SHLS vs. ENPH

Last updated Apr 1, 2026

Compare and contrast key facts about Shoals Technologies Group, Inc. (SHLS) and Enphase Energy, Inc. (ENPH).

Performance

SHLS vs. ENPH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Shoals Technologies Group, Inc. (SHLS) and Enphase Energy, Inc. (ENPH). The values are adjusted to include any dividend payments, if applicable.

SHLS vs. ENPH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SHLS Shoals Technologies Group, Inc.	-22.59%	53.71%	-64.41%	-37.01%	1.52%	-21.56%
ENPH Enphase Energy, Inc.	17.97%	-53.33%	-48.02%	-50.13%	44.83%	2.19%

Fundamentals

Market Cap SHLS : $1.12B ENPH : $5.05B
EPS SHLS : $0.20 ENPH : $1.29
PE Ratio SHLS : 33.05 ENPH : 29.41
PEG Ratio SHLS : 0.03 ENPH : 0.67
PS Ratio SHLS : 2.33 ENPH : 3.44
PB Ratio SHLS : 1.86 ENPH : 4.64
Total Revenue (TTM) SHLS : $475.33M ENPH : $1.47B
Gross Profit (TTM) SHLS : $166.51M ENPH : $687.00M
EBITDA (TTM) SHLS : $65.60M ENPH : $250.47M

Returns By Period

In the year-to-date period, SHLS achieves a -22.59% return, which is significantly lower than ENPH's 17.97% return.

SHLS

• 1D: 5.28%
• 1M: 10.96%
• YTD: -22.59%
• 6M: -11.20%
• 1Y: 98.19%
• 3Y*: -33.91%
• 5Y*: -28.24%
• 10Y*: —

ENPH

• 1D: 6.09%
• 1M: -10.55%
• YTD: 17.97%
• 6M: 6.84%
• 1Y: -39.07%
• 3Y*: -43.56%
• 5Y*: -25.31%
• 10Y*: 31.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

SHLS vs. ENPH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SHLS

SHLS Risk / Return Rank: 77
SHLS Sharpe Ratio Rank: 77
SHLS Sortino Ratio Rank: 75
SHLS Omega Ratio Rank: 75
SHLS Calmar Ratio Rank: 79
SHLS Martin Ratio Rank: 78

ENPH

ENPH Risk / Return Rank: 23
ENPH Sharpe Ratio Rank: 21
ENPH Sortino Ratio Rank: 24
ENPH Omega Ratio Rank: 24
ENPH Calmar Ratio Rank: 20
ENPH Martin Ratio Rank: 25

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SHLS vs. ENPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shoals Technologies Group, Inc. (SHLS) and Enphase Energy, Inc. (ENPH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SHLS	ENPH	Difference
Sharpe ratio Return per unit of total volatility	1.11	-0.47	+1.58
Sortino ratio Return per unit of downside risk	1.81	-0.28	+2.09
Omega ratio Gain probability vs. loss probability	1.25	0.96	+0.29
Calmar ratio Return relative to maximum drawdown	2.09	-0.66	+2.75
Martin ratio Return relative to average drawdown	5.08	-1.00	+6.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHLS vs. ENPH - Sharpe Ratio Comparison

The current SHLS Sharpe Ratio is 1.11, which is higher than the ENPH Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of SHLS and ENPH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SHLS	ENPH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	-0.47	+1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	-0.37	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	0.16	-0.49

Correlation

The correlation between SHLS and ENPH is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SHLS vs. ENPH - Dividend Comparison

Neither SHLS nor ENPH has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

SHLS vs. ENPH - Drawdown Comparison

The maximum SHLS drawdown since its inception was -93.00%, roughly equal to the maximum ENPH drawdown of -95.97%. Use the drawdown chart below to compare losses from any high point for SHLS and ENPH.

Drawdown Indicators

	SHLS	ENPH	Difference
Max Drawdown Largest peak-to-trough decline	-93.00%	-95.97%	+2.97%
Max Drawdown (1Y) Largest decline over 1 year	-47.37%	-58.22%	+10.85%
Max Drawdown (5Y) Largest decline over 5 years	-92.50%	-92.23%	-0.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-92.23%	—
Current Drawdown Current decline from peak	-83.62%	-88.75%	+5.13%
Average Drawdown Average peak-to-trough decline	-58.59%	-50.06%	-8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.46%	38.75%	-19.29%

Volatility

SHLS vs. ENPH - Volatility Comparison

Shoals Technologies Group, Inc. (SHLS) and Enphase Energy, Inc. (ENPH) have volatilities of 18.90% and 18.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHLS	ENPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.90%	18.83%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	62.67%	55.24%	+7.43%
Volatility (1Y) Calculated over the trailing 1-year period	89.17%	82.78%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.72%	68.17%	+9.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.07%	77.54%	+0.53%

Financials

SHLS vs. ENPH - Profitability Comparison

The chart below illustrates the profitability comparison between Shoals Technologies Group, Inc. and Enphase Energy, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SHLS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Shoals Technologies Group, Inc. reported a gross profit of 46.91M and revenue of 148.33M. Therefore, the gross margin over that period was 31.6%.

ENPH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Enphase Energy, Inc. reported a gross profit of 152.03M and revenue of 343.32M. Therefore, the gross margin over that period was 44.3%.

SHLS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Shoals Technologies Group, Inc. reported an operating income of 17.40M and revenue of 148.33M, resulting in an operating margin of 11.7%.

ENPH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Enphase Energy, Inc. reported an operating income of 22.44M and revenue of 343.32M, resulting in an operating margin of 6.5%.

SHLS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Shoals Technologies Group, Inc. reported a net income of 8.12M and revenue of 148.33M, resulting in a net margin of 5.5%.

ENPH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Enphase Energy, Inc. reported a net income of 38.71M and revenue of 343.32M, resulting in a net margin of 11.3%.