The company's capital structure is heavily leveraged, evidenced by a debt-to-equity ratio of 4.28 and an equity-to-assets ratio that has remained stagnant between 0.18 and 0.20.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 885.41M | 845.39M | 677.26M | 612.85M | 576.16M | 551.15M | 460.17M | 310.17M | 211.16M | 198.09M | 148.5M | 146.64M | 130.83M | 106.4M | 97.35M | 97.52M | 79.76M | 53.35M | 56.23M | 35.89M | 31.22M | 33.84M | 38.05M | 49.19M | 83.76M | 125.21M | 127.78M | 39.4M | 18.76M | 12.55M | 9.8M |
| Asset Growth % | 81.15% | 24.83% | 10.51% | 6.37% | 4.54% | 19.77% | 48.36% | 46.89% | 6.6% | 33.4% | 1.26% | 12.09% | 22.95% | 9.31% | -0.18% | 22.27% | 49.51% | -5.13% | 56.68% | 14.96% | -7.74% | -11.08% | -22.63% | -41.28% | -33.1% | -2.01% | 224.29% | 110.05% | 49.52% | 27.98% | -25.19% |
| PP&E (Net) | 630.66M | 611.13M | 517.06M | 438.95M | 395.78M | 363.43M | 281.3M | 142.01M | 87.22M | 78.84M | 73.28M | 72.24M | 76.9M | 67.83M | 40.73M | 37.53M | 16.36M | 98.41K | 0 | 4.08M | 4.36M | 3.91M | 3.5M | 4.83M | 11.03M | 14.14M | 7.5M | 2.71M | 2.64M | 1.45M | 562.43K |
| PP&E / Total Assets % | 71.23% | 72.29% | 76.35% | 71.62% | 68.69% | 65.94% | 61.13% | 45.78% | 41.31% | 39.8% | 49.35% | 49.26% | 58.78% | 63.75% | 41.84% | 38.48% | 20.51% | 0.18% | 0% | 11.36% | 13.97% | 11.57% | 9.21% | 9.82% | 13.17% | 11.29% | 5.87% | 6.87% | 14.09% | 11.59% | 5.74% |
| Total Current Assets | 194.1M | 114.17M | 62.85M | 93.78M | 64.67M | 83.86M | 88.03M | 83.12M | 55.53M | 42.57M | 32.94M | 30.65M | 25.31M | 16.32M | 38.71M | 48.06M | 60.09M | 53.2M | 56.12M | 30.61M | 25.76M | 28.73M | 33.31M | 40.81M | 66.97M | 90.51M | 98.2M | 34.98M | 15.26M | 10.18M | 8.28M |
| Cash & Equivalents | 83.7M | 88.25M | 41.13M | 51.13M | 46.46M | 41.23M | 66.84M | 44.51M | 36.88M | 23.96M | 22.49M | 17.12M | 12.96M | 5.24M | 25.17M | 22.31M | 57.58M | 52.54M | 19.38M | 2.95M | 3.69M | 7.85M | 6.45M | 8.18M | 10.01M | 14.03M | 20.46M | 9.13M | 1.96M | 1.09M | 1.37M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 176.8K | 97.3K | 72.05K | 1000K | 1000K | 658.87K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 0 | 0 | 909K | 1.17M | 1.2M | 640K | 306K | 284K | 0 | 2.02M | 0 | 0 | -439.96K | 4.69M | 4.35M | 0 | 0 | 0 | 0 | 13.78M | 12.43M | 11.09M | 15.76M | 12.66M | 23.15M | 28.1M | 25.07M | 10.62M | 3.15M | 2.09M | 2.09M |
| Other Current Assets | 87.47M | 3.77M | 980K | 29.93M | -275K | -417K | 6.8M | 24.15M | 558K | -891.75K | -722.29K | 36.93K | 5.11M | 1.96M | 4.51M | 15.48M | 10.74K | 0 | 0 | 100.14K | 88.65K | 133.4K | 0 | 4.33M | 0 | 0 | 0 | 224.6K | 85.27K | 0 | 0 |
| Long-Term Investments | 203.97M | 106.81M | 41.32M | 31.77M | 30.03M | 34.03M | 32.23M | 33.56M | 27.75M | 27.66M | 29.27M | 35.52M | 23.97M | 17.82M | 14.52M | 10.07M | 0 | 0 | 38.79K | 874.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -124.22K | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 4.09M | 4.76M | 4.6M | 5.04M | 4.88M | 5.5M | 7.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42K | 176.46K | 278.84K | 584.41K | 813.84K | 0 | 0 | 96.4K | 170.53K | 363.64K | 401.74K |
| Other Assets | 49.19M | 0 | 46.98M | 39.68M | 58.07M | 52.12M | 50.39M | 44.15M | 30.02M | 41.74M | 6.4M | 5.64M | 4.64M | 4.43M | 3.39M | 1.86M | 3.32M | 46.76K | 67.52K | 325.1K | 1.07M | 1.02M | 961.93K | 2.18M | 3.43M | 20.57M | 239.57K | 1.74M | 682.13K | 545.45K | 562.43K |
| Total Liabilities | 726.55M | 679.92M | 547.97M | 487.75M | 493.08M | 437.66M | 335.15M | 202.61M | 134.2M | 120.59M | 64.09M | 60.61M | 53.42M | 34.16M | 34.5M | 32.66M | 13.16M | 4.47M | 5.28M | 51.1M | 47.13M | 57.1M | 55.49M | 50.38M | 61.69M | 79.14M | 76.75M | 21.65M | 12.36M | 7.27M | 8.36M |
| Total Debt | 680.31M | 637.81M | 521.06M | 446.4M | 407.04M | 376.32M | 298.68M | 180.31M | 117.44M | 107.05M | 55.86M | 53.83M | 45.47M | 27.02M | 19.37M | 18.02M | 3.94M | 0 | 0 | 23.63M | 27.21M | 32.9M | 32.17M | 36.48M | 36.13M | 43.65M | 37.67M | 5.19M | 3.58M | 2.09M | 2.17M |
| Net Debt | 596.61M | 549.56M | 479.93M | 395.28M | 360.58M | 335.09M | 231.35M | 135.8M | 80.55M | 83.09M | 33.38M | 36.71M | 32.51M | 21.78M | -5.8M | -4.29M | -57.58M | -52.54M | -19.38M | 20.67M | 23.52M | 25.05M | 25.72M | 28.3M | 26.12M | 29.62M | 17.21M | -3.94M | 1.62M | 1000K | 803.47K |
| Long-Term Debt | 538.08M | 542.63M | 432.14M | 372.04M | 342.76M | 194.37M | 264.23M | 140.91M | 103.27M | 95.5M | 46.01M | 44.21M | 36.25M | 8M | 8.83M | 3.95M | 0 | 0 | 0 | 13.6M | 20.27M | 23.66M | 784.89K | 23.81M | 28.64M | 35.65M | 36.04M | 1.64M | 852.66K | 1M | 321.39K |
| Short-Term Borrowings | 105.04M | 59.01M | 62.89M | 49.98M | 41.53M | 162.39M | 26.23M | 30.91M | 14.62M | 7.54M | 5.84M | 5.52M | 4.88M | 14.09M | 5.33M | 9.3M | 0 | 0 | 0 | 10.02M | 6.94M | 9.24M | 31.39M | 12.68M | 7.49M | 8M | 1.63M | 3.55M | 2.73M | 1.09M | 1.85M |
| Capital Lease Obligations | 140.42M | 36.18M | 26.04M | 24.38M | 22.75M | 20.13M | 17.79M | 15.63M | 0 | 4.02M | 4.34M | 4.34M | 4.94M | 4.93M | 5.22M | 4.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 138.38M | 90.98M | 86.67M | 88.58M | 91.17M | 205.21M | 42.7M | 37.69M | 19.85M | 11.28M | 10.56M | 9.24M | 8.98M | 19.49M | 17.56M | 22.92M | 5.72M | 732.86K | 1.44M | 34.02M | 25.49M | 31.64M | 53.78M | 25.82M | 31.98M | 42.35M | 39.44M | 19.06M | 10.66M | 5.91M | 7.71M |
| Accounts Payable | 5.37M | 6.72M | 8.86M | 5.25M | 4.5M | 2.9M | 12.39M | 1.76M | 2.13M | 1.35M | 1.6M | 799K | 1.02M | 1.56M | 1.46M | 2.15M | 2.12M | 30.71K | 26.58K | 14.67M | 8.67M | 8.64M | 11.89M | 6.93M | 15.67M | 22.1M | 21.53M | 8.19M | 5.2M | 2.91M | 3.54M |
| Accrued Expenses | 0 | 0 | 8.31M | 9.66M | 9.03M | 15.26M | 2.87M | 1.81M | 2.61M | 1.66M | 1.39M | 0 | 1.46M | 1.46M | 1.09M | 47.54K | 0 | 0 | 1.21M | 3.83M | 0 | 3.29M | 5.03M | 3.73M | 2.65M | 11.76M | 14.15M | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 902K | 1.11M | 1.79M | 2.75M | 0 | 1.99M | 126K | 0 | 0 | 0 | -828.94K | 74.59K | 217.01K | 11.26M | 0 | 0 | 0 | 1.67M | 1.62M | 4M | 1.85M | 2.33M | 2.65M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.08M | 25.25M | 3.84M | 21.87M | 33.57M | 15.31M | 726K | 987K | 365K | 411K | 1.41M | 2.92M | 1.33M | 328.78K | 2.32M | -6.8M | 285.72K | 0 | -1.21M | 130.32K | 0 | 6.46M | 3.61M | 161.98K | 3.53M | 486.65K | 2.13M | 7.32M | 2.73M | 1.91M | 2.33M |
| Deferred Taxes | 10.64M | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 1000K | 0 | 879.53K | 752.76K | 828.94K | 28.97K | 290.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 8.46M | 7.48M | 1.23M | 855K | 30.38M | 12.18M | 127K | 1.34M | 5.32M | 10.12M | 2.63M | 2.29M | 3.54M | 179.6K | 2.6M | 1.07M | 7.44M | 3.74M | 3.83M | 3.47M | 1.37M | 1.8M | 933.16K | 750.36K | 1.07M | 1.13M | 1.27M | 947.08K | 852.66K | 363.64K | 321.39K |
| Total Equity | 158.87M | 165.46M | 129.28M | 125.1M | 83.08M | 113.48M | 125.03M | 107.57M | 76.96M | 77.5M | 84.41M | 86.04M | 77.41M | 72.24M | 62.85M | 64.86M | 66.59M | 48.88M | 50.95M | -15.21M | -15.91M | -23.26M | -17.44M | -1.19M | 22.07M | 46.08M | 51.03M | 17.75M | 6.39M | 5.27M | 1.45M |
| Equity Growth % | 92.82% | 27.98% | 3.35% | 50.58% | -26.79% | -9.23% | 16.23% | 39.77% | -0.7% | -8.18% | -1.9% | 11.15% | 7.14% | 14.96% | -3.1% | -2.61% | 36.25% | -4.07% | 434.94% | 4.41% | 31.6% | -33.39% | -1361.36% | -105.41% | -52.1% | -9.7% | 187.45% | 177.6% | 21.28% | 264.58% | -84.28% |
| Shareholders Equity | 134.38M | 140.92M | 118.62M | 115M | 95.72M | 115.52M | 124.23M | 106.63M | 78.52M | 78.64M | 85.11M | 86.28M | 77.39M | 72.22M | 62.84M | 64.86M | 66.59M | 48.88M | 50.95M | -15.21M | -15.91M | -23.26M | -17.44M | -1.19M | 22.07M | 46.08M | 51.03M | 17.75M | 6.31M | 5.27M | 1.45M |
| Minority Interest | 24.48M | 24.55M | 10.66M | 10.1M | -12.65M | -2.04M | 798K | 937K | -1.56M | -1.14M | -699.82K | -245.13K | 13.16K | 20.28K | 6.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85.27K | 0 | 0 |
| Common Stock | 28.01M | 28M | 25.61M | 25.61M | 25.63M | 25.61M | 25.1M | 22M | 19.98M | 19.98M | 19.98M | 19.98M | 21.53M | 18.96M | 19.8M | 20.07M | 19.63M | 11.74M | 12.08M | 11.33M | 10.33M | 11.51M | 4.57M | 3.38M | 4M | 4.13M | 3.85M | 2.92M | 0 | 0 | 0 |
| Additional Paid-in Capital | 96.6M | 96.56M | 86.27M | 86.16M | 86.04M | 85.88M | 82.4M | 64.16M | 58.34M | 58.34M | 58.33M | 58.33M | 63.27M | 55.71M | 57.78M | 58.58M | 57.34M | 50.5M | 51.93M | 45.49M | 46.94M | 51.15M | 38.21M | 37.39M | 43.55M | 44.39M | 41.59M | 17.59M | 0 | 0 | 0 |
| Retained Earnings | -24.14M | -13.33M | -11.56M | -5.04M | -7.26M | -7.22M | 8.19M | 12.82M | 758K | -299K | 5.82M | 8.15M | -290.29K | -5.08M | -12.91M | -11.55M | -10.52M | -13.37M | -13.06M | -72.12M | -72.83M | -79.53M | -59.65M | -46.33M | -24.26M | -1.56M | 6.21M | -2.65M | -8.36M | -10.27M | -9.48M |
| Accumulated OCI | 35.65M | 31.42M | 20.04M | 10M | -6.93M | 12.98M | 10.27M | 9.39M | 1.17M | 2.36M | 2.66M | 1.94M | -6.68M | 3.01M | -1.42M | -2.7M | 145.87K | 0 | 0 | 87.11K | -359.9K | -6.39M | -576.13K | 209.62K | -1.23M | -878.9K | -615.42K | -113.29K | 0 | 0 | 0 |
| Return on Assets (ROA) | -2.56% | -0.28% | -1.01% | 0.37% | -0.06% | -2.98% | -1.2% | 4.63% | 0.52% | -3.53% | -0.14% | 6.01% | 4.62% | 7.16% | -1.64% | -0.85% | 5.88% | -1.24% | 135.65% | -13.12% | -4.47% | -34.54% | -38.42% | -31.5% | -22.27% | -6.41% | 10.82% | 24.52% | 7.94% | 4.07% | -70.86% |
| Return on Equity (ROE) | -12.86% | -1.45% | -5.13% | 2.13% | -0.36% | -12.65% | -3.98% | 13.07% | 1.37% | -7.55% | -0.25% | 10.21% | 7.32% | 10.79% | -2.5% | -1.14% | 6.77% | -1.36% | 349.63% | - | - | - | - | -200.59% | -68.31% | -16.7% | 26.3% | 59.06% | 21.3% | 13.53% | -152.41% |
| Debt / Equity | 4.28x | 3.85x | 4.03x | 3.57x | 4.90x | 3.32x | 2.39x | 1.68x | 1.53x | 1.38x | 0.66x | 0.63x | 0.59x | 0.37x | 0.31x | 0.28x | 0.06x | - | - | - | - | - | - | - | 1.64x | 0.95x | 0.74x | 0.29x | 0.56x | 0.40x | 1.50x |
| Debt / Assets | 76.83% | 75.45% | 76.94% | 72.84% | 70.65% | 68.28% | 64.91% | 58.13% | 55.61% | 54.04% | 37.62% | 36.71% | 34.75% | 25.4% | 19.9% | 18.48% | 4.94% | - | - | 65.83% | 87.16% | 97.24% | 84.55% | 74.18% | 43.14% | 34.86% | 29.48% | 13.18% | 19.09% | 16.67% | 22.13% |
| Net Debt / EBITDA | 30.56x | 30.53x | 19.18x | 18.82x | 17.46x | 17.82x | 732.11x | 5.64x | 9.23x | 11.11x | 4.92x | 4.21x | 2.52x | 1.79x | -2.23x | -3.77x | - | - | - | - | 27.80x | - | - | - | - | 22.02x | 1.39x | -0.42x | 0.58x | 0.71x | - |
| Book Value per Share | 11.56 | 13.07 | 10 | 9.58 | 6.54 | 8.87 | 10.14 | 9.72 | 7.28 | 7.22 | 8.37 | 7.97 | 7.21 | 6.72 | 5.87 | 6.02 | 7.48 | 6.62 | 5.92 | -2.13 | -2.63 | -7.29 | -7.2 | -0.69 | 12.98 | 31.29 | 34.25 | 13.86 | 5.71 | 7.03 | 2.1 |
Geopolitical and construction liquidity
As reported in recent financial statements, Ellomay's net PPE has grown from $438.9 million in 2023Q4 to $630.7 million by 2026Q1, reflecting an aggressive build-out phase that prioritizes long-term infrastructure development over immediate cash-generative capacity within its regulated and merchant energy portfolio.
The consistent increase in net PPE suggests a significant capital commitment to projects like Manara Cliff, which are not yet contributing to the bottom line. Investors should monitor whether this asset growth will eventually translate into stable, regulated cash flows or if the current pace of investment will continue to pressure the company's overall financial health.
Based on the provided financial data, Ellomay’s debt-to-equity ratio has fluctuated significantly, reaching a high of 4.31 in 2025Q1, which indicates a reliance on external leverage to fund its capital-intensive utility projects rather than relying on internal equity accumulation.
The elevated leverage profile appears to be a direct consequence of financing large-scale infrastructure projects in a high-interest-rate environment. This capital structure warrants further investigation, as the company's ability to manage debt service obligations remains sensitive to the successful and timely commissioning of its ongoing energy projects.
According to quarterly balance sheet filings, while the company maintains a cash balance of $83.7 million as of 2026Q1, the current ratio of 1.40 suggests that liquidity may be heavily earmarked for project-level debt covenants and construction guarantees rather than general corporate flexibility.
The volatility in the current ratio, which dipped as low as 0.73 in 2024Q4, implies that the company's liquidity position is frequently strained by the timing of capital expenditures. This suggests that Ellomay may face ongoing challenges in maintaining sufficient working capital if project costs continue to exceed initial estimates.
Financial disclosures indicate that the company's equity-to-assets ratio has remained stagnant near 0.18 to 0.20, suggesting that the rapid growth in total assets is being funded almost entirely by debt rather than retained earnings or equity issuance.
This reliance on debt-funded growth may mask potential risks associated with asset impairment, particularly given the geographic concentration of assets in Northern Israel. Investors should monitor whether the carrying value of these assets remains supported by future cash flows, especially if regional security risks lead to prolonged construction delays or operational disruptions.
Quick answers to the most common questions about buying ELLO stock.
As of 2025, Ellomay Capital Ltd. (ELLO) had total assets of $845.4M including $114.2M in current assets.
Ellomay Capital Ltd. (ELLO) carries total debt of $637.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ellomay Capital Ltd. (ELLO) has total shareholders' equity (book value) of $140.9M ($13.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ellomay Capital Ltd. (ELLO) reported a current ratio of 1.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.