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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and SunOpta Inc. (STKL). Click either name above to swap in a different company.
SunOpta Inc. is the larger business by last-quarter revenue ($205.4M vs $148.3M, roughly 1.4× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 0.4%, a 5.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 16.6%). SunOpta Inc. produced more free cash flow last quarter ($12.1M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 7.4%).
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.
SunOpta, Inc. is a multi-national food and mineral company headquartered in Eden Prairie, Minnesota and founded in 1973 in Canada.
SHLS vs STKL — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $205.4M |
| Net Profit | $8.1M | $816.0K |
| Gross Margin | 31.6% | 12.4% |
| Operating Margin | 11.7% | 3.3% |
| Net Margin | 5.5% | 0.4% |
| Revenue YoY | 38.6% | 16.6% |
| Net Profit YoY | 3.9% | 113.1% |
| EPS (diluted) | $0.05 | $0.01 |
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 | $148.3M | — | ||
| Q3 25 | $135.8M | $205.4M | ||
| Q2 25 | $110.8M | $191.5M | ||
| Q1 25 | $80.4M | $201.6M | ||
| Q4 24 | $107.0M | $193.9M | ||
| Q3 24 | $102.2M | $175.9M | ||
| Q2 24 | $99.2M | $169.5M | ||
| Q1 24 | $90.8M | $184.4M |
| Q4 25 | $8.1M | — | ||
| Q3 25 | $11.9M | $816.0K | ||
| Q2 25 | $13.9M | $4.4M | ||
| Q1 25 | $-282.0K | $4.8M | ||
| Q4 24 | $7.8M | $-8.7M | ||
| Q3 24 | $-267.0K | $-6.2M | ||
| Q2 24 | $11.8M | $-5.3M | ||
| Q1 24 | $4.8M | $2.9M |
| Q4 25 | 31.6% | — | ||
| Q3 25 | 37.0% | 12.4% | ||
| Q2 25 | 37.2% | 14.8% | ||
| Q1 25 | 35.0% | 15.0% | ||
| Q4 24 | 37.6% | 10.9% | ||
| Q3 24 | 24.8% | 13.0% | ||
| Q2 24 | 40.3% | 12.5% | ||
| Q1 24 | 40.2% | 16.8% |
| Q4 25 | 11.7% | — | ||
| Q3 25 | 13.7% | 3.3% | ||
| Q2 25 | 14.4% | 5.5% | ||
| Q1 25 | 5.4% | 5.2% | ||
| Q4 24 | 15.4% | 1.4% | ||
| Q3 24 | 4.4% | 0.5% | ||
| Q2 24 | 18.7% | 1.2% | ||
| Q1 24 | 12.8% | 5.5% |
| Q4 25 | 5.5% | — | ||
| Q3 25 | 8.7% | 0.4% | ||
| Q2 25 | 12.5% | 2.3% | ||
| Q1 25 | -0.4% | 2.4% | ||
| Q4 24 | 7.3% | -4.5% | ||
| Q3 24 | -0.3% | -3.5% | ||
| Q2 24 | 11.9% | -3.1% | ||
| Q1 24 | 5.3% | 1.6% |
| Q4 25 | $0.05 | — | ||
| Q3 25 | $0.07 | $0.01 | ||
| Q2 25 | $0.08 | $0.03 | ||
| Q1 25 | $0.00 | $0.04 | ||
| Q4 24 | $0.04 | $-0.08 | ||
| Q3 24 | $0.00 | $-0.05 | ||
| Q2 24 | $0.07 | $-0.04 | ||
| Q1 24 | $0.03 | $0.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.3M | $2.2M |
| Total DebtLower is stronger | — | $250.8M |
| Stockholders' EquityBook value | $600.0M | $162.8M |
| Total Assets | $904.1M | $694.1M |
| Debt / EquityLower = less leverage | — | 1.54× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | — | ||
| Q3 25 | $8.6M | $2.2M | ||
| Q2 25 | $4.7M | $2.2M | ||
| Q1 25 | $35.6M | $2.3M | ||
| Q4 24 | $23.5M | $1.6M | ||
| Q3 24 | $11.1M | $2.9M | ||
| Q2 24 | $3.2M | $3.2M | ||
| Q1 24 | $15.2M | $1.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $250.8M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | $141.8M | $260.6M | ||
| Q4 24 | $141.8M | $265.2M | ||
| Q3 24 | $141.8M | $289.9M | ||
| Q2 24 | $146.8M | $303.1M | ||
| Q1 24 | $168.8M | $258.8M |
| Q4 25 | $600.0M | — | ||
| Q3 25 | $589.6M | $162.8M | ||
| Q2 25 | $575.4M | $159.8M | ||
| Q1 25 | $558.9M | $154.8M | ||
| Q4 24 | $556.8M | $148.6M | ||
| Q3 24 | $545.2M | $155.0M | ||
| Q2 24 | $544.6M | $158.8M | ||
| Q1 24 | $554.0M | $163.6M |
| Q4 25 | $904.1M | — | ||
| Q3 25 | $851.8M | $694.1M | ||
| Q2 25 | $795.0M | $704.9M | ||
| Q1 25 | $788.4M | $690.7M | ||
| Q4 24 | $793.1M | $668.5M | ||
| Q3 24 | $801.3M | $699.3M | ||
| Q2 24 | $788.4M | $704.7M | ||
| Q1 24 | $825.3M | $671.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.54× | ||
| Q2 25 | — | 1.65× | ||
| Q1 25 | 0.25× | 1.68× | ||
| Q4 24 | 0.25× | 1.78× | ||
| Q3 24 | 0.26× | 1.87× | ||
| Q2 24 | 0.27× | 1.91× | ||
| Q1 24 | 0.30× | 1.58× |
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 | $-4.1M | $16.3M |
| Free Cash FlowOCF − Capex | $-11.3M | $12.1M |
| FCF MarginFCF / Revenue | -7.6% | 5.9% |
| Capex IntensityCapex / Revenue | 4.8% | 2.1% |
| Cash ConversionOCF / Net Profit | -0.50× | 20.03× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $36.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | — | ||
| Q3 25 | $19.4M | $16.3M | ||
| Q2 25 | $-13.8M | $-4.5M | ||
| Q1 25 | $15.6M | $22.3M | ||
| Q4 24 | $14.0M | $33.1M | ||
| Q3 24 | $15.7M | $17.2M | ||
| Q2 24 | $37.8M | $-5.6M | ||
| Q1 24 | $12.9M | $5.3M |
| Q4 25 | $-11.3M | — | ||
| Q3 25 | $9.0M | $12.1M | ||
| Q2 25 | $-26.0M | $-9.2M | ||
| Q1 25 | $12.3M | $9.5M | ||
| Q4 24 | $12.5M | $24.0M | ||
| Q3 24 | $13.3M | $11.7M | ||
| Q2 24 | $35.8M | $-15.3M | ||
| Q1 24 | $10.4M | $-2.3M |
| Q4 25 | -7.6% | — | ||
| Q3 25 | 6.6% | 5.9% | ||
| Q2 25 | -23.5% | -4.8% | ||
| Q1 25 | 15.4% | 4.7% | ||
| Q4 24 | 11.6% | 12.4% | ||
| Q3 24 | 13.0% | 6.6% | ||
| Q2 24 | 36.1% | -9.0% | ||
| Q1 24 | 11.4% | -1.2% |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 7.7% | 2.1% | ||
| Q2 25 | 11.0% | 2.5% | ||
| Q1 25 | 4.0% | 6.3% | ||
| Q4 24 | 1.4% | 4.7% | ||
| Q3 24 | 2.3% | 3.2% | ||
| Q2 24 | 2.0% | 5.7% | ||
| Q1 24 | 2.7% | 4.1% |
| Q4 25 | -0.50× | — | ||
| Q3 25 | 1.63× | 20.03× | ||
| Q2 25 | -1.00× | -1.03× | ||
| Q1 25 | — | 4.63× | ||
| Q4 24 | 1.79× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.21× | — | ||
| Q1 24 | 2.69× | 1.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
STKL
| Beverages And Broths | $161.4M | 79% |
| Fruit Snacks | $40.9M | 20% |
| Ingredients | $3.1M | 2% |
