vs
Side-by-side financial comparison of Repay Holdings Corp (RPAY) 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 $78.6M, roughly 1.9× Repay Holdings Corp). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -178.3%, a 183.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -1.3%).
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
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.
RPAY vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $78.6M | $148.3M |
| Net Profit | $-140.1M | $8.1M |
| Gross Margin | 74.2% | 31.6% |
| Operating Margin | -182.2% | 11.7% |
| Net Margin | -178.3% | 5.5% |
| Revenue YoY | 0.4% | 38.6% |
| Net Profit YoY | -3304.1% | 3.9% |
| EPS (diluted) | $-1.68 | $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 | $78.6M | $148.3M | ||
| Q3 25 | $77.7M | $135.8M | ||
| Q2 25 | $75.6M | $110.8M | ||
| Q1 25 | $77.3M | $80.4M | ||
| Q4 24 | $78.3M | $107.0M | ||
| Q3 24 | $79.1M | $102.2M | ||
| Q2 24 | $74.9M | $99.2M | ||
| Q1 24 | $80.7M | $90.8M |
| Q4 25 | $-140.1M | $8.1M | ||
| Q3 25 | $-6.4M | $11.9M | ||
| Q2 25 | $-102.3M | $13.9M | ||
| Q1 25 | $-7.9M | $-282.0K | ||
| Q4 24 | $-4.1M | $7.8M | ||
| Q3 24 | $3.2M | $-267.0K | ||
| Q2 24 | $-4.1M | $11.8M | ||
| Q1 24 | $-5.2M | $4.8M |
| Q4 25 | 74.2% | 31.6% | ||
| Q3 25 | 74.4% | 37.0% | ||
| Q2 25 | 75.7% | 37.2% | ||
| Q1 25 | 75.9% | 35.0% | ||
| Q4 24 | 76.3% | 37.6% | ||
| Q3 24 | 77.8% | 24.8% | ||
| Q2 24 | 78.2% | 40.3% | ||
| Q1 24 | 76.2% | 40.2% |
| Q4 25 | -182.2% | 11.7% | ||
| Q3 25 | -3.9% | 13.7% | ||
| Q2 25 | -138.7% | 14.4% | ||
| Q1 25 | -4.7% | 5.4% | ||
| Q4 24 | -1.5% | 15.4% | ||
| Q3 24 | -0.9% | 4.4% | ||
| Q2 24 | -4.6% | 18.7% | ||
| Q1 24 | -3.1% | 12.8% |
| Q4 25 | -178.3% | 5.5% | ||
| Q3 25 | -8.3% | 8.7% | ||
| Q2 25 | -135.2% | 12.5% | ||
| Q1 25 | -10.3% | -0.4% | ||
| Q4 24 | -5.3% | 7.3% | ||
| Q3 24 | 4.1% | -0.3% | ||
| Q2 24 | -5.4% | 11.9% | ||
| Q1 24 | -6.5% | 5.3% |
| Q4 25 | $-1.68 | $0.05 | ||
| Q3 25 | $-0.08 | $0.07 | ||
| Q2 25 | $-1.15 | $0.08 | ||
| Q1 25 | $-0.09 | $0.00 | ||
| Q4 24 | $-0.04 | $0.04 | ||
| Q3 24 | $0.03 | $0.00 | ||
| Q2 24 | $-0.04 | $0.07 | ||
| Q1 24 | $-0.06 | $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 | $115.7M | $7.3M |
| Total DebtLower is stronger | $280.1M | — |
| Stockholders' EquityBook value | $484.4M | $600.0M |
| Total Assets | $1.2B | $904.1M |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $115.7M | $7.3M | ||
| Q3 25 | $95.7M | $8.6M | ||
| Q2 25 | $162.6M | $4.7M | ||
| Q1 25 | $165.5M | $35.6M | ||
| Q4 24 | $189.5M | $23.5M | ||
| Q3 24 | $168.7M | $11.1M | ||
| Q2 24 | $147.1M | $3.2M | ||
| Q1 24 | $128.3M | $15.2M |
| Q4 25 | $280.1M | — | ||
| Q3 25 | $279.5M | — | ||
| Q2 25 | $279.0M | — | ||
| Q1 25 | $497.6M | $141.8M | ||
| Q4 24 | $496.8M | $141.8M | ||
| Q3 24 | $496.2M | $141.8M | ||
| Q2 24 | $435.6M | $146.8M | ||
| Q1 24 | $434.9M | $168.8M |
| Q4 25 | $484.4M | $600.0M | ||
| Q3 25 | $616.9M | $589.6M | ||
| Q2 25 | $633.7M | $575.4M | ||
| Q1 25 | $755.7M | $558.9M | ||
| Q4 24 | $761.3M | $556.8M | ||
| Q3 24 | $754.7M | $545.2M | ||
| Q2 24 | $815.4M | $544.6M | ||
| Q1 24 | $813.8M | $554.0M |
| Q4 25 | $1.2B | $904.1M | ||
| Q3 25 | $1.3B | $851.8M | ||
| Q2 25 | $1.4B | $795.0M | ||
| Q1 25 | $1.5B | $788.4M | ||
| Q4 24 | $1.6B | $793.1M | ||
| Q3 24 | $1.6B | $801.3M | ||
| Q2 24 | $1.5B | $788.4M | ||
| Q1 24 | $1.5B | $825.3M |
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.66× | 0.25× | ||
| Q4 24 | 0.65× | 0.25× | ||
| Q3 24 | 0.66× | 0.26× | ||
| Q2 24 | 0.53× | 0.27× | ||
| Q1 24 | 0.53× | 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 | $23.3M | $-4.1M |
| Free Cash FlowOCF − Capex | $23.2M | $-11.3M |
| FCF MarginFCF / Revenue | 29.6% | -7.6% |
| Capex IntensityCapex / Revenue | 0.1% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $90.7M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $-4.1M | ||
| Q3 25 | $32.2M | $19.4M | ||
| Q2 25 | $33.1M | $-13.8M | ||
| Q1 25 | $2.5M | $15.6M | ||
| Q4 24 | $34.3M | $14.0M | ||
| Q3 24 | $60.1M | $15.7M | ||
| Q2 24 | $31.0M | $37.8M | ||
| Q1 24 | $24.8M | $12.9M |
| Q4 25 | $23.2M | $-11.3M | ||
| Q3 25 | $32.1M | $9.0M | ||
| Q2 25 | $33.0M | $-26.0M | ||
| Q1 25 | $2.4M | $12.3M | ||
| Q4 24 | $34.0M | $12.5M | ||
| Q3 24 | $59.8M | $13.3M | ||
| Q2 24 | $30.5M | $35.8M | ||
| Q1 24 | $24.7M | $10.4M |
| Q4 25 | 29.6% | -7.6% | ||
| Q3 25 | 41.3% | 6.6% | ||
| Q2 25 | 43.6% | -23.5% | ||
| Q1 25 | 3.0% | 15.4% | ||
| Q4 24 | 43.5% | 11.6% | ||
| Q3 24 | 75.6% | 13.0% | ||
| Q2 24 | 40.7% | 36.1% | ||
| Q1 24 | 30.6% | 11.4% |
| Q4 25 | 0.1% | 4.8% | ||
| Q3 25 | 0.2% | 7.7% | ||
| Q2 25 | 0.1% | 11.0% | ||
| Q1 25 | 0.2% | 4.0% | ||
| Q4 24 | 0.3% | 1.4% | ||
| Q3 24 | 0.3% | 2.3% | ||
| Q2 24 | 0.6% | 2.0% | ||
| Q1 24 | 0.1% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 18.52× | — | ||
| 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
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
