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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and TREX CO INC (TREX). Click either name above to swap in a different company.
TREX CO INC is the larger business by last-quarter revenue ($161.1M vs $148.3M, roughly 1.1× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 1.4%, a 4.0% 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%). TREX CO INC produced more free cash flow last quarter ($22.1M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -34.3%).
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.
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
SHLS vs TREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $161.1M |
| Net Profit | $8.1M | $2.3M |
| Gross Margin | 31.6% | 30.2% |
| Operating Margin | 11.7% | 2.2% |
| Net Margin | 5.5% | 1.4% |
| Revenue YoY | 38.6% | -3.9% |
| Net Profit YoY | 3.9% | -76.4% |
| EPS (diluted) | $0.05 | $0.03 |
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 | $161.1M | ||
| Q3 25 | $135.8M | $285.3M | ||
| Q2 25 | $110.8M | $387.8M | ||
| Q1 25 | $80.4M | $340.0M | ||
| Q4 24 | $107.0M | $167.6M | ||
| Q3 24 | $102.2M | $233.7M | ||
| Q2 24 | $99.2M | $376.5M | ||
| Q1 24 | $90.8M | $373.6M |
| Q4 25 | $8.1M | $2.3M | ||
| Q3 25 | $11.9M | $51.8M | ||
| Q2 25 | $13.9M | $75.9M | ||
| Q1 25 | $-282.0K | $60.4M | ||
| Q4 24 | $7.8M | $9.8M | ||
| Q3 24 | $-267.0K | $40.6M | ||
| Q2 24 | $11.8M | $87.0M | ||
| Q1 24 | $4.8M | $89.1M |
| Q4 25 | 31.6% | 30.2% | ||
| Q3 25 | 37.0% | 40.5% | ||
| Q2 25 | 37.2% | 40.8% | ||
| Q1 25 | 35.0% | 40.5% | ||
| Q4 24 | 37.6% | 32.7% | ||
| Q3 24 | 24.8% | 39.9% | ||
| Q2 24 | 40.3% | 44.7% | ||
| Q1 24 | 40.2% | 45.4% |
| Q4 25 | 11.7% | 2.2% | ||
| Q3 25 | 13.7% | 24.7% | ||
| Q2 25 | 14.4% | 26.4% | ||
| Q1 25 | 5.4% | 24.0% | ||
| Q4 24 | 15.4% | 9.2% | ||
| Q3 24 | 4.4% | 23.2% | ||
| Q2 24 | 18.7% | 31.1% | ||
| Q1 24 | 12.8% | 31.9% |
| Q4 25 | 5.5% | 1.4% | ||
| Q3 25 | 8.7% | 18.1% | ||
| Q2 25 | 12.5% | 19.6% | ||
| Q1 25 | -0.4% | 17.8% | ||
| Q4 24 | 7.3% | 5.8% | ||
| Q3 24 | -0.3% | 17.4% | ||
| Q2 24 | 11.9% | 23.1% | ||
| Q1 24 | 5.3% | 23.8% |
| Q4 25 | $0.05 | $0.03 | ||
| Q3 25 | $0.07 | $0.48 | ||
| Q2 25 | $0.08 | $0.71 | ||
| Q1 25 | $0.00 | $0.56 | ||
| Q4 24 | $0.04 | $0.10 | ||
| Q3 24 | $0.00 | $0.37 | ||
| Q2 24 | $0.07 | $0.80 | ||
| Q1 24 | $0.03 | $0.82 |
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 | $3.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.0M | $1.0B |
| Total Assets | $904.1M | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $3.8M | ||
| Q3 25 | $8.6M | $11.4M | ||
| Q2 25 | $4.7M | $5.5M | ||
| Q1 25 | $35.6M | $5.0M | ||
| Q4 24 | $23.5M | $1.3M | ||
| Q3 24 | $11.1M | $12.8M | ||
| Q2 24 | $3.2M | $1.2M | ||
| Q1 24 | $15.2M | $3.1M |
| 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 | $1.0B | ||
| Q3 25 | $589.6M | $1.0B | ||
| Q2 25 | $575.4M | $989.3M | ||
| Q1 25 | $558.9M | $910.1M | ||
| Q4 24 | $556.8M | $850.1M | ||
| Q3 24 | $545.2M | $887.9M | ||
| Q2 24 | $544.6M | $894.9M | ||
| Q1 24 | $554.0M | $804.1M |
| Q4 25 | $904.1M | $1.5B | ||
| Q3 25 | $851.8M | $1.5B | ||
| Q2 25 | $795.0M | $1.5B | ||
| Q1 25 | $788.4M | $1.6B | ||
| Q4 24 | $793.1M | $1.3B | ||
| Q3 24 | $801.3M | $1.3B | ||
| Q2 24 | $788.4M | $1.3B | ||
| Q1 24 | $825.3M | $1.3B |
| 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 | $65.5M |
| Free Cash FlowOCF − Capex | $-11.3M | $22.1M |
| FCF MarginFCF / Revenue | -7.6% | 13.7% |
| Capex IntensityCapex / Revenue | 4.8% | 26.9% |
| Cash ConversionOCF / Net Profit | -0.50× | 28.45× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $134.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $65.5M | ||
| Q3 25 | $19.4M | $196.9M | ||
| Q2 25 | $-13.8M | $249.8M | ||
| Q1 25 | $15.6M | $-154.0M | ||
| Q4 24 | $14.0M | $-8.5M | ||
| Q3 24 | $15.7M | $132.8M | ||
| Q2 24 | $37.8M | $193.7M | ||
| Q1 24 | $12.9M | $-174.0M |
| Q4 25 | $-11.3M | $22.1M | ||
| Q3 25 | $9.0M | $142.9M | ||
| Q2 25 | $-26.0M | $203.0M | ||
| Q1 25 | $12.3M | $-233.5M | ||
| Q4 24 | $12.5M | $-89.3M | ||
| Q3 24 | $13.3M | $54.5M | ||
| Q2 24 | $35.8M | $158.2M | ||
| Q1 24 | $10.4M | $-211.8M |
| Q4 25 | -7.6% | 13.7% | ||
| Q3 25 | 6.6% | 50.1% | ||
| Q2 25 | -23.5% | 52.3% | ||
| Q1 25 | 15.4% | -68.7% | ||
| Q4 24 | 11.6% | -53.3% | ||
| Q3 24 | 13.0% | 23.3% | ||
| Q2 24 | 36.1% | 42.0% | ||
| Q1 24 | 11.4% | -56.7% |
| Q4 25 | 4.8% | 26.9% | ||
| Q3 25 | 7.7% | 18.9% | ||
| Q2 25 | 11.0% | 12.1% | ||
| Q1 25 | 4.0% | 23.4% | ||
| Q4 24 | 1.4% | 48.2% | ||
| Q3 24 | 2.3% | 33.5% | ||
| Q2 24 | 2.0% | 9.4% | ||
| Q1 24 | 2.7% | 10.1% |
| Q4 25 | -0.50× | 28.45× | ||
| Q3 25 | 1.63× | 3.80× | ||
| Q2 25 | -1.00× | 3.29× | ||
| Q1 25 | — | -2.55× | ||
| Q4 24 | 1.79× | -0.87× | ||
| Q3 24 | — | 3.27× | ||
| Q2 24 | 3.21× | 2.23× | ||
| Q1 24 | 2.69× | -1.95× |
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% |
TREX
Segment breakdown not available.
