Revenue volatility remains a primary concern, with quarterly figures fluctuating between $1.0 million and $12.7 million, contributing to a negative 120.5% net margin in 2026Q1.
| 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 |
|---|
| Revenue | 33.7M | 33.89M | 40.47M | 48.83M | 52.24M | 44.78M | 9.64M | 18.99M | 18.12M | 13.64M | 11.63M | 12.45M | 12.98M | 9.4M | 6.72M | 4.72M | 0 | 0 | 8.2M | 58.72M | 59.08M | 60.27M | 56.6M | 52.07M | 81.25M | 135.29M | 129.82M | 60.34M | 31.04M | 20M | 13.34M |
| Revenue Growth % | -17.98% | -16.25% | -17.13% | -6.52% | 16.65% | 364.31% | -49.2% | 4.81% | 32.86% | 17.23% | -6.54% | -4.1% | 38.05% | 39.86% | 42.5% | - | - | -100% | -86.04% | -0.61% | -1.97% | 6.48% | 8.7% | -35.91% | -39.95% | 4.22% | 115.14% | 94.42% | 55.18% | 49.95% | 23.92% |
| Cost of Revenue | 36.62M | 35.89M | 35.69M | 27.33M | 27.45M | 32.6M | 7.93M | 13.05M | 12.16M | 7.07M | 6.84M | 7.1M | 7.02M | 4.64M | 3.53M | 2.42M | 0 | 7.95K | 7.89M | 38.74M | 38.83M | 43.9M | 44.67M | 41.94M | 55.59M | 85.32M | 64.9M | 30.49M | 15.35M | 9.64M | 10.53M |
| Gross Profit | -2.92M | -2M | 4.78M | 21.51M | 24.79M | 24.97M | 1.72M | 5.93M | 8.9M | 6.57M | 7.35M | 8.83M | 5.96M | 4.77M | 3.19M | 2.29M | 0 | -7.95K | 304.58K | 19.98M | 20.25M | 16.36M | 11.93M | 10.13M | 25.65M | 49.97M | 64.92M | 29.85M | 15.69M | 10.36M | 2.81M |
| Gross Margin % | -8.67% | -5.9% | 11.8% | 44.04% | 47.45% | 55.77% | 17.82% | 31.25% | 49.11% | 48.17% | 63.18% | 70.95% | 45.89% | 50.69% | 47.46% | 48.61% | - | - | 3.72% | 34.03% | 34.27% | 27.15% | 21.08% | 19.45% | 31.58% | 36.93% | 50.01% | 49.46% | 50.55% | 51.82% | 21.08% |
| Gross Profit Growth % | - | -141.87% | -77.79% | -13.23% | -0.75% | 1352.82% | -71.03% | -33.3% | 35.44% | -10.61% | -16.78% | 48.26% | 25% | 49.37% | 39.12% | - | 100% | -102.61% | -98.48% | -1.33% | 23.74% | 37.13% | 17.81% | -60.52% | -48.66% | -23.03% | 117.51% | 90.25% | 51.38% | 268.53% | -24.88% |
| Operating Expenses | -5.69M | -3.52M | -4.31M | 16.98M | 20.23M | 20.15M | 4.38M | -11.72M | 5.99M | 3.61M | 4.98M | 4.54M | -2.47M | -4.49M | 2.71M | 2.41M | 2.41M | 1.53M | 10.93M | 22.62M | 20.63M | 24.62M | 25.95M | 28.43M | 45.94M | 54.62M | 52.58M | 21.53M | 13.64M | 9.55M | 7.47M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 19.52M | 18M | 25.02M | 21.01M | 20.65M | 18.8M | 316K | 24.07M | 8.73M | 7.48M | 6.78M | 8.72M | 12.91M | 12.17M | 2.6M | 1.14M | -2.53M | -1.52M | -10.44M | -1.66M | 846.24K | -6.4M | -12.26M | -15.55M | -7.17M | 1.35M | 12.39M | 9.41M | 2.79M | 1.42M | -4.34M |
| EBITDA Margin % | 57.94% | 53.11% | 61.83% | 43.02% | 39.53% | 41.99% | 3.28% | 126.74% | 48.16% | 54.83% | 58.3% | 70.09% | 99.44% | 129.46% | 38.61% | 24.1% | - | - | -127.39% | -2.82% | 1.43% | -10.62% | -21.66% | -29.86% | -8.82% | 0.99% | 9.55% | 15.59% | 9% | 7.09% | -32.53% |
| EBITDA Growth % | -21.23% | -28.06% | 19.1% | 1.73% | 9.82% | 5850.32% | -98.69% | 175.8% | 16.7% | 10.25% | -22.25% | -32.41% | 6.04% | 369.02% | 128.3% | 144.87% | -66.27% | 85.41% | -530.36% | -295.73% | 113.22% | 47.77% | 21.16% | -116.98% | -632.62% | -89.15% | 31.77% | 236.74% | 97.09% | 132.67% | -409.06% |
| Depreciation & Amortization | 16.76M | 16.48M | 15.94M | 16.47M | 16.09M | 13.98M | 2.98M | 6.42M | 5.82M | 4.52M | 4.41M | 4.43M | 4.48M | 2.91M | 2.05M | 1.26M | 17.48K | 7.68K | 183.9K | 980.11K | 1.23M | 1.85M | 1.99M | 3.18M | 14.7M | 5.99M | 3.42M | 1.09M | 767.39K | 636.36K | 321.39K |
| D&A / Revenue % | 49.73% | 48.63% | 39.38% | 33.73% | 30.8% | 31.21% | 30.84% | 33.79% | 32.1% | 33.13% | 37.92% | 35.58% | 34.55% | 30.97% | 30.56% | 26.65% | - | - | 2.24% | 1.67% | 2.08% | 3.08% | 3.51% | 6.12% | 18.09% | 4.43% | 2.63% | 1.81% | 2.47% | 3.18% | 2.41% |
| Operating Income (EBIT) | 2.76M | 1.52M | 9.08M | 4.53M | 4.56M | 4.83M | -2.66M | 17.65M | 2.91M | 2.96M | 2.37M | 4.29M | 8.42M | 9.26M | 540.64K | -120.36K | -2.55M | -1.53M | -10.62M | -2.64M | -384.15K | -8.26M | -14.24M | -18.73M | -21.86M | -4.65M | 8.98M | 8.31M | 2.03M | 780.91K | -4.66M |
| Operating Margin % | 8.2% | 4.48% | 22.45% | 9.28% | 8.72% | 10.78% | -27.57% | 92.95% | 16.06% | 21.7% | 20.38% | 34.51% | 64.9% | 98.49% | 8.04% | -2.55% | - | - | -129.63% | -4.49% | -0.65% | -13.7% | -25.17% | -35.98% | -26.91% | -3.44% | 6.92% | 13.78% | 6.53% | 3.9% | -34.94% |
| Operating Income Growth % | - | -83.3% | 100.4% | -0.53% | -5.57% | 281.5% | -115.07% | 506.53% | -1.66% | 24.8% | -44.8% | -49.01% | -9.04% | 1612.67% | 549.18% | 95.28% | -66.57% | 85.59% | -303% | -586.32% | 95.35% | 42.03% | 23.96% | 14.33% | -370.35% | -151.77% | 8% | 310.38% | 159.43% | 116.76% | -526.8% |
| Interest Expense | 4M | 17.19M | 15.06M | 12.06M | 10.56M | 9.88M | 4.46M | 8.08M | 5.84M | 3.81M | 3.42M | 2.93M | 3.26M | 1.59M | 1.21M | 332.91K | 0 | 92.13K | 0 | 413.87K | 5.22M | 2.37M | 2.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.48x | 0.30x | 1.08x | 1.03x | 0.48x | -0.41x | 2.17x | -0.08x | 0.37x | 0.29x | 0.71x | 2.86x | 5.64x | -1.01x | -0.34x | - | -5.55x | - | -8.31x | 0.06x | -3.49x | -7.10x | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 11.87% | 50.71% | 37.22% | 24.69% | 20.21% | 22.07% | 46.29% | 42.56% | 32.23% | 27.96% | 29.38% | 23.55% | 25.12% | 16.88% | 17.96% | 7.06% | - | - | 0% | 0.7% | 8.83% | 3.93% | 3.55% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -2M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 927.59K | 1000K | -1000K | -997.12K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -390.56K | -558.49K | -235.45K | -1000K |
| Pretax Income | -25.72M | -8.91M | -10.57M | 976K | 1.08M | -22.93M | -6.29M | 9.5M | 819K | -6.27M | -63K | 6.37M | 5.63M | 7.48M | -2.38M | -1.54M | -1.49M | -603.74K | 63.17M | -3.83M | -1.38M | -12.38M | -16.19M | -19.99M | -23.24M | -8.32M | 10.85M | 7.92M | 1.47M | 545.45K | -7.79M |
| Pretax Margin % | -76.34% | -26.29% | -26.11% | 2% | 2.07% | -51.21% | -65.25% | 50.02% | 4.52% | -45.97% | -0.54% | 51.19% | 43.38% | 79.59% | -35.37% | -32.55% | - | - | 770.74% | -6.52% | -2.34% | -20.55% | -28.61% | -38.4% | -28.61% | -6.15% | 8.36% | 13.13% | 4.73% | 2.73% | -58.43% |
| Income Tax | -6K | -2.53M | -1.42M | -1.44M | 1.65M | -2.54M | -125K | -287K | 215K | 372K | 569K | -1.74M | 165.29K | 177.42K | -764.46K | -785.44K | -34.95K | 73.28K | 693.92K | 574.76K | 74.25K | 32.08K | 14.49K | 945.69K | 32.4K | -214.67K | 1.32M | 793.04K | 225.1K | 90.91K | 321.39K |
| Effective Tax Rate % | 0.02% | 28.38% | 13.48% | -147.13% | 152.82% | 11.06% | 1.99% | -3.02% | 26.25% | -5.93% | -903.17% | -27.3% | 2.94% | 2.37% | 32.16% | 51.16% | 2.34% | -12.14% | 1.1% | -15.01% | -5.38% | -0.26% | -0.09% | -4.73% | -0.14% | 2.58% | 12.21% | 10.01% | 15.34% | 16.67% | -4.12% |
| Net Income | -20.57M | -2.13M | -6.52M | 2.22M | -357K | -15.09M | -4.63M | 12.06M | 1.06M | -6.12M | -209K | 8.34M | 5.48M | 7.29M | -1.6M | -749.95K | 3.91M | -677.02K | 62.48M | -4.4M | -1.46M | -12.42M | -16.76M | -20.94M | -23.27M | -8.11M | 9.04M | 7.13M | 1.24M | 454.55K | -8.12M |
| Net Margin % | -61.05% | -6.29% | -16.12% | 4.54% | -0.68% | -33.7% | -47.97% | 63.51% | 5.83% | -44.84% | -1.8% | 67.01% | 42.19% | 77.55% | -23.73% | -15.9% | - | - | 762.28% | -7.5% | -2.46% | -20.6% | -29.61% | -40.21% | -28.65% | -5.99% | 6.97% | 11.82% | 4% | 2.27% | -60.84% |
| Net Income Growth % | -504.68% | 67.31% | -394.01% | 721.57% | 97.63% | -226.13% | -138.37% | 1040.96% | 117.29% | -2825.84% | -102.51% | 52.32% | -24.9% | 556.99% | -112.74% | -119.17% | 677.73% | -101.08% | 1518.9% | -202.52% | 88.28% | 25.91% | 19.96% | 10.04% | -186.98% | -189.69% | 26.82% | 473.96% | 173.31% | 105.6% | -10505.11% |
| EPS (Diluted) | -1.50 | -0.17 | -0.50 | 0.17 | -0.08 | -1.24 | -0.38 | 1.09 | 0.10 | -0.57 | -0.02 | 0.78 | 0.51 | 0.68 | -0.15 | -0.07 | 0.44 | -0.09 | 7.26 | -0.62 | -0.24 | -3.89 | -6.69 | -12.12 | -13.69 | -5.51 | 6.07 | 5.57 | 1.11 | 0.64 | -11.81 |
| EPS Growth % | -513.51% | 66% | -394.12% | 302.14% | 93.22% | -226.32% | -134.86% | 990% | 117.54% | -2653.62% | -102.65% | 52.94% | -25% | 553.33% | -115.52% | -115.82% | 579.3% | -101.26% | 1270.97% | -158.33% | 93.83% | 41.85% | 44.8% | 11.47% | -148.46% | -190.77% | 8.98% | 401.8% | 73.44% | 105.42% | -7047.06% |
| EPS (Basic) | - | -0.17 | -0.50 | 0.17 | -0.08 | -1.24 | -0.38 | 1.09 | 0.10 | -0.57 | -0.02 | 0.78 | 0.51 | 0.68 | -0.15 | -0.07 | 0.49 | -0.09 | 8.55 | -0.62 | -0.24 | -3.89 | -6.69 | -12.12 | -13.69 | -5.51 | 6.92 | 6.36 | 1.11 | 0.64 | -11.81 |
| Diluted Shares Outstanding | 13.74M | 12.66M | 12.93M | 13.05M | 12.7M | 12.79M | 12.33M | 11.06M | 10.57M | 10.73M | 10.08M | 10.79M | 10.74M | 10.75M | 10.71M | 10.78M | 8.9M | 7.38M | 8.61M | 7.15M | 6.05M | 3.19M | 2.42M | 1.73M | 1.7M | 1.47M | 1.49M | 1.28M | 1.12M | 750K | 687.08K |
High exposure to geopolitical instability and merchant power price volatility
As reported in recent financial statements, Ellomay's revenue trajectory remains highly inconsistent, with quarterly figures fluctuating between $1.0 million and $12.7 million, reflecting a lack of stable, rate-regulated revenue streams that typically characterize utility-scale infrastructure investments in more mature, predictable regulatory environments.
The revenue profile appears heavily dependent on merchant power pricing and seasonal solar output rather than stable, tariff-based recovery mechanisms. This volatility suggests that the company lacks the predictable cash flow visibility required to support consistent earnings growth, leaving the top line vulnerable to external market shocks.
Based on reported figures, the company's operating income has frequently dipped into negative territory, with a -31.1% operating margin in 2026Q1, indicating that fixed asset depreciation and operational costs are not being adequately covered by current energy production levels across the portfolio.
The persistent disconnect between revenue generation and operating expenses suggests that the company is struggling to achieve the necessary scale to absorb its high fixed-cost base. Investors should monitor whether future project completions can improve operating leverage or if the current cost structure will continue to compress margins.
According to quarterly income statements, net income has swung wildly from a $10.1 million profit in 2025Q3 to a $12.6 million loss in 2025Q4, suggesting that reported earnings are heavily influenced by non-recurring items or equity-accounted volatility rather than sustainable, core regulated utility operations.
The reliance on equity accounting for assets like the Dorad plant obscures the true cash-generating capacity of the business. This lack of earnings consistency makes it difficult to ascertain the underlying profitability of the company's core renewable energy assets.
As indicated by the company's financial disclosures, the significant capital commitment to the Manara Cliff project represents a high-stakes allocation that may strain liquidity, especially given the current negative net margin environment and the inherent risks associated with construction in sensitive border regions.
While the Manara Cliff project is intended to be a long-term value driver, the current phase of heavy capital expenditure without corresponding operational cash flow creates a period of heightened financial risk. The company's ability to successfully transition this asset into the rate base will be the primary determinant of its future earnings trajectory.
Financial filings suggest that the income statement may not fully capture the latent risks associated with the Manara Cliff project's location in Northern Israel, where regional conflict could lead to unforeseen security costs or construction delays that are not currently reflected in the reported figures.
The potential for physical security risks and insurance premium spikes in a volatile region warrants further investigation by institutional investors. Furthermore, the reliance on future project success to justify current valuations may mask the risk of significant asset impairments if project timelines are extended or if merchant power prices remain depressed.
Quick answers to the most common questions about buying ELLO stock.
For fiscal year 2025, Ellomay Capital Ltd. (ELLO) reported total revenue of $33.9M. This represents a 154.1% increase compared to $13.3M in 1996.
Ellomay Capital Ltd. (ELLO) reported a net loss of $2.1M for the fiscal year ending 2025.
Ellomay Capital Ltd. (ELLO) reported an operating income of $1.5M, resulting in an operating profit margin of 4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ellomay Capital Ltd. (ELLO) generated $-2.0M in gross profit for the year, representing a gross profit margin of -5.9%. This demonstrates the company's core pricing power and production efficiency.