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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and Twin Hospitality Group Inc. (TWNP). 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 $82.3M, roughly 1.8× Twin Hospitality Group Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -29.7%, a 35.2% gap on every dollar of revenue. Twin Hospitality Group Inc. produced more free cash flow last quarter ($-7.4M vs $-11.3M).
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 TWNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $82.3M |
| Net Profit | $8.1M | $-24.5M |
| Gross Margin | 31.6% | — |
| Operating Margin | 11.7% | -16.2% |
| Net Margin | 5.5% | -29.7% |
| Revenue YoY | 38.6% | — |
| Net Profit YoY | 3.9% | — |
| EPS (diluted) | $0.05 | $-0.43 |
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 | — | ||
| Q3 25 | $135.8M | $82.3M | ||
| Q2 25 | $110.8M | $87.8M | ||
| Q1 25 | $80.4M | $87.1M | ||
| Q4 24 | $107.0M | — | ||
| Q3 24 | $102.2M | — | ||
| Q2 24 | $99.2M | — | ||
| Q1 24 | $90.8M | — |
| Q4 25 | $8.1M | — | ||
| Q3 25 | $11.9M | $-24.5M | ||
| Q2 25 | $13.9M | $-20.8M | ||
| Q1 25 | $-282.0K | $-12.1M | ||
| Q4 24 | $7.8M | — | ||
| Q3 24 | $-267.0K | — | ||
| Q2 24 | $11.8M | — | ||
| Q1 24 | $4.8M | — |
| 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% | -16.2% | ||
| Q2 25 | 14.4% | -13.2% | ||
| Q1 25 | 5.4% | -1.2% | ||
| Q4 24 | 15.4% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 18.7% | — | ||
| Q1 24 | 12.8% | — |
| Q4 25 | 5.5% | — | ||
| Q3 25 | 8.7% | -29.7% | ||
| Q2 25 | 12.5% | -23.7% | ||
| Q1 25 | -0.4% | -13.9% | ||
| Q4 24 | 7.3% | — | ||
| Q3 24 | -0.3% | — | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 5.3% | — |
| Q4 25 | $0.05 | — | ||
| Q3 25 | $0.07 | $-0.43 | ||
| Q2 25 | $0.08 | $-0.38 | ||
| Q1 25 | $0.00 | $-0.26 | ||
| Q4 24 | $0.04 | — | ||
| Q3 24 | $0.00 | — | ||
| Q2 24 | $0.07 | — | ||
| Q1 24 | $0.03 | — |
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 | — | $402.8M |
| Stockholders' EquityBook value | $600.0M | $-92.1M |
| Total Assets | $904.1M | $516.8M |
| 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 | — | $402.8M | ||
| Q2 25 | — | $411.3M | ||
| Q1 25 | $141.8M | $413.0M | ||
| Q4 24 | $141.8M | — | ||
| Q3 24 | $141.8M | — | ||
| Q2 24 | $146.8M | — | ||
| Q1 24 | $168.8M | — |
| Q4 25 | $600.0M | — | ||
| Q3 25 | $589.6M | $-92.1M | ||
| Q2 25 | $575.4M | $-78.6M | ||
| Q1 25 | $558.9M | $-101.9M | ||
| Q4 24 | $556.8M | — | ||
| Q3 24 | $545.2M | — | ||
| Q2 24 | $544.6M | — | ||
| Q1 24 | $554.0M | — |
| Q4 25 | $904.1M | — | ||
| Q3 25 | $851.8M | $516.8M | ||
| Q2 25 | $795.0M | $535.1M | ||
| Q1 25 | $788.4M | $544.2M | ||
| Q4 24 | $793.1M | — | ||
| Q3 24 | $801.3M | — | ||
| Q2 24 | $788.4M | — | ||
| Q1 24 | $825.3M | — |
| 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 | $-5.9M |
| Free Cash FlowOCF − Capex | $-11.3M | $-7.4M |
| FCF MarginFCF / Revenue | -7.6% | -9.0% |
| Capex IntensityCapex / Revenue | 4.8% | 1.9% |
| Cash ConversionOCF / Net Profit | -0.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | — | ||
| Q3 25 | $19.4M | $-5.9M | ||
| Q2 25 | $-13.8M | $-8.8M | ||
| Q1 25 | $15.6M | $-5.7M | ||
| Q4 24 | $14.0M | — | ||
| Q3 24 | $15.7M | — | ||
| Q2 24 | $37.8M | — | ||
| Q1 24 | $12.9M | — |
| Q4 25 | $-11.3M | — | ||
| Q3 25 | $9.0M | $-7.4M | ||
| Q2 25 | $-26.0M | $-10.6M | ||
| Q1 25 | $12.3M | $-9.7M | ||
| Q4 24 | $12.5M | — | ||
| Q3 24 | $13.3M | — | ||
| Q2 24 | $35.8M | — | ||
| Q1 24 | $10.4M | — |
| Q4 25 | -7.6% | — | ||
| Q3 25 | 6.6% | -9.0% | ||
| Q2 25 | -23.5% | -12.1% | ||
| Q1 25 | 15.4% | -11.2% | ||
| Q4 24 | 11.6% | — | ||
| Q3 24 | 13.0% | — | ||
| Q2 24 | 36.1% | — | ||
| Q1 24 | 11.4% | — |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 7.7% | 1.9% | ||
| Q2 25 | 11.0% | 2.1% | ||
| Q1 25 | 4.0% | 4.6% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 2.7% | — |
| Q4 25 | -0.50× | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | -1.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.79× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.21× | — | ||
| Q1 24 | 2.69× | — |
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% |
TWNP
Segment breakdown not available.
