# Shoals Technologies Group, Inc. (SHLS)

> Source: Nexqual · https://nexqual.com/SHLS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Shoals Technologies Group, Inc. (SHLS), nexqual.com/SHLS" · informational, not investment advice.

**Price:** USD 7.73 (-2.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 7.96 · day 7.46–7.93 · 52w 5.43–13.18 · market cap $1.30B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $588M, net income $31.8M (5.4% margin), free cash flow -$51.6M (SEC filings).
- Valuation: P/E 40.9x (avg 48.4x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $566K; 2 not under a Rule 10b5-1 plan ($566K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.26 on a 1–5 scale) (19 analysts), mean target USD 11.06 (range 6.5–15).
- Total return with dividends: 1Y -25.1% vs S&P 500 +14.9%; 5Y -70.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.12, revenue estimate $162M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $213M | $327M | $489M | $399M | $475M | $588M |
| Gross profit | $82.6M | $131M | $168M | $142M | $167M | — |
| Operating income | $36.2M | $66.3M | $79.0M | $51.2M | $56.4M | $62.5M |
| Net income | $2.3M | $128M | $40.0M | $24.1M | $33.6M | $31.8M |
| EPS (diluted) | — | $0.85 | $0.24 | $0.14 | $0.20 | — |
| Free cash flow | -$8.2M | $36.3M | $81.4M | $72.0M | -$16.0M | -$51.6M |
| Gross margin | 38.8% | 40.2% | 34.4% | 35.6% | 35.0% | — |
| Operating margin | 17.0% | 20.3% | 16.2% | 12.8% | 11.9% | 10.6% |
| Net margin | 1.1% | 39.0% | 8.2% | 6.0% | 7.1% | 5.4% |
| Revenue growth | +21.5% | +53.3% | +49.6% | -18.4% | +19.1% | — |
| Cash + short-term investments | $5.0M | $8.8M | $22.7M | $23.5M | $7.3M | — |
| Total debt | $247M | $239M | $181M | $142M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 40.9x · P/S 2.2x · P/B 2.1x · FCF yield -3.97% · Earnings yield 2.45%
P/E at fiscal year-ends: Dec 2025 42.6x, Dec 2024 38.7x, Dec 2023 64.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-16 | King Bobbie Lee Jr | Chief Legal Officer | 10,000 | $104K | 9.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Bardos Dominic | Chief Financial Officer | 54,449 | $462K | 12.1% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.26 on a 1–5 scale), 19 analysts; mean target USD 11.06 (low 6.5, high 15).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | JP Morgan | Target lowered | Overweight | $13 → $12 |
| 2026-10-16 | Mizuho | Target lowered | Neutral | $11 → $10 |
| 2026-10-14 | Jefferies | Target lowered | Buy | $12 → $11 |
| 2026-10-08 | Barclays | Target raised | Overweight | $10 → $11 |
| 2026-08-05 | RBC Capital | Target raised | Outperform | $9 → $10 |
| 2026-07-21 | Goldman Sachs | Target raised | Buy | $11 → $13 |
| 2026-07-14 | Jefferies | Target raised | Buy | $10 → $12 |
| 2026-06-26 | Barclays | Target raised | Overweight | $9 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -25.1% | -70.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -25.2% | -21.4% |
| Volatility (annualized) | 85.7% | 79.5% |
| Max drawdown | -47.5% (Jun 2026→Sep 2026) | -92.0% (Nov 2021→Mar 2025) |

## Peers (Solar)
RUN (Sunrun Inc.) USD 7.7 +1.05% · SEDG (SolarEdge Technologies, Inc.) USD 32.94 -0.75% · CSIQ (Canadian Solar Inc.) USD 9.22 -6.21% · ARRY (Array Technologies, Inc.) USD 3.3 -3.23% · JKS (JinkoSolar Holding Company Limi) USD 8.14 +0.12% · ENPH (Enphase Energy, Inc.) USD 31.35 -2.00%

## More
Full page: https://nexqual.com/SHLS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SHLS's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1831651/000183165126000021/shls-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Shoals Parent | "Prior to July 1, 2023, the Company's sole material asset was Shoals Parent LLC, which was a limited liability company that was taxed as a partnership for US federal and certain state and local income tax purposes." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| System solutions | $114.2M | 69.9% | +35.3% |
| Components | $49.2M | 30.1% | +86.1% |
| Total revenue | $163.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 18.9%, 13.7% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-04)

- "Outlook – PORTLAND, TN. – August 4, 2026 (GLOBE NEWSWIRE) – Shoals Technologies Group, Inc."
- "("Shoals" or the "Company") (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, today announced results for its second quarter ended June 30, 2026. "The year is progressing well, with second quarter revenue and Adjusted EBITDA within our expected range."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.12 | +2.4% | $162.0M | 14 |
| Next quarter (ends 2026-12-31) | $0.13 | $0.14 | -0.9% | $161.9M | 13 |
| Current fiscal year (ends 2026-12-31) | $0.44 | $0.41 | +5.7% | $626.3M | 16 |
| Next fiscal year (ends 2027-12-31) | $0.55 | $0.51 | +7.3% | $703.0M | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±25.7%; last 8 reports averaged ±11.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 103.8% | ±25.7% |
| 2026-12-18 | 56 | 83.5% | ±28.9% |
| 2027-01-15 | 84 | 80.8% | ±33.4% |
| 2027-02-19 | 119 | 81.0% | ±39.4% |
| 2027-03-19 | 147 | 86.2% | ±45.8% |
| 2027-04-16 | 175 | 85.0% | ±48.9% |
| 2027-05-21 | 210 | 86.6% | ±54.2% |
| 2027-06-17 | 237 | 85.1% | ±56.3% |