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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and VICOR CORP (VICR). 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 $113.0M, roughly 1.3× VICOR CORP). VICOR CORP runs the higher net margin — 18.3% vs 5.5%, a 12.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 20.2%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 14.7%).
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.
Vicor Corporation is a manufacturer of power modules headquartered in Andover, Massachusetts.
SHLS vs VICR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $113.0M |
| Net Profit | $8.1M | $20.7M |
| Gross Margin | 31.6% | — |
| Operating Margin | 11.7% | 59.7% |
| Net Margin | 5.5% | 18.3% |
| Revenue YoY | 38.6% | 20.2% |
| Net Profit YoY | 3.9% | 713.9% |
| EPS (diluted) | $0.05 | $0.44 |
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 | — | $113.0M | ||
| Q4 25 | $148.3M | $107.3M | ||
| Q3 25 | $135.8M | $110.4M | ||
| Q2 25 | $110.8M | $96.0M | ||
| Q1 25 | $80.4M | $94.0M | ||
| Q4 24 | $107.0M | $96.2M | ||
| Q3 24 | $102.2M | $93.2M | ||
| Q2 24 | $99.2M | $85.9M |
| Q1 26 | — | $20.7M | ||
| Q4 25 | $8.1M | $46.5M | ||
| Q3 25 | $11.9M | $28.3M | ||
| Q2 25 | $13.9M | $41.2M | ||
| Q1 25 | $-282.0K | $2.5M | ||
| Q4 24 | $7.8M | $10.2M | ||
| Q3 24 | $-267.0K | $11.6M | ||
| Q2 24 | $11.8M | $-1.2M |
| Q1 26 | — | — | ||
| Q4 25 | 31.6% | 55.4% | ||
| Q3 25 | 37.0% | 57.5% | ||
| Q2 25 | 37.2% | 95.9% | ||
| Q1 25 | 35.0% | 47.2% | ||
| Q4 24 | 37.6% | 52.4% | ||
| Q3 24 | 24.8% | 49.1% | ||
| Q2 24 | 40.3% | 49.8% |
| Q1 26 | — | 59.7% | ||
| Q4 25 | 11.7% | 14.6% | ||
| Q3 25 | 13.7% | 18.9% | ||
| Q2 25 | 14.4% | 47.3% | ||
| Q1 25 | 5.4% | -0.2% | ||
| Q4 24 | 15.4% | 9.6% | ||
| Q3 24 | 4.4% | 5.8% | ||
| Q2 24 | 18.7% | 0.2% |
| Q1 26 | — | 18.3% | ||
| Q4 25 | 5.5% | 43.4% | ||
| Q3 25 | 8.7% | 25.6% | ||
| Q2 25 | 12.5% | 42.9% | ||
| Q1 25 | -0.4% | 2.7% | ||
| Q4 24 | 7.3% | 10.7% | ||
| Q3 24 | -0.3% | 12.4% | ||
| Q2 24 | 11.9% | -1.4% |
| Q1 26 | — | $0.44 | ||
| Q4 25 | $0.05 | $1.01 | ||
| Q3 25 | $0.07 | $0.63 | ||
| Q2 25 | $0.08 | $0.91 | ||
| Q1 25 | $0.00 | $0.06 | ||
| Q4 24 | $0.04 | $0.24 | ||
| Q3 24 | $0.00 | $0.26 | ||
| Q2 24 | $0.07 | $-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 | $404.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.0M | $754.1M |
| Total Assets | $904.1M | $804.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $404.2M | ||
| Q4 25 | $7.3M | $402.8M | ||
| Q3 25 | $8.6M | $362.4M | ||
| Q2 25 | $4.7M | $338.5M | ||
| Q1 25 | $35.6M | $296.1M | ||
| Q4 24 | $23.5M | $277.3M | ||
| Q3 24 | $11.1M | $267.6M | ||
| Q2 24 | $3.2M | $251.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $141.8M | — | ||
| Q4 24 | $141.8M | — | ||
| Q3 24 | $141.8M | — | ||
| Q2 24 | $146.8M | — |
| Q1 26 | — | $754.1M | ||
| Q4 25 | $600.0M | $711.6M | ||
| Q3 25 | $589.6M | $630.1M | ||
| Q2 25 | $575.4M | $608.6M | ||
| Q1 25 | $558.9M | $580.3M | ||
| Q4 24 | $556.8M | $570.1M | ||
| Q3 24 | $545.2M | $554.6M | ||
| Q2 24 | $544.6M | $537.2M |
| Q1 26 | — | $804.9M | ||
| Q4 25 | $904.1M | $785.8M | ||
| Q3 25 | $851.8M | $710.2M | ||
| Q2 25 | $795.0M | $693.5M | ||
| Q1 25 | $788.4M | $665.0M | ||
| Q4 24 | $793.1M | $641.1M | ||
| Q3 24 | $801.3M | $632.8M | ||
| Q2 24 | $788.4M | $613.2M |
| 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% | — |
| 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 | $15.7M | ||
| Q3 25 | $19.4M | $38.5M | ||
| Q2 25 | $-13.8M | $65.2M | ||
| Q1 25 | $15.6M | $20.1M | ||
| Q4 24 | $14.0M | $10.1M | ||
| Q3 24 | $15.7M | $22.6M | ||
| Q2 24 | $37.8M | $15.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-11.3M | $10.2M | ||
| Q3 25 | $9.0M | $34.5M | ||
| Q2 25 | $-26.0M | $59.0M | ||
| Q1 25 | $12.3M | $15.6M | ||
| Q4 24 | $12.5M | $8.4M | ||
| Q3 24 | $13.3M | $14.1M | ||
| Q2 24 | $35.8M | $9.4M |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 9.5% | ||
| Q3 25 | 6.6% | 31.2% | ||
| Q2 25 | -23.5% | 61.5% | ||
| Q1 25 | 15.4% | 16.6% | ||
| Q4 24 | 11.6% | 8.7% | ||
| Q3 24 | 13.0% | 15.2% | ||
| Q2 24 | 36.1% | 11.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | 5.2% | ||
| Q3 25 | 7.7% | 3.6% | ||
| Q2 25 | 11.0% | 6.5% | ||
| Q1 25 | 4.0% | 4.8% | ||
| Q4 24 | 1.4% | 1.8% | ||
| Q3 24 | 2.3% | 9.1% | ||
| Q2 24 | 2.0% | 7.2% |
| Q1 26 | — | — | ||
| Q4 25 | -0.50× | 0.34× | ||
| Q3 25 | 1.63× | 1.36× | ||
| Q2 25 | -1.00× | 1.58× | ||
| Q1 25 | — | 7.93× | ||
| Q4 24 | 1.79× | 0.99× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | 3.21× | — |
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% |
VICR
| Product revenue | $98.0M | 87% |
| Royalty revenue | $15.0M | 13% |
