Capital allocation remains highly intensive, highlighted by a $3.5 billion CapEx spend in 2025Q4 and a reliance on $419.3 million in net stock issuance during 2026Q1 to fund operations.
| 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 |
|---|
| Cash from Operations | 414.21M | 722.87M | 196.15M | 149.62M | 86.29M | 52.02M | 38.81M | 29.18M | 67.52M | 4.67M | 20.97M | -161.44M | -65.65M | -136.69M | -40.44M | -26.04M |
| Operating CF Growth % | 560.69% | 268.54% | 31.1% | 73.39% | 65.87% | 34.05% | 32.99% | -56.78% | 1345.78% | -77.73% | 112.99% | -145.91% | 51.97% | -238.04% | -55.29% | - |
| Operating CF / Revenue % | 50.94% | 43.1% | 49.18% | 57.29% | 44.9% | 50.77% | 55.19% | 52.48% | 85.86% | 12.49% | 62.78% | -85.9% | -16.48% | -56.46% | -54.22% | -194.6% |
| Net Income | 93.62M | 453.48M | 44.91M | 98.04M | 23.63M | 21.68M | -41.03M | 3.47M | 22.13M | 10.87M | -475K | 19.86M | 54.62M | 20.25M | 12.26M | -6.52M |
| Depreciation & Amortization | 255.79M | 514.64M | 110.62M | 65.8M | 40.36M | 20.5M | 15.87M | 10.87M | 12.75M | 456K | 479K | 14.07M | 24.2M | 11.61M | 8.03M | 2.17M |
| Deferred Taxes | -19.24M | 0 | 4.53M | -24M | 4.66M | 5.69M | 0 | 0 | 24.27M | 6.47M | -3.42M | 7.31M | 21.71M | 10.44M | 3.63M | -20K |
| Other Non-Cash Items | 54.03M | -212.61M | 32.61M | -10.96M | 13.94M | 12.65M | 57.18M | 20.23M | 711K | -9.69M | 11.39M | -200.16M | -175.44M | -188.64M | -69.33M | -15.82M |
| Working Capital Changes | -6.61M | -32.63M | 3.46M | 15.77M | 3.7M | -12.47M | 4.55M | -9.57M | 1.6M | -5.91M | 10.84M | -3.82M | 7.57M | 8.15M | 4.47M | -6.73M |
| Capital Expenditures | -4.42B | -6.22B | -913.58M | 0 | -610.18M | 0 | -341.93M | -250.84M | -653.49M | -242.88M | -83.64M | -100.59M | -47.26M | -27.62M | -9.23M | -46.9M |
| CapEx / Revenue % | 543.33% | 370.98% | 229.08% | 0% | 326% | 0% | 486.22% | 451.11% | 831.06% | 649.61% | 250.44% | 53.52% | 11.86% | 11.41% | 12.38% | 350.51% |
| CapEx / D&A | 17.27x | 12.09x | 8.26x | 0.00x | 15.52x | 0.00x | 21.55x | 23.08x | 51.24x | 532.63x | 174.62x | 7.15x | 1.95x | 2.38x | 1.15x | 21.61x |
| CapEx Coverage (OCF/CapEx) | 0.09x | 0.12x | 0.21x | - | 0.14x | - | 0.11x | 0.12x | 0.10x | 0.02x | 0.25x | -1.60x | -1.39x | -4.95x | -4.38x | -0.56x |
| Cash from Investing | -5.04B | -7.49B | -986.79M | -798.07M | -680.55M | -644.64M | -492.45M | -250.84M | -795.18M | -358.2M | -57.48M | -100.59M | -47.26M | -27.62M | -8.23M | -46.9M |
| Acquisitions | -10.52M | 139.2M | -31.4M | -12.7M | -37.98M | -157.68M | -71.58M | 1.44M | -21.83M | -61.15M | -15.01M | -13.94M | -46.78M | -19.96M | -8.13M | -19.6M |
| Purchase of Investments | -1.35B | -1.52B | -41.82M | -5.68M | -16.09M | -23.72M | -21.76M | -8.62M | -17.02M | -6.16M | -10.04M | -3.72M | -48.73M | -5.45M | -2.87M | 0 |
| Sale of Investments | -2.04M | 105.78M | 0 | 32.6M | 0 | 0 | 0 | 0 | 26.95M | -7.13M | 3.96M | 3M | 2.17M | 5.68M | 2.87M | 0 |
| Other Investing | -623.45M | -1.02M | 0 | -812.28M | 0 | -463.24M | -57.17M | -87.64M | -129.8M | -40.87M | 47.26M | -54.25M | 46.82M | -5.79M | 12.01M | -599K |
| Cash from Financing | 4.03B | 7.14B | 757.87M | 855.3M | 633.57M | 752.31M | 343.53M | 354.72M | 841.23M | 314.55M | 93.56M | 191.76M | 204.67M | 215.32M | 63.49M | 64.98M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.86M | -3.87M | -4.22M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | 149.52% | 378.74% | - | 75.46% | - | - | - | - |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Stock Issued | 690.85M | 998.07M | 15.24K | 266.45M | 195.62M | 175.08M | 105.95M | 163.46M | 16.56M | 33.42M | 0 | 0 | 0 | 6.33M | 4.79M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.58M | -1M | 0 | 0 | -11.59M | 0 |
| Other Financing | 1.07B | 1.09B | 359.67M | 106.18M | -4.19M | 35.45M | -80.36M | 47.91M | 625.83M | 257.53M | 69.6M | -27.47M | -11.88M | -6.97M | -3.49M | 47.91M |
| Net Change in Cash | 552.14M | 1.47B | -67.01M | 209.94M | -14.63M | 166.6M | -98.34M | 131.15M | 114.52M | -38.63M | 56.63M | -71.14M | 90.98M | 50.79M | 14.83M | -7.99M |
| Exchange Rate Effect | 1.16B | 1.1B | -34.23M | 3.08M | -53.94M | 6.9M | 11.77M | -1.91M | 952K | 351K | -413K | -874K | -792K | -214K | 9K | -25K |
| Cash at Beginning | 528.5M | 1.51B | 541.98M | 193.87M | 301.37M | 99.33M | 197.68M | 66.13M | 114.49M | 153.12M | 96.49M | 167.63M | 76.65M | 25.86M | 11.03M | 19.02M |
| Cash at End | 978.76M | 2.97B | 474.97M | 403.81M | 286.74M | 265.93M | 99.33M | 197.29M | 229.01M | 114.49M | 153.12M | 96.49M | 167.63M | 76.65M | 25.86M | 11.03M |
| Free Cash Flow | -4B | -5.5B | -717.43M | 149.62M | -523.89M | 52.02M | -303.12M | -221.66M | -585.97M | -238.21M | -62.68M | -262.02M | -112.91M | -164.31M | -49.67M | -72.94M |
| FCF Growth % | -698.36% | -666.51% | -579.5% | 128.56% | -1107.04% | 117.16% | -36.75% | 62.17% | -145.99% | -280.06% | 76.08% | -132.07% | 31.29% | -230.82% | 31.91% | - |
| FCF Margin % | -492.39% | -327.88% | -179.9% | 57.29% | -272.62% | 50.77% | -431.03% | -398.63% | -745.19% | -637.12% | -187.66% | -139.43% | -28.35% | -67.87% | -66.6% | -545.11% |
| FCF / Net Income % | -4276.36% | -1212.67% | -1622.82% | 210.96% | -2116.83% | 463.79% | 690.96% | 4399.61% | -22650.48% | -21363.95% | -1604.2% | -1680.07% | -216.19% | -776.71% | -400.77% | 1126.5% |
Geopolitical and execution risk
As evidenced by the 2025Q4 capital expenditure of $3.5 billion, Enlight is aggressively scaling its asset base, with the company's CapEx-to-OCF ratio reaching a significant 18.0% in the same period, reflecting a deliberate strategy to accelerate the transition of its 19GW+ development pipeline into operational status.
The massive spike in capital intensity suggests that the company is prioritizing long-term capacity growth over near-term cash flow preservation. Investors should monitor whether this rapid deployment of capital translates into proportional increases in recurring PPA-backed revenue or if project-level execution bottlenecks begin to erode projected internal rates of return.
According to recent financial disclosures, Enlight has consistently utilized equity markets to bolster its liquidity, highlighted by a $419.3 million net stock issuance in 2026Q1, which appears designed to maintain a fortress balance sheet while funding the substantial cash flow deficits inherent in its current development cycle.
The reliance on equity financing rather than debt suggests management is attempting to insulate the enterprise from the volatility of interest rate environments. This approach may mitigate immediate solvency concerns but warrants further investigation into the potential for shareholder dilution if the return on invested capital does not outpace the cost of equity.
Based on reported figures, operating cash flow has exhibited significant variability, ranging from a low of negative $57.6 million in 2023Q4 to a peak of $195.0 million in 2025Q4, indicating that the company's cash generation is currently tied more to project milestones than to stable, predictable utility-scale operations.
The inconsistency in operating cash flow suggests that the business is still in a transitional phase where cash generation is heavily influenced by the timing of project completions and non-recurring operational events. Analysts should interpret these fluctuations as a reflection of the company's evolving business model rather than a failure of its core utility-like revenue streams.
While the company reports robust cash positions, the financial statements may obscure latent risks, as the concentration of assets in the Israeli market, combined with the high-intensity construction phase, suggests that future decommissioning and security-related obligations could create unforeseen pressures on long-term cash flow sustainability.
The current cash flow profile does not explicitly account for the potential for rising insurance premiums or security-related expenditures in the Israeli theater. Investors should monitor whether the company's current liquidity buffer is sufficient to absorb potential regulatory or geopolitical shocks that could disrupt the expected cash flow from its domestic operational portfolio.
Quick answers to the most common questions about buying ENLT stock.
Enlight Renewable Energy Ltd (ENLT) generated $722.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Enlight Renewable Energy Ltd (ENLT) reported negative free cash flow of $5.50B in 2025, indicating capital requirements exceeded cash from operations.
Enlight Renewable Energy Ltd (ENLT) spent $6.22B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.