Shoals Technologies Group, Inc. (SHLS) Balance Sheet
SHLS balance sheet, 2025
December 31, 2025 · U.S. dollars$904.1M assets = $304.1M liabilities + $600.0M equity
Both columns are drawn to the same scale: what SHLS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SHLS financial health
Descriptive bands, not a rating. Fiscal 2025.
SHLS balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $185.5M2018 | $904.1M2025 | +25.4%/yr | |
| Total liabilities | $47.3M2018 | $304.1M2025 | +30.5%/yr | |
| Shareholders’ equity | $138.3M2018 | $600.0M2025 | +23.3%/yr | |
| Cash & short-term investments | $108,0002018 | $7.3M2025 | +82.6%/yr | |
| Total debt | $39.5M2018 | $175.4M2025 | +23.7%/yr | |
| Net cash (debt) | −$39.4M2018 | −$168.1M2025 | −$128.7M | |
| Working capital | $25.8M2018 | $130.6M2025 | +$104.8M | |
| Book value per share | $0.832018 | $3.562025 | +23.1%/yr | |
| Current ratio | 3.292018 | 2.032025 | −1.27 | |
| Debt / equity | 0.292018 | 0.292025 | +0.01 | |
| Shares outstanding | 166.6M2018 | 168.4M2025 | +0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SHLS assets
SHLS liabilities and equity
SHLS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SHLS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $7.3M | $23.5M | $22.7M | $8.8M | $5.0M | $10.1M | $7.1M | $108,000 |
| Cash & equivalents | $7.3M | $23.5M | $22.7M | $8.8M | $5.0M | $10.1M | $7.1M | $108,000 |
| Receivables | $150.9M | $99.0M | $147.3M | $67.3M | $45.0M | $30.8M | $29.8M | $26.0M |
| Inventory | $89.9M | $56.0M | $52.8M | $72.9M | $38.4M | $15.1M | $8.8M | $9.9M |
| Other current assets | $9.8M | $9.8M | $4.4M | $4.6M | $5.0M | $155,000 | $798,000 | $935,000 |
| Total current assets | $257.9M | $188.4M | $227.2M | $153.5M | $93.4M | $56.1M | $46.5M | $37.0M |
| Property, plant & equipment (net) | $99.3M | $28.2M | $24.8M | $16.9M | $15.6M | $12.8M | $10.9M | $10.4M |
| Goodwill & intangible assets | $103.4M | $111.0M | $118.6M | $126.5M | $134.7M | $122.2M | $130.1M | $138.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $443.4M | $465.5M | $473.4M | $298.0M | $182.7M | $4.2M | $0 | $0 |
| Total assets | $904.1M | $793.1M | $844.0M | $594.9M | $426.4M | $195.3M | $187.6M | $185.5M |
| Liabilities | ||||||||
| Accounts payable | $64.9M | $20.0M | $14.4M | $9.5M | $20.0M | $14.6M | $10.4M | $6.2M |
| Short-term debt | — | $881,000 | $2.0M | $2.0M | $2.0M | $3.5M | $12.9M | $3.5M |
| Deferred revenue | $37.0M | $18.7M | $22.2M | $23.3M | $1.8M | — | — | — |
| Total current liabilities | $127.3M | $80.9M | $92.6M | $52.6M | $31.6M | $24.1M | $24.5M | $11.2M |
| Long-term debt | $136.8M | $141.8M | $179.4M | $237.1M | $55.1M | $355.3M | $13.2M | $36.0M |
| Lease obligations | $38.7M | $1.2M | — | — | — | — | — | — |
| Other long-term liabilities | $40.1M | $13.6M | $26.9M | $4.2M | $347.2M | $0 | $0 | $0 |
| Total liabilities | $304.1M | $236.3M | $299.0M | $293.9M | $433.9M | $379.4M | $37.7M | $47.3M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | −$184.1M | $149.9M | $138.3M |
| Retained earnings (deficit) | $132.2M | $98.6M | $74.5M | $34.5M | −$93.1M | $0 | — | — |
| Accumulated other comprehensive income | — | — | $0 | $0 | — | — | −$2.6M | −$1.5M |
| Minority interest | — | — | $0 | $9.6M | −$10.1M | — | — | — |
| Total shareholders' equity | $600.0M | $556.8M | $545.0M | $291.4M | $2.6M | −$184.1M | $149.9M | $138.3M |
| Key figures | ||||||||
| Total debt | $175.4M | $141.8M | $181.4M | $239.1M | $247.1M | $358.8M | $26.1M | $39.5M |
| Net cash (debt) | −$168.1M | −$118.2M | −$158.7M | −$230.3M | −$242.0M | −$348.8M | −$19.0M | −$39.4M |
| Working capital | $130.6M | $107.4M | $134.6M | $100.9M | $61.9M | $32.0M | $22.0M | $25.8M |
| Tangible book value | $496.5M | $445.8M | $426.4M | $164.8M | −$132.1M | −$306.3M | $19.8M | $148,000 |
| Book value per share | $3.56 | $3.30 | $3.31 | $1.74 | $0.02 | −$1.15 | $0.90 | $0.83 |
| Shares outstanding | 168.4M | 168.7M | 164.5M | 167.6M | 112.0M | 160.3M | 166.6M | 166.6M |
| Current ratio | 2.03 | 2.33 | 2.45 | 2.92 | 2.96 | 2.33 | 1.90 | 3.29 |
| Quick ratio | 1.24 | 1.51 | 1.83 | 1.45 | 1.59 | 1.70 | 1.50 | 2.32 |
| Debt / equity | 0.29 | 0.25 | 0.33 | 0.82 | 96.77 | — | 0.17 | 0.29 |
| Equity / assets | 66.4% | 70.2% | 64.6% | 49.0% | 0.6% | −94.3% | 79.9% | 74.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $15.7M | $1.9M | $7.3M | $8.6M | $4.7M | $35.6M | $23.5M | $11.1M | $3.2M | $15.2M | $22.7M | $9.2M |
| Cash & equivalents | $15.7M | $1.9M | $7.3M | $8.6M | $4.7M | $35.6M | $23.5M | $11.1M | $3.2M | $15.2M | $22.7M | $9.2M |
| Receivables | $157.3M | $209.1M | $150.9M | $125.2M | $113.3M | $78.1M | $99.0M | $109.1M | $109.3M | $126.8M | $147.3M | $137.4M |
| Inventory | $184.7M | $159.0M | $89.9M | $60.4M | $56.9M | $61.2M | $56.0M | $65.9M | $60.0M | $59.6M | $52.8M | $61.0M |
| Other current assets | $11.7M | $12.6M | $9.8M | $7.1M | $15.2M | $12.9M | $9.8M | $4.7M | $4.8M | $6.9M | $4.4M | $6.7M |
| Total current assets | $369.5M | $382.5M | $257.9M | $201.2M | $190.1M | $187.7M | $188.4M | $190.8M | $177.3M | $208.5M | $227.2M | $214.2M |
| Property, plant & equipment (net) | $107.2M | $104.1M | $99.3M | $96.3M | $42.0M | $30.0M | $28.2M | $28.1M | $26.9M | $26.2M | $24.8M | $22.8M |
| Goodwill & intangible assets | $99.6M | $101.5M | $103.4M | $105.3M | $107.2M | $109.1M | $111.0M | $112.9M | $114.8M | $116.7M | $118.6M | $120.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $440.6M | $442.7M | $443.4M | $449.0M | $455.7M | $461.5M | $465.5M | $469.6M | $469.4M | $473.9M | $473.4M | $482.6M |
| Total assets | $1.02B | $1.03B | $904.1M | $851.8M | $795.0M | $788.4M | $793.1M | $801.3M | $788.4M | $825.3M | $844.0M | $840.1M |
| Liabilities | ||||||||||||
| Accounts payable | $66.0M | $80.4M | $64.9M | $33.9M | $29.2M | $26.7M | $20.0M | $23.7M | $16.2M | $15.7M | $14.4M | $16.6M |
| Short-term debt | — | — | — | — | — | — | — | — | — | — | $2.0M | $2.0M |
| Deferred revenue | $55.2M | $30.3M | $37.0M | $26.1M | $20.1M | $15.2M | $18.7M | $20.6M | $21.2M | $21.8M | $22.2M | $27.0M |
| Total current liabilities | $164.5M | $208.3M | $127.3M | $91.9M | $81.3M | $80.3M | $80.9M | $91.9M | $78.3M | $79.6M | $92.6M | $84.4M |
| Long-term debt | $196.8M | $181.8M | $136.8M | $126.8M | $131.8M | $141.8M | $141.8M | $141.8M | $146.8M | $168.8M | $179.4M | $188.4M |
| Lease obligations | $37.1M | $37.8M | $38.7M | $39.5M | — | — | $1.2M | — | — | — | — | — |
| Other long-term liabilities | $38.5M | $39.2M | $40.1M | $43.5M | $6.5M | $7.5M | $13.6M | $22.4M | $18.8M | $23.0M | $26.9M | $42.7M |
| Total liabilities | $399.7M | $429.2M | $304.1M | $262.2M | $219.6M | $229.5M | $236.3M | $256.1M | $243.9M | $271.3M | $299.0M | $315.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Retained earnings (deficit) | $144.0M | $131.9M | $132.2M | $124.0M | $112.2M | $98.3M | $98.6M | $90.8M | $91.0M | $79.2M | $74.5M | $57.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | $0 | $0 |
| Total shareholders' equity | $617.2M | $601.6M | $600.0M | $589.6M | $575.4M | $558.9M | $556.8M | $545.2M | $544.6M | $554.0M | $545.0M | $524.6M |
| Key figures | ||||||||||||
| Total debt | $233.8M | $219.6M | $175.4M | $166.2M | $131.8M | $141.8M | $141.8M | $141.8M | $146.8M | $168.8M | $181.4M | $190.4M |
| Net cash (debt) | −$218.1M | −$217.7M | −$168.1M | −$157.7M | −$127.1M | −$106.1M | −$118.2M | −$130.6M | −$143.6M | −$153.5M | −$158.7M | −$181.2M |
| Working capital | $205.0M | $174.2M | $130.6M | $109.3M | $108.7M | $107.5M | $107.4M | $98.9M | $99.0M | $128.9M | $134.6M | $129.8M |
| Tangible book value | $517.6M | $500.1M | $496.5M | $484.3M | $468.2M | $449.8M | $445.8M | $432.3M | $429.8M | $437.3M | $426.4M | $404.1M |
| Book value per share | $3.63 | $3.59 | $3.54 | $3.49 | $3.43 | $3.35 | $3.34 | $3.26 | $3.20 | $3.25 | $3.20 | $3.09 |
| Shares outstanding | 170.0M | 167.6M | 169.7M | 168.8M | 167.6M | 167.0M | 166.8M | 167.4M | 170.1M | 170.5M | 170.3M | 170.0M |
| Current ratio | 2.25 | 1.84 | 2.03 | 2.19 | 2.34 | 2.34 | 2.33 | 2.08 | 2.26 | 2.62 | 2.45 | 2.54 |
| Quick ratio | 1.05 | 1.01 | 1.24 | 1.46 | 1.45 | 1.42 | 1.51 | 1.31 | 1.44 | 1.78 | 1.83 | 1.74 |
| Debt / equity | 0.38 | 0.36 | 0.29 | 0.28 | 0.23 | 0.25 | 0.25 | 0.26 | 0.27 | 0.30 | 0.33 | 0.36 |
| Equity / assets | 60.7% | 58.4% | 66.4% | 69.2% | 72.4% | 70.9% | 70.2% | 68.0% | 69.1% | 67.1% | 64.6% | 62.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
SHLS financial position
At the end of fiscal 2025 (December 31, 2025), Shoals Technologies had total assets of $904.1 million (up 14.0% from a year earlier), total liabilities of $304.1 million and shareholders' equity of $600.0 million. It held $7.3 million in cash and short-term investments against $175.4 million of debt, net debt of $168.1 million. Its current ratio was 2.03. In the latest quarter (ended June 30, 2026) total assets were $1.0 billion and equity $617.2 million.
Related: SHLS income statement, SHLS cash flow statement, SHLS key metrics. See the SHLS stock overview for the latest quote and news.
SHLS balance sheet FAQ
What are Shoals Technologies's total assets?
Shoals Technologies reported total assets of $904.1 million at the end of fiscal 2025 (December 31, 2025), compared with $793.1 million a year earlier.
How much debt does Shoals Technologies have?
Shoals Technologies had $175.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.29.
How much cash does Shoals Technologies have?
Shoals Technologies held $7.3 million in cash and short-term investments at the end of fiscal 2025; with $175.4 million of debt that is net debt of $168.1 million.
What is Shoals Technologies's book value?
Shoals Technologies's shareholders' equity (book value) was $600.0 million at the end of fiscal 2025, or $3.56 per share.
What is Shoals Technologies's current ratio?
Shoals Technologies had current assets of $257.9 million and current liabilities of $127.3 million, a current ratio of 2.03 (it can cover its short-term obligations).
How much goodwill does Shoals Technologies have?
Shoals Technologies carried $103.4 million of goodwill and intangible assets, 11.4% of total assets, at the end of fiscal 2025.