Shoals Technologies Group
Designs prefabricated electrical infrastructure for utility-scale solar, battery storage, and data centers.
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Profile
Designs and manufactures prefabricated electrical balance-of-system wiring, combiners, recombiners, and disconnects for utility-scale solar and battery storage projects. Revenue comes primarily from customized system solutions sold to U.S. engineering, procurement, and construction firms, with data-center power systems an emerging application.
Designs and manufactures electrical balance-of-system infrastructure that carries power from solar panels or battery systems to inverters and the grid. Products include the Big Lead Assembly trunk-bus system, homerun and interconnection wiring, combiners and recombiners, disconnects, wireless monitoring, and OEM components.
Combines prefabricated hardware with project-specific engineering and installation support, shifting assembly from project sites into controlled factories. Utility-scale solar remains the core market, while battery storage and data-center power systems are expanding applications. Manufacturing is concentrated in Tennessee and Alabama, and sales remain primarily to U.S. engineering, procurement, and construction firms.
Demand depends on project timing, permitting, grid interconnection, trade rules, and federal incentives. A wire-insulation shrinkback warranty matter and related supplier litigation remain open.
Company facts
Categories
Key statistics
Year to date −21.5% · Average volume (30d) 5.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Oppenheimer | Reiterate | Outperform | $12 | $13 | |
| Jul 14, 2026 | Jefferies | Reiterate | Buy | $8 | $12 | |
| Mar 11, 2026 | Jefferies | Reiterate | Buy | $10 | $8 | |
| Feb 25, 2026 | Jefferies | Target | $7.20 | $10 | ||
| Dec 16, 2025 | Morgan Stanley | Downgrade | Overweight | Equal Weight | $7 | $9.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.10 | $0.12 | +21.9% | $160.0M | $163.4M | +2.1% | −1.60% |
| May 5, 2026Q1 FY26 | $0.06 | $0.07 | +16.7% | $129.2M | $140.6M | +8.8% | +2.46% |
| Feb 24, 2026Q4 FY25 | $0.14 | $0.10 | −28.6% | $144.9M | $148.3M | +2.4% | +0.15% |
| Nov 4, 2025Q3 FY25 | $0.13 | $0.12 | −4.2% | $130.8M | $135.8M | +3.8% | +0.97% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $80.4M | $110.8M | $135.8M | $148.3M | $140.6M | $163.4M | |
| Gross profit | $28.1M | $41.2M | $50.3M | $46.9M | $41.0M | $49.5M | |
| Operating income | $4.3M | $16.0M | $18.7M | $17.4M | $7.7M | $18.7M | |
| Net income | −$282.0K | $13.9M | $11.9M | $8.1M | −$297.0K | $12.1M | |
| Diluted EPS | −$0.00 | $0.08 | $0.07 | $0.05 | −$0.00 | $0.07 | |
| Gross margin | 35.0% | 37.2% | 37.0% | 31.6% | 29.2% | 30.3% | |
| Operating margin | 5.4% | 14.4% | 13.7% | 11.7% | 5.5% | 11.5% |
Fiscal years (4-quarter sums)FY21 $213.2M · FY22 $326.9M · FY23 $488.9M · FY24 $399.2M · FY25 $475.3M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $15.7M · Total debt $233.8M · Total assets $1.02B · Shareholders' equity $617.2M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 167.77M · Float 166.75M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 28.73M | 17.12% | 13F | Aug 7, 2026 |
| Price T Rowe Associates Inc /MD/ | 21.60M | 12.88% | 13F | Aug 14, 2026 |
| Steven A. Cohen | 9.03M | 5.40% | 13G | Oct 21, 2024 |
| Vanguard Capital Management LLC | 7.44M | 4.43% | 13F | Aug 13, 2026 |
| Invesco Ltd. | 7.16M | 4.27% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 16, 2026 | Bobbie Lee Jr King | officer: Chief Legal Officer | −10,000 | $10.41 |
| May 8, 2026 | Dominic Bardos | officer: Chief Financial Officer | −54,449 | $8.48 |
| Dec 5, 2025 | Jeffery Tolnar | officer: President | −2,450 | $7.85 |
| Dec 5, 2025 | Dominic Bardos | officer: Chief Financial Officer | −4,170 | $7.83 |
Peers
- Nextpower
World's largest solar tracker maker; entered EBOS via Bentek acquisition (2025)
- First Solar
US thin-film CdTe module OEM and SHLS's largest single revenue customer
- Array Technologies
Second-largest US solar tracker maker serving same utility-scale EPC customers
- Eaton
Power management conglomerate with a complete solar EBOS component portfolio
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Shoals Technologies Group | $7.25 | +1.61% | $1.20B | 38.4 | 14.3 | 2.0 | +47.4% |
| Nextpower | $85.75 | +0.36% | $12.96B | 22.1 | 17.8 | 3.6 | +8.2% |
| First Solar | $205.40 | +0.47% | $21.97B | 12.6 | 9.7 | 4.1 | −3.7% |
| Array Technologies | $4.64 | +1.09% | $706.1M | — | 5.8 | 0.6 | −5.6% |
| Eaton | $403.75 | +0.23% | $156.40B | 41.0 | 26.9 | 5.2 | +21.4% |
| Median | 22.1 | 13.7 | 3.8 | +2.2% |