Persistent free cash flow deficits, including a $41.6 million outflow in 2025Q4, highlight a reliance on external financing as capital expenditures frequently dwarf operating cash flow.
| 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 |
|---|
| Cash from Operations | -420K | 1.79M | 7.97M | 8.6M | 11.32M | 15.24M | -5.83M | 3.71M | 6.59M | 2.31M | 7.8M | 4.49M | 2.74M | 4.63M | 4.47M | -2.35M | -3.66M | -866.17K | -6.58M | -2.84M | -4.92M | -3.44M | -558.42K | -6.27M | -4.04M | -639.5K | -10.9M | 3.73M | 2.47M | -2M | -3.37M |
| Operating CF Growth % | -450.39% | -77.59% | -7.39% | -23.99% | -25.72% | 361.59% | -256.95% | -43.67% | 185.9% | -70.46% | 73.7% | 63.74% | -40.71% | 3.61% | 290.27% | 35.86% | -322.49% | 86.84% | -132.01% | 42.37% | -42.9% | -516.88% | 91.09% | -54.92% | -532.43% | 94.13% | -392.5% | 50.71% | 223.64% | 40.73% | -170.43% |
| Operating CF / Revenue % | -1.25% | 5.27% | 19.69% | 17.62% | 21.67% | 34.03% | -60.4% | 19.55% | 36.37% | 16.9% | 67.08% | 36.09% | 21.14% | 49.21% | 66.43% | -49.75% | - | - | -80.3% | -4.83% | -8.33% | -5.72% | -0.99% | -12.03% | -4.98% | -0.47% | -8.4% | 6.18% | 7.97% | -10% | -25.3% |
| Net Income | -20.57M | -6.02M | -9.01M | 625K | 140K | -20.26M | -6.17M | 9.78M | 604K | -6.64M | -1.02M | 6.68M | 1.46M | 7.3M | -1.61M | -749.95K | -1.38M | -677.02K | 62.48M | -4.4M | -1.46M | -12.42M | -16.61M | -21.97M | -22.93M | -8.11M | 9.04M | 7.13M | 1.28M | 454.55K | -8.12M |
| Depreciation & Amortization | 16.76M | 16.48M | 15.94M | 16.47M | 16.09M | 15.08M | 2.98M | 6.42M | 5.82M | 4.52M | 4.64M | 4.49M | 4.48M | 2.91M | 2.05M | 1.3M | 16.54K | 7.68K | 183.9K | 980.11K | 1.02M | 1.85M | 2.43M | 3.5M | 14.7M | 5.99M | 3.42M | 1.09M | 767.39K | 636.36K | 321.39K |
| Deferred Taxes | -1.88M | -4.4M | -1.43M | -1.85M | 2.1M | -2.49M | -125K | -287K | 215K | 372K | 594.27K | -1.77M | 0 | 177.42K | -148.96K | 86.41K | 0 | 0 | 0 | 0 | 0 | -89.5K | 0 | 476.42K | -40.98K | -745.15K | 27.68K | -861.62K | 0 | 0 | 321.39K |
| Other Non-Cash Items | 11.22M | -5.04M | 2.19M | -5.28M | -12.64M | 21.17M | 741K | -17.8M | -584K | 4.91M | 3.5M | -5.66M | -1.26M | -6.84M | 1.37M | 2.01M | -382.72K | 0 | -73.81M | 465.7K | 722.84K | 2.42M | 474.33K | 11.34M | 375.47K | 724.92K | 5.46M | -108.32K | 1.62M | 90.91K | 482.08K |
| Working Capital Changes | -1.48M | 750K | 163K | -1.49M | 5.5M | 1.69M | -3.3M | 5.59M | 534K | -857K | 76K | 740.87K | -1.94M | 695.94K | 2.79M | -5.02M | -1.92M | -244.98K | 2.98M | 120.71K | -5.21M | 4.79M | 13.14M | 385.1K | 3.86M | 1.5M | -28.85M | -3.53M | -1.19M | -3.18M | 3.62M |
| Capital Expenditures | -110.32M | -97.83M | -75.44M | -61.13M | -48.61M | -82.81M | -128.42M | -86.81M | -5.79M | -27.34M | -5.12M | 0 | -13.21M | -30.98M | -1.4M | -48.45M | -11.06M | 34.58M | 39.19M | -802.47K | -1.25M | -635.76K | -1.57M | -951.25K | -3.03M | -10.16M | -23.19M | -1.49M | -2.13M | -1.36M | 401.74K |
| CapEx / Revenue % | 329.99% | 288.65% | 180.2% | 120.51% | 89.29% | 184.91% | 1331.47% | 457.16% | 31.99% | 200.52% | 44.04% | 0% | 101.79% | 329.53% | 20.81% | 1027.1% | - | - | 478.11% | 1.37% | 2.11% | 1.05% | 2.77% | 1.83% | 3.73% | 7.51% | 17.87% | 2.47% | 6.87% | 6.82% | 3.01% |
| CapEx / D&A | 6.64x | 5.94x | 4.58x | 3.57x | 2.90x | 5.49x | 43.17x | 13.53x | 1.00x | 6.05x | 1.10x | 0.00x | 2.95x | 10.64x | 0.68x | 37.27x | 668.67x | 4504.15x | 213.09x | 0.82x | 1.23x | 0.34x | 0.64x | 0.27x | 0.21x | 1.70x | 6.79x | 1.36x | 2.78x | 2.14x | 1.25x |
| CapEx Coverage (OCF/CapEx) | -0.00x | 0.02x | 0.11x | 0.15x | 0.24x | 0.18x | -0.05x | 0.04x | 1.14x | 0.08x | 1.52x | - | 0.21x | 0.15x | 3.19x | -0.05x | -0.33x | -0.03x | -0.17x | -3.54x | -3.94x | -5.42x | -0.36x | -6.59x | -1.34x | -0.06x | -0.47x | 2.50x | 1.16x | -1.47x | -8.40x |
| Cash from Investing | -74.41M | -99.75M | -64.44M | -55.55M | -28.18M | -107.42M | -112.14M | -81.08M | -5.79M | -27.34M | 950.84K | -4.1M | -13.21M | -30.98M | -1.4M | -48.45M | -9.14M | 34.58M | 39.19M | -822.36K | -1.22M | -54.03K | -1.47M | -891.7K | -2.61M | -9.13M | -23.19M | -1.19M | -3.07M | -1.27M | 401.74K |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -7.46M | -1M | -1M | -9.85M | -763.52K | -6.93M | -14.13M | -25.43M | -9.71M | 0 | -41.35K | 484.38K | 74.39M | 0 | 0 | 0 | -169.67K | 0 | 0 | 123.63K | -19.88M | 0 | 0 | 0 | 0 |
| Purchase of Investments | 39.13M | 0 | -479K | -1.51M | -2.36M | -19.69M | -4.36M | -6.3M | 0 | -14.68M | -1.83M | -2.62M | -3.03M | -122.39K | 0 | -7.72M | -547.38K | 0 | 0 | 0 | 0 | 0 | -15.49K | 0 | -723.3K | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 10.79M | 5.05M | 27.64M | 0 | 1.8M | 35.12M | 3.98M | 1.9M | 6.19M | 5.55M | 171.87K | 99.21K | 84.69K | 0 | 5.47M | 34.2M | 104.88K | 0 | 0 | 54.88K | 66.39K | 422.42K | 0 | 142.74K | 0 | 0 | 0 | 0 | 241.04K |
| Other Investing | -23.05M | -1.92M | -1.83M | -247K | -6.82M | -4.92M | 26.31M | -22.09M | -5.07M | 2.86M | 2.48M | -92.38K | 4.36M | 1.1M | 9.14M | -21.5M | -2.97M | 0 | -35.2M | -19.89K | 31.07K | 526.85K | 216.14K | -362.87K | 1.14M | 771K | 126.7K | 299.13K | -937.93K | 90.91K | 321.39K |
| Cash from Financing | 117.99M | 141.06M | 42.96M | 54.43M | 26.51M | 54.2M | 141.64M | 84.74M | 12.26M | 29.67M | -2.45M | 3.8M | 20.51M | 7.15M | -25.71K | 16.22M | 13.77M | 0 | -15.98M | 3.14M | 2.76M | 3.68M | 1.1M | 7.76M | 5.54M | 2.8M | 44.86M | 4.42M | 1.53M | 2.82M | 883.82K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -317K | 1000K | 1000K | 1000K | 331.94K | 1000K | 1000K | 0 | -1000K | -1000K | -1000K | -488.86K | -1000K | 1000K | -879.59K | 1000K | 1000K | 1000K | 1000K | -363.64K | 803.47K |
| Stock Issued | 48K | 24K | 2.45M | 0 | 0 | 3.79M | 21.27M | 7.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.17M | 6.06K | 4.17M | 3.33M | 42.88K | 6.42M | 552.96K | 12.76M | 3.35M | 0 | 3.18M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14K | -11K | -1.31M | 0 | 0 | -357.65K | -37.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 73.22M | 69.28M | -2.57M | -1.88M | -6.19M | -1.4M | 1.83M | 10.84M | 0 | 0 | 0 | 296K | 0 | -5.64M | 0 | 140.42K | 9.84M | 0 | -673.08K | 122.77K | 5.3M | 0 | 36.28K | 0 | 0 | 0 | 0 | 0 | -85.27K | 0 | 80.35K |
| Net Change in Cash | 48.55M | 46.48M | -9.99M | 4.67M | 5.23M | -25.62M | 22.34M | 7.63M | 12.92M | 1.48M | 4.69M | 2.71M | 7.01M | -18.87M | 3.31M | -36.78M | 979.73K | 33.71M | 16.29M | -388.2K | -3.36M | 465.21K | -1.15M | -161.98K | -1.8M | -7.57M | 10.68M | 6.82M | 1.53M | 2.82M | 883.82K |
| Exchange Rate Effect | 5.39M | 3.38M | 3.09M | -2.39M | -4.42M | 12.37M | -1.34M | 259K | -133K | -3.16M | -1.41M | -1.75M | -3.03M | 334.57K | 266.92K | -2.2M | 11.28K | 0 | -339.06K | 128.26K | 29.55K | 285.38K | -239.01K | -907.58K | -680.42K | -603.54K | -90.5K | -138.14K | 596.86K | 3.27M | 2.97M |
| Cash at Beginning | 87.61M | 41.13M | 51.13M | 46.46M | 41.23M | 66.84M | 44.51M | 36.88M | 23.96M | 22.49M | 17.8M | 14.41M | 5.95M | 24.11M | 21.87M | 59.09M | 56.6M | 18.83M | 3.09M | 3.34M | 7.04M | 7.38M | 7.6M | 8.34M | 11.81M | 21.6M | 9.78M | 2.31M | 1.02M | 1.55M | 3.54M |
| Cash at End | 83.7M | 87.61M | 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 | 2.56M | 4.36M | 4.42M |
| Free Cash Flow | -110.74M | -96.04M | -67.47M | -52.53M | -37.29M | -67.57M | -134.25M | -83.09M | 795K | -25.04M | 2.68M | 4.49M | -10.47M | -26.35M | 3.07M | -50.8M | -14.72M | 33.71M | 32.61M | -3.64M | -6.17M | -4.08M | -2.12M | -7.22M | -7.07M | -10.8M | -34.09M | 2.24M | 341.06K | -3.36M | -2.97M |
| FCF Growth % | 5.02% | -42.35% | -28.45% | -40.86% | 44.81% | 49.67% | -61.56% | -10551.95% | 103.18% | -1034.44% | -40.35% | 142.91% | 60.28% | -959.27% | 106.04% | -245.1% | -143.66% | 3.39% | 995.94% | 41.03% | -51.24% | -92.07% | 70.56% | -2.02% | 34.52% | 68.31% | -1623.36% | 556.19% | 110.14% | -13.15% | -19.12% |
| FCF Margin % | -328.64% | -283.38% | -166.73% | -107.56% | -71.38% | -150.88% | -1391.87% | -437.61% | 4.39% | -183.62% | 23.04% | 36.09% | -80.66% | -280.31% | 45.62% | -1076.86% | - | - | 397.81% | -6.2% | -10.45% | -6.77% | -3.75% | -13.86% | -8.71% | -7.98% | -26.26% | 3.71% | 1.1% | -16.82% | -22.29% |
| FCF / Net Income % | 538.34% | 4502.67% | 1034.17% | -2367.15% | 10445.38% | 447.78% | 2901.36% | -689% | 75.21% | 409.45% | -1282.04% | 53.86% | -191.18% | -361.44% | -192.23% | 6773.56% | -376.34% | -4979.49% | 52.19% | 82.65% | 424% | 32.86% | 12.68% | 34.47% | 30.39% | 133.2% | -377.02% | 31.39% | 27.45% | -740% | 36.63% |
Geopolitical and construction liquidity
As reported in recent quarterly filings, Ellomay’s capital expenditure reached a peak of $57.3 million in 2025Q1, consistently dwarfing operating cash flow and signaling a high-intensity investment phase that relies heavily on external funding rather than internal cash generation to support its long-term infrastructure development goals.
The company’s CAPEX-to-OCF ratios, which spiked to 218.5% in 2025Q1, highlight a structural reliance on external capital to fund the Manara Cliff project. This level of investment intensity suggests that the company is in a high-risk construction phase where cash burn is expected, yet the lack of consistent positive operating cash flow warrants close monitoring of project completion timelines.
Based on the provided financial data, Ellomay has maintained a consistent pattern of issuing $1.0 million in long-term debt nearly every quarter, reflecting a persistent need for external financing to bridge the significant free cash flow deficits that reached $41.6 million in 2025Q4 alone.
The recurring issuance of debt suggests that the company’s current operational assets are not generating sufficient surplus to cover the massive capital requirements of its growth projects. Investors should consider whether the current debt-to-capital margins remain sustainable if regional volatility or construction delays persist, potentially limiting future access to capital markets on favorable terms.
According to the cash flow statements, Ellomay’s operating cash flow has frequently turned negative, including a $6.7 million outflow in 2025Q4, which indicates that the company’s core utility operations are currently struggling to provide a reliable buffer against fixed obligations and ongoing project-level development costs.
The volatility in operating cash flow suggests that the company’s revenue streams, particularly those exposed to merchant power pricing in Spain, lack the predictability typically associated with regulated utility models. This inconsistency in cash generation may imply that the company is more sensitive to market price fluctuations than a traditional, rate-regulated utility would be.
Financial disclosures indicate that the cash flow statement may mask significant latent liabilities, as the $88 million cash balance is likely restricted for project-level debt covenants and construction guarantees, rather than serving as true liquidity available for general corporate purposes or unexpected operational contingencies.
The reliance on equity-accounted earnings from the Dorad plant suggests that the cash flow statement does not fully capture the underlying cash-generating capacity of the company’s entire asset base. Analysts should investigate whether the capitalization of interest during the construction of Manara Cliff is artificially inflating the company's reported cash position while deferring the true impact of debt service on future cash flows.
Quick answers to the most common questions about buying ELLO stock.
Ellomay Capital Ltd. (ELLO) generated $1.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ellomay Capital Ltd. (ELLO) reported negative free cash flow of $96.0M in 2025, indicating capital requirements exceeded cash from operations.
Ellomay Capital Ltd. (ELLO) spent $97.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.