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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and Xometry, Inc. (XMTR). Click either name above to swap in a different company.
Xometry, Inc. is the larger business by last-quarter revenue ($192.4M vs $148.3M, roughly 1.3× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -4.5%, a 10.0% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 29.5%). Xometry, Inc. produced more free cash flow last quarter ($-5.9M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 25.2%).
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.
Xometry is an online marketplace for sourcing on-demand manufactured parts for prototyping and large-scale production.
SHLS vs XMTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $192.4M |
| Net Profit | $8.1M | $-8.6M |
| Gross Margin | 31.6% | 39.1% |
| Operating Margin | 11.7% | -4.6% |
| Net Margin | 5.5% | -4.5% |
| Revenue YoY | 38.6% | 29.5% |
| Net Profit YoY | 3.9% | 12.7% |
| 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.
| Q4 25 | $148.3M | $192.4M | ||
| Q3 25 | $135.8M | $180.7M | ||
| Q2 25 | $110.8M | $162.5M | ||
| Q1 25 | $80.4M | $151.0M | ||
| Q4 24 | $107.0M | $148.5M | ||
| Q3 24 | $102.2M | $141.7M | ||
| Q2 24 | $99.2M | $132.6M | ||
| Q1 24 | $90.8M | $122.7M |
| Q4 25 | $8.1M | $-8.6M | ||
| Q3 25 | $11.9M | $-11.6M | ||
| Q2 25 | $13.9M | $-26.4M | ||
| Q1 25 | $-282.0K | $-15.1M | ||
| Q4 24 | $7.8M | $-9.9M | ||
| Q3 24 | $-267.0K | $-10.2M | ||
| Q2 24 | $11.8M | $-13.7M | ||
| Q1 24 | $4.8M | $-16.6M |
| Q4 25 | 31.6% | 39.1% | ||
| Q3 25 | 37.0% | 39.9% | ||
| Q2 25 | 37.2% | 40.1% | ||
| Q1 25 | 35.0% | 37.3% | ||
| Q4 24 | 37.6% | 39.7% | ||
| Q3 24 | 24.8% | 39.4% | ||
| Q2 24 | 40.3% | 39.9% | ||
| Q1 24 | 40.2% | 39.0% |
| Q4 25 | 11.7% | -4.6% | ||
| Q3 25 | 13.7% | -6.1% | ||
| Q2 25 | 14.4% | -6.3% | ||
| Q1 25 | 5.4% | -10.2% | ||
| Q4 24 | 15.4% | -7.8% | ||
| Q3 24 | 4.4% | -8.1% | ||
| Q2 24 | 18.7% | -11.5% | ||
| Q1 24 | 12.8% | -14.6% |
| Q4 25 | 5.5% | -4.5% | ||
| Q3 25 | 8.7% | -6.4% | ||
| Q2 25 | 12.5% | -16.3% | ||
| Q1 25 | -0.4% | -10.0% | ||
| Q4 24 | 7.3% | -6.7% | ||
| Q3 24 | -0.3% | -7.2% | ||
| Q2 24 | 11.9% | -10.3% | ||
| Q1 24 | 5.3% | -13.5% |
| Q4 25 | $0.05 | — | ||
| Q3 25 | $0.07 | — | ||
| Q2 25 | $0.08 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $0.04 | — | ||
| Q3 24 | $0.00 | — | ||
| Q2 24 | $0.07 | — | ||
| 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 | $219.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.0M | $275.6M |
| Total Assets | $904.1M | $703.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $219.1M | ||
| Q3 25 | $8.6M | $224.5M | ||
| Q2 25 | $4.7M | $225.8M | ||
| Q1 25 | $35.6M | $231.4M | ||
| Q4 24 | $23.5M | $239.8M | ||
| Q3 24 | $11.1M | $234.0M | ||
| Q2 24 | $3.2M | $240.9M | ||
| Q1 24 | $15.2M | $253.8M |
| 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 | $275.6M | ||
| Q3 25 | $589.6M | $272.0M | ||
| Q2 25 | $575.4M | $270.4M | ||
| Q1 25 | $558.9M | $309.9M | ||
| Q4 24 | $556.8M | $314.5M | ||
| Q3 24 | $545.2M | $315.2M | ||
| Q2 24 | $544.6M | $315.8M | ||
| Q1 24 | $554.0M | $320.4M |
| Q4 25 | $904.1M | $703.7M | ||
| Q3 25 | $851.8M | $698.9M | ||
| Q2 25 | $795.0M | $687.0M | ||
| Q1 25 | $788.4M | $690.1M | ||
| Q4 24 | $793.1M | $680.1M | ||
| Q3 24 | $801.3M | $678.2M | ||
| Q2 24 | $788.4M | $678.6M | ||
| Q1 24 | $825.3M | $692.5M |
| 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 | $4.4M |
| Free Cash FlowOCF − Capex | $-11.3M | $-5.9M |
| FCF MarginFCF / Revenue | -7.6% | -3.0% |
| Capex IntensityCapex / Revenue | 4.8% | 5.3% |
| Cash ConversionOCF / Net Profit | -0.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $-24.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $4.4M | ||
| Q3 25 | $19.4M | $5.8M | ||
| Q2 25 | $-13.8M | $-427.0K | ||
| Q1 25 | $15.6M | $-3.7M | ||
| Q4 24 | $14.0M | $9.1M | ||
| Q3 24 | $15.7M | $-3.6M | ||
| Q2 24 | $37.8M | $-9.1M | ||
| Q1 24 | $12.9M | $-11.7M |
| Q4 25 | $-11.3M | $-5.9M | ||
| Q3 25 | $9.0M | $-1.7M | ||
| Q2 25 | $-26.0M | $-7.4M | ||
| Q1 25 | $12.3M | $-9.2M | ||
| Q4 24 | $12.5M | $4.5M | ||
| Q3 24 | $13.3M | $-8.4M | ||
| Q2 24 | $35.8M | $-13.5M | ||
| Q1 24 | $10.4M | $-16.1M |
| Q4 25 | -7.6% | -3.0% | ||
| Q3 25 | 6.6% | -0.9% | ||
| Q2 25 | -23.5% | -4.5% | ||
| Q1 25 | 15.4% | -6.1% | ||
| Q4 24 | 11.6% | 3.1% | ||
| Q3 24 | 13.0% | -6.0% | ||
| Q2 24 | 36.1% | -10.2% | ||
| Q1 24 | 11.4% | -13.1% |
| Q4 25 | 4.8% | 5.3% | ||
| Q3 25 | 7.7% | 4.1% | ||
| Q2 25 | 11.0% | 4.3% | ||
| Q1 25 | 4.0% | 3.6% | ||
| Q4 24 | 1.4% | 3.1% | ||
| Q3 24 | 2.3% | 3.4% | ||
| Q2 24 | 2.0% | 3.3% | ||
| Q1 24 | 2.7% | 3.5% |
| 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% |
XMTR
| US | $159.1M | 83% |
| Non Us | $33.3M | 17% |
