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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and TRUSTMARK CORP (TRMK). Click either name above to swap in a different company.
TRUSTMARK CORP is the larger business by last-quarter revenue ($204.1M vs $148.3M, roughly 1.4× Shoals Technologies Group, Inc.). TRUSTMARK CORP runs the higher net margin — 28.4% vs 5.5%, a 22.9% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 4.5%). TRUSTMARK CORP produced more free cash flow last quarter ($232.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 8.9%).
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.
Trustmark is an insurance company. According to Crain's Chicago Business magazine, Trustmark ranks #69 among Chicago's Largest Privately Held Companies in 2018.
SHLS vs TRMK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $204.1M |
| Net Profit | $8.1M | $57.9M |
| Gross Margin | 31.6% | — |
| Operating Margin | 11.7% | 34.7% |
| Net Margin | 5.5% | 28.4% |
| Revenue YoY | 38.6% | 4.5% |
| Net Profit YoY | 3.9% | 2.8% |
| EPS (diluted) | $0.05 | $0.96 |
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 | $204.1M | ||
| Q3 25 | $135.8M | $202.4M | ||
| Q2 25 | $110.8M | $198.6M | ||
| Q1 25 | $80.4M | $194.6M | ||
| Q4 24 | $107.0M | $155.8M | ||
| Q3 24 | $102.2M | $192.3M | ||
| Q2 24 | $99.2M | $141.0M | ||
| Q1 24 | $90.8M | $172.2M |
| Q4 25 | $8.1M | $57.9M | ||
| Q3 25 | $11.9M | $56.8M | ||
| Q2 25 | $13.9M | $55.8M | ||
| Q1 25 | $-282.0K | $53.6M | ||
| Q4 24 | $7.8M | $56.3M | ||
| Q3 24 | $-267.0K | $51.3M | ||
| Q2 24 | $11.8M | $73.8M | ||
| Q1 24 | $4.8M | $41.5M |
| Q4 25 | 31.6% | — | ||
| Q3 25 | 37.0% | — | ||
| Q2 25 | 37.2% | — | ||
| Q1 25 | 35.0% | — | ||
| Q4 24 | 37.6% | — | ||
| Q3 24 | 24.8% | — | ||
| Q2 24 | 40.3% | — | ||
| Q1 24 | 40.2% | — |
| Q4 25 | 11.7% | 34.7% | ||
| Q3 25 | 13.7% | 34.5% | ||
| Q2 25 | 14.4% | 34.7% | ||
| Q1 25 | 5.4% | 33.6% | ||
| Q4 24 | 15.4% | 41.6% | ||
| Q3 24 | 4.4% | 32.5% | ||
| Q2 24 | 18.7% | -98.1% | ||
| Q1 24 | 12.8% | 26.1% |
| Q4 25 | 5.5% | 28.4% | ||
| Q3 25 | 8.7% | 28.1% | ||
| Q2 25 | 12.5% | 28.1% | ||
| Q1 25 | -0.4% | 27.6% | ||
| Q4 24 | 7.3% | 36.1% | ||
| Q3 24 | -0.3% | 26.7% | ||
| Q2 24 | 11.9% | 52.4% | ||
| Q1 24 | 5.3% | 24.1% |
| Q4 25 | $0.05 | $0.96 | ||
| Q3 25 | $0.07 | $0.94 | ||
| Q2 25 | $0.08 | $0.92 | ||
| Q1 25 | $0.00 | $0.88 | ||
| Q4 24 | $0.04 | $0.91 | ||
| Q3 24 | $0.00 | $0.84 | ||
| Q2 24 | $0.07 | $1.20 | ||
| Q1 24 | $0.03 | $0.68 |
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 | — | — |
| Stockholders' EquityBook value | $600.0M | $2.1B |
| Total Assets | $904.1M | $18.9B |
| Debt / EquityLower = less leverage | — | — |
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 | — | — | ||
| 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 | $2.1B | ||
| Q3 25 | $589.6M | $2.1B | ||
| Q2 25 | $575.4M | $2.1B | ||
| Q1 25 | $558.9M | $2.0B | ||
| Q4 24 | $556.8M | $2.0B | ||
| Q3 24 | $545.2M | $2.0B | ||
| Q2 24 | $544.6M | $1.9B | ||
| Q1 24 | $554.0M | $1.7B |
| Q4 25 | $904.1M | $18.9B | ||
| Q3 25 | $851.8M | $18.8B | ||
| Q2 25 | $795.0M | $18.6B | ||
| Q1 25 | $788.4M | $18.3B | ||
| Q4 24 | $793.1M | $18.2B | ||
| Q3 24 | $801.3M | $18.5B | ||
| Q2 24 | $788.4M | $18.5B | ||
| Q1 24 | $825.3M | $18.4B |
| 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 | $243.9M |
| Free Cash FlowOCF − Capex | $-11.3M | $232.0M |
| FCF MarginFCF / Revenue | -7.6% | 113.6% |
| Capex IntensityCapex / Revenue | 4.8% | 5.9% |
| Cash ConversionOCF / Net Profit | -0.50× | 4.21× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $409.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $243.9M | ||
| Q3 25 | $19.4M | $66.2M | ||
| Q2 25 | $-13.8M | $37.6M | ||
| Q1 25 | $15.6M | $82.4M | ||
| Q4 24 | $14.0M | $116.9M | ||
| Q3 24 | $15.7M | $59.5M | ||
| Q2 24 | $37.8M | $16.7M | ||
| Q1 24 | $12.9M | $-58.5M |
| Q4 25 | $-11.3M | $232.0M | ||
| Q3 25 | $9.0M | $62.7M | ||
| Q2 25 | $-26.0M | $34.5M | ||
| Q1 25 | $12.3M | $80.6M | ||
| Q4 24 | $12.5M | $93.4M | ||
| Q3 24 | $13.3M | $51.2M | ||
| Q2 24 | $35.8M | $10.5M | ||
| Q1 24 | $10.4M | $-63.6M |
| Q4 25 | -7.6% | 113.6% | ||
| Q3 25 | 6.6% | 31.0% | ||
| Q2 25 | -23.5% | 17.4% | ||
| Q1 25 | 15.4% | 41.4% | ||
| Q4 24 | 11.6% | 60.0% | ||
| Q3 24 | 13.0% | 26.7% | ||
| Q2 24 | 36.1% | 7.4% | ||
| Q1 24 | 11.4% | -36.9% |
| Q4 25 | 4.8% | 5.9% | ||
| Q3 25 | 7.7% | 1.8% | ||
| Q2 25 | 11.0% | 1.6% | ||
| Q1 25 | 4.0% | 0.9% | ||
| Q4 24 | 1.4% | 15.1% | ||
| Q3 24 | 2.3% | 4.3% | ||
| Q2 24 | 2.0% | 4.4% | ||
| Q1 24 | 2.7% | 2.9% |
| Q4 25 | -0.50× | 4.21× | ||
| Q3 25 | 1.63× | 1.17× | ||
| Q2 25 | -1.00× | 0.67× | ||
| Q1 25 | — | 1.54× | ||
| Q4 24 | 1.79× | 2.08× | ||
| Q3 24 | — | 1.16× | ||
| Q2 24 | 3.21× | 0.23× | ||
| Q1 24 | 2.69× | -1.41× |
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% |
TRMK
Segment breakdown not available.
