Shoals Technologies Group
SHLS on Nasdaq. Shoals Technologies Group sells electrical infrastructure for solar power systems to solar project builders. Market value $502m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-3.61 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 9 cents a year. Above 10 is good.
Quality score: 74 of 100. Price score: 29 of 100. Our list needs 70 on quality and 60 on price.
$8.49 a share, 56% above its 1-year low
Over the past year the price has ranged from $5.43 to $13.18.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $52 million in the past 12 months, a shortfall of $16 million in the year to December 2025.
| Revenue | |||||
| Revenue | $213m | $327m | $489m | $399m | $475m |
| Operating margin | |||||
| Operating margin | 17.0% | 20.3% | 16.2% | 12.8% | 11.9% |
| Debt to equity | |||||
| Debt to equity | 96.77 | 0.82 | 0.33 | 0.25 | n/a |
| Shares outstanding | |||||
| Shares outstanding | n/a | 0.17bn | 0.16bn | 0.17bn | 0.17bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 22.2% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $163 million last quarter, up 47% on a year ago.
- Profit: $12 million, down 12% on a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, up from 10 cents a year earlier.
- Over the past 12 months it spent $52 million more cash than it brought in. A year earlier it had $12 million spare.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $102m |
| December 2024 | $107m |
| March 2025 | $80m |
| June 2025 | $111m |
| September 2025 | $136m |
| December 2025 | $148m |
| March 2026 | $141m |
| June 2026 | $163m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$267,000 |
| December 2024 | $8m |
| March 2025 | -$282,000 |
| June 2025 | $14m |
| September 2025 | $12m |
| December 2025 | $8m |
| March 2026 | -$297,000 |
| June 2026 | $12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
5 long-term investors we follow own it, up from 4 last quarter. 272 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $242,253
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $17m | 0.1% | Added |
| Heartland AdvisorsBill Nasgovitz | $15m | 0.6% | Added |
| Gotham Asset ManagementJoel Greenblatt | $242,253 | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $123,000 | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $1,168 | <0.1% | New |
Largest holders overall
- BlackRock$284mAdded
- Price T Rowe Associates$214mAdded
- Vanguard Capital Management$74m
- Invesco$71mCut
- State Street$60m
- T. Rowe Price Investment Management$60mAdded
- Amundi$53mCut
- Geode Capital Management$47mAdded
- Dimensional Fund Advisors LP$45mAdded
- Vanguard Portfolio Management$45mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor13.2%+2.5 ptsSince 30 June 2026
- T. Rowe Price Associates, Inc.Passive investor12.9%+1.8 ptsSince 30 June 2026
- Wellington Management Company LLPPassive investor9.4%−1.5 ptsSince 30 June 2025
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Wellington Management Group LLPPassive investorat least 3.0%−7.4 pts(filed with 2 related holders)Since 30 September 2025
- Encompass Capital Advisors LLCPassive investorat least 2.9%−5.0 pts(filed with 1 related holder)Since 31 December 2025
- BlackRock Portfolio Management LLCPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Point72 Asset Management, L.P.Passive investorSold down below 5%Since 30 June 2025
- Point72 Europe (London) LLPPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 13.2%+2.5 pts | 30 June 2026 | |
T. Rowe Price Associates, Inc. Passive investor | 12.9%+1.8 pts | 30 June 2026 | |
Wellington Management Company LLP Passive investor | 9.4%−1.5 pts | 30 June 2025 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Wellington Management Group LLP Passive investor | at least 3.0%−7.4 pts (filed with 2 related holders) | 30 September 2025 | |
Encompass Capital Advisors LLC Passive investor | at least 2.9%−5.0 pts (filed with 1 related holder) | 31 December 2025 | |
BlackRock Portfolio Management LLC Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Point72 Asset Management, L.P. Passive investor | Sold down below 5% | 30 June 2025 | |
Point72 Europe (London) LLP Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $617,711.
- King Bobbie Lee JrChief Legal OfficerSold
- Date
- 16 June 2026
- Shares
- 10,000
- Price
- $10.41
- Value
- $104,100
- Bardos DominicChief Financial OfficerSold
- Date
- 8 May 2026
- Shares
- 54,449
- Price
- $8.48
- Value
- $461,728
- Bardos DominicChief Financial OfficerSold
- Date
- 5 December 2025
- Shares
- 4,170
- Price
- $7.83
- Value
- $32,651
- TOLNAR JEFFERYPresidentSold
- Date
- 5 December 2025
- Shares
- 2,450
- Price
- $7.85
- Value
- $19,233
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 June 2026 | King Bobbie Lee Jr Chief Legal Officer | Sold | 10,000 | $10.41 | $104,100 |
| 8 May 2026 | Bardos Dominic Chief Financial Officer | Sold | 54,449 | $8.48 | $461,728 |
| 5 December 2025 | Bardos Dominic Chief Financial Officer | Sold | 4,170 | $7.83 | $32,651 |
| 5 December 2025 | TOLNAR JEFFERY President | Sold | 2,450 | $7.85 | $19,233 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.