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Shoals Valuation Multiples
Discover revenue and EBITDA valuation multiples for Shoals and similar public comparables like Array Technologies, Shikun & Binui Energy, Al-Babtain Power & Telecom, Bonheur and more.
Shoals Overview
About Shoals
Shoals Technologies Group is a provider of electrical balance of system solutions for solar energy projects, primarily in the United States. EBOS encompasses components that are necessary to carry electric current produced by solar panels to an inverter. The products are sold principally to engineering, procurement, and construction firms that build solar energy projects.
Founded
2020
HQ
Employees
1.5K
Website
Financials (LTM)
EV
$1B
Shoals Financials
Shoals reported last 12-month revenue of $508M and EBITDA of $105M.
In the same LTM period, Shoals generated $176M in gross profit, $105M in EBITDA, and $38M in net income.
Revenue (LTM)
Shoals P&L
In the most recent fiscal year, Shoals reported revenue of $475M and EBITDA of $100M.
Shoals expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $508M | XXX | $475M | XXX | XXX | XXX |
| Gross Profit | $176M | XXX | $167M | XXX | XXX | XXX |
| Gross Margin | 35% | XXX | 35% | XXX | XXX | XXX |
| EBITDA | $105M | XXX | $100M | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 21% | XXX | XXX | XXX |
| EBIT Margin | 12% | XXX | 12% | XXX | XXX | XXX |
| Net Profit | $38M | XXX | $34M | XXX | XXX | XXX |
| Net Margin | 8% | XXX | 7% | XXX | XXX | XXX |
| Net Debt | — | — | $129M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Shoals Stock Performance
Shoals has current market cap of $1B, and enterprise value of $1B.
Market Cap Evolution
Shoals' stock price is $7.16.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $1B | $1B | 0.0% | XXX | XXX | XXX | $0.20 |
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Start Free TrialShoals Valuation Multiples
Shoals trades at 2.7x EV/Revenue multiple, and 13.1x EV/EBITDA.
EV / Revenue (LTM)
Shoals Financial Valuation Multiples
As of April 20, 2026, Shoals has market cap of $1B and EV of $1B.
Equity research analysts estimate Shoals' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Shoals has a P/E ratio of 31.3x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $1B | XXX | $1B | XXX | XXX | XXX |
| EV (current) | $1B | XXX | $1B | XXX | XXX | XXX |
| EV/Revenue | 2.7x | XXX | 2.9x | XXX | XXX | XXX |
| EV/EBITDA | 13.1x | XXX | 13.8x | XXX | XXX | XXX |
| EV/EBIT | 21.9x | XXX | 24.3x | XXX | XXX | XXX |
| EV/Gross Profit | 7.8x | XXX | 8.2x | XXX | XXX | XXX |
| P/E | 31.3x | XXX | 35.8x | XXX | XXX | XXX |
| EV/FCF | 488.5x | XXX | (85.7x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Shoals Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Shoals Margins & Growth Rates
Shoals' revenue in the last 12 month grew by 19%.
Shoals' revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.
Shoals' rule of 40 is 43% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Shoals' rule of X is 78% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Shoals Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 19% | XXX | 23% | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 21% | XXX | XXX | XXX |
| EBITDA Growth | 18% | XXX | 18% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 43% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 78% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| G&A Expenses to Revenue | 20% | XXX | 21% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 23% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Shoals Public Comps
See public comps and valuation multiples for other Energy Equipment and Renewable Energy comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Shoals | XXX | XXX | XXX | XXX | XXX | XXX |
| Array Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| Shikun & Binui Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| Al-Babtain Power & Telecom | XXX | XXX | XXX | XXX | XXX | XXX |
| Bonheur | XXX | XXX | XXX | XXX | XXX | XXX |
| thyssenkrupp nucera | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Shoals M&A Activity
Shoals acquired XXX companies to date.
Last acquisition by Shoals was on XXXXXXXX, XXXXX. Shoals acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Shoals
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialShoals Investment Activity
Shoals invested in XXX companies to date.
Shoals made its latest investment on XXXXXXXX, XXXXX. Shoals invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Shoals
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Shoals
| When was Shoals founded? | Shoals was founded in 2020. |
| Where is Shoals headquartered? | Shoals is headquartered in United States. |
| How many employees does Shoals have? | As of today, Shoals has over 1K employees. |
| Who is the CEO of Shoals? | Shoals' CEO is Brandon Moss. |
| Is Shoals publicly listed? | Yes, Shoals is a public company listed on Nasdaq. |
| What is the stock symbol of Shoals? | Shoals trades under SHLS ticker. |
| When did Shoals go public? | Shoals went public in 2021. |
| Who are competitors of Shoals? | Shoals main competitors are Array Technologies, Shikun & Binui Energy, Al-Babtain Power & Telecom, Bonheur. |
| What is the current market cap of Shoals? | Shoals' current market cap is $1B. |
| What is the current revenue of Shoals? | Shoals' last 12 months revenue is $508M. |
| What is the current revenue growth of Shoals? | Shoals revenue growth (NTM/LTM) is 19%. |
| What is the current EV/Revenue multiple of Shoals? | Current revenue multiple of Shoals is 2.7x. |
| Is Shoals profitable? | Yes, Shoals is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Shoals? | Shoals' last 12 months EBITDA is $105M. |
| What is Shoals' EBITDA margin? | Shoals' last 12 months EBITDA margin is 21%. |
| What is the current EV/EBITDA multiple of Shoals? | Current EBITDA multiple of Shoals is 13.1x. |
| What is the current FCF of Shoals? | Shoals' last 12 months FCF is $3M. |
| What is Shoals' FCF margin? | Shoals' last 12 months FCF margin is 1%. |
| What is the current EV/FCF multiple of Shoals? | Current FCF multiple of Shoals is 488.5x. |
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