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Side-by-side financial comparison of Safehold Inc. (SAFE) 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 $97.9M, roughly 1.5× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 5.5%, a 23.0% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 6.5%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 2.5%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
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.
SAFE vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $148.3M |
| Net Profit | $27.9M | $8.1M |
| Gross Margin | 98.6% | 31.6% |
| Operating Margin | 27.4% | 11.7% |
| Net Margin | 28.5% | 5.5% |
| Revenue YoY | 6.5% | 38.6% |
| Net Profit YoY | 7.1% | 3.9% |
| EPS (diluted) | $0.38 | $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 | $97.9M | $148.3M | ||
| Q3 25 | $96.2M | $135.8M | ||
| Q2 25 | $93.8M | $110.8M | ||
| Q1 25 | $97.7M | $80.4M | ||
| Q4 24 | $91.9M | $107.0M | ||
| Q3 24 | $90.7M | $102.2M | ||
| Q2 24 | $89.9M | $99.2M | ||
| Q1 24 | $93.2M | $90.8M |
| Q4 25 | $27.9M | $8.1M | ||
| Q3 25 | $29.3M | $11.9M | ||
| Q2 25 | $27.9M | $13.9M | ||
| Q1 25 | $29.4M | $-282.0K | ||
| Q4 24 | $26.0M | $7.8M | ||
| Q3 24 | $19.3M | $-267.0K | ||
| Q2 24 | $29.7M | $11.8M | ||
| Q1 24 | $30.7M | $4.8M |
| Q4 25 | 98.6% | 31.6% | ||
| Q3 25 | 98.5% | 37.0% | ||
| Q2 25 | 99.1% | 37.2% | ||
| Q1 25 | 98.8% | 35.0% | ||
| Q4 24 | 98.8% | 37.6% | ||
| Q3 24 | 98.8% | 24.8% | ||
| Q2 24 | 98.8% | 40.3% | ||
| Q1 24 | 98.8% | 40.2% |
| Q4 25 | 27.4% | 11.7% | ||
| Q3 25 | 25.9% | 13.7% | ||
| Q2 25 | 25.5% | 14.4% | ||
| Q1 25 | 25.9% | 5.4% | ||
| Q4 24 | 24.6% | 15.4% | ||
| Q3 24 | 17.5% | 4.4% | ||
| Q2 24 | 26.7% | 18.7% | ||
| Q1 24 | 26.4% | 12.8% |
| Q4 25 | 28.5% | 5.5% | ||
| Q3 25 | 30.5% | 8.7% | ||
| Q2 25 | 29.8% | 12.5% | ||
| Q1 25 | 30.1% | -0.4% | ||
| Q4 24 | 28.3% | 7.3% | ||
| Q3 24 | 21.3% | -0.3% | ||
| Q2 24 | 33.0% | 11.9% | ||
| Q1 24 | 33.0% | 5.3% |
| Q4 25 | $0.38 | $0.05 | ||
| Q3 25 | $0.41 | $0.07 | ||
| Q2 25 | $0.39 | $0.08 | ||
| Q1 25 | $0.41 | $0.00 | ||
| Q4 24 | $0.36 | $0.04 | ||
| Q3 24 | $0.27 | $0.00 | ||
| Q2 24 | $0.42 | $0.07 | ||
| Q1 24 | $0.43 | $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 | $21.7M | $7.3M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $2.4B | $600.0M |
| Total Assets | $7.2B | $904.1M |
| Debt / EquityLower = less leverage | 1.90× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | $7.3M | ||
| Q3 25 | $12.1M | $8.6M | ||
| Q2 25 | $13.9M | $4.7M | ||
| Q1 25 | $17.3M | $35.6M | ||
| Q4 24 | $8.3M | $23.5M | ||
| Q3 24 | $15.6M | $11.1M | ||
| Q2 24 | $13.4M | $3.2M | ||
| Q1 24 | $11.3M | $15.2M |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | $141.8M | ||
| Q4 24 | $4.3B | $141.8M | ||
| Q3 24 | $4.3B | $141.8M | ||
| Q2 24 | $4.2B | $146.8M | ||
| Q1 24 | $4.1B | $168.8M |
| Q4 25 | $2.4B | $600.0M | ||
| Q3 25 | $2.4B | $589.6M | ||
| Q2 25 | $2.4B | $575.4M | ||
| Q1 25 | $2.4B | $558.9M | ||
| Q4 24 | $2.3B | $556.8M | ||
| Q3 24 | $2.3B | $545.2M | ||
| Q2 24 | $2.3B | $544.6M | ||
| Q1 24 | $2.3B | $554.0M |
| Q4 25 | $7.2B | $904.1M | ||
| Q3 25 | $7.1B | $851.8M | ||
| Q2 25 | $7.1B | $795.0M | ||
| Q1 25 | $6.9B | $788.4M | ||
| Q4 24 | $6.9B | $793.1M | ||
| Q3 24 | $6.8B | $801.3M | ||
| Q2 24 | $6.8B | $788.4M | ||
| Q1 24 | $6.7B | $825.3M |
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.89× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.85× | 0.25× | ||
| Q4 24 | 1.84× | 0.25× | ||
| Q3 24 | 1.88× | 0.26× | ||
| Q2 24 | 1.81× | 0.27× | ||
| Q1 24 | 1.81× | 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 | $47.8M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | 1.72× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | $-4.1M | ||
| Q3 25 | $-1.4M | $19.4M | ||
| Q2 25 | $28.0M | $-13.8M | ||
| Q1 25 | $8.9M | $15.6M | ||
| Q4 24 | $37.9M | $14.0M | ||
| Q3 24 | $8.3M | $15.7M | ||
| Q2 24 | $24.8M | $37.8M | ||
| Q1 24 | $-3.1M | $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 | 1.72× | -0.50× | ||
| Q3 25 | -0.05× | 1.63× | ||
| Q2 25 | 1.00× | -1.00× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.45× | 1.79× | ||
| Q3 24 | 0.43× | — | ||
| Q2 24 | 0.83× | 3.21× | ||
| Q1 24 | -0.10× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
