 | $27.6M | $11.9M | ||
| Q2 25 | $51.2M | $13.9M | ||
| Q1 25 | $19.1M | $-282.0K | ||
| Q4 24 | $23.3M | $7.8M | ||
| Q3 24 | $17.3M | $-267.0K | ||
| Q2 24 | $21.5M | $11.8M | ||
| Q1 24 | $7.1M | $4.8M |
| Q4 25 | 21.9% | 31.6% | ||
| Q3 25 | 23.9% | 37.0% | ||
| Q2 25 | 28.2% | 37.2% | ||
| Q1 25 | 29.7% | 35.0% | ||
| Q4 24 | 29.9% | 37.6% | ||
| Q3 24 | 28.9% | 24.8% | ||
| Q2 24 | 31.8% | 40.3% | ||
| Q1 24 | 27.0% | 40.2% |
| Q4 25 | 12.7% | 11.7% | ||
| Q3 25 | 13.9% | 13.7% | ||
| Q2 25 | 16.9% | 14.4% | ||
| Q1 25 | 18.2% | 5.4% | ||
| Q4 24 | 17.5% | 15.4% | ||
| Q3 24 | 16.3% | 4.4% | ||
| Q2 24 | 22.9% | 18.7% | ||
| Q1 24 | 11.2% | 12.8% |
| Q4 25 | 8.4% | 5.5% | ||
| Q3 25 | 13.5% | 8.7% | ||
| Q2 25 | 26.7% | 12.5% | ||
| Q1 25 | 14.1% | -0.4% | ||
| Q4 24 | 16.1% | 7.3% | ||
| Q3 24 | 13.8% | -0.3% | ||
| Q2 24 | 19.5% | 11.9% | ||
| Q1 24 | 7.5% | 5.3% |
| Q4 25 | $0.69 | $0.05 | ||
| Q3 25 | $1.20 | $0.07 | ||
| Q2 25 | $2.22 | $0.08 | ||
| Q1 25 | $0.83 | $0.00 | ||
| Q4 24 | $1.01 | $0.04 | ||
| Q3 24 | $0.75 | $0.00 | ||
| Q2 24 | $0.94 | $0.07 | ||
| Q1 24 | $0.31 | $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 | $41.3M | $7.3M |
| Total DebtLower is stronger | $96.6M | — |
| Stockholders' EquityBook value | $178.6M | $600.0M |
| Total Assets | $424.7M | $904.1M |
| Debt / EquityLower = less leverage | 0.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.3M | $7.3M | ||
| Q3 25 | $49.0M | $8.6M | ||
| Q2 25 | $49.5M | $4.7M | ||
| Q1 25 | $50.0M | $35.6M | ||
| Q4 24 | $55.3M | $23.5M | ||
| Q3 24 | $40.5M | $11.1M | ||
| Q2 24 | $28.8M | $3.2M | ||
| Q1 24 | $33.1M | $15.2M |
| Q4 25 | $96.6M | — | ||
| Q3 25 | $96.7M | — | ||
| Q2 25 | $1.8M | — | ||
| Q1 25 | $1.0M | $141.8M | ||
| Q4 24 | $184.0K | $141.8M | ||
| Q3 24 | $238.0K | $141.8M | ||
| Q2 24 | $292.0K | $146.8M | ||
| Q1 24 | $345.0K | $168.8M |
| Q4 25 | $178.6M | $600.0M | ||
| Q3 25 | $162.5M | $589.6M | ||
| Q2 25 | $135.7M | $575.4M | ||
| Q1 25 | $84.3M | $558.9M | ||
| Q4 24 | $65.3M | $556.8M | ||
| Q3 24 | $42.1M | $545.2M | ||
| Q2 24 | $24.8M | $544.6M | ||
| Q1 24 | $3.2M | $554.0M |
| Q4 25 | $424.7M | $904.1M | ||
| Q3 25 | $458.9M | $851.8M | ||
| Q2 25 | $437.7M | $795.0M | ||
| Q1 25 | $372.7M | $788.4M | ||
| Q4 24 | $328.2M | $793.1M | ||
| Q3 24 | $339.1M | $801.3M | ||
| Q2 24 | $307.6M | $788.4M | ||
| Q1 24 | $286.8M | $825.3M |
| Q4 25 | 0.54× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.01× | — | ||
| Q1 25 | 0.01× | 0.25× | ||
| Q4 24 | 0.00× | 0.25× | ||
| Q3 24 | 0.01× | 0.26× | ||
| Q2 24 | 0.01× | 0.27× | ||
| Q1 24 | 0.11× | 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 | $-4.6M | $-4.1M |
| Free Cash FlowOCF − Capex | $-7.6M | $-11.3M |
| FCF MarginFCF / Revenue | -4.0% | -7.6% |
| Capex IntensityCapex / Revenue | 1.6% | 4.8% |
| Cash ConversionOCF / Net Profit | -0.29× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.6M | $-4.1M | ||
| Q3 25 | $3.3M | $19.4M | ||
| Q2 25 | $16.7M | $-13.8M | ||
| Q1 25 | $8.8M | $15.6M | ||
| Q4 24 | $32.7M | $14.0M | ||
| Q3 24 | $12.6M | $15.7M | ||
| Q2 24 | $1.5M | $37.8M | ||
| Q1 24 | $15.6M | $12.9M |
| Q4 25 | $-7.6M | $-11.3M | ||
| Q3 25 | $1.7M | $9.0M | ||
| Q2 25 | $14.6M | $-26.0M | ||
| Q1 25 | $5.4M | $12.3M | ||
| Q4 24 | $30.0M | $12.5M | ||
| Q3 24 | $12.1M | $13.3M | ||
| Q2 24 | $822.0K | $35.8M | ||
| Q1 24 | $14.8M | $10.4M |
| Q4 25 | -4.0% | -7.6% | ||
| Q3 25 | 0.8% | 6.6% | ||
| Q2 25 | 7.6% | -23.5% | ||
| Q1 25 | 4.0% | 15.4% | ||
| Q4 24 | 20.8% | 11.6% | ||
| Q3 24 | 9.7% | 13.0% | ||
| Q2 24 | 0.7% | 36.1% | ||
| Q1 24 | 15.6% | 11.4% |
| Q4 25 | 1.6% | 4.8% | ||
| Q3 25 | 0.8% | 7.7% | ||
| Q2 25 | 1.1% | 11.0% | ||
| Q1 25 | 2.5% | 4.0% | ||
| Q4 24 | 1.8% | 1.4% | ||
| Q3 24 | 0.3% | 2.3% | ||
| Q2 24 | 0.6% | 2.0% | ||
| Q1 24 | 0.9% | 2.7% |
| Q4 25 | -0.29× | -0.50× | ||
| Q3 25 | 0.12× | 1.63× | ||
| Q2 25 | 0.33× | -1.00× | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 1.40× | 1.79× | ||
| Q3 24 | 0.73× | — | ||
| Q2 24 | 0.07× | 3.21× | ||
| Q1 24 | 2.20× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PSIX
| Energy End Market | $153.4M | 80% |
| Industrial End Market | $33.3M | 17% |
| Transportation End Market | $4.6M | 2% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
