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Side-by-side financial comparison of Perella Weinberg Partners (PWP) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $148.3M, roughly 1.5× Shoals Technologies Group, Inc.). Perella Weinberg Partners runs the higher net margin — 6.3% vs 5.5%, a 0.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -2.9%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M vs $-11.3M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs 27.8%).
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
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.
PWP vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.2M | $148.3M |
| Net Profit | $13.8M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 8.5% | 11.7% |
| Net Margin | 6.3% | 5.5% |
| Revenue YoY | -2.9% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | $0.11 | $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 | $219.2M | $148.3M | ||
| Q3 25 | $164.6M | $135.8M | ||
| Q2 25 | $155.3M | $110.8M | ||
| Q1 25 | $211.8M | $80.4M | ||
| Q4 24 | $225.7M | $107.0M | ||
| Q3 24 | $278.2M | $102.2M | ||
| Q2 24 | $272.0M | $99.2M | ||
| Q1 24 | $102.1M | $90.8M |
| Q4 25 | $13.8M | $8.1M | ||
| Q3 25 | $6.0M | $11.9M | ||
| Q2 25 | $2.7M | $13.9M | ||
| Q1 25 | $17.3M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $16.4M | $-267.0K | ||
| Q2 24 | $-66.0M | $11.8M | ||
| Q1 24 | $-35.8M | $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 | 8.5% | 11.7% | ||
| Q3 25 | 5.4% | 13.7% | ||
| Q2 25 | 5.8% | 14.4% | ||
| Q1 25 | 5.5% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | 12.9% | 4.4% | ||
| Q2 24 | -30.2% | 18.7% | ||
| Q1 24 | -52.4% | 12.8% |
| Q4 25 | 6.3% | 5.5% | ||
| Q3 25 | 3.6% | 8.7% | ||
| Q2 25 | 1.8% | 12.5% | ||
| Q1 25 | 8.2% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | 5.9% | -0.3% | ||
| Q2 24 | -24.3% | 11.9% | ||
| Q1 24 | -35.1% | 5.3% |
| Q4 25 | $0.11 | $0.05 | ||
| Q3 25 | $0.08 | $0.07 | ||
| Q2 25 | $0.04 | $0.08 | ||
| Q1 25 | $0.24 | $0.00 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | $0.24 | $0.00 | ||
| Q2 24 | $-1.21 | $0.07 | ||
| Q1 24 | $-0.91 | $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 | $255.9M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-127.4M | $600.0M |
| Total Assets | $797.6M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $255.9M | $7.3M | ||
| Q3 25 | $185.5M | $8.6M | ||
| Q2 25 | $145.0M | $4.7M | ||
| Q1 25 | $111.2M | $35.6M | ||
| Q4 24 | $407.4M | $23.5M | ||
| Q3 24 | $335.1M | $11.1M | ||
| Q2 24 | $185.3M | $3.2M | ||
| Q1 24 | $156.7M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $-127.4M | $600.0M | ||
| Q3 25 | $-302.4M | $589.6M | ||
| Q2 25 | $-318.4M | $575.4M | ||
| Q1 25 | $-323.1M | $558.9M | ||
| Q4 24 | $-421.4M | $556.8M | ||
| Q3 24 | $-360.8M | $545.2M | ||
| Q2 24 | $-283.0M | $544.6M | ||
| Q1 24 | $161.9M | $554.0M |
| Q4 25 | $797.6M | $904.1M | ||
| Q3 25 | $650.2M | $851.8M | ||
| Q2 25 | $606.7M | $795.0M | ||
| Q1 25 | $570.5M | $788.4M | ||
| Q4 24 | $876.8M | $793.1M | ||
| Q3 24 | $810.9M | $801.3M | ||
| Q2 24 | $645.5M | $788.4M | ||
| Q1 24 | $583.6M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 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 | $34.8M | $-4.1M |
| Free Cash FlowOCF − Capex | $30.5M | $-11.3M |
| FCF MarginFCF / Revenue | 13.9% | -7.6% |
| Capex IntensityCapex / Revenue | 2.0% | 4.8% |
| Cash ConversionOCF / Net Profit | 2.52× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.8M | $-4.1M | ||
| Q3 25 | $59.2M | $19.4M | ||
| Q2 25 | $56.1M | $-13.8M | ||
| Q1 25 | $-176.5M | $15.6M | ||
| Q4 24 | $223.4M | $14.0M | ||
| Q3 24 | $200.3M | $15.7M | ||
| Q2 24 | $90.0M | $37.8M | ||
| Q1 24 | $-206.3M | $12.9M |
| Q4 25 | $30.5M | $-11.3M | ||
| Q3 25 | $57.6M | $9.0M | ||
| Q2 25 | $55.3M | $-26.0M | ||
| Q1 25 | $-177.6M | $12.3M | ||
| Q4 24 | $207.0M | $12.5M | ||
| Q3 24 | $199.3M | $13.3M | ||
| Q2 24 | $83.7M | $35.8M | ||
| Q1 24 | $-214.8M | $10.4M |
| Q4 25 | 13.9% | -7.6% | ||
| Q3 25 | 35.0% | 6.6% | ||
| Q2 25 | 35.6% | -23.5% | ||
| Q1 25 | -83.8% | 15.4% | ||
| Q4 24 | 91.7% | 11.6% | ||
| Q3 24 | 71.6% | 13.0% | ||
| Q2 24 | 30.8% | 36.1% | ||
| Q1 24 | -210.3% | 11.4% |
| Q4 25 | 2.0% | 4.8% | ||
| Q3 25 | 0.9% | 7.7% | ||
| Q2 25 | 0.5% | 11.0% | ||
| Q1 25 | 0.5% | 4.0% | ||
| Q4 24 | 7.3% | 1.4% | ||
| Q3 24 | 0.4% | 2.3% | ||
| Q2 24 | 2.3% | 2.0% | ||
| Q1 24 | 8.3% | 2.7% |
| Q4 25 | 2.52× | -0.50× | ||
| Q3 25 | 9.85× | 1.63× | ||
| Q2 25 | 20.50× | -1.00× | ||
| Q1 25 | -10.18× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 12.23× | — | ||
| 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
PWP
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
