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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($140.6M vs $73.5M, roughly 1.9× Target Hospitality Corp.). Shoals Technologies Group, Inc. runs the higher net margin — -0.2% vs -20.3%, a 20.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (74.9% vs 22.0%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (19.0% CAGR vs 0.7%).
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 TH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.6M | $73.5M |
| Net Profit | $-297.0K | $-14.9M |
| Gross Margin | 29.2% | 9.6% |
| Operating Margin | 5.5% | -22.9% |
| Net Margin | -0.2% | -20.3% |
| Revenue YoY | 74.9% | 22.0% |
| Net Profit YoY | -5.3% | -219.1% |
| EPS (diluted) | $0.00 | $-0.14 |
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.
| Q1 26 | $140.6M | — | ||
| Q4 25 | $148.3M | $73.5M | ||
| Q3 25 | $135.8M | $91.6M | ||
| Q2 25 | $110.8M | $54.9M | ||
| Q1 25 | $80.4M | $54.9M | ||
| Q4 24 | $107.0M | $60.2M | ||
| Q3 24 | $102.2M | $65.8M | ||
| Q2 24 | $99.2M | $67.5M |
| Q1 26 | $-297.0K | — | ||
| Q4 25 | $8.1M | $-14.9M | ||
| Q3 25 | $11.9M | $-795.0K | ||
| Q2 25 | $13.9M | $-14.9M | ||
| Q1 25 | $-282.0K | $-6.5M | ||
| Q4 24 | $7.8M | $12.5M | ||
| Q3 24 | $-267.0K | $20.0M | ||
| Q2 24 | $11.8M | $18.4M |
| Q1 26 | 29.2% | — | ||
| Q4 25 | 31.6% | 9.6% | ||
| Q3 25 | 37.0% | 19.6% | ||
| Q2 25 | 37.2% | -0.6% | ||
| Q1 25 | 35.0% | 32.7% | ||
| Q4 24 | 37.6% | 61.5% | ||
| Q3 24 | 24.8% | 68.7% | ||
| Q2 24 | 40.3% | 69.4% |
| Q1 26 | 5.5% | — | ||
| Q4 25 | 11.7% | -22.9% | ||
| Q3 25 | 13.7% | 0.1% | ||
| Q2 25 | 14.4% | -30.8% | ||
| Q1 25 | 5.4% | -2.0% | ||
| Q4 24 | 15.4% | 34.5% | ||
| Q3 24 | 4.4% | 42.5% | ||
| Q2 24 | 18.7% | 43.8% |
| Q1 26 | -0.2% | — | ||
| Q4 25 | 5.5% | -20.3% | ||
| Q3 25 | 8.7% | -0.9% | ||
| Q2 25 | 12.5% | -27.2% | ||
| Q1 25 | -0.4% | -11.8% | ||
| Q4 24 | 7.3% | 20.8% | ||
| Q3 24 | -0.3% | 30.4% | ||
| Q2 24 | 11.9% | 27.2% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.05 | $-0.14 | ||
| Q3 25 | $0.07 | $-0.01 | ||
| Q2 25 | $0.08 | $-0.15 | ||
| Q1 25 | $0.00 | $-0.07 | ||
| Q4 24 | $0.04 | $0.12 | ||
| Q3 24 | $0.00 | $0.20 | ||
| Q2 24 | $0.07 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $601.6M | $389.3M |
| Total Assets | $1.0B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.9M | — | ||
| Q4 25 | $7.3M | $8.3M | ||
| Q3 25 | $8.6M | $30.4M | ||
| Q2 25 | $4.7M | $19.2M | ||
| Q1 25 | $35.6M | $34.5M | ||
| Q4 24 | $23.5M | $190.7M | ||
| Q3 24 | $11.1M | $177.7M | ||
| Q2 24 | $3.2M | $154.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | $141.8M | $42.9M | ||
| Q4 24 | $141.8M | $1.5M | ||
| Q3 24 | $141.8M | $994.0K | ||
| Q2 24 | $146.8M | $1.1M |
| Q1 26 | $601.6M | — | ||
| Q4 25 | $600.0M | $389.3M | ||
| Q3 25 | $589.6M | $402.4M | ||
| Q2 25 | $575.4M | $401.3M | ||
| Q1 25 | $558.9M | $415.3M | ||
| Q4 24 | $556.8M | $421.1M | ||
| Q3 24 | $545.2M | $417.6M | ||
| Q2 24 | $544.6M | $397.2M |
| Q1 26 | $1.0B | — | ||
| Q4 25 | $904.1M | $530.2M | ||
| Q3 25 | $851.8M | $541.2M | ||
| Q2 25 | $795.0M | $533.7M | ||
| Q1 25 | $788.4M | $562.5M | ||
| Q4 24 | $793.1M | $725.8M | ||
| Q3 24 | $801.3M | $709.8M | ||
| Q2 24 | $788.4M | $697.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | 0.25× | 0.10× | ||
| Q4 24 | 0.25× | 0.00× | ||
| Q3 24 | 0.26× | 0.00× | ||
| Q2 24 | 0.27× | 0.00× |
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 | — | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-4.1M | $5.7M | ||
| Q3 25 | $19.4M | $53.4M | ||
| Q2 25 | $-13.8M | $11.1M | ||
| Q1 25 | $15.6M | $3.9M | ||
| Q4 24 | $14.0M | $30.6M | ||
| Q3 24 | $15.7M | $31.4M | ||
| Q2 24 | $37.8M | $39.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-11.3M | — | ||
| Q3 25 | $9.0M | — | ||
| Q2 25 | $-26.0M | — | ||
| Q1 25 | $12.3M | $-11.6M | ||
| Q4 24 | $12.5M | — | ||
| Q3 24 | $13.3M | — | ||
| Q2 24 | $35.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | — | ||
| Q3 25 | 6.6% | — | ||
| Q2 25 | -23.5% | — | ||
| Q1 25 | 15.4% | -21.1% | ||
| Q4 24 | 11.6% | — | ||
| Q3 24 | 13.0% | — | ||
| Q2 24 | 36.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | 11.0% | — | ||
| Q1 25 | 4.0% | 28.2% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 2.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | -0.50× | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | -1.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.79× | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | 3.21× | 2.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHLS
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
