SOLAREDGE TECHNOLOGIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SOLAREDGE TECHNOLOGIES, INC. 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	490	607	937	1,426	1,459	1,964	3,110	2,977	901	1,184
Cost of revenue	338	392	618	946	998	1,335	2,266	2,273	1,779	988
Gross profit	152	215	319	479	461	629	845	704	-877	196
Research and development	33.2	55	82.2	121	163	220	290	321	277	221
Selling and marketing	34.8	50	68.3	88	96	119	160	164	147	117
General and administrative	12.1	18.7	29.3	49.4	63.1	82.2	112	147	147	101
Operating expenses	80.2	124	180	289	319	422	679	664	831	498
Operating income	71.8	91.1	139	190	143	207	166	40.2	-1,708	-302
Interest expense			2.54	4.81	5.33	0.61	1.53	1.27	1.16	1.38
Interest income					0.07	0.79	2.93	7.49	16.4	10.8
Other non-operating income	0.47	9.16	-2.3	-11.3	-21.1	-20	3.75	41.2	-14.6	-72
Pre-tax income	72.2	100	137	179	164	187	177	81.1	-1,708	-391
Income tax	-4.38	16.1	9.08	33.6	23.3	18.1	83.4	46.4	96.2	13.4
Net income to minority interests			-0.79	-1.59	0	0
Net income	76.6	84.2	129	147	140	169	442	34.3	-1,806	-405
EBITDA	75.5	98.1	151	207	165	247	216	97.4	-1,648	-271
EPS, basic	1.92	1.99	2.85	3.06	2.79	3.24	1.70	0.61	-31.64	-6.88
EPS, diluted	1.73	1.85	2.69	2.90	2.66	3.06	1.65	0.60	-31.64	-6.88
Shares, basic (weighted)	40	42.2	45.2	47.9	50.2	52.2	55.1	56.6	57.1	59
Shares, diluted (weighted)	44.4	45.4	48	50.2	52.8	56	58.1	57.2	57.1	59

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	74	163	188	224	827	530	783	338	275	455
Short-term investments	59.2	77.3	119	91.8	144	168	241	522	311	38.1
Receivables	72.7	110	174	298	219	456	905	622	160	267
Inventory	81.6	83	142	171	332	380	729	1,443	646	553
Other current assets	21.3	42.2	45.1	115	198	177	241	378	523	342
Total current assets	310	477	677	933	1,719	1,711	2,900	3,304	2,051	1,740
Property, plant and equipment	28.5	51.2	119	177	303	410	544	615	343	269
Lease right-of-use assets			32	35.9	41.6	47.1	62.8	64.2	41.4	48.2
Goodwill			34.9	130	140	130	31.2	43	48.4	50.1
Intangible assets	0.72	1.12	38.5	74	67.8	58.9	19.9	35.3	9.67	7.13
Long-term investments	52.4	103	74.3	119	147	482	645	408	42.6	0
Other non-current assets		0.86	5.5	9.9	5.35	33.9	18.8	35.2	64.7	67.6
Total assets	397	641	964	1,495	2,437	2,901	4,266	4,588	2,646	2,182
Accounts payable	48.5	69.5	107	157	162	252	460	386	108	272
Accrued liabilities	5.62	14.9	14.9	39.8	47.8	57.2	118	142	167	211
Deferred revenue	3.86	2.56	14.4	70.8	24.6	17.8	26.6	40.8	141	70.4
Total current liabilities	87.3	130	226	437	436	525	890	893	1,057	803
Lease liabilities				30.2	35.2	38.9	46.3	45.1	30	36.6
Other non-current liabilities		18.6	9.39	11.7	22.8	19.5	15.8	18.4	8.43	2.58
Total liabilities	141	244	394	683	1,351	1,591	2,090	2,176	1,988	1,755
Paid-in capital	299	332	372	476	604	687	1,506	1,681	1,813	1,873
Retained earnings	-43.4	66.2	191	338	478	650	744	778	-1,028	-1,434
Treasury stock								0	-50.2	0
Other comprehensive income	0.27	-0.61	-0.52	-1.81	3.86	-27.3	-73.1	-46.9	-76.5	-11.7
Shareholders' equity	256	397	562	812	1,086	1,310	2,176	2,412	658	427
Minority interests			8.32
Total equity	256	397	571	812	1,086	1,310	2,176	2,412	658	427
Total liabilities and equity	397	641	964	1,495	2,437	2,901	4,266	4,588	2,646	2,182
Shares outstanding	40.9	43.8	46.1	48.9	51.6	52.8	56.1	57.1	58	60.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	76.6	84.2	128	145	140	169	93.8	34.3	-1,806	-405
Depreciation and amortization	3.76	7.01	11.4	17.3	22.4	39.5	49.7	57.2	59.9	30.5
Stock-based compensation	9.09	17.6	30.6	60.4	67.3	103	146	150	137	92.5
Deferred income tax	-6.38	-5.46	-7.09	-6.04	-3.43	-11.6	-11.1	-43.1	79.2	-0.76
Change in receivables	-37.3	-38.1	-60.5	-124	86.5	-248	-458	296	452	-106
Change in inventory	-7.36	-15.7	-20.2	-22.5	-150	-43.1	-351	-737	67.8	97.2
Change in payables	-32.2	35.5	31.5	47.8	3.33	91.7	195	-58.1	-406	165
Cash from operations	52.5	137	189	259	223	214	31.3	-180	-313	104
Capital expenditures	-15.7	-21.4	-38.6	-72.6	-127	-149	-169	-171	-108	-23.5
Acquisitions			-94.7	-38.4	0	0	0	-16.7	-10.4	0
Purchases of investments			-6	-160	-224	-579	-507	-296	-253	-471
Sales and maturities of investments	6.35	80.3	129	21.9	142	202	29.2	2.81	115	76.3
Cash from investing	-129	-85.4	-157	-153	-237	-484	-417	-269	416	380
Stock issued	2.97	7.24	10	9.07	16.7	6.49	4.03
Share buybacks							0	0	-50.2	0
Cash from financing	2.78	7.24	-7.96	-73	640	-15.2	655	-12	-20.1	-349
Exchange rate effect	-0.09	-0.02	0.09	3.01	-23.3	-11.8	-15.8	16.3	-11.4	3.34
Net change in cash		58.5	24.5	33.1	627	-285	253	-445	71.5	130
Free cash flow	36.8	115	150	186	95.9	64.9	-138	-351	-421	80.8
Interest paid			0.14	1.1	0.32	0.04		0.07	0.06	3.89
Income taxes paid	1.18	3.1	15.4	41.1	39	46	74.7	138	17	31.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $32.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.3%	Gross profit / revenue.
Operating margin	-11.6%	Operating income / revenue.
EBITDA margin	-9.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-19.8%	Pre-tax income / revenue.
Net margin	-20.3%	Net income / revenue.
FCF margin	6.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.6%	Cash from operations / revenue.
Return on equity (ROE)	-65.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-11.7%	Net income / average total assets.
R&D / revenue	15.7%	Research and development expense / revenue.
Stock-based pay / revenue	6.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.8%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	31.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-27.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-4.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 3y	-38.5%	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	-15.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	49.4%	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	-14.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-35.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-41.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-17.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-17.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-20.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.03x	Current assets / current liabilities.
Quick ratio	0.82x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.59x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	82.1%	Total liabilities / total assets.
Working capital	$947.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$356.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	5.25x	Revenue / average property, plant and equipment.
Inventory turnover	1.70x	Cost of revenue / average inventory.
Days inventory	214 days	365 x average inventory / cost of revenue.
Receivables turnover	6.29x	Revenue / average receivables.
Days sales outstanding	58 days	365 x average receivables / revenue.
Days payables	164 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	108 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	21.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$4.43	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.
Revenue per share	$21.82	Revenue / diluted weighted shares.
FCF per share	$1.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.87	Cash from operations / diluted weighted shares.
Book value per share	$6.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.79	Tangible book value / shares outstanding.
Cash per share	$8.89	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.01B	Share price x shares outstanding.
Enterprise value	$1.46B	Market cap + total debt - cash - short-term investments.
P/S	1.51x	Market cap / revenue.
P/B	4.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.64x	Market cap / tangible book value, when positive.
P/FCF	22.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.6x	Market cap / cash from operations, when positive.
EV/Sales	1.10x	Enterprise value / revenue.
EV/FCF	16.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	-13.4%	Net income / market cap (the inverse of P/E).

What was SOLAREDGE TECHNOLOGIES, INC.'s revenue in fiscal 2025?

SOLAREDGE TECHNOLOGIES, INC. reported revenue of $1.18B for fiscal 2025, 31.4% higher than the year before.

Was SOLAREDGE TECHNOLOGIES, INC. profitable in fiscal 2025?

No. It reported a net loss of $405.4M.

How much free cash flow did SOLAREDGE TECHNOLOGIES, INC. generate in fiscal 2025?

Cash from operations of $104.3M minus capital expenditures of $23.5M left free cash flow of $80.8M.

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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