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Forensic Analysis · Fabless · as of Nov 8, 2026

Shoals Technologies Group, Inc. (SHLS)

A forensic read on Shoals Technologies Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
3.9
Distress distance
3
Forensic signals
5.8%
ROE
19.1%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Shoals Technologies Group, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by inventory days.

What the filings flag

86d
FY2024→FY2025
Inventory days. Days inventory outstanding moved from 77 to 86 FY2024→FY2025 (against cost of goods sold; inventory +61% vs +20% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
5.4%
FY2025
Return on invested capital. Return on invested capital is 5.4% in the latest fiscal year and slipping across FY2023–FY2025 from 8.4%. After-tax operating profit was $61M in FY2023 and $39M in FY2025, with operating income at 16.2% of revenue in FY2023, 12.8% in FY2024 and 11.9% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
stopped
FY2024→FY2025
Shareholder returns — halted. Capital returns have STOPPED — $25M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.

Key fundamentals

Latest Revenue$475.3M
Revenue Growth YoY+19.1%
Revenue CAGR (2yr)-1.4%
Net Margin7.1%
Free Cash Flow-$16.0M
Return on Equity5.8%
Debt / Equity0.23x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.