Shoals Technologies Group (SHLS)
Designs prefabricated electrical infrastructure for utility-scale solar, battery storage, and data centers.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 4, 2026 | Oppenheimer | Reiterate | Rating: —Target: $12 | Target: $13 |
| Jul 14, 2026 | Jefferies | Reiterate | Rating: —Target: $8 | Target: $12 |
| Mar 11, 2026 | Jefferies | Reiterate | Rating: —Target: $10 | Target: $8 |
| Feb 25, 2026 | Jefferies | Target | Target: $7.20 | Target: $10 |
| Dec 16, 2025 | Morgan Stanley | Downgrade | Target: $7 | Target: $9.50 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $15.7M · Total debt $233.8M · Total assets $1.02B · Shareholders' equity $617.2M
- Revenue
- $163.4M
- Operating income
- $18.7M
- Net income
- $12.1M
No dividends on record.
| Institutions | 105.39% | 177.37M shares | |
|---|---|---|---|
| 300 holders · as of Jun 30, 2026 | |||
| Insiders | 7.34% | 12.35M shares | |
| 16 holders · as of Sep 11, 2026 | |||
| Strategic holders | 5.33% | 8.98M shares | |
| 1 holder · as of Feb 9, 2024 | |||
| Adds to | 118.06% | ||
168.30M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 118.06%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 17.07% | 28.73M | as of Jun 30, 2026 |
Price T Rowe Associates Inc /MD/Institution | 12.84% | 21.60M | as of Jun 30, 2026 |
Steven A. CohenInsider | 5.36% | 9.03M | filed Oct 21, 2024 |
ClearBridge Investments, LLCStrategic | 5.33% | 8.98M | filed Feb 9, 2024 |
Vanguard Capital Management LLCInstitution | 4.42% | 7.44M | as of Jun 30, 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 |
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Shoals Technologies Group | $8.15 | +3.96% | $1.31B | 42.1 | 16.4 | 2.2 | +47.4% |
| Nextpower | $82.78 | −0.45% | $12.61B | 21.5 | 17.2 | 3.5 | +8.2% |
| First Solar | $201.52 | +0.84% | $21.48B | 12.3 | 9.5 | 4.0 | −3.7% |
| Array Technologies | $4.06 | −0.37% | $626.1M | — | 5.1 | 0.5 | −5.6% |
| Eaton | $442.36 | +1.59% | $169.08B | 44.3 | 29.4 | 5.6 | +21.4% |
| Median | 21.5 | 13.4 | 3.7 | +2.2% |