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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and Latham Group, Inc. (SWIM). 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 $100.0M, roughly 1.5× Latham Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -7.0%, a 12.5% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
SHLS vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $100.0M |
| Net Profit | $8.1M | $-7.0M |
| Gross Margin | 31.6% | 28.0% |
| Operating Margin | 11.7% | -10.7% |
| Net Margin | 5.5% | -7.0% |
| Revenue YoY | 38.6% | 14.5% |
| Net Profit YoY | 3.9% | 76.0% |
| EPS (diluted) | $0.05 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $135.8M | $161.9M | ||
| Q2 25 | $110.8M | $172.6M | ||
| Q1 25 | $80.4M | $111.4M | ||
| Q4 24 | $107.0M | $87.3M | ||
| Q3 24 | $102.2M | $150.5M | ||
| Q2 24 | $99.2M | $160.1M | ||
| Q1 24 | $90.8M | $110.6M |
| Q4 25 | $8.1M | $-7.0M | ||
| Q3 25 | $11.9M | $8.1M | ||
| Q2 25 | $13.9M | $16.0M | ||
| Q1 25 | $-282.0K | $-6.0M | ||
| Q4 24 | $7.8M | $-29.2M | ||
| Q3 24 | $-267.0K | $5.9M | ||
| Q2 24 | $11.8M | $13.3M | ||
| Q1 24 | $4.8M | $-7.9M |
| Q4 25 | 31.6% | 28.0% | ||
| Q3 25 | 37.0% | 35.4% | ||
| Q2 25 | 37.2% | 37.1% | ||
| Q1 25 | 35.0% | 29.5% | ||
| Q4 24 | 37.6% | 24.6% | ||
| Q3 24 | 24.8% | 32.4% | ||
| Q2 24 | 40.3% | 33.1% | ||
| Q1 24 | 40.2% | 27.7% |
| Q4 25 | 11.7% | -10.7% | ||
| Q3 25 | 13.7% | 13.3% | ||
| Q2 25 | 14.4% | 14.3% | ||
| Q1 25 | 5.4% | -4.4% | ||
| Q4 24 | 15.4% | -14.9% | ||
| Q3 24 | 4.4% | 8.9% | ||
| Q2 24 | 18.7% | 12.5% | ||
| Q1 24 | 12.8% | -1.9% |
| Q4 25 | 5.5% | -7.0% | ||
| Q3 25 | 8.7% | 5.0% | ||
| Q2 25 | 12.5% | 9.3% | ||
| Q1 25 | -0.4% | -5.4% | ||
| Q4 24 | 7.3% | -33.4% | ||
| Q3 24 | -0.3% | 3.9% | ||
| Q2 24 | 11.9% | 8.3% | ||
| Q1 24 | 5.3% | -7.1% |
| Q4 25 | $0.05 | $-0.06 | ||
| Q3 25 | $0.07 | $0.07 | ||
| Q2 25 | $0.08 | $0.13 | ||
| Q1 25 | $0.00 | $-0.05 | ||
| Q4 24 | $0.04 | $-0.24 | ||
| Q3 24 | $0.00 | $0.05 | ||
| Q2 24 | $0.07 | $0.11 | ||
| 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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $600.0M | $405.9M |
| Total Assets | $904.1M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | — | ||
| Q3 25 | $8.6M | — | ||
| Q2 25 | $4.7M | — | ||
| Q1 25 | $35.6M | — | ||
| Q4 24 | $23.5M | — | ||
| Q3 24 | $11.1M | — | ||
| Q2 24 | $3.2M | — | ||
| Q1 24 | $15.2M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | $141.8M | $306.9M | ||
| Q4 24 | $141.8M | $281.5M | ||
| Q3 24 | $141.8M | $282.8M | ||
| Q2 24 | $146.8M | $282.4M | ||
| Q1 24 | $168.8M | $282.8M |
| Q4 25 | $600.0M | $405.9M | ||
| Q3 25 | $589.6M | $408.4M | ||
| Q2 25 | $575.4M | $398.4M | ||
| Q1 25 | $558.9M | $381.1M | ||
| Q4 24 | $556.8M | $387.2M | ||
| Q3 24 | $545.2M | $416.6M | ||
| Q2 24 | $544.6M | $408.1M | ||
| Q1 24 | $554.0M | $391.8M |
| Q4 25 | $904.1M | $823.2M | ||
| Q3 25 | $851.8M | $844.4M | ||
| Q2 25 | $795.0M | $822.1M | ||
| Q1 25 | $788.4M | $824.6M | ||
| Q4 24 | $793.1M | $794.2M | ||
| Q3 24 | $801.3M | $853.4M | ||
| Q2 24 | $788.4M | $830.0M | ||
| Q1 24 | $825.3M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | 0.25× | 0.81× | ||
| Q4 24 | 0.25× | 0.73× | ||
| Q3 24 | 0.26× | 0.68× | ||
| Q2 24 | 0.27× | 0.69× | ||
| Q1 24 | 0.30× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-11.3M | $14.1M |
| FCF MarginFCF / Revenue | -7.6% | 14.1% |
| Capex IntensityCapex / Revenue | 4.8% | 9.2% |
| Cash ConversionOCF / Net Profit | -0.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $23.3M | ||
| Q3 25 | $19.4M | $51.0M | ||
| Q2 25 | $-13.8M | $36.0M | ||
| Q1 25 | $15.6M | $-46.9M | ||
| Q4 24 | $14.0M | $6.2M | ||
| Q3 24 | $15.7M | $37.2M | ||
| Q2 24 | $37.8M | $52.4M | ||
| Q1 24 | $12.9M | $-34.5M |
| Q4 25 | $-11.3M | $14.1M | ||
| Q3 25 | $9.0M | $45.2M | ||
| Q2 25 | $-26.0M | $29.1M | ||
| Q1 25 | $12.3M | $-50.3M | ||
| Q4 24 | $12.5M | $-98.0K | ||
| Q3 24 | $13.3M | $33.2M | ||
| Q2 24 | $35.8M | $47.9M | ||
| Q1 24 | $10.4M | $-39.9M |
| Q4 25 | -7.6% | 14.1% | ||
| Q3 25 | 6.6% | 27.9% | ||
| Q2 25 | -23.5% | 16.8% | ||
| Q1 25 | 15.4% | -45.2% | ||
| Q4 24 | 11.6% | -0.1% | ||
| Q3 24 | 13.0% | 22.1% | ||
| Q2 24 | 36.1% | 29.9% | ||
| Q1 24 | 11.4% | -36.0% |
| Q4 25 | 4.8% | 9.2% | ||
| Q3 25 | 7.7% | 3.6% | ||
| Q2 25 | 11.0% | 4.0% | ||
| Q1 25 | 4.0% | 3.1% | ||
| Q4 24 | 1.4% | 7.2% | ||
| Q3 24 | 2.3% | 2.7% | ||
| Q2 24 | 2.0% | 2.8% | ||
| Q1 24 | 2.7% | 4.8% |
| Q4 25 | -0.50× | — | ||
| Q3 25 | 1.63× | 6.29× | ||
| Q2 25 | -1.00× | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.79× | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | 3.21× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
