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Side-by-side financial comparison of Seadrill Ltd (SDRL) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Seadrill Ltd is the larger business by last-quarter revenue ($273.0M vs $148.3M, roughly 1.8× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -3.7%, a 9.1% gap on every dollar of revenue. Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -8.9%).
Seadrill is an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships, semi-submersible rigs, and jack-up rigs for operations in shallow to ultra-deep water in both benign and harsh environments. It provides a contract-based service and primarily serves the oil super-majors, integrated oil and gas, state-owned national oil, and independent oil and gas companies.
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.
SDRL vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $148.3M |
| Net Profit | $-10.0M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -1.1% | 11.7% |
| Net Margin | -3.7% | 5.5% |
| Revenue YoY | — | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | — | $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 | $273.0M | $148.3M | ||
| Q3 25 | $280.0M | $135.8M | ||
| Q2 25 | $288.0M | $110.8M | ||
| Q1 25 | $248.0M | $80.4M | ||
| Q4 24 | — | $107.0M | ||
| Q3 24 | $263.0M | $102.2M | ||
| Q2 24 | $267.0M | $99.2M | ||
| Q1 24 | $275.0M | $90.8M |
| Q4 25 | $-10.0M | $8.1M | ||
| Q3 25 | $-11.0M | $11.9M | ||
| Q2 25 | $-42.0M | $13.9M | ||
| Q1 25 | $-14.0M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $32.0M | $-267.0K | ||
| Q2 24 | $253.0M | $11.8M | ||
| Q1 24 | $60.0M | $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 | -1.1% | 11.7% | ||
| Q3 25 | 9.3% | 13.7% | ||
| Q2 25 | 2.1% | 14.4% | ||
| Q1 25 | 7.3% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | 17.9% | 4.4% | ||
| Q2 24 | — | 18.7% | ||
| Q1 24 | 29.1% | 12.8% |
| Q4 25 | -3.7% | 5.5% | ||
| Q3 25 | -3.9% | 8.7% | ||
| Q2 25 | -14.6% | 12.5% | ||
| Q1 25 | -5.6% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | 12.2% | -0.3% | ||
| Q2 24 | 94.8% | 11.9% | ||
| Q1 24 | 21.8% | 5.3% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | $-0.17 | $0.07 | ||
| Q2 25 | $-0.68 | $0.08 | ||
| Q1 25 | $-0.23 | $0.00 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | $0.49 | $0.00 | ||
| Q2 24 | $3.49 | $0.07 | ||
| Q1 24 | $0.81 | $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 | $339.0M | $7.3M |
| Total DebtLower is stronger | $613.0M | — |
| Stockholders' EquityBook value | $2.9B | $600.0M |
| Total Assets | $3.9B | $904.1M |
| Debt / EquityLower = less leverage | 0.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $339.0M | $7.3M | ||
| Q3 25 | $402.0M | $8.6M | ||
| Q2 25 | $393.0M | $4.7M | ||
| Q1 25 | $404.0M | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | $835.0M | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $613.0M | — | ||
| Q3 25 | $612.0M | — | ||
| Q2 25 | $612.0M | — | ||
| Q1 25 | $611.0M | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | $609.0M | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $2.9B | $600.0M | ||
| Q3 25 | $2.9B | $589.6M | ||
| Q2 25 | $2.9B | $575.4M | ||
| Q1 25 | $2.9B | $558.9M | ||
| Q4 24 | — | $556.8M | ||
| Q3 24 | $2.9B | $545.2M | ||
| Q2 24 | $3.1B | $544.6M | ||
| Q1 24 | $2.9B | $554.0M |
| Q4 25 | $3.9B | $904.1M | ||
| Q3 25 | $4.1B | $851.8M | ||
| Q2 25 | $4.1B | $795.0M | ||
| Q1 25 | $4.1B | $788.4M | ||
| Q4 24 | — | $793.1M | ||
| Q3 24 | — | $801.3M | ||
| Q2 24 | $4.3B | $788.4M | ||
| Q1 24 | — | $825.3M |
| Q4 25 | 0.21× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.21× | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | 0.20× | 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 | $-40.0M | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-40.0M | $-4.1M | ||
| Q3 25 | $28.0M | $19.4M | ||
| Q2 25 | $11.0M | $-13.8M | ||
| Q1 25 | $-27.0M | $15.6M | ||
| Q4 24 | — | $14.0M | ||
| Q3 24 | $-27.0M | $15.7M | ||
| Q2 24 | $79.0M | $37.8M | ||
| Q1 24 | $29.0M | $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 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | -0.84× | — | ||
| Q2 24 | 0.31× | 3.21× | ||
| Q1 24 | 0.48× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SDRL
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
