Revenue growth accelerated to 42.6% in 2026Q1, though operating margins remain volatile, fluctuating from a peak of 137.7% in 2025Q1 to 52.2% 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 |
|---|
| Revenue | 813.08M | 1.68B | 398.8M | 261.14M | 192.17M | 102.46M | 70.32M | 55.61M | 78.63M | 37.39M | 33.4M | 187.93M | 398.3M | 242.11M | 74.58M | 13.38M |
| Revenue Growth % | 25.33% | 320.57% | 52.71% | 35.89% | 87.56% | 45.7% | 26.47% | -29.29% | 110.32% | 11.95% | -82.23% | -52.82% | 64.51% | 224.65% | 457.33% | - |
| Cost of Revenue | 366.92M | 975.94M | 189.59M | 118.59M | 82.71M | 41.22M | 29.96M | 21.23M | 36.99M | 20.34M | 22.44M | 125.07M | 296.42M | 177.75M | 51.96M | 10.53M |
| Gross Profit | 446.15M | 701.28M | 209.21M | 142.55M | 109.47M | 61.24M | 40.37M | 34.37M | 41.64M | 17.05M | 10.96M | 62.86M | 101.88M | 64.36M | 22.61M | 2.85M |
| Gross Margin % | 54.87% | 41.81% | 52.46% | 54.59% | 56.96% | 59.77% | 57.4% | 61.81% | 52.96% | 45.59% | 32.8% | 33.45% | 25.58% | 26.58% | 30.32% | 21.28% |
| Gross Profit Growth % | - | 235.21% | 46.76% | 30.22% | 78.75% | 51.7% | 17.45% | -17.46% | 144.28% | 55.61% | -82.57% | -38.3% | 58.29% | 184.64% | 694.27% | - |
| Operating Expenses | 71.05M | -80.75M | 33.67M | -15.59M | 18.85M | 26.84M | 11.99M | 10.98M | 23.85M | 17.91M | 14.83M | 11.69M | 16.21M | 10.88M | 9.62M | 8.39M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 630.89M | 1.3B | 284.42M | 223.94M | 132.88M | 54.9M | 44.24M | 34.25M | 30.55M | -406K | -3.4M | 65.25M | 124.54M | 69.21M | 34.19M | -3.23M |
| EBITDA Margin % | 77.59% | 77.31% | 71.32% | 85.75% | 69.15% | 53.58% | 62.91% | 61.6% | 38.85% | -1.09% | -10.17% | 34.72% | 31.27% | 28.59% | 45.85% | -24.18% |
| EBITDA Growth % | 18.3% | 355.89% | 27.01% | 68.53% | 142.04% | 24.09% | 29.16% | 12.13% | 7624.38% | 88.04% | -105.2% | -47.61% | 79.94% | 102.41% | 1156.97% | - |
| Depreciation & Amortization | 255.79M | 514.64M | 108.89M | 65.8M | 42.27M | 20.5M | 15.87M | 10.87M | 12.75M | 456K | 479K | 14.07M | 24.2M | 11.61M | 8.03M | 2.17M |
| D&A / Revenue % | 31.46% | 30.68% | 27.3% | 25.2% | 21.99% | 20.01% | 22.56% | 19.54% | 16.22% | 1.22% | 1.43% | 7.49% | 6.07% | 4.8% | 10.76% | 16.22% |
| Operating Income (EBIT) | 375.1M | 782.03M | 175.53M | 158.14M | 90.61M | 34.4M | 28.37M | 23.39M | 17.8M | -862K | -3.87M | 51.17M | 100.34M | 57.6M | 26.17M | -5.41M |
| Operating Margin % | 46.13% | 46.63% | 44.02% | 60.56% | 47.15% | 33.57% | 40.35% | 42.06% | 22.63% | -2.31% | -11.6% | 27.23% | 25.19% | 23.79% | 35.09% | -40.39% |
| Operating Income Growth % | - | 345.51% | 11% | 74.53% | 163.41% | 21.24% | 21.32% | 31.42% | 2164.5% | 77.75% | -107.57% | -49% | 74.21% | 120.11% | 584.14% | - |
| Interest Expense | 4M | 565.47M | 99.01M | 62.75M | 58.24M | 30.8M | 32.18M | 28.42M | 67.02M | 17.6M | 67.78M | 74.54M | 68.7M | 9.64M | 12.71M | 2.84M |
| Interest Coverage | - | 1.38x | 1.86x | 2.99x | 1.83x | 1.89x | -0.75x | 1.16x | 0.27x | 1.18x | 0.23x | 0.31x | 0.51x | 1.91x | 0.53x | -0.42x |
| Interest / Revenue % | 0.49% | 33.71% | 24.83% | 24.03% | 30.31% | 30.06% | 45.75% | 51.11% | 85.23% | 47.08% | 202.93% | 39.66% | 17.25% | 3.98% | 17.05% | 21.2% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 54K | 1000K | -1000K | 1000K | -1000K | 1000K |
| Pretax Income | 195M | 702.26M | 84.78M | 126.47M | 51.06M | 27.37M | -53.39M | 7.16M | 28.11M | 14.79M | -3.82M | 30.48M | 79.64M | 32.94M | 16.47M | -6.6M |
| Pretax Margin % | 23.98% | 41.87% | 21.26% | 48.43% | 26.57% | 26.71% | -75.92% | 12.87% | 35.75% | 39.56% | -11.44% | 16.22% | 20% | 13.61% | 22.08% | -49.32% |
| Income Tax | 51.17M | 150.61M | 18.27M | 28.43M | 12.94M | 5.69M | -12.35M | 3.68M | 5.97M | 3.92M | -3.35M | 10.62M | 25.02M | 12.69M | 4.21M | -82K |
| Effective Tax Rate % | 26.24% | 21.45% | 21.56% | 22.48% | 25.35% | 20.8% | 23.14% | 51.46% | 21.26% | 26.51% | 87.57% | 34.83% | 31.41% | 38.53% | 25.54% | 1.24% |
| Net Income | 93.62M | 453.48M | 44.21M | 70.92M | 24.75M | 11.22M | -43.87M | -5.04M | 2.59M | 1.11M | 3.91M | 15.6M | 52.22M | 21.16M | 12.39M | -6.47M |
| Net Margin % | 11.51% | 27.04% | 11.09% | 27.16% | 12.88% | 10.95% | -62.38% | -9.06% | 3.29% | 2.98% | 11.7% | 8.3% | 13.11% | 8.74% | 16.62% | -48.39% |
| Net Income Growth % | -31.06% | 925.76% | -37.67% | 186.57% | 120.64% | 125.57% | -770.74% | -294.75% | 132.02% | -71.46% | -74.95% | -70.14% | 146.86% | 70.7% | 291.4% | - |
| EPS (Diluted) | 0.64 | 3.42 | 1.30 | 2.07 | 0.25 | 0.37 | -1.93 | -0.28 | 0.05 | 0.02 | 0.03 | 0.13 | 0.36 | 0.20 | 0.13 | -0.30 |
| EPS Growth % | -32.24% | 163.08% | -37.2% | 728% | -32.43% | 119.17% | -589.29% | -678.51% | 113.22% | -12.69% | -80% | -63.89% | 80% | 53.85% | 143.33% | - |
| EPS (Basic) | - | 3.68 | 1.31 | 2.06 | 0.26 | 0.39 | -1.93 | -0.28 | 0.05 | 0.02 | 0.03 | 0.13 | 0.41 | 0.20 | 0.13 | -0.30 |
| Diluted Shares Outstanding | 146.66M | 132.62M | 123.31M | 123.86M | 99.98M | 98.11M | 78.3M | 62.5M | 53.49M | 49.01M | 35.59M | 39.77M | 40.02M | 35.98M | 27.37M | 21.33M |
Elevated due to geopolitical exposure and project execution requirements
As reported in recent financial statements, Enlight achieved a significant revenue surge, with quarterly figures reaching $401.9M in 2025Q4, largely driven by the successful transition of large-scale U.S. and Israeli development projects into commercial operation, marking a departure from earlier, more modest project-based revenue recognition patterns.
The revenue trajectory appears increasingly tied to the successful commissioning of the Clenera-led U.S. pipeline rather than purely organic growth. Investors should monitor whether this growth remains sustainable as the company shifts from a developer-heavy model to a long-term recurring IPP structure, as future revenue will depend heavily on the timing of grid interconnections.
Based on the company's reported figures, operating margins have demonstrated significant volatility, peaking at 137.7% in 2025Q1 before normalizing, which suggests that non-operating items or project divestment gains may be distorting the underlying efficiency of the core renewable energy generation business.
The high fixed-cost nature of renewable assets means that operating leverage is highly sensitive to the timing of asset sales and fair value adjustments. The current margin profile warrants further investigation to distinguish between sustainable operational efficiency and one-time accounting gains that may not recur in future periods.
According to the provided income statement data, EPS volatility remains high, with a sharp decline to $0.01 in 2025Q2 following a $0.75 peak, indicating that reported earnings are heavily influenced by non-recurring fair value adjustments rather than stable, recurring cash flows from operational power assets.
The inconsistency in quarterly EPS suggests that investors should focus on cash flow from operations rather than headline net income to gauge true earnings power. The reliance on fair value accounting for financial derivatives and project revaluations may mask the underlying profitability of the company's long-term power purchase agreements.
As indicated by the accumulation of nearly $3 billion in cash, Enlight is positioning itself to self-fund its massive 19GW+ development backlog, suggesting that management is prioritizing balance sheet liquidity to mitigate the risks associated with high-cost external financing in the current interest rate environment.
The current capital expenditure cycle appears to be a strategic step-change intended to secure long-term market share in the U.S. and Israel. While this strategy reduces immediate reliance on debt, the ultimate success of this capital allocation depends on the company's ability to maintain high returns on invested capital as these projects move toward completion.
Based on an analysis of the company's geographic footprint, the income statement fails to capture the latent insurance and security costs associated with operating a concentrated portfolio of renewable assets within the volatile Israeli regulatory and security environment, which could compress future margins.
The reported financials may appear robust, but they do not explicitly account for the potential for regulatory shifts or security-related disruptions that could impact the domestic portfolio. Investors should monitor whether the company's expansion into the U.S. market provides sufficient diversification to offset these localized risks over the long term.
Quick answers to the most common questions about buying ENLT stock.
For fiscal year 2025, Enlight Renewable Energy Ltd (ENLT) reported total revenue of $1.68B. This represents a 12434.3% increase compared to $13.4M in 2011.
Enlight Renewable Energy Ltd (ENLT) is profitable, generating $453.5M in net income for the fiscal year ending 2025 with a net profit margin of 27.0%.
Enlight Renewable Energy Ltd (ENLT) reported an operating income of $782.0M, resulting in an operating profit margin of 46.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Enlight Renewable Energy Ltd (ENLT) generated $701.3M in gross profit for the year, representing a gross profit margin of 41.8%. This demonstrates the company's core pricing power and production efficiency.