vs
Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $148.3M, roughly 1.7× Shoals Technologies Group, Inc.). Tecnoglass Inc. runs the higher net margin — 10.6% vs 5.5%, a 5.2% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 2.4%). Tecnoglass Inc. produced more free cash flow last quarter ($11.4M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 12.8%).
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.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
SHLS vs TGLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $245.3M |
| Net Profit | $8.1M | $26.1M |
| Gross Margin | 31.6% | 40.0% |
| Operating Margin | 11.7% | 18.3% |
| Net Margin | 5.5% | 10.6% |
| Revenue YoY | 38.6% | 2.4% |
| Net Profit YoY | 3.9% | -44.5% |
| EPS (diluted) | $0.05 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $135.8M | $260.5M | ||
| Q2 25 | $110.8M | $255.5M | ||
| Q1 25 | $80.4M | $222.3M | ||
| Q4 24 | $107.0M | $239.6M | ||
| Q3 24 | $102.2M | $238.3M | ||
| Q2 24 | $99.2M | $219.7M | ||
| Q1 24 | $90.8M | $192.6M |
| Q4 25 | $8.1M | $26.1M | ||
| Q3 25 | $11.9M | $47.2M | ||
| Q2 25 | $13.9M | $44.1M | ||
| Q1 25 | $-282.0K | $42.2M | ||
| Q4 24 | $7.8M | $47.0M | ||
| Q3 24 | $-267.0K | $49.5M | ||
| Q2 24 | $11.8M | $35.0M | ||
| Q1 24 | $4.8M | $29.7M |
| Q4 25 | 31.6% | 40.0% | ||
| Q3 25 | 37.0% | 42.7% | ||
| Q2 25 | 37.2% | 44.7% | ||
| Q1 25 | 35.0% | 43.9% | ||
| Q4 24 | 37.6% | 44.5% | ||
| Q3 24 | 24.8% | 45.8% | ||
| Q2 24 | 40.3% | 40.8% | ||
| Q1 24 | 40.2% | 38.8% |
| Q4 25 | 11.7% | 18.3% | ||
| Q3 25 | 13.7% | 25.1% | ||
| Q2 25 | 14.4% | 24.0% | ||
| Q1 25 | 5.4% | 26.7% | ||
| Q4 24 | 15.4% | 28.0% | ||
| Q3 24 | 4.4% | 28.4% | ||
| Q2 24 | 18.7% | 23.3% | ||
| Q1 24 | 12.8% | 21.3% |
| Q4 25 | 5.5% | 10.6% | ||
| Q3 25 | 8.7% | 18.1% | ||
| Q2 25 | 12.5% | 17.3% | ||
| Q1 25 | -0.4% | 19.0% | ||
| Q4 24 | 7.3% | 19.6% | ||
| Q3 24 | -0.3% | 20.8% | ||
| Q2 24 | 11.9% | 15.9% | ||
| Q1 24 | 5.3% | 15.4% |
| Q4 25 | $0.05 | $0.57 | ||
| Q3 25 | $0.07 | $1.01 | ||
| Q2 25 | $0.08 | $0.94 | ||
| Q1 25 | $0.00 | $0.90 | ||
| Q4 24 | $0.04 | $1.00 | ||
| Q3 24 | $0.00 | $1.05 | ||
| Q2 24 | $0.07 | $0.75 | ||
| Q1 24 | $0.03 | $0.63 |
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 | $104.1M |
| Total DebtLower is stronger | — | $174.4M |
| Stockholders' EquityBook value | $600.0M | $713.1M |
| Total Assets | $904.1M | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $104.1M | ||
| Q3 25 | $8.6M | $127.1M | ||
| Q2 25 | $4.7M | $140.9M | ||
| Q1 25 | $35.6M | $160.2M | ||
| Q4 24 | $23.5M | $137.5M | ||
| Q3 24 | $11.1M | $124.8M | ||
| Q2 24 | $3.2M | $129.5M | ||
| Q1 24 | $15.2M | $138.8M |
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | $141.8M | $110.6M | ||
| Q4 24 | $141.8M | $111.1M | ||
| Q3 24 | $141.8M | $126.8M | ||
| Q2 24 | $146.8M | $144.7M | ||
| Q1 24 | $168.8M | $160.9M |
| Q4 25 | $600.0M | $713.1M | ||
| Q3 25 | $589.6M | $764.0M | ||
| Q2 25 | $575.4M | $736.0M | ||
| Q1 25 | $558.9M | $685.1M | ||
| Q4 24 | $556.8M | $631.2M | ||
| Q3 24 | $545.2M | $613.3M | ||
| Q2 24 | $544.6M | $574.8M | ||
| Q1 24 | $554.0M | $573.6M |
| Q4 25 | $904.1M | $1.3B | ||
| Q3 25 | $851.8M | $1.2B | ||
| Q2 25 | $795.0M | $1.2B | ||
| Q1 25 | $788.4M | $1.1B | ||
| Q4 24 | $793.1M | $1.0B | ||
| Q3 24 | $801.3M | $996.3M | ||
| Q2 24 | $788.4M | $942.5M | ||
| Q1 24 | $825.3M | $981.6M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | 0.25× | 0.16× | ||
| Q4 24 | 0.25× | 0.18× | ||
| Q3 24 | 0.26× | 0.21× | ||
| Q2 24 | 0.27× | 0.25× | ||
| Q1 24 | 0.30× | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $-11.3M | $11.4M |
| FCF MarginFCF / Revenue | -7.6% | 4.7% |
| Capex IntensityCapex / Revenue | 4.8% | 8.0% |
| Cash ConversionOCF / Net Profit | -0.50× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $31.0M | ||
| Q3 25 | $19.4M | $40.0M | ||
| Q2 25 | $-13.8M | $17.9M | ||
| Q1 25 | $15.6M | $46.9M | ||
| Q4 24 | $14.0M | $61.1M | ||
| Q3 24 | $15.7M | $41.5M | ||
| Q2 24 | $37.8M | $34.5M | ||
| Q1 24 | $12.9M | $33.4M |
| Q4 25 | $-11.3M | $11.4M | ||
| Q3 25 | $9.0M | $21.2M | ||
| Q2 25 | $-26.0M | $-14.7M | ||
| Q1 25 | $12.3M | $16.5M | ||
| Q4 24 | $12.5M | $35.4M | ||
| Q3 24 | $13.3M | $17.8M | ||
| Q2 24 | $35.8M | $14.2M | ||
| Q1 24 | $10.4M | $23.6M |
| Q4 25 | -7.6% | 4.7% | ||
| Q3 25 | 6.6% | 8.2% | ||
| Q2 25 | -23.5% | -5.7% | ||
| Q1 25 | 15.4% | 7.4% | ||
| Q4 24 | 11.6% | 14.8% | ||
| Q3 24 | 13.0% | 7.5% | ||
| Q2 24 | 36.1% | 6.5% | ||
| Q1 24 | 11.4% | 12.2% |
| Q4 25 | 4.8% | 8.0% | ||
| Q3 25 | 7.7% | 7.2% | ||
| Q2 25 | 11.0% | 12.7% | ||
| Q1 25 | 4.0% | 13.7% | ||
| Q4 24 | 1.4% | 10.7% | ||
| Q3 24 | 2.3% | 9.9% | ||
| Q2 24 | 2.0% | 9.2% | ||
| Q1 24 | 2.7% | 5.1% |
| Q4 25 | -0.50× | 1.19× | ||
| Q3 25 | 1.63× | 0.85× | ||
| Q2 25 | -1.00× | 0.41× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | 1.79× | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | 3.21× | 0.98× | ||
| Q1 24 | 2.69× | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
