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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and CVR PARTNERS, LP (UAN). Click either name above to swap in a different company.
CVR PARTNERS, LP is the larger business by last-quarter revenue ($180.0M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). CVR PARTNERS, LP runs the higher net margin — 27.7% vs 5.5%, a 22.2% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 26.0%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 16.4%).
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.
CVR Partners, LP is a leading North American producer of nitrogen-based fertilizer products, primarily urea ammonium nitrate (UAN) and ammonia. It serves agricultural, industrial and commercial markets across the U.S. and Canada, delivering cost-effective, high-quality nutrient solutions for crop production and diverse industrial use cases.
SHLS vs UAN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $180.0M |
| Net Profit | $8.1M | $49.9M |
| Gross Margin | 31.6% | 37.5% |
| Operating Margin | 11.7% | 32.0% |
| Net Margin | 5.5% | 27.7% |
| Revenue YoY | 38.6% | 26.0% |
| Net Profit YoY | 3.9% | 84.3% |
| EPS (diluted) | $0.05 | — |
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.
| Q1 26 | — | $180.0M | ||
| Q4 25 | $148.3M | $131.1M | ||
| Q3 25 | $135.8M | $163.5M | ||
| Q2 25 | $110.8M | $168.6M | ||
| Q1 25 | $80.4M | $142.9M | ||
| Q4 24 | $107.0M | $139.6M | ||
| Q3 24 | $102.2M | $125.2M | ||
| Q2 24 | $99.2M | $132.9M |
| Q1 26 | — | $49.9M | ||
| Q4 25 | $8.1M | $-10.3M | ||
| Q3 25 | $11.9M | $43.1M | ||
| Q2 25 | $13.9M | $38.8M | ||
| Q1 25 | $-282.0K | $27.1M | ||
| Q4 24 | $7.8M | $18.3M | ||
| Q3 24 | $-267.0K | $3.8M | ||
| Q2 24 | $11.8M | $26.2M |
| Q1 26 | — | 37.5% | ||
| Q4 25 | 31.6% | 4.4% | ||
| Q3 25 | 37.0% | 37.0% | ||
| Q2 25 | 37.2% | 32.4% | ||
| Q1 25 | 35.0% | 29.7% | ||
| Q4 24 | 37.6% | 23.8% | ||
| Q3 24 | 24.8% | 14.7% | ||
| Q2 24 | 40.3% | 30.0% |
| Q1 26 | — | 32.0% | ||
| Q4 25 | 11.7% | -2.2% | ||
| Q3 25 | 13.7% | 31.0% | ||
| Q2 25 | 14.4% | 27.5% | ||
| Q1 25 | 5.4% | 24.2% | ||
| Q4 24 | 15.4% | 18.4% | ||
| Q3 24 | 4.4% | 8.8% | ||
| Q2 24 | 18.7% | 25.3% |
| Q1 26 | — | 27.7% | ||
| Q4 25 | 5.5% | -7.8% | ||
| Q3 25 | 8.7% | 26.3% | ||
| Q2 25 | 12.5% | 23.0% | ||
| Q1 25 | -0.4% | 19.0% | ||
| Q4 24 | 7.3% | 13.1% | ||
| Q3 24 | -0.3% | 3.0% | ||
| Q2 24 | 11.9% | 19.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.05 | $-0.98 | ||
| Q3 25 | $0.07 | $4.08 | ||
| Q2 25 | $0.08 | $3.67 | ||
| Q1 25 | $0.00 | $2.56 | ||
| Q4 24 | $0.04 | $1.73 | ||
| Q3 24 | $0.00 | $0.36 | ||
| Q2 24 | $0.07 | $2.48 |
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 | $128.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.0M | — |
| Total Assets | $904.1M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $128.1M | ||
| Q4 25 | $7.3M | $69.2M | ||
| Q3 25 | $8.6M | $156.2M | ||
| Q2 25 | $4.7M | $114.4M | ||
| Q1 25 | $35.6M | $121.8M | ||
| Q4 24 | $23.5M | $90.9M | ||
| Q3 24 | $11.1M | $110.5M | ||
| Q2 24 | $3.2M | $47.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $569.1M | ||
| Q3 25 | — | $569.1M | ||
| Q2 25 | — | $569.2M | ||
| Q1 25 | $141.8M | $569.3M | ||
| Q4 24 | $141.8M | $568.0M | ||
| Q3 24 | $141.8M | $547.7M | ||
| Q2 24 | $146.8M | $547.6M |
| Q1 26 | — | — | ||
| Q4 25 | $600.0M | — | ||
| Q3 25 | $589.6M | — | ||
| Q2 25 | $575.4M | — | ||
| Q1 25 | $558.9M | — | ||
| Q4 24 | $556.8M | — | ||
| Q3 24 | $545.2M | — | ||
| Q2 24 | $544.6M | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $904.1M | $969.5M | ||
| Q3 25 | $851.8M | $1.0B | ||
| Q2 25 | $795.0M | $998.0M | ||
| Q1 25 | $788.4M | $1.0B | ||
| Q4 24 | $793.1M | $1.0B | ||
| Q3 24 | $801.3M | $986.6M | ||
| Q2 24 | $788.4M | $959.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.25× | — | ||
| Q3 24 | 0.26× | — | ||
| Q2 24 | 0.27× | — |
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 | — |
| Free Cash FlowOCF − Capex | $-11.3M | — |
| FCF MarginFCF / Revenue | -7.6% | — |
| Capex IntensityCapex / Revenue | 4.8% | 7.6% |
| Cash ConversionOCF / Net Profit | -0.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-4.1M | $-21.6M | ||
| Q3 25 | $19.4M | $91.7M | ||
| Q2 25 | $-13.8M | $24.1M | ||
| Q1 25 | $15.6M | $55.4M | ||
| Q4 24 | $14.0M | $12.8M | ||
| Q3 24 | $15.7M | $86.7M | ||
| Q2 24 | $37.8M | $8.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-11.3M | $-45.2M | ||
| Q3 25 | $9.0M | $80.1M | ||
| Q2 25 | $-26.0M | $18.4M | ||
| Q1 25 | $12.3M | $45.5M | ||
| Q4 24 | $12.5M | $-5.6M | ||
| Q3 24 | $13.3M | $82.3M | ||
| Q2 24 | $35.8M | $2.4M |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | -34.5% | ||
| Q3 25 | 6.6% | 49.0% | ||
| Q2 25 | -23.5% | 10.9% | ||
| Q1 25 | 15.4% | 31.9% | ||
| Q4 24 | 11.6% | -4.0% | ||
| Q3 24 | 13.0% | 65.7% | ||
| Q2 24 | 36.1% | 1.8% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 4.8% | 18.0% | ||
| Q3 25 | 7.7% | 7.1% | ||
| Q2 25 | 11.0% | 3.4% | ||
| Q1 25 | 4.0% | 6.9% | ||
| Q4 24 | 1.4% | 13.1% | ||
| Q3 24 | 2.3% | 3.6% | ||
| Q2 24 | 2.0% | 4.6% |
| Q1 26 | — | — | ||
| Q4 25 | -0.50× | — | ||
| Q3 25 | 1.63× | 2.13× | ||
| Q2 25 | -1.00× | 0.62× | ||
| Q1 25 | — | 2.04× | ||
| Q4 24 | 1.79× | 0.70× | ||
| Q3 24 | — | 22.78× | ||
| Q2 24 | 3.21× | 0.33× |
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% |
UAN
| Fertilizer sales | $166.1M | 92% |
| Other | $14.0M | 8% |
