Shoals Technologies Group, Inc.

SHLSNASDAQEnergy● Active

$10.88

+$0.07(+0.65%)

Market Cap$1.8B

P/E Ratio—

52W High$13.18

52W Low$3.99

Avg Volume5.3M

Open$11.05

Beta1.88

Free Cash Flow Financials Revenue

Shoals Technologies Group, Inc. (SHLS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

SHLS · free cash flow · updated Jun 8, 2026

Core FCF metrics

SHLS · FCF · TTM · margin & CAGR

Free cash flow was −$16.0M for FY2025 (fiscal year ending 2025-12-31), down 122.2% year-over-year The FCF margin was -3.4%.

FY2025 Free Cash Flow−$16.0M▼ -122.2% YoY

Trailing 12M (TTM)−$77.4Mtrailing 4 quarters sum

FCF Margin-3.4%−$16.0M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

SHLS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$17.1M(33M)−$16.0M▼ 122.2%-3.4%

FY2024$80.4M(8M)$72.0M▼ 11.5%18.0%

FY2023$92.0M(11M)$81.4M▲ +124.2%16.6%

FY2022$39.5M(3M)$36.3M▲ +542.2%11.1%

FY2021−$4.1M(4M)−$8.2M▼ 116.1%-3.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

SHLS · P/FCF · FCF yield · FCF per share

Shoals Technologies Group, Inc. (SHLS) reported negative free cash flow of −$0.02B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

SHLS · cash flow statement · operating / investing / financing

For FY2025, Shoals Technologies Group, Inc. generated $17.1M in operating cash flow and spent 33M in capital expenditures, yielding −$16.0M in free cash flow.

Operating Activities

+$17.1M

Cash from core business operations

2025-12-31

Investing Activities

−$28.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$5.3M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($17.1M) − |CapEx| (33M) = FCF (−$16.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

SHLS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Shoals Technologies Group, Inc.YOU

SHLS

−$16.0M-122.2%-3.4%

Loss

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Shoals Technologies Group, Inc. (SHLS) reported free cash flow of −$16.0M for FY2025 (fiscal year ending 2025-12-31), down 122.2% year-over-year. The FCF margin was -3.4%.

Based on available data, Shoals Technologies Group, Inc. has maintained positive free cash flow for at least 6 fiscal year(s). FCF peaked at $81.4M in FY2023.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

SHLS free cash flow · 8 questions

Shoals Technologies Group, Inc. free cash flow was −$16.0M for FY2025, down 122.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$77.4M.

SHLS free cash flowSHLS FCFSHLS FCF 2025SHLS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Shoals Technologies Group, Inc. · Shoals Technologies Group, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026