Shoals Technologies (SHLS) Return on Invested Capital [ROIC] (2021 - 2026)
Shoals Technologies' Return on Invested Capital [ROIC] was 6.45% in Q3 2026, up 1.11 percentage points from 5.34% a year earlier and up 0.87 percentage points from the prior quarter.
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Analysis
Shoals Technologies (SHLS) Return on Invested Capital [ROIC] (2021 - 2026) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at Shoals Technologies came in at 5.44%, up 0.36 percentage points from FY2024.
- Return on Invested Capital [ROIC] shows a three-year change of -25.72 percentage points (FY2022 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was 5.07% in FY2024 (-8.01 pp), 13.09% in FY2023 (-18.07 pp) and 31.15% in FY2022.
- The Q3 2026 figure marks the highest quarterly Return on Invested Capital [ROIC] since Q1 2024.
- Compared with a year earlier, Return on Invested Capital [ROIC] has increased for four straight quarters, with an average year-over-year change of -0.82 percentage points over the last eight quarters.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q1 2026 (a gain of 2.06 percentage points); the worst was Q2 2022 (a drop of 502.49 percentage points).
- Per Business Quant data, SHLS's Return on Invested Capital [ROIC] in the three quarters before Q3 2026 was 5.58% (Q2 2026), 5.72% (Q1 2026) and 5.37% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 212.47 Bn | 164.72 Bn | 3.11 Bn | 18.10% |
| 2 | Bloom Energy | 56.73 Bn | 46.66 Bn | 417.10 Mn | 31.22% |
| 3 | First Solar | 18.42 Bn | 9.79 Bn | 713.06 Mn | 17.06% |
| 4 | Nextpower | 14.32 Bn | 10.03 Bn | 345.32 Mn | - |
| 5 | BWX Technologies | 11.27 Bn | 9.04 Bn | 227.14 Mn | 10.85% |
| 6 | Generac Holdings | 11.25 Bn | 9.99 Bn | 516.04 Mn | 8.39% |
| 7 | Innio | 10.93 Bn | 7.17 Bn | 367.70 Mn | 8.02% |
| 8 | EnerSys | 5.13 Bn | 3.44 Bn | 284.35 Mn | 15.15% |
| 9 | Mirion Technologies | 4.30 Bn | 2.71 Bn | 131.50 Mn | 2.11% |
| 10 | Shoals Technologies | 1.40 Bn | 1.36 Bn | 62.40 Mn | 6.45% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 6.45% |
| Jun 30, 2026 | 5.58% |
| Mar 31, 2026 | 5.72% |
| Dec 31, 2025 | 5.37% |
| Sep 30, 2025 | 5.34% |
| Jun 30, 2025 | 3.63% |
| Mar 31, 2025 | 3.66% |
| Dec 31, 2024 | 4.71% |
| Sep 30, 2024 | 6.31% |
| Jun 30, 2024 | 5.23% |
| Mar 31, 2024 | 7.13% |
| Dec 31, 2023 | 11.02% |
| Sep 30, 2023 | 12.55% |
| Jun 30, 2023 | 16.77% |
| Mar 31, 2023 | 17.07% |
| Dec 31, 2022 | 27.06% |
| Sep 30, 2022 | 32.00% |
| Jun 30, 2022 | 28.50% |
| Mar 31, 2022 | 43.82% |
| Dec 31, 2021 | 70.46% |
API Access
Shoals Technologies Return on Invested Capital [ROIC] 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=return-on-invested-capital-%5Broic%5D&ticker=SHLS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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=return-on-invested-capital-%5Broic%5D&ticker=SHLS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();