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Side-by-side financial comparison of SHENANDOAH TELECOMMUNICATIONS CO (SHEN) 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 $91.6M, roughly 1.6× SHENANDOAH TELECOMMUNICATIONS CO). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -5.9%, a 11.3% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 7.2%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-78.6M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 15.0%).
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
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.
SHEN vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $91.6M | $148.3M |
| Net Profit | $-5.4M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -1.0% | 11.7% |
| Net Margin | -5.9% | 5.5% |
| Revenue YoY | 7.2% | 38.6% |
| Net Profit YoY | -95.8% | 3.9% |
| EPS (diluted) | $-0.13 | $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 | $91.6M | $148.3M | ||
| Q3 25 | $89.8M | $135.8M | ||
| Q2 25 | $88.6M | $110.8M | ||
| Q1 25 | $87.9M | $80.4M | ||
| Q4 24 | $85.4M | $107.0M | ||
| Q3 24 | $87.6M | $102.2M | ||
| Q2 24 | $85.8M | $99.2M | ||
| Q1 24 | $69.2M | $90.8M |
| Q4 25 | $-5.4M | $8.1M | ||
| Q3 25 | $-9.4M | $11.9M | ||
| Q2 25 | $-9.0M | $13.9M | ||
| Q1 25 | $-9.1M | $-282.0K | ||
| Q4 24 | $-2.7M | $7.8M | ||
| Q3 24 | $-5.3M | $-267.0K | ||
| Q2 24 | $-12.9M | $11.8M | ||
| Q1 24 | $214.7M | $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 | -1.0% | 11.7% | ||
| Q3 25 | -8.0% | 13.7% | ||
| Q2 25 | -10.3% | 14.4% | ||
| Q1 25 | -6.9% | 5.4% | ||
| Q4 24 | -6.7% | 15.4% | ||
| Q3 24 | -4.8% | 4.4% | ||
| Q2 24 | -18.5% | 18.7% | ||
| Q1 24 | -4.0% | 12.8% |
| Q4 25 | -5.9% | 5.5% | ||
| Q3 25 | -10.5% | 8.7% | ||
| Q2 25 | -10.2% | 12.5% | ||
| Q1 25 | -10.4% | -0.4% | ||
| Q4 24 | -3.2% | 7.3% | ||
| Q3 24 | -6.0% | -0.3% | ||
| Q2 24 | -15.0% | 11.9% | ||
| Q1 24 | 310.0% | 5.3% |
| Q4 25 | $-0.13 | $0.05 | ||
| Q3 25 | $-0.20 | $0.07 | ||
| Q2 25 | $-0.19 | $0.08 | ||
| Q1 25 | $-0.19 | $0.00 | ||
| Q4 24 | $-0.34 | $0.04 | ||
| Q3 24 | $-0.13 | $0.00 | ||
| Q2 24 | $-0.24 | $0.07 | ||
| Q1 24 | $4.25 | $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 | $27.3M | $7.3M |
| Total DebtLower is stronger | $642.4M | — |
| Stockholders' EquityBook value | $880.8M | $600.0M |
| Total Assets | $1.9B | $904.1M |
| Debt / EquityLower = less leverage | 0.73× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.3M | $7.3M | ||
| Q3 25 | $22.6M | $8.6M | ||
| Q2 25 | $29.1M | $4.7M | ||
| Q1 25 | $87.5M | $35.6M | ||
| Q4 24 | $46.3M | $23.5M | ||
| Q3 24 | $43.1M | $11.1M | ||
| Q2 24 | $43.8M | $3.2M | ||
| Q1 24 | $389.7M | $15.2M |
| Q4 25 | $642.4M | — | ||
| Q3 25 | $535.4M | — | ||
| Q2 25 | $513.1M | — | ||
| Q1 25 | $515.8M | $141.8M | ||
| Q4 24 | $418.0M | $141.8M | ||
| Q3 24 | $345.2M | $141.8M | ||
| Q2 24 | $297.4M | $146.8M | ||
| Q1 24 | $298.7M | $168.8M |
| Q4 25 | $880.8M | $600.0M | ||
| Q3 25 | $892.7M | $589.6M | ||
| Q2 25 | $902.0M | $575.4M | ||
| Q1 25 | $910.5M | $558.9M | ||
| Q4 24 | $918.6M | $556.8M | ||
| Q3 24 | $925.4M | $545.2M | ||
| Q2 24 | $933.1M | $544.6M | ||
| Q1 24 | $871.6M | $554.0M |
| Q4 25 | $1.9B | $904.1M | ||
| Q3 25 | $1.9B | $851.8M | ||
| Q2 25 | $1.8B | $795.0M | ||
| Q1 25 | $1.8B | $788.4M | ||
| Q4 24 | $1.7B | $793.1M | ||
| Q3 24 | $1.7B | $801.3M | ||
| Q2 24 | $1.7B | $788.4M | ||
| Q1 24 | $1.4B | $825.3M |
| Q4 25 | 0.73× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.57× | 0.25× | ||
| Q4 24 | 0.46× | 0.25× | ||
| Q3 24 | 0.37× | 0.26× | ||
| Q2 24 | 0.32× | 0.27× | ||
| Q1 24 | 0.34× | 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 | $28.8M | $-4.1M |
| Free Cash FlowOCF − Capex | $-78.6M | $-11.3M |
| FCF MarginFCF / Revenue | -85.8% | -7.6% |
| Capex IntensityCapex / Revenue | 117.2% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-257.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $-4.1M | ||
| Q3 25 | $30.7M | $19.4M | ||
| Q2 25 | $20.9M | $-13.8M | ||
| Q1 25 | $20.5M | $15.6M | ||
| Q4 24 | $20.6M | $14.0M | ||
| Q3 24 | $24.3M | $15.7M | ||
| Q2 24 | $2.5M | $37.8M | ||
| Q1 24 | $15.2M | $12.9M |
| Q4 25 | $-78.6M | $-11.3M | ||
| Q3 25 | $-51.4M | $9.0M | ||
| Q2 25 | $-65.3M | $-26.0M | ||
| Q1 25 | $-62.7M | $12.3M | ||
| Q4 24 | $-72.0M | $12.5M | ||
| Q3 24 | $-51.3M | $13.3M | ||
| Q2 24 | $-78.3M | $35.8M | ||
| Q1 24 | $-54.9M | $10.4M |
| Q4 25 | -85.8% | -7.6% | ||
| Q3 25 | -57.2% | 6.6% | ||
| Q2 25 | -73.7% | -23.5% | ||
| Q1 25 | -71.3% | 15.4% | ||
| Q4 24 | -84.3% | 11.6% | ||
| Q3 24 | -58.5% | 13.0% | ||
| Q2 24 | -91.3% | 36.1% | ||
| Q1 24 | -79.3% | 11.4% |
| Q4 25 | 117.2% | 4.8% | ||
| Q3 25 | 91.4% | 7.7% | ||
| Q2 25 | 97.3% | 11.0% | ||
| Q1 25 | 94.7% | 4.0% | ||
| Q4 24 | 108.4% | 1.4% | ||
| Q3 24 | 86.2% | 2.3% | ||
| Q2 24 | 94.2% | 2.0% | ||
| Q1 24 | 101.2% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | 0.07× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
