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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and ONE Group Hospitality, Inc. (STKS). Click either name above to swap in a different company.
ONE Group Hospitality, Inc. is the larger business by last-quarter revenue ($207.0M vs $148.3M, roughly 1.4× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -3.1%, a 8.6% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -6.7%). ONE Group Hospitality, Inc. produced more free cash flow last quarter ($-329.0K vs $-11.3M). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% CAGR vs 27.8%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
SHLS vs STKS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $207.0M |
| Net Profit | $8.1M | $-6.4M |
| Gross Margin | 31.6% | — |
| Operating Margin | 11.7% | 2.2% |
| Net Margin | 5.5% | -3.1% |
| Revenue YoY | 38.6% | -6.7% |
| Net Profit YoY | 3.9% | -531.8% |
| EPS (diluted) | $0.05 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $135.8M | $180.2M | ||
| Q2 25 | $110.8M | $207.4M | ||
| Q1 25 | $80.4M | $211.1M | ||
| Q4 24 | $107.0M | $221.9M | ||
| Q3 24 | $102.2M | $194.0M | ||
| Q2 24 | $99.2M | $172.5M | ||
| Q1 24 | $90.8M | $85.0M |
| Q4 25 | $8.1M | $-6.4M | ||
| Q3 25 | $11.9M | $-76.7M | ||
| Q2 25 | $13.9M | $-10.1M | ||
| Q1 25 | $-282.0K | $975.0K | ||
| Q4 24 | $7.8M | $1.5M | ||
| Q3 24 | $-267.0K | $-9.3M | ||
| Q2 24 | $11.8M | $-7.3M | ||
| Q1 24 | $4.8M | $-2.1M |
| 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 | 11.7% | 2.2% | ||
| Q3 25 | 13.7% | -4.4% | ||
| Q2 25 | 14.4% | 0.3% | ||
| Q1 25 | 5.4% | 5.1% | ||
| Q4 24 | 15.4% | 5.5% | ||
| Q3 24 | 4.4% | -1.9% | ||
| Q2 24 | 18.7% | 0.6% | ||
| Q1 24 | 12.8% | -0.7% |
| Q4 25 | 5.5% | -3.1% | ||
| Q3 25 | 8.7% | -42.6% | ||
| Q2 25 | 12.5% | -4.9% | ||
| Q1 25 | -0.4% | 0.5% | ||
| Q4 24 | 7.3% | 0.7% | ||
| Q3 24 | -0.3% | -4.8% | ||
| Q2 24 | 11.9% | -4.3% | ||
| Q1 24 | 5.3% | -2.4% |
| Q4 25 | $0.05 | $-0.50 | ||
| Q3 25 | $0.07 | $-2.75 | ||
| Q2 25 | $0.08 | $-0.59 | ||
| Q1 25 | $0.00 | $-0.21 | ||
| Q4 24 | $0.04 | $-0.18 | ||
| Q3 24 | $0.00 | $-0.53 | ||
| Q2 24 | $0.07 | $-0.38 | ||
| Q1 24 | $0.03 | $-0.07 |
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 | $4.2M |
| Total DebtLower is stronger | — | $354.2M |
| Stockholders' EquityBook value | $600.0M | $-75.8M |
| Total Assets | $904.1M | $884.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $4.2M | ||
| Q3 25 | $8.6M | $5.5M | ||
| Q2 25 | $4.7M | $4.7M | ||
| Q1 25 | $35.6M | $21.4M | ||
| Q4 24 | $23.5M | $27.6M | ||
| Q3 24 | $11.1M | $28.2M | ||
| Q2 24 | $3.2M | $32.2M | ||
| Q1 24 | $15.2M | $15.4M |
| Q4 25 | — | $354.2M | ||
| Q3 25 | — | $355.0M | ||
| Q2 25 | — | $347.4M | ||
| Q1 25 | $141.8M | $348.3M | ||
| Q4 24 | $141.8M | $348.3M | ||
| Q3 24 | $141.8M | $349.1M | ||
| Q2 24 | $146.8M | $350.0M | ||
| Q1 24 | $168.8M | $73.5M |
| Q4 25 | $600.0M | $-75.8M | ||
| Q3 25 | $589.6M | $-61.5M | ||
| Q2 25 | $575.4M | $23.0M | ||
| Q1 25 | $558.9M | $40.5M | ||
| Q4 24 | $556.8M | $45.9M | ||
| Q3 24 | $545.2M | $51.4M | ||
| Q2 24 | $544.6M | $68.1M | ||
| Q1 24 | $554.0M | $68.3M |
| Q4 25 | $904.1M | $884.2M | ||
| Q3 25 | $851.8M | $879.5M | ||
| Q2 25 | $795.0M | $935.7M | ||
| Q1 25 | $788.4M | $956.0M | ||
| Q4 24 | $793.1M | $960.1M | ||
| Q3 24 | $801.3M | $953.5M | ||
| Q2 24 | $788.4M | $945.9M | ||
| Q1 24 | $825.3M | $309.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 15.07× | ||
| Q1 25 | 0.25× | 8.61× | ||
| Q4 24 | 0.25× | 7.59× | ||
| Q3 24 | 0.26× | 6.79× | ||
| Q2 24 | 0.27× | 5.14× | ||
| Q1 24 | 0.30× | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $-11.3M | $-329.0K |
| FCF MarginFCF / Revenue | -7.6% | -0.2% |
| Capex IntensityCapex / Revenue | 4.8% | 6.5% |
| Cash ConversionOCF / Net Profit | -0.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $13.1M | ||
| Q3 25 | $19.4M | $5.9M | ||
| Q2 25 | $-13.8M | $2.8M | ||
| Q1 25 | $15.6M | $8.5M | ||
| Q4 24 | $14.0M | $18.5M | ||
| Q3 24 | $15.7M | $19.1M | ||
| Q2 24 | $37.8M | $-3.8M | ||
| Q1 24 | $12.9M | $10.4M |
| Q4 25 | $-11.3M | $-329.0K | ||
| Q3 25 | $9.0M | $-6.1M | ||
| Q2 25 | $-26.0M | $-15.0M | ||
| Q1 25 | $12.3M | $-5.8M | ||
| Q4 24 | $12.5M | $733.0K | ||
| Q3 24 | $13.3M | $287.0K | ||
| Q2 24 | $35.8M | $-23.0M | ||
| Q1 24 | $10.4M | $-5.4M |
| Q4 25 | -7.6% | -0.2% | ||
| Q3 25 | 6.6% | -3.4% | ||
| Q2 25 | -23.5% | -7.2% | ||
| Q1 25 | 15.4% | -2.7% | ||
| Q4 24 | 11.6% | 0.3% | ||
| Q3 24 | 13.0% | 0.1% | ||
| Q2 24 | 36.1% | -13.3% | ||
| Q1 24 | 11.4% | -6.4% |
| Q4 25 | 4.8% | 6.5% | ||
| Q3 25 | 7.7% | 6.7% | ||
| Q2 25 | 11.0% | 8.6% | ||
| Q1 25 | 4.0% | 6.8% | ||
| Q4 24 | 1.4% | 8.0% | ||
| Q3 24 | 2.3% | 9.7% | ||
| Q2 24 | 2.0% | 11.1% | ||
| Q1 24 | 2.7% | 18.6% |
| Q4 25 | -0.50× | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | -1.00× | — | ||
| Q1 25 | — | 8.76× | ||
| Q4 24 | 1.79× | 12.54× | ||
| Q3 24 | — | — | ||
| 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
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
