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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $137.5M, roughly 1.1× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs 5.5%, a 109.6% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 32.6%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 27.2%).
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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
SHLS vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $137.5M |
| Net Profit | $8.1M | $158.2M |
| Gross Margin | 31.6% | — |
| Operating Margin | 11.7% | — |
| Net Margin | 5.5% | 115.1% |
| Revenue YoY | 38.6% | 32.6% |
| Net Profit YoY | 3.9% | 107.9% |
| EPS (diluted) | $0.05 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $135.8M | $116.2M | ||
| Q2 25 | $110.8M | $112.2M | ||
| Q1 25 | $80.4M | $110.4M | ||
| Q4 24 | $107.0M | $103.7M | ||
| Q3 24 | $102.2M | $99.6M | ||
| Q2 24 | $99.2M | $94.2M | ||
| Q1 24 | $90.8M | $85.0M |
| Q4 25 | $8.1M | $158.2M | ||
| Q3 25 | $11.9M | $103.4M | ||
| Q2 25 | $13.9M | $93.3M | ||
| Q1 25 | $-282.0K | $48.1M | ||
| Q4 24 | $7.8M | $76.1M | ||
| Q3 24 | $-267.0K | $36.6M | ||
| Q2 24 | $11.8M | $35.7M | ||
| Q1 24 | $4.8M | $36.1M |
| 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% | — | ||
| Q3 25 | 13.7% | — | ||
| Q2 25 | 14.4% | — | ||
| Q1 25 | 5.4% | — | ||
| Q4 24 | 15.4% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 18.7% | — | ||
| Q1 24 | 12.8% | — |
| Q4 25 | 5.5% | 115.1% | ||
| Q3 25 | 8.7% | 88.9% | ||
| Q2 25 | 12.5% | 83.1% | ||
| Q1 25 | -0.4% | 43.6% | ||
| Q4 24 | 7.3% | 73.4% | ||
| Q3 24 | -0.3% | 36.8% | ||
| Q2 24 | 11.9% | 37.9% | ||
| Q1 24 | 5.3% | 42.4% |
| Q4 25 | $0.05 | $1.54 | ||
| Q3 25 | $0.07 | $1.00 | ||
| Q2 25 | $0.08 | $0.90 | ||
| Q1 25 | $0.00 | $0.47 | ||
| Q4 24 | $0.04 | $0.78 | ||
| Q3 24 | $0.00 | $0.37 | ||
| Q2 24 | $0.07 | $0.37 | ||
| Q1 24 | $0.03 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | — | $943.3M |
| Stockholders' EquityBook value | $600.0M | $4.1B |
| Total Assets | $904.1M | $5.4B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $25.0M | ||
| Q3 25 | $8.6M | $26.2M | ||
| Q2 25 | $4.7M | $128.4M | ||
| Q1 25 | $35.6M | $156.5M | ||
| Q4 24 | $23.5M | $18.1M | ||
| Q3 24 | $11.1M | $243.7M | ||
| Q2 24 | $3.2M | $182.0M | ||
| Q1 24 | $15.2M | $649.6M |
| Q4 25 | — | $943.3M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $742.4M | ||
| Q1 25 | $141.8M | $741.9M | ||
| Q4 24 | $141.8M | $823.4M | ||
| Q3 24 | $141.8M | $672.2M | ||
| Q2 24 | $146.8M | $772.0M | ||
| Q1 24 | $168.8M | $771.8M |
| Q4 25 | $600.0M | $4.1B | ||
| Q3 25 | $589.6M | $4.0B | ||
| Q2 25 | $575.4M | $3.9B | ||
| Q1 25 | $558.9M | $3.9B | ||
| Q4 24 | $556.8M | $3.7B | ||
| Q3 24 | $545.2M | $3.6B | ||
| Q2 24 | $544.6M | $3.4B | ||
| Q1 24 | $554.0M | $3.4B |
| Q4 25 | $904.1M | $5.4B | ||
| Q3 25 | $851.8M | $5.3B | ||
| Q2 25 | $795.0M | $5.0B | ||
| Q1 25 | $788.4M | $4.9B | ||
| Q4 24 | $793.1M | $4.8B | ||
| Q3 24 | $801.3M | $4.6B | ||
| Q2 24 | $788.4M | $4.5B | ||
| Q1 24 | $825.3M | $4.4B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | 0.25× | 0.19× | ||
| Q4 24 | 0.25× | 0.22× | ||
| Q3 24 | 0.26× | 0.19× | ||
| Q2 24 | 0.27× | 0.22× | ||
| Q1 24 | 0.30× | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | $-11.3M | — |
| FCF MarginFCF / Revenue | -7.6% | — |
| Capex IntensityCapex / Revenue | 4.8% | — |
| Cash ConversionOCF / Net Profit | -0.50× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $271.9M | ||
| Q3 25 | $19.4M | $79.5M | ||
| Q2 25 | $-13.8M | $60.6M | ||
| Q1 25 | $15.6M | $61.4M | ||
| Q4 24 | $14.0M | $232.7M | ||
| Q3 24 | $15.7M | $70.0M | ||
| Q2 24 | $37.8M | $64.3M | ||
| Q1 24 | $12.9M | $47.0M |
| Q4 25 | $-11.3M | — | ||
| Q3 25 | $9.0M | — | ||
| Q2 25 | $-26.0M | — | ||
| Q1 25 | $12.3M | — | ||
| Q4 24 | $12.5M | — | ||
| Q3 24 | $13.3M | — | ||
| Q2 24 | $35.8M | — | ||
| Q1 24 | $10.4M | — |
| Q4 25 | -7.6% | — | ||
| Q3 25 | 6.6% | — | ||
| Q2 25 | -23.5% | — | ||
| Q1 25 | 15.4% | — | ||
| Q4 24 | 11.6% | — | ||
| Q3 24 | 13.0% | — | ||
| Q2 24 | 36.1% | — | ||
| Q1 24 | 11.4% | — |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | 11.0% | — | ||
| Q1 25 | 4.0% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 2.7% | — |
| Q4 25 | -0.50× | 1.72× | ||
| Q3 25 | 1.63× | 0.77× | ||
| Q2 25 | -1.00× | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | 1.79× | 3.06× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | 3.21× | 1.80× | ||
| Q1 24 | 2.69× | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
