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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and TENNANT CO (TNC). Click either name above to swap in a different company.
TENNANT CO is the larger business by last-quarter revenue ($291.6M vs $148.3M, roughly 2.0× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -1.5%, a 7.0% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -11.3%). TENNANT CO produced more free cash flow last quarter ($9.7M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -3.2%).
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.
The Tennant Company (TNC:NYQ) is a company with about 4000 employees that provides cleaning products. It is a company that is listed in the New York Stock Exchange.
SHLS vs TNC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $291.6M |
| Net Profit | $8.1M | $-4.4M |
| Gross Margin | 31.6% | 34.6% |
| Operating Margin | 11.7% | -1.4% |
| Net Margin | 5.5% | -1.5% |
| Revenue YoY | 38.6% | -11.3% |
| Net Profit YoY | 3.9% | -166.7% |
| EPS (diluted) | $0.05 | $-0.21 |
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 | $291.6M | ||
| Q3 25 | $135.8M | $303.3M | ||
| Q2 25 | $110.8M | $318.6M | ||
| Q1 25 | $80.4M | $290.0M | ||
| Q4 24 | $107.0M | $328.9M | ||
| Q3 24 | $102.2M | $315.8M | ||
| Q2 24 | $99.2M | $331.0M | ||
| Q1 24 | $90.8M | $311.0M |
| Q4 25 | $8.1M | $-4.4M | ||
| Q3 25 | $11.9M | $14.9M | ||
| Q2 25 | $13.9M | $20.2M | ||
| Q1 25 | $-282.0K | $13.1M | ||
| Q4 24 | $7.8M | $6.6M | ||
| Q3 24 | $-267.0K | $20.8M | ||
| Q2 24 | $11.8M | $27.9M | ||
| Q1 24 | $4.8M | $28.4M |
| Q4 25 | 31.6% | 34.6% | ||
| Q3 25 | 37.0% | 42.7% | ||
| Q2 25 | 37.2% | 42.1% | ||
| Q1 25 | 35.0% | 41.4% | ||
| Q4 24 | 37.6% | 41.3% | ||
| Q3 24 | 24.8% | 42.4% | ||
| Q2 24 | 40.3% | 43.1% | ||
| Q1 24 | 40.2% | 44.2% |
| Q4 25 | 11.7% | -1.4% | ||
| Q3 25 | 13.7% | 7.4% | ||
| Q2 25 | 14.4% | 9.6% | ||
| Q1 25 | 5.4% | 6.8% | ||
| Q4 24 | 15.4% | 2.3% | ||
| Q3 24 | 4.4% | 9.7% | ||
| Q2 24 | 18.7% | 11.7% | ||
| Q1 24 | 12.8% | 12.1% |
| Q4 25 | 5.5% | -1.5% | ||
| Q3 25 | 8.7% | 4.9% | ||
| Q2 25 | 12.5% | 6.3% | ||
| Q1 25 | -0.4% | 4.5% | ||
| Q4 24 | 7.3% | 2.0% | ||
| Q3 24 | -0.3% | 6.6% | ||
| Q2 24 | 11.9% | 8.4% | ||
| Q1 24 | 5.3% | 9.1% |
| Q4 25 | $0.05 | $-0.21 | ||
| Q3 25 | $0.07 | $0.80 | ||
| Q2 25 | $0.08 | $1.08 | ||
| Q1 25 | $0.00 | $0.69 | ||
| Q4 24 | $0.04 | $0.35 | ||
| Q3 24 | $0.00 | $1.09 | ||
| Q2 24 | $0.07 | $1.45 | ||
| Q1 24 | $0.03 | $1.49 |
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 | — | $273.2M |
| Stockholders' EquityBook value | $600.0M | $601.6M |
| Total Assets | $904.1M | $1.3B |
| Debt / EquityLower = less leverage | — | 0.45× |
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 | — | $273.2M | ||
| Q3 25 | — | $238.3M | ||
| Q2 25 | — | $213.4M | ||
| Q1 25 | $141.8M | $213.3M | ||
| Q4 24 | $141.8M | $198.2M | ||
| Q3 24 | $141.8M | $208.6M | ||
| Q2 24 | $146.8M | $205.6M | ||
| Q1 24 | $168.8M | $207.4M |
| Q4 25 | $600.0M | $601.6M | ||
| Q3 25 | $589.6M | $640.9M | ||
| Q2 25 | $575.4M | $651.9M | ||
| Q1 25 | $558.9M | $624.4M | ||
| Q4 24 | $556.8M | $620.8M | ||
| Q3 24 | $545.2M | $647.2M | ||
| Q2 24 | $544.6M | $624.6M | ||
| Q1 24 | $554.0M | $614.6M |
| Q4 25 | $904.1M | $1.3B | ||
| Q3 25 | $851.8M | $1.3B | ||
| Q2 25 | $795.0M | $1.2B | ||
| Q1 25 | $788.4M | $1.2B | ||
| Q4 24 | $793.1M | $1.2B | ||
| Q3 24 | $801.3M | $1.2B | ||
| Q2 24 | $788.4M | $1.2B | ||
| Q1 24 | $825.3M | $1.2B |
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | 0.25× | 0.34× | ||
| Q4 24 | 0.25× | 0.32× | ||
| Q3 24 | 0.26× | 0.32× | ||
| Q2 24 | 0.27× | 0.33× | ||
| Q1 24 | 0.30× | 0.34× |
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 | $14.2M |
| Free Cash FlowOCF − Capex | $-11.3M | $9.7M |
| FCF MarginFCF / Revenue | -7.6% | 3.3% |
| Capex IntensityCapex / Revenue | 4.8% | 1.5% |
| Cash ConversionOCF / Net Profit | -0.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $43.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $14.2M | ||
| Q3 25 | $19.4M | $28.7M | ||
| Q2 25 | $-13.8M | $22.5M | ||
| Q1 25 | $15.6M | $-400.0K | ||
| Q4 24 | $14.0M | $37.5M | ||
| Q3 24 | $15.7M | $30.7M | ||
| Q2 24 | $37.8M | $18.6M | ||
| Q1 24 | $12.9M | $2.9M |
| Q4 25 | $-11.3M | $9.7M | ||
| Q3 25 | $9.0M | $22.3M | ||
| Q2 25 | $-26.0M | $18.7M | ||
| Q1 25 | $12.3M | $-7.4M | ||
| Q4 24 | $12.5M | $28.1M | ||
| Q3 24 | $13.3M | $26.4M | ||
| Q2 24 | $35.8M | $14.4M | ||
| Q1 24 | $10.4M | $-100.0K |
| Q4 25 | -7.6% | 3.3% | ||
| Q3 25 | 6.6% | 7.4% | ||
| Q2 25 | -23.5% | 5.9% | ||
| Q1 25 | 15.4% | -2.6% | ||
| Q4 24 | 11.6% | 8.5% | ||
| Q3 24 | 13.0% | 8.4% | ||
| Q2 24 | 36.1% | 4.4% | ||
| Q1 24 | 11.4% | -0.0% |
| Q4 25 | 4.8% | 1.5% | ||
| Q3 25 | 7.7% | 2.1% | ||
| Q2 25 | 11.0% | 1.2% | ||
| Q1 25 | 4.0% | 2.4% | ||
| Q4 24 | 1.4% | 2.9% | ||
| Q3 24 | 2.3% | 1.4% | ||
| Q2 24 | 2.0% | 1.3% | ||
| Q1 24 | 2.7% | 1.0% |
| Q4 25 | -0.50× | — | ||
| Q3 25 | 1.63× | 1.93× | ||
| Q2 25 | -1.00× | 1.11× | ||
| Q1 25 | — | -0.03× | ||
| Q4 24 | 1.79× | 5.68× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | 3.21× | 0.67× | ||
| Q1 24 | 2.69× | 0.10× |
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% |
TNC
| Equipment Sales | $165.5M | 57% |
| Parts And Consumables | $69.1M | 24% |
| Service And Other | $57.0M | 20% |
