SHLSShoals Technologies Group, Inc.

Semiconductors & Related Devices

Revenue: $475M; 19% YoY
Operating margin: 11.9%; 7.5% YoY
EBITDA: $70M; 10% YoY
Market cap: $1.2B
Employees: —
Net debt / EBITDA: 1.8×; $126M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
51% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentYes
62% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$618K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$213M	$327M	$489M	$399M	$475M	19%
Operating income	$36M	$66M	$79M	$51M	$56M	10%
Net income	$2M	$128M	$40M	$24M	$34M	39%
Operating cash flow	−$4M	$39M	$92M	$80M	$17M	79%
Capex	$4M	$3M	$11M	$8M	$33M	294%
Stock-based comp	$11M	$16M	$21M	$14M	$10M	30%
Buybacks	—	$0	$0	$25M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 10, 2023	Solon Dean	SC 13D/A	2.2%	Passive
Dec 9, 2022	Solon Dean	SC 13D/A	20.8%	Passive
Jul 27, 2021	Solon Dean	SC 13D/A	35.0%	Passive
Jul 21, 2021	Oaktree Power Opportunities Fund IV (Delaware) Holdings, L.P.	SC 13D/A	0.0%	Passive
Jul 21, 2021	Solon Dean	SC 13D/A	34.9%	Passive
Feb 5, 2021	Oaktree Power Opportunities Fund IV (Delaware) Holdings, L.P.	SC 13D	40.9%	Passive
Feb 5, 2021	Solon Dean	SC 13D	40.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $618K · 4
Net: −$618K

Pay vs performance

No pay-versus-performance disclosure yet.