Enlight Renewable Energy Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Enlight Renewable Energy Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	70.3	102	192	256	378	489
Cost of revenue	14.7	21.8	40.4	52.8	80.7	134
Gross profit	40.4	61.2	111	139	297	354
Research and development	2.98	4.72	5.59	6.35	11.6	12.2
Operating income	28.4	34.4	90.6	158	176	332
Interest expense	31.4	37.2	62.6	68.1	108	165
Interest income	17.2	30.3	23.3	36.8	20.4	40.9
Pre-tax income	-53.4	27.4	51.1	126	84.8	205
Income tax	-12.4	5.69	12.9	28.4	18.3	43.9
Net income to minority interests	2.83	10.5	13.4	27.1	22.3	28.6
Net income	-43.9	11.2	24.7	70.9	44.2	132
EBITDA	43.6	53.8	133	224	284	482
EPS, basic	-0.56	0.12	0.25	0.61	0.37	1.07
EPS, diluted	-0.56	0.12	0.25	0.57	0.36	1.00

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	99.3	266	194	404	387	528
Total current assets		413	424	665	708	1,096
Property, plant and equipment		1,489	2,221	2,947	3,699	6,281
Lease right-of-use assets		105	96.5	121	211	225
Goodwill		148	148
Intangible assets		247	280	288	291	304
Total assets		2,835	3,533	4,634	5,547	8,630
Short-term debt		61.8	166	325	212	884
Total current liabilities		201	385	583	592	1,629
Lease liabilities		100	93.8	119	212	231
Total liabilities		2,078	2,483	3,198	4,106	6,635
Paid-in capital		556	763	1,029	1,029	1,320
Retained earnings		-32	-7.21	63.7	108	240
Shareholders' equity		533	804	1,169	1,181	1,688
Minority interests		225	246	267	260	307
Total equity	512	757	1,050	1,436	1,441	1,995
Total liabilities and equity		2,835	3,533	4,634	5,547	8,630

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-41	21.7	38.1	98	66.5	161
Depreciation and amortization	15.2	19.4	42.3	65.8	109	150
Cash from operations	38.8	52	90.4	192	255	283
Capital expenditures	-342	-493	-656	-731	-899	-1,813
Cash from investing	-492	-645	-820	-786	-929	-2,181
Stock issued	106	175	207	266	0	291
Share buybacks	0	0	-1.75	0	0
Cash from financing	344	752	685	801	671	2,006
Exchange rate effect	11.8	6.9	-27.2	3.08	-8.32	32.8
Net change in cash	-110	160	-44.9	207	-2.31	108
Free cash flow	-303	-441	-566	-539	-644	-1,530
Interest paid	41	24.4	33.1	54.5	74.9
Income taxes paid	0.86	3.5	3.7	12.2	11.2	14.3

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $69.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.5%	Gross profit / revenue.
Operating margin	68.0%	Operating income / revenue.
EBITDA margin	98.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	41.9%	Pre-tax income / revenue.
Net margin	27.0%	Net income / revenue.
FCF margin	-313.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	57.8%	Cash from operations / revenue.
Effective tax rate	21.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	26.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.5%	Research and development expense / revenue.
Capex / revenue	371.0%	Capital expenditures / revenue.
D&A / revenue	30.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	36.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	47.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	47.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	54.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	89.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	54.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	63.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	69.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	53.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	61.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	198.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	74.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	177.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	58.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	10.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	46.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	48.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	43.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	28.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	55.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	34.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.67x	Current assets / current liabilities.
Quick ratio	0.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	76.9%	Total liabilities / total assets.
Interest coverage	2.02x	Operating income / interest expense.
Working capital	-$533.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.38B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.07x	Revenue / average total assets.
Fixed asset turnover	0.10x	Revenue / average property, plant and equipment.
FCF conversion	-1,158.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	641.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.07	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$9.69B	Share price x shares outstanding.
Enterprise value	$9.16B	Market cap + total debt - cash - short-term investments.
P/E	73.3x	Market cap / net income. Only when net income is positive.
P/S	19.8x	Market cap / revenue.
P/B	5.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.00x	Market cap / tangible book value, when positive.
P/OCF	34.3x	Market cap / cash from operations, when positive.
EV/Sales	18.7x	Enterprise value / revenue.
EV/EBIT	27.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-15.8%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).
PEG	1.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Enlight Renewable Energy Ltd.'s revenue in fiscal 2025?

Enlight Renewable Energy Ltd. reported revenue of $488.6M for fiscal 2025, 29.3% higher than the year before.

Was Enlight Renewable Energy Ltd. profitable in fiscal 2025?

Yes. Net income was $132.1M, a net margin of 27%.

How much free cash flow did Enlight Renewable Energy Ltd. generate in fiscal 2025?

Cash from operations of $282.6M minus capital expenditures of $1.81B left free cash flow of -$1.53B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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