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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and USANA HEALTH SCIENCES INC (USNA). Click either name above to swap in a different company.
USANA HEALTH SCIENCES INC is the larger business by last-quarter revenue ($226.2M vs $148.3M, roughly 1.5× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 0.1%, a 5.4% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -10.0%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 3.1%).
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.
Usana Health Sciences, Inc., or USANA, is an American multi-level marketing company based in Salt Lake City, Utah. As of 2021, Usana was the 14th largest direct-selling company in the world by revenue. The company manufactures most of its nutritional products, dietary supplements, and skincare products at a Salt Lake City facility. Its products are sold in 24 countries via a network of independent distributors.
SHLS vs USNA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $226.2M |
| Net Profit | $8.1M | $180.0K |
| Gross Margin | 31.6% | 78.2% |
| Operating Margin | 11.7% | 1.7% |
| Net Margin | 5.5% | 0.1% |
| Revenue YoY | 38.6% | -10.0% |
| Net Profit YoY | 3.9% | -74.0% |
| EPS (diluted) | $0.05 | $-0.10 |
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 | $226.2M | ||
| Q3 25 | $135.8M | $213.7M | ||
| Q2 25 | $110.8M | $235.8M | ||
| Q1 25 | $80.4M | $249.5M | ||
| Q4 24 | $107.0M | $213.6M | ||
| Q3 24 | $102.2M | $200.2M | ||
| Q2 24 | $99.2M | $212.9M | ||
| Q1 24 | $90.8M | — |
| Q4 25 | $8.1M | $180.0K | ||
| Q3 25 | $11.9M | $-6.5M | ||
| Q2 25 | $13.9M | $9.7M | ||
| Q1 25 | $-282.0K | $9.4M | ||
| Q4 24 | $7.8M | $4.5M | ||
| Q3 24 | $-267.0K | $10.6M | ||
| Q2 24 | $11.8M | $10.4M | ||
| Q1 24 | $4.8M | — |
| Q4 25 | 31.6% | 78.2% | ||
| Q3 25 | 37.0% | 77.2% | ||
| Q2 25 | 37.2% | 78.7% | ||
| Q1 25 | 35.0% | 79.0% | ||
| Q4 24 | 37.6% | 82.0% | ||
| Q3 24 | 24.8% | 80.4% | ||
| Q2 24 | 40.3% | 81.1% | ||
| Q1 24 | 40.2% | — |
| Q4 25 | 11.7% | 1.7% | ||
| Q3 25 | 13.7% | 0.6% | ||
| Q2 25 | 14.4% | 7.1% | ||
| Q1 25 | 5.4% | 6.3% | ||
| Q4 24 | 15.4% | 3.8% | ||
| Q3 24 | 4.4% | 7.8% | ||
| Q2 24 | 18.7% | 8.4% | ||
| Q1 24 | 12.8% | — |
| Q4 25 | 5.5% | 0.1% | ||
| Q3 25 | 8.7% | -3.1% | ||
| Q2 25 | 12.5% | 4.1% | ||
| Q1 25 | -0.4% | 3.8% | ||
| Q4 24 | 7.3% | 2.1% | ||
| Q3 24 | -0.3% | 5.3% | ||
| Q2 24 | 11.9% | 4.9% | ||
| Q1 24 | 5.3% | — |
| Q4 25 | $0.05 | $-0.10 | ||
| Q3 25 | $0.07 | $-0.36 | ||
| Q2 25 | $0.08 | $0.52 | ||
| Q1 25 | $0.00 | $0.49 | ||
| Q4 24 | $0.04 | $0.23 | ||
| Q3 24 | $0.00 | $0.56 | ||
| Q2 24 | $0.07 | $0.54 | ||
| 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 | $158.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.0M | — |
| Total Assets | $904.1M | $742.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $158.4M | ||
| Q3 25 | $8.6M | $145.3M | ||
| Q2 25 | $4.7M | $151.3M | ||
| Q1 25 | $35.6M | $179.6M | ||
| Q4 24 | $23.5M | $181.8M | ||
| Q3 24 | $11.1M | $364.9M | ||
| Q2 24 | $3.2M | $332.4M | ||
| 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 | — | ||
| Q3 25 | $589.6M | $528.1M | ||
| Q2 25 | $575.4M | $531.1M | ||
| Q1 25 | $558.9M | $529.8M | ||
| Q4 24 | $556.8M | $532.1M | ||
| Q3 24 | $545.2M | $533.1M | ||
| Q2 24 | $544.6M | $512.2M | ||
| Q1 24 | $554.0M | — |
| Q4 25 | $904.1M | $742.9M | ||
| Q3 25 | $851.8M | $726.6M | ||
| Q2 25 | $795.0M | $734.5M | ||
| Q1 25 | $788.4M | $746.6M | ||
| Q4 24 | $793.1M | $748.2M | ||
| Q3 24 | $801.3M | $671.3M | ||
| Q2 24 | $788.4M | $631.4M | ||
| 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 | — |
| Free Cash FlowOCF − Capex | $-11.3M | — |
| FCF MarginFCF / Revenue | -7.6% | — |
| Capex IntensityCapex / Revenue | 4.8% | — |
| 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 | $-2.0M | ||
| Q2 25 | $-13.8M | $12.2M | ||
| Q1 25 | $15.6M | $15.5M | ||
| Q4 24 | $14.0M | $5.8M | ||
| Q3 24 | $15.7M | $29.5M | ||
| Q2 24 | $37.8M | $8.0M | ||
| Q1 24 | $12.9M | — |
| Q4 25 | $-11.3M | — | ||
| Q3 25 | $9.0M | $-5.2M | ||
| Q2 25 | $-26.0M | $7.2M | ||
| Q1 25 | $12.3M | $12.7M | ||
| Q4 24 | $12.5M | $4.0M | ||
| Q3 24 | $13.3M | $27.1M | ||
| Q2 24 | $35.8M | $5.3M | ||
| Q1 24 | $10.4M | — |
| Q4 25 | -7.6% | — | ||
| Q3 25 | 6.6% | -2.4% | ||
| Q2 25 | -23.5% | 3.0% | ||
| Q1 25 | 15.4% | 5.1% | ||
| Q4 24 | 11.6% | 1.9% | ||
| Q3 24 | 13.0% | 13.6% | ||
| Q2 24 | 36.1% | 2.5% | ||
| Q1 24 | 11.4% | — |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 7.7% | 1.5% | ||
| Q2 25 | 11.0% | 2.1% | ||
| Q1 25 | 4.0% | 1.1% | ||
| Q4 24 | 1.4% | 0.8% | ||
| Q3 24 | 2.3% | 1.2% | ||
| Q2 24 | 2.0% | 1.3% | ||
| Q1 24 | 2.7% | — |
| Q4 25 | -0.50× | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | -1.00× | 1.27× | ||
| Q1 25 | — | 1.65× | ||
| Q4 24 | 1.79× | 1.29× | ||
| Q3 24 | — | 2.78× | ||
| Q2 24 | 3.21× | 0.77× | ||
| 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% |
USNA
Segment breakdown not available.
