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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and SMITH & WESSON BRANDS, INC. (SWBI). 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 $124.7M, roughly 1.2× SMITH & WESSON BRANDS, INC.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 1.5%, a 3.9% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
SHLS vs SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $124.7M |
| Net Profit | $8.1M | $1.9M |
| Gross Margin | 31.6% | 24.3% |
| Operating Margin | 11.7% | 3.3% |
| Net Margin | 5.5% | 1.5% |
| Revenue YoY | 38.6% | -3.9% |
| Net Profit YoY | 3.9% | -53.6% |
| EPS (diluted) | $0.05 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $135.8M | $85.1M | ||
| Q2 25 | $110.8M | $140.8M | ||
| Q1 25 | $80.4M | $115.9M | ||
| Q4 24 | $107.0M | $129.7M | ||
| Q3 24 | $102.2M | $88.3M | ||
| Q2 24 | $99.2M | $159.1M | ||
| Q1 24 | $90.8M | $137.5M |
| Q4 25 | $8.1M | $1.9M | ||
| Q3 25 | $11.9M | $-3.4M | ||
| Q2 25 | $13.9M | $8.6M | ||
| Q1 25 | $-282.0K | $2.1M | ||
| Q4 24 | $7.8M | $4.5M | ||
| Q3 24 | $-267.0K | $-1.9M | ||
| Q2 24 | $11.8M | $27.9M | ||
| Q1 24 | $4.8M | $7.9M |
| Q4 25 | 31.6% | 24.3% | ||
| Q3 25 | 37.0% | 25.9% | ||
| Q2 25 | 37.2% | 28.8% | ||
| Q1 25 | 35.0% | 24.1% | ||
| Q4 24 | 37.6% | 26.6% | ||
| Q3 24 | 24.8% | 27.4% | ||
| Q2 24 | 40.3% | 35.5% | ||
| Q1 24 | 40.2% | 28.7% |
| Q4 25 | 11.7% | 3.3% | ||
| Q3 25 | 13.7% | -3.5% | ||
| Q2 25 | 14.4% | 9.3% | ||
| Q1 25 | 5.4% | 4.1% | ||
| Q4 24 | 15.4% | 5.8% | ||
| Q3 24 | 4.4% | -1.7% | ||
| Q2 24 | 18.7% | 17.4% | ||
| Q1 24 | 12.8% | 8.2% |
| Q4 25 | 5.5% | 1.5% | ||
| Q3 25 | 8.7% | -4.0% | ||
| Q2 25 | 12.5% | 6.1% | ||
| Q1 25 | -0.4% | 1.8% | ||
| Q4 24 | 7.3% | 3.5% | ||
| Q3 24 | -0.3% | -2.1% | ||
| Q2 24 | 11.9% | 17.5% | ||
| Q1 24 | 5.3% | 5.7% |
| Q4 25 | $0.05 | $0.04 | ||
| Q3 25 | $0.07 | $-0.08 | ||
| Q2 25 | $0.08 | $0.19 | ||
| Q1 25 | $0.00 | $0.05 | ||
| Q4 24 | $0.04 | $0.10 | ||
| Q3 24 | $0.00 | $-0.04 | ||
| Q2 24 | $0.07 | $0.60 | ||
| Q1 24 | $0.03 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.0M | $363.2M |
| Total Assets | $904.1M | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $22.4M | ||
| Q3 25 | $8.6M | $18.0M | ||
| Q2 25 | $4.7M | $25.2M | ||
| Q1 25 | $35.6M | $26.7M | ||
| Q4 24 | $23.5M | $39.1M | ||
| Q3 24 | $11.1M | $35.5M | ||
| Q2 24 | $3.2M | $60.8M | ||
| Q1 24 | $15.2M | $47.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $141.8M | — | ||
| Q4 24 | $141.8M | — | ||
| Q3 24 | $141.8M | — | ||
| Q2 24 | $146.8M | — | ||
| Q1 24 | $168.8M | — |
| Q4 25 | $600.0M | $363.2M | ||
| Q3 25 | $589.6M | $364.4M | ||
| Q2 25 | $575.4M | $372.5M | ||
| Q1 25 | $558.9M | $366.9M | ||
| Q4 24 | $556.8M | $371.5M | ||
| Q3 24 | $545.2M | $380.0M | ||
| Q2 24 | $544.6M | $399.9M | ||
| Q1 24 | $554.0M | $376.4M |
| Q4 25 | $904.1M | $548.6M | ||
| Q3 25 | $851.8M | $554.6M | ||
| Q2 25 | $795.0M | $559.6M | ||
| Q1 25 | $788.4M | $578.9M | ||
| Q4 24 | $793.1M | $587.4M | ||
| Q3 24 | $801.3M | $571.3M | ||
| Q2 24 | $788.4M | $577.4M | ||
| Q1 24 | $825.3M | $570.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.25× | — | ||
| Q3 24 | 0.26× | — | ||
| Q2 24 | 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 | $-4.1M | $27.3M |
| Free Cash FlowOCF − Capex | $-11.3M | $16.3M |
| FCF MarginFCF / Revenue | -7.6% | 13.1% |
| Capex IntensityCapex / Revenue | 4.8% | 8.8% |
| Cash ConversionOCF / Net Profit | -0.50× | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $27.3M | ||
| Q3 25 | $19.4M | $-8.1M | ||
| Q2 25 | $-13.8M | $40.8M | ||
| Q1 25 | $15.6M | $-9.8M | ||
| Q4 24 | $14.0M | $-7.4M | ||
| Q3 24 | $15.7M | $-30.8M | ||
| Q2 24 | $37.8M | $43.7M | ||
| Q1 24 | $12.9M | $25.2M |
| Q4 25 | $-11.3M | $16.3M | ||
| Q3 25 | $9.0M | $-12.4M | ||
| Q2 25 | $-26.0M | $33.5M | ||
| Q1 25 | $12.3M | $-16.1M | ||
| Q4 24 | $12.5M | $-10.7M | ||
| Q3 24 | $13.3M | $-35.5M | ||
| Q2 24 | $35.8M | $38.2M | ||
| Q1 24 | $10.4M | $7.0M |
| Q4 25 | -7.6% | 13.1% | ||
| Q3 25 | 6.6% | -14.6% | ||
| Q2 25 | -23.5% | 23.8% | ||
| Q1 25 | 15.4% | -13.9% | ||
| Q4 24 | 11.6% | -8.3% | ||
| Q3 24 | 13.0% | -40.2% | ||
| Q2 24 | 36.1% | 24.0% | ||
| Q1 24 | 11.4% | 5.1% |
| Q4 25 | 4.8% | 8.8% | ||
| Q3 25 | 7.7% | 5.0% | ||
| Q2 25 | 11.0% | 5.2% | ||
| Q1 25 | 4.0% | 5.4% | ||
| Q4 24 | 1.4% | 2.5% | ||
| Q3 24 | 2.3% | 5.3% | ||
| Q2 24 | 2.0% | 3.5% | ||
| Q1 24 | 2.7% | 13.2% |
| Q4 25 | -0.50× | 14.22× | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | -1.00× | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | 1.79× | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.21× | 1.57× | ||
| Q1 24 | 2.69× | 3.20× |
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% |
SWBI
Segment breakdown not available.
