Shoals Technologies (SHLS) Operating Margin (2020 - 2026)
Shoals Technologies' Operating Margin came in at 14.83% for Q3 2026, up 1.08 percentage points from 13.75% a year earlier and up 3.37 percentage points from the prior quarter.
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Analysis
Shoals Technologies (SHLS) Operating Margin (2020 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Shoals Technologies reported Operating Margin of 11.24%, down 1.54 percentage points year-over-year; for FY2025, it came in at 11.86%, down 0.96 percentage points from FY2024.
- Operating Margin has declined in each of the last three years, with a five-year change of -9.38 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was 12.82% in FY2024 (-3.35 pp), 16.16% in FY2023 (-4.12 pp), 20.29% in FY2022 (+3.29 pp) and 16.99% in FY2021 (-4.24 pp).
- The Q3 2026 figure represents the highest quarterly Operating Margin since Q4 2024.
- Year-over-year, Operating Margin increased in three of the last eight quarters, with an average year-over-year change of -2.10 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in Q4 2022 (a gain of 19.12 percentage points), and the weakest in Q3 2023 (a drop of 29.86 percentage points).
- Business Quant data shows SHLS's Operating Margin at 11.46% (Q2 2026), 5.49% (Q1 2026) and 11.73% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 212.47 Bn | 164.72 Bn | 3.11 Bn | 11.03% |
| 2 | Bloom Energy | 56.73 Bn | 46.66 Bn | 417.10 Mn | 18.24% |
| 3 | First Solar | 18.42 Bn | 9.79 Bn | 713.06 Mn | 44.37% |
| 4 | Nextpower | 14.32 Bn | 10.03 Bn | 345.32 Mn | 18.71% |
| 5 | BWX Technologies | 11.27 Bn | 9.04 Bn | 227.14 Mn | 13.86% |
| 6 | Generac Holdings | 11.25 Bn | 9.99 Bn | 516.04 Mn | 12.40% |
| 7 | Innio | 10.93 Bn | 7.17 Bn | 367.70 Mn | 16.58% |
| 8 | EnerSys | 5.13 Bn | 3.44 Bn | 284.35 Mn | 12.15% |
| 9 | Mirion Technologies | 4.30 Bn | 2.71 Bn | 131.50 Mn | 6.19% |
| 10 | Shoals Technologies | 1.40 Bn | 1.36 Bn | 62.40 Mn | 14.83% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 14.83% |
| Jun 30, 2026 | 11.46% |
| Mar 31, 2026 | 5.49% |
| Dec 31, 2025 | 11.73% |
| Sep 30, 2025 | 13.75% |
| Jun 30, 2025 | 14.43% |
| Mar 31, 2025 | 5.37% |
| Dec 31, 2024 | 15.41% |
| Sep 30, 2024 | 4.43% |
| Jun 30, 2024 | 18.72% |
| Mar 31, 2024 | 12.76% |
| Dec 31, 2023 | 24.43% |
| Sep 30, 2023 | -7.88% |
| Jun 30, 2023 | 26.54% |
| Mar 31, 2023 | 24.84% |
| Dec 31, 2022 | 24.69% |
| Sep 30, 2022 | 21.98% |
| Jun 30, 2022 | 17.67% |
| Mar 31, 2022 | 14.72% |
| Dec 31, 2021 | 5.58% |
API Access
Shoals Technologies Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=SHLS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "SHLS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=SHLS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();