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Side-by-side financial comparison of P10, Inc. (PX) 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 $81.0M, roughly 1.8× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs 5.5%, a 6.2% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 10.7%).
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
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.
PX vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.0M | $148.3M |
| Net Profit | $9.5M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 31.9% | 11.7% |
| Net Margin | 11.7% | 5.5% |
| Revenue YoY | -4.7% | 38.6% |
| Net Profit YoY | 79.0% | 3.9% |
| EPS (diluted) | $0.08 | $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 | $81.0M | $148.3M | ||
| Q3 25 | $75.9M | $135.8M | ||
| Q2 25 | $72.7M | $110.8M | ||
| Q1 25 | $67.7M | $80.4M | ||
| Q4 24 | $85.0M | $107.0M | ||
| Q3 24 | $74.2M | $102.2M | ||
| Q2 24 | $71.1M | $99.2M | ||
| Q1 24 | $66.1M | $90.8M |
| Q4 25 | $9.5M | $8.1M | ||
| Q3 25 | $2.1M | $11.9M | ||
| Q2 25 | $3.4M | $13.9M | ||
| Q1 25 | $4.5M | $-282.0K | ||
| Q4 24 | $5.3M | $7.8M | ||
| Q3 24 | $1.4M | $-267.0K | ||
| Q2 24 | $7.0M | $11.8M | ||
| Q1 24 | $5.0M | $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 | 31.9% | 11.7% | ||
| Q3 25 | 14.1% | 13.7% | ||
| Q2 25 | 24.4% | 14.4% | ||
| Q1 25 | 16.6% | 5.4% | ||
| Q4 24 | 26.9% | 15.4% | ||
| Q3 24 | 11.9% | 4.4% | ||
| Q2 24 | 23.7% | 18.7% | ||
| Q1 24 | 18.3% | 12.8% |
| Q4 25 | 11.7% | 5.5% | ||
| Q3 25 | 2.8% | 8.7% | ||
| Q2 25 | 4.7% | 12.5% | ||
| Q1 25 | 6.7% | -0.4% | ||
| Q4 24 | 6.2% | 7.3% | ||
| Q3 24 | 1.9% | -0.3% | ||
| Q2 24 | 9.8% | 11.9% | ||
| Q1 24 | 7.6% | 5.3% |
| Q4 25 | $0.08 | $0.05 | ||
| Q3 25 | $0.02 | $0.07 | ||
| Q2 25 | $0.03 | $0.08 | ||
| Q1 25 | $0.04 | $0.00 | ||
| Q4 24 | $0.05 | $0.04 | ||
| Q3 24 | $0.01 | $0.00 | ||
| Q2 24 | $0.06 | $0.07 | ||
| Q1 24 | $0.04 | $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 | $28.2M | $7.3M |
| Total DebtLower is stronger | $373.2M | — |
| Stockholders' EquityBook value | $403.5M | $600.0M |
| Total Assets | $928.3M | $904.1M |
| Debt / EquityLower = less leverage | 0.93× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $7.3M | ||
| Q3 25 | $40.0M | $8.6M | ||
| Q2 25 | $33.4M | $4.7M | ||
| Q1 25 | $74.4M | $35.6M | ||
| Q4 24 | $67.5M | $23.5M | ||
| Q3 24 | $61.5M | $11.1M | ||
| Q2 24 | $31.2M | $3.2M | ||
| Q1 24 | $29.0M | $15.2M |
| Q4 25 | $373.2M | — | ||
| Q3 25 | $393.4M | — | ||
| Q2 25 | $373.0M | — | ||
| Q1 25 | $357.2M | $141.8M | ||
| Q4 24 | $319.8M | $141.8M | ||
| Q3 24 | $319.4M | $141.8M | ||
| Q2 24 | $300.6M | $146.8M | ||
| Q1 24 | $314.0M | $168.8M |
| Q4 25 | $403.5M | $600.0M | ||
| Q3 25 | $396.8M | $589.6M | ||
| Q2 25 | $388.9M | $575.4M | ||
| Q1 25 | $374.3M | $558.9M | ||
| Q4 24 | $386.9M | $556.8M | ||
| Q3 24 | $394.1M | $545.2M | ||
| Q2 24 | $396.9M | $544.6M | ||
| Q1 24 | $400.1M | $554.0M |
| Q4 25 | $928.3M | $904.1M | ||
| Q3 25 | $936.0M | $851.8M | ||
| Q2 25 | $932.2M | $795.0M | ||
| Q1 25 | $877.4M | $788.4M | ||
| Q4 24 | $869.3M | $793.1M | ||
| Q3 24 | $857.0M | $801.3M | ||
| Q2 24 | $823.2M | $788.4M | ||
| Q1 24 | $832.8M | $825.3M |
| Q4 25 | 0.93× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.96× | — | ||
| Q1 25 | 0.95× | 0.25× | ||
| Q4 24 | 0.83× | 0.25× | ||
| Q3 24 | 0.81× | 0.26× | ||
| Q2 24 | 0.76× | 0.27× | ||
| Q1 24 | 0.78× | 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 | $23.0M | $-4.1M |
| Free Cash FlowOCF − Capex | $18.1M | $-11.3M |
| FCF MarginFCF / Revenue | 22.3% | -7.6% |
| Capex IntensityCapex / Revenue | 6.0% | 4.8% |
| Cash ConversionOCF / Net Profit | 2.43× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.0M | $-4.1M | ||
| Q3 25 | $-8.6M | $19.4M | ||
| Q2 25 | $13.4M | $-13.8M | ||
| Q1 25 | $-4.7M | $15.6M | ||
| Q4 24 | $101.0M | $14.0M | ||
| Q3 24 | $27.5M | $15.7M | ||
| Q2 24 | $34.8M | $37.8M | ||
| Q1 24 | $11.0M | $12.9M |
| Q4 25 | $18.1M | $-11.3M | ||
| Q3 25 | $-9.5M | $9.0M | ||
| Q2 25 | $11.6M | $-26.0M | ||
| Q1 25 | $-6.0M | $12.3M | ||
| Q4 24 | $96.6M | $12.5M | ||
| Q3 24 | $25.2M | $13.3M | ||
| Q2 24 | $33.9M | $35.8M | ||
| Q1 24 | $10.7M | $10.4M |
| Q4 25 | 22.3% | -7.6% | ||
| Q3 25 | -12.6% | 6.6% | ||
| Q2 25 | 15.9% | -23.5% | ||
| Q1 25 | -8.9% | 15.4% | ||
| Q4 24 | 113.6% | 11.6% | ||
| Q3 24 | 34.0% | 13.0% | ||
| Q2 24 | 47.7% | 36.1% | ||
| Q1 24 | 16.2% | 11.4% |
| Q4 25 | 6.0% | 4.8% | ||
| Q3 25 | 1.2% | 7.7% | ||
| Q2 25 | 2.5% | 11.0% | ||
| Q1 25 | 1.9% | 4.0% | ||
| Q4 24 | 5.2% | 1.4% | ||
| Q3 24 | 3.0% | 2.3% | ||
| Q2 24 | 1.3% | 2.0% | ||
| Q1 24 | 0.4% | 2.7% |
| Q4 25 | 2.43× | -0.50× | ||
| Q3 25 | -4.01× | 1.63× | ||
| Q2 25 | 3.96× | -1.00× | ||
| Q1 25 | -1.05× | — | ||
| Q4 24 | 19.12× | 1.79× | ||
| Q3 24 | 19.54× | — | ||
| Q2 24 | 4.98× | 3.21× | ||
| Q1 24 | 2.18× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
