Shoals Technologies (SHLS) Gross Margin (2020 - 2026)
Shoals Technologies posted quarterly Gross Margin of 29.18% for Q1 2026, down 584.0% year-on-year from 6.03% in Q1 2025, and down 7.75% on a QoQ basis from 31.63% in Q4 2025.
Shoals Technologies (SHLS) has 7 years of Gross Margin data on file, last reported at 29.18% in Q1 2026.
- For the quarter ending Q1 2026, Gross Margin fell 584.0% year-over-year to 29.18%; the trailing twelve-month figure through Mar 2026 stood at 33.5% (down 89.0% YoY), and the FY2025 full-year result was 35.03%, down 54.0% from the prior year.
- Gross Margin for Q1 2026 stood at 29.18%, down from 31.63% in the prior quarter.
- Across five years, Gross Margin topped out at 45.92% in Q1 2023 and bottomed at 10.54% in Q3 2023.
- The 5-year median for Gross Margin is 38.68% (2022), against an average of 36.12%.
- The widest annual swing landed in 2023, when Gross Margin sank 2915 bps; it then soared 1429 bps in 2024.
- A 5-year view of Gross Margin shows it stood at 42.66% in 2022, then fell by 0 bps to 42.46% in 2023, then fell by 12 bps to 37.56% in 2024, then declined by 16 bps to 31.63% in 2025, then dropped by 8 bps to 29.18% in 2026.
- The last three Gross Margin figures came in at 29.18% (Q1 2026), 31.63% (Q4 2025), and 37.0% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | First Solar | 26.65 Bn | 24.22 Bn | 486.13 Mn | 46.55% |
| 2 | Nextpower | 17.99 Bn | 16.90 Bn | 297.38 Mn | 33.77% |
| 3 | Canadian Solar | 15.11 Bn | 15.69 Bn | 124.40 Mn | 10.22% |
| 4 | Enphase Energy | 8.19 Bn | 7.26 Bn | 100.39 Mn | 35.49% |
| 5 | Solaredge Technologies | 3.80 Bn | 3.25 Bn | 68.28 Mn | 21.99% |
| 6 | Sunrun | 3.38 Bn | 4.27 Bn | 543.70 Mn | 75.28% |
| 7 | Shoals Technologies | 1.60 Bn | 1.60 Bn | 41.01 Mn | 29.18% |
| 8 | Array Technologies | 1.25 Bn | 1.05 Bn | 63.00 Mn | 28.20% |
| 9 | JinkoSolar Holding | 677.44 Mn | 2.29 Bn | 147.66 Mn | 8.32% |
| 10 | Tigo Energy | 288.14 Mn | 276.56 Mn | 10.79 Mn | 42.84% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 29.18% |
| Dec 31, 2025 | 31.63% |
| Sep 30, 2025 | 37.00% |
| Jun 30, 2025 | 37.17% |
| Mar 31, 2025 | 35.02% |
| Dec 31, 2024 | 37.56% |
| Sep 30, 2024 | 24.84% |
| Jun 30, 2024 | 40.30% |
| Mar 31, 2024 | 40.15% |
| Dec 31, 2023 | 42.46% |
| Sep 30, 2023 | 10.54% |
| Jun 30, 2023 | 42.38% |
| Mar 31, 2023 | 45.92% |
| Dec 31, 2022 | 42.66% |
| Sep 30, 2022 | 39.69% |
| Jun 30, 2022 | 38.91% |
| Mar 31, 2022 | 38.68% |
| Dec 31, 2021 | 33.14% |
| Sep 30, 2021 | 36.38% |
| Jun 30, 2021 | 43.83% |
| Mar 31, 2021 | 41.17% |
| Dec 31, 2020 | 38.30% |
| Sep 30, 2020 | 39.33% |
| Jun 30, 2020 | 38.75% |
| Mar 31, 2020 | 34.82% |