Shoals Technologies Group, Inc.
SHLS · Semiconductors & Related Devices · 164.5M shares · +13%/yr ↑ shares · EDGAR filings ↗
Reference price $10.41 · est. market cap ~$1.7B — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Solar electrical-balance-of-system maker — profitable and growing, but slightly free-cash-flow negative.
Strengths
- Profitable and growing — operating margin 12% (70th), net margin 7% (65th), revenue +19%
Risks
- Slightly negative free cash flow — FCF -$16M (16th)
- Thin quick liquidity — quick ratio 1.32 (17th)
- Solar-demand cyclicality and warranty risk — per 10-K
Notable findings
- Cash burnNegative free cash flow (-16.0M)
- Customer concentration~79% of revenue from one customer/distributor — We derived 78
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
- Chronic dilutionShare count +13%/yr over 4y (dilution)
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$565,828, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
35.0%
Operating margin
11.9%
Net margin
7.1%
Return on assets
3.7%
Revenue growth (QoQ)
-5.2%
Net-income growth
39.2%
Current ratio
2.0×
Free cash flow
-$16M
EBITDA
$70M
Cash & investments
$7M
Cash runway
2q
Stock comp / revenue
2.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | King Bobbie Lee Jr | Tax withheld | 6.4K | $9.96 |
| 2026-06-16 | King Bobbie Lee Jr | Sell | 10K | $10.41 |
| 2026-06-16 | King Bobbie Lee Jr | Gift | 1.0K | — |
| 2026-06-15 | King Bobbie Lee Jr | Tax withheld | 6.4K | $10.30 |
| 2026-06-01 | Hart James Ryan | Tax withheld | 6.5K | $12.18 |
| 2026-06-01 | Bardos Dominic | Tax withheld | 30K | $12.18 |
| 2026-06-01 | TOLNAR JEFFERY | Tax withheld | 8.6K | $12.18 |
| 2026-05-08 | Bardos Dominic | Sell | 54K | $8.48 |
| 2026-04-30 | Sundberg Lori S | Grant | 23K | — |
| 2026-04-30 | Ramdev Niharika | Grant | 23K | — |
| 2026-04-30 | Volpe Toni | Grant | 23K | — |
| 2026-04-30 | MILLS JEANNETTE M | Grant | 23K | — |
| 2026-04-30 | JULIAN ROBERT K. | Grant | 23K | — |
| 2026-04-30 | Forth John Bradford | Grant | 35K | — |
| 2026-04-30 | Daul Ty P. | Grant | 23K | — |
| 2026-03-04 | MOSS BRANDON | Tax withheld | 93K | $6.14 |
| 2026-03-04 | Bardos Dominic | Tax withheld | 27K | $6.14 |
| 2026-03-04 | TOLNAR JEFFERY | Tax withheld | 23K | $6.14 |
| 2026-02-17 | MOSS BRANDON | Grant | 206K | — |
| 2026-02-17 | TOLNAR JEFFERY | Grant | 56K | — |
| 2026-02-17 | King Bobbie Lee Jr | Grant | 28K | — |
| 2026-02-17 | Bardos Dominic | Grant | 64K | — |
| 2026-02-17 | Van Bibber David Sean | Grant | 11K | — |
| 2025-12-05 | Bardos Dominic | Sell | 4.2K | $7.83 |
| 2025-12-05 | TOLNAR JEFFERY | Sell | 2.5K | $7.85 |
| 2025-10-17 | Bardos Dominic | Tax withheld | 1.8K | $9.95 |
| 2025-07-17 | MOSS BRANDON | Tax withheld | 9.2K | $5.70 |
| 2025-06-16 | King Bobbie Lee Jr | Grant | 94K | — |
| 2025-05-01 | Ramdev Niharika | Grant | 48K | — |
| 2025-05-01 | Daul Ty P. | Grant | 48K | — |
| 2025-05-01 | Forth John Bradford | Grant | 74K | — |
| 2025-05-01 | Sundberg Lori S | Grant | 48K | — |
| 2025-05-01 | JULIAN ROBERT K. | Grant | 48K | — |
| 2025-05-01 | MILLS JEANNETTE M | Grant | 48K | — |
| 2025-05-01 | Volpe Toni | Grant | 48K | — |
| 2025-03-31 | TOLNAR JEFFERY | Tax withheld | 1.4K | $3.32 |
| 2025-03-12 | Bardos Dominic | Buy | 35K | $2.80 |
| 2025-03-10 | Lund Inez | Sell | 1.9K | $2.92 |
| 2025-03-10 | TOLNAR JEFFERY | Sell | 2.7K | $2.88 |
| 2025-03-05 | Lund Inez | Sell | 1.0K | $3.11 |
| 2025-03-05 | TOLNAR JEFFERY | Sell | 5.8K | $3.07 |
| 2025-03-05 | Bardos Dominic | Sell | 7.5K | $3.09 |
| 2025-03-05 | MOSS BRANDON | Sell | 22K | $3.07 |
| 2025-02-20 | TOLNAR JEFFERY | Grant | 131K | — |
| 2025-02-20 | Lund Inez | Grant | 27K | — |
| 2025-02-20 | Bardos Dominic | Grant | 150K | — |
| 2025-02-20 | MOSS BRANDON | Grant | 479K | — |
| 2025-02-18 | Bardos Dominic | Grant | 8.6K | — |
| 2025-02-18 | Bardos Dominic | Tax withheld | 3.9K | $4.08 |
| 2025-02-18 | TOLNAR JEFFERY | Grant | 12K | — |
| 2025-02-18 | TOLNAR JEFFERY | Tax withheld | 5.5K | $4.08 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-06-12 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-05-01 | Shareholder vote | filing ↗ |
| 2026-02-24 | ResultsExhibits | filing ↗ |
| 2026-02-24 | Exhibits | filing ↗ |
| 2025-11-06 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-11-04 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-10 | 0001831651-26-000096 ↗ |
| 8-K/A | 2026-06-12 | 2026-06-10 | 0001831651-26-000098 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001831651-26-000080 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001831651-26-000083 ↗ |
| 8-K | 2026-05-01 | 2026-04-30 | 0001831651-26-000055 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001831651-26-000021 ↗ |
| 8-K/A | 2026-02-24 | 2026-02-24 | 0001831651-26-000024 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001831651-26-000018 ↗ |
| 8-K | 2025-11-06 | 2025-11-05 | 0001831651-25-000095 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001831651-25-000093 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001831651-25-000091 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001831651-25-000082 ↗ |