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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and Vericel Corp (VCEL). 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 $92.9M, roughly 1.6× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 5.5%, a 19.5% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-11.3M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 27.8%).
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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
SHLS vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $92.9M |
| Net Profit | $8.1M | $23.2M |
| Gross Margin | 31.6% | 78.7% |
| Operating Margin | 11.7% | 24.1% |
| Net Margin | 5.5% | 25.0% |
| Revenue YoY | 38.6% | 23.3% |
| Net Profit YoY | 3.9% | 17.3% |
| EPS (diluted) | $0.05 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $135.8M | $67.5M | ||
| Q2 25 | $110.8M | $63.2M | ||
| Q1 25 | $80.4M | $52.6M | ||
| Q4 24 | $107.0M | $75.4M | ||
| Q3 24 | $102.2M | $57.9M | ||
| Q2 24 | $99.2M | $52.7M | ||
| Q1 24 | $90.8M | $51.3M |
| Q4 25 | $8.1M | $23.2M | ||
| Q3 25 | $11.9M | $5.1M | ||
| Q2 25 | $13.9M | $-553.0K | ||
| Q1 25 | $-282.0K | $-11.2M | ||
| Q4 24 | $7.8M | $19.8M | ||
| Q3 24 | $-267.0K | $-901.0K | ||
| Q2 24 | $11.8M | $-4.7M | ||
| Q1 24 | $4.8M | $-3.9M |
| Q4 25 | 31.6% | 78.7% | ||
| Q3 25 | 37.0% | 73.5% | ||
| Q2 25 | 37.2% | 73.7% | ||
| Q1 25 | 35.0% | 69.0% | ||
| Q4 24 | 37.6% | 77.6% | ||
| Q3 24 | 24.8% | 71.9% | ||
| Q2 24 | 40.3% | 69.5% | ||
| Q1 24 | 40.2% | 68.9% |
| Q4 25 | 11.7% | 24.1% | ||
| Q3 25 | 13.7% | 5.1% | ||
| Q2 25 | 14.4% | -3.2% | ||
| Q1 25 | 5.4% | -24.3% | ||
| Q4 24 | 15.4% | 24.5% | ||
| Q3 24 | 4.4% | -4.3% | ||
| Q2 24 | 18.7% | -11.5% | ||
| Q1 24 | 12.8% | -10.7% |
| Q4 25 | 5.5% | 25.0% | ||
| Q3 25 | 8.7% | 7.5% | ||
| Q2 25 | 12.5% | -0.9% | ||
| Q1 25 | -0.4% | -21.4% | ||
| Q4 24 | 7.3% | 26.3% | ||
| Q3 24 | -0.3% | -1.6% | ||
| Q2 24 | 11.9% | -8.9% | ||
| Q1 24 | 5.3% | -7.5% |
| Q4 25 | $0.05 | $0.46 | ||
| Q3 25 | $0.07 | $0.10 | ||
| Q2 25 | $0.08 | $-0.01 | ||
| Q1 25 | $0.00 | $-0.23 | ||
| Q4 24 | $0.04 | $0.40 | ||
| Q3 24 | $0.00 | $-0.02 | ||
| Q2 24 | $0.07 | $-0.10 | ||
| Q1 24 | $0.03 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.0M | $354.6M |
| Total Assets | $904.1M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $137.5M | ||
| Q3 25 | $8.6M | $135.4M | ||
| Q2 25 | $4.7M | $116.9M | ||
| Q1 25 | $35.6M | $112.9M | ||
| Q4 24 | $23.5M | $116.2M | ||
| Q3 24 | $11.1M | $101.7M | ||
| Q2 24 | $3.2M | $102.5M | ||
| Q1 24 | $15.2M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $589.6M | $321.9M | ||
| Q2 25 | $575.4M | $306.8M | ||
| Q1 25 | $558.9M | $295.5M | ||
| Q4 24 | $556.8M | $292.0M | ||
| Q3 24 | $545.2M | $257.5M | ||
| Q2 24 | $544.6M | $243.0M | ||
| Q1 24 | $554.0M | $233.9M |
| Q4 25 | $904.1M | $488.0M | ||
| Q3 25 | $851.8M | $453.3M | ||
| Q2 25 | $795.0M | $435.6M | ||
| Q1 25 | $788.4M | $424.6M | ||
| Q4 24 | $793.1M | $432.7M | ||
| Q3 24 | $801.3M | $390.4M | ||
| Q2 24 | $788.4M | $376.8M | ||
| Q1 24 | $825.3M | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $-11.3M | $12.8M |
| FCF MarginFCF / Revenue | -7.6% | 13.8% |
| Capex IntensityCapex / Revenue | 4.8% | 2.4% |
| Cash ConversionOCF / Net Profit | -0.50× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $15.0M | ||
| Q3 25 | $19.4M | $22.1M | ||
| Q2 25 | $-13.8M | $8.2M | ||
| Q1 25 | $15.6M | $6.6M | ||
| Q4 24 | $14.0M | $22.2M | ||
| Q3 24 | $15.7M | $10.2M | ||
| Q2 24 | $37.8M | $18.5M | ||
| Q1 24 | $12.9M | $7.2M |
| Q4 25 | $-11.3M | $12.8M | ||
| Q3 25 | $9.0M | $19.5M | ||
| Q2 25 | $-26.0M | $81.0K | ||
| Q1 25 | $12.3M | $-7.6M | ||
| Q4 24 | $12.5M | $8.5M | ||
| Q3 24 | $13.3M | $-9.2M | ||
| Q2 24 | $35.8M | $1.8M | ||
| Q1 24 | $10.4M | $-6.8M |
| Q4 25 | -7.6% | 13.8% | ||
| Q3 25 | 6.6% | 28.8% | ||
| Q2 25 | -23.5% | 0.1% | ||
| Q1 25 | 15.4% | -14.5% | ||
| Q4 24 | 11.6% | 11.2% | ||
| Q3 24 | 13.0% | -15.9% | ||
| Q2 24 | 36.1% | 3.4% | ||
| Q1 24 | 11.4% | -13.3% |
| Q4 25 | 4.8% | 2.4% | ||
| Q3 25 | 7.7% | 3.9% | ||
| Q2 25 | 11.0% | 12.9% | ||
| Q1 25 | 4.0% | 27.0% | ||
| Q4 24 | 1.4% | 18.3% | ||
| Q3 24 | 2.3% | 33.5% | ||
| Q2 24 | 2.0% | 31.8% | ||
| Q1 24 | 2.7% | 27.3% |
| Q4 25 | -0.50× | 0.65× | ||
| Q3 25 | 1.63× | 4.35× | ||
| Q2 25 | -1.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.79× | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
