Shoals Technologies (SHLS) Gross Margin (2020 - 2026)
Shoals Technologies' (SHLS) quarterly Gross Margin came in at 29.18% in Q1 2026, down 584.0% YoY from 6.03% in Q1 2025, and down 7.75% on a QoQ basis from 31.63% in Q4 2025.
Shoals Technologies (SHLS) Gross Margin (2020 - 2026) Analysis & Trends
Shoals Technologies (SHLS) has 7 years of Gross Margin data on file, last reported at 29.18% in Q1 2026.
- Quarterly Gross Margin fell 584.0% year-over-year to 29.18% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 33.5% (down 89.0% YoY) and the FY2025 annual result came in at 35.03%, down 54.0% from the prior year.
- Gross Margin retreated to 29.18% in Q1 2026, from 31.63% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 45.92% in Q1 2023 to a low of 10.54% in Q3 2023.
- A 5-year average of 36.12% and a median of 38.68% in 2022 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2023 — Gross Margin tumbled 2915 bps — and 2024, when it soared 1429 bps.
- Tracing SHLS's Gross Margin over 5 years: stood at 42.66% in 2022, then declined by 0 bps to 42.46% in 2023, then declined by 12 bps to 37.56% in 2024, then dropped by 16 bps to 31.63% in 2025, then slipped 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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | First Solar | 23.03 Bn | 21.30 Bn | 605.00 Mn | 57.28% |
| 2 | Nextpower | 13.25 Bn | 12.03 Bn | 335.85 Mn | 35.91% |
| 3 | Enphase Energy | 5.07 Bn | 4.13 Bn | 175.01 Mn | 59.97% |
| 4 | Sunrun | 2.24 Bn | 2.24 Bn | 527.54 Mn | 60.64% |
| 5 | Solaredge Technologies | 1.89 Bn | 1.31 Bn | 95.15 Mn | 27.48% |
| 6 | Shoals Technologies | 1.24 Bn | 1.22 Bn | 49.53 Mn | 30.31% |
| 7 | Canadian Solar | 991.33 Mn | -596.96 Mn | 124.40 Mn | 10.22% |
| 8 | JinkoSolar Holding | 831.90 Mn | -2.48 Bn | 147.66 Mn | 8.32% |
| 9 | Array Technologies | 727.79 Mn | 420.48 Mn | 99.60 Mn | 29.12% |
| 10 | Toyo | 170.12 Mn | 93.48 Mn | 47.76 Mn | 33.45% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 30.31% |
| 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% |