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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -15.7%, a 21.2% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -10.2%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-58.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
SHLS vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $183.8M |
| Net Profit | $8.1M | $-28.9M |
| Gross Margin | 31.6% | 14.3% |
| Operating Margin | 11.7% | -0.9% |
| Net Margin | 5.5% | -15.7% |
| Revenue YoY | 38.6% | -10.2% |
| Net Profit YoY | 3.9% | 67.0% |
| EPS (diluted) | $0.05 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $135.8M | $185.5M | ||
| Q2 25 | $110.8M | $189.6M | ||
| Q1 25 | $80.4M | $177.5M | ||
| Q4 24 | $107.0M | $204.8M | ||
| Q3 24 | $102.2M | $193.9M | ||
| Q2 24 | $99.2M | $196.3M | ||
| Q1 24 | $90.8M | $197.1M |
| Q4 25 | $8.1M | $-28.9M | ||
| Q3 25 | $11.9M | $-83.7M | ||
| Q2 25 | $13.9M | $-82.3M | ||
| Q1 25 | $-282.0K | $-99.3M | ||
| Q4 24 | $7.8M | $-87.5M | ||
| Q3 24 | $-267.0K | $-57.7M | ||
| Q2 24 | $11.8M | $-97.0M | ||
| Q1 24 | $4.8M | $-97.4M |
| Q4 25 | 31.6% | 14.3% | ||
| Q3 25 | 37.0% | 6.8% | ||
| Q2 25 | 37.2% | 8.3% | ||
| Q1 25 | 35.0% | 10.8% | ||
| Q4 24 | 37.6% | 13.9% | ||
| Q3 24 | 24.8% | 13.9% | ||
| Q2 24 | 40.3% | 2.3% | ||
| Q1 24 | 40.2% | -0.6% |
| Q4 25 | 11.7% | -0.9% | ||
| Q3 25 | 13.7% | -33.1% | ||
| Q2 25 | 14.4% | -31.4% | ||
| Q1 25 | 5.4% | -45.5% | ||
| Q4 24 | 15.4% | -26.0% | ||
| Q3 24 | 4.4% | -21.6% | ||
| Q2 24 | 18.7% | -40.3% | ||
| Q1 24 | 12.8% | -42.9% |
| Q4 25 | 5.5% | -15.7% | ||
| Q3 25 | 8.7% | -45.1% | ||
| Q2 25 | 12.5% | -43.4% | ||
| Q1 25 | -0.4% | -55.9% | ||
| Q4 24 | 7.3% | -42.7% | ||
| Q3 24 | -0.3% | -29.8% | ||
| Q2 24 | 11.9% | -49.4% | ||
| Q1 24 | 5.3% | -49.4% |
| Q4 25 | $0.05 | $-0.04 | ||
| Q3 25 | $0.07 | $-0.12 | ||
| Q2 25 | $0.08 | $-0.12 | ||
| Q1 25 | $0.00 | $-0.14 | ||
| Q4 24 | $0.04 | $-0.13 | ||
| Q3 24 | $0.00 | $-0.08 | ||
| Q2 24 | $0.07 | $-0.14 | ||
| Q1 24 | $0.03 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $600.0M | $-392.1M |
| Total Assets | $904.1M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $133.9M | ||
| Q3 25 | $8.6M | $125.3M | ||
| Q2 25 | $4.7M | $107.0M | ||
| Q1 25 | $35.6M | $171.8M | ||
| Q4 24 | $23.5M | $216.4M | ||
| Q3 24 | $11.1M | $115.9M | ||
| Q2 24 | $3.2M | $141.5M | ||
| Q1 24 | $15.2M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | $141.8M | $765.8M | ||
| Q4 24 | $141.8M | $761.3M | ||
| Q3 24 | $141.8M | $596.9M | ||
| Q2 24 | $146.8M | $597.4M | ||
| Q1 24 | $168.8M | $603.2M |
| Q4 25 | $600.0M | $-392.1M | ||
| Q3 25 | $589.6M | $-374.5M | ||
| Q2 25 | $575.4M | $-347.8M | ||
| Q1 25 | $558.9M | $-288.1M | ||
| Q4 24 | $556.8M | $-202.1M | ||
| Q3 24 | $545.2M | $-117.7M | ||
| Q2 24 | $544.6M | $-72.2M | ||
| Q1 24 | $554.0M | $936.0K |
| Q4 25 | $904.1M | $968.8M | ||
| Q3 25 | $851.8M | $973.0M | ||
| Q2 25 | $795.0M | $1.0B | ||
| Q1 25 | $788.4M | $1.1B | ||
| Q4 24 | $793.1M | $1.2B | ||
| Q3 24 | $801.3M | $1.0B | ||
| Q2 24 | $788.4M | $1.1B | ||
| Q1 24 | $825.3M | $1.2B |
| 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× | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $-11.3M | $-58.3M |
| FCF MarginFCF / Revenue | -7.6% | -31.7% |
| Capex IntensityCapex / Revenue | 4.8% | 21.7% |
| Cash ConversionOCF / Net Profit | -0.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $-18.4M | ||
| Q3 25 | $19.4M | $-37.1M | ||
| Q2 25 | $-13.8M | $-62.9M | ||
| Q1 25 | $15.6M | $-47.9M | ||
| Q4 24 | $14.0M | $37.9M | ||
| Q3 24 | $15.7M | $-16.9M | ||
| Q2 24 | $37.8M | $-25.2M | ||
| Q1 24 | $12.9M | $-73.8M |
| Q4 25 | $-11.3M | $-58.3M | ||
| Q3 25 | $9.0M | $-60.4M | ||
| Q2 25 | $-26.0M | $-78.6M | ||
| Q1 25 | $12.3M | $-62.6M | ||
| Q4 24 | $12.5M | $-70.2M | ||
| Q3 24 | $13.3M | $-21.9M | ||
| Q2 24 | $35.8M | $-30.8M | ||
| Q1 24 | $10.4M | $-77.8M |
| Q4 25 | -7.6% | -31.7% | ||
| Q3 25 | 6.6% | -32.6% | ||
| Q2 25 | -23.5% | -41.5% | ||
| Q1 25 | 15.4% | -35.3% | ||
| Q4 24 | 11.6% | -34.3% | ||
| Q3 24 | 13.0% | -11.3% | ||
| Q2 24 | 36.1% | -15.7% | ||
| Q1 24 | 11.4% | -39.5% |
| Q4 25 | 4.8% | 21.7% | ||
| Q3 25 | 7.7% | 12.5% | ||
| Q2 25 | 11.0% | 8.3% | ||
| Q1 25 | 4.0% | 8.3% | ||
| Q4 24 | 1.4% | 52.8% | ||
| Q3 24 | 2.3% | 2.6% | ||
| Q2 24 | 2.0% | 2.9% | ||
| Q1 24 | 2.7% | 2.0% |
| 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% |
UP
Segment breakdown not available.
