Revenue growth of 45.6% TTM is undermined by lumpy project COD timing, with quarterly revenue swinging from $454.2M in 2025Q3 to $165.0M in 2026Q2, while operating margins averaged 46.63% but are inflated by non-operating gains, as seen in 2025Q4's 23.5% margin.
Enlight Renewable Energy Ltd (ENLT) annual income statement — 15-year revenue, gross profit & net income history
| 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 | 992.53M | 579.48M | 397.89M | 940.1M | 662.38M | 318.14M | 70.32M | 55.6M | 20.88M | 10.76M | 33.4M | 187.93M | 398.3M | 242.11M | 74.58M | 13.38M |
| Revenue Growth % | -39.07% | 45.64% | -57.68% | 41.93% | 108.2% | 352.4% | 26.47% | 166.33% | 94.09% | -67.79% | -82.23% | -52.82% | 64.51% | 224.65% | 457.33% | - |
| Cost of Revenue | 307M | 133.74M | 80.51M | 190.06M | 285.07M | 128M | 29.96M | 21.23M | 9.82M | 5.85M | 5.83M | 125.07M | 296.42M | 177.75M | 51.96M | 10.53M |
| Gross Profit | 685.53M | 445.74M | 317.38M | 750.04M | 377.31M | 190.15M | 40.37M | 34.37M | 11.06M | 4.9M | 2.85M | 62.86M | 101.88M | 64.36M | 22.61M | 2.85M |
| Gross Margin % | 69.07% | 76.92% | 79.77% | 79.78% | 56.96% | 59.77% | 57.4% | 61.81% | 52.96% | 45.59% | 8.53% | 33.45% | 25.58% | 26.58% | 30.32% | 21.28% |
| Gross Profit Growth % | - | 40.44% | -57.69% | 98.79% | 98.43% | 371.03% | 17.45% | 210.85% | 125.43% | 72.22% | -95.47% | -38.3% | 58.29% | 184.64% | 694.27% | - |
| Operating Expenses | 234.76M | 219.01M | 158.98M | 372.59M | 112.44M | 83.33M | 11.99M | 10.98M | 6.33M | 5.15M | 3.86M | 11.69M | 16.21M | 10.88M | 9.62M | 8.39M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 566.61M | 375.93M | 267.04M | 341.71M | 410.55M | 170.47M | 44.24M | 34.25M | 7.94M | -116.81K | -882.6K | 65.25M | 124.54M | 69.21M | 34.19M | -3.23M |
| EBITDA Margin % | 57.09% | 64.87% | 67.11% | 36.35% | 61.98% | 53.58% | 62.91% | 61.6% | 38.01% | -1.09% | -2.64% | 34.72% | 31.27% | 28.59% | 45.85% | -24.18% |
| EBITDA Growth % | -50.33% | 40.77% | -21.85% | -16.77% | 140.84% | 285.31% | 29.16% | 331.59% | 6894.26% | 86.76% | -101.35% | -47.61% | 79.94% | 102.41% | 1156.97% | - |
| Depreciation & Amortization | 270.84M | 149.21M | 108.64M | 236.86M | 145.69M | 63.65M | 15.87M | 10.87M | 3.21M | 131.2K | 124.53K | 14.07M | 24.2M | 11.61M | 8.03M | 2.17M |
| D&A / Revenue % | 27.29% | 25.75% | 27.3% | 25.2% | 21.99% | 20.01% | 22.56% | 19.54% | 15.38% | 1.22% | 0.37% | 7.49% | 6.07% | 4.8% | 10.76% | 16.22% |
| Operating Income (EBIT) | 295.77M | 226.73M | 158.4M | 104.85M | 264.87M | 106.81M | 28.37M | 23.39M | 4.73M | -248.01K | -1.01M | 51.17M | 100.34M | 57.6M | 26.17M | -5.41M |
| Operating Margin % | 29.8% | 39.13% | 39.81% | 11.15% | 39.99% | 33.57% | 40.35% | 42.06% | 22.63% | -2.31% | -3.02% | 27.23% | 25.19% | 23.79% | 35.09% | -40.39% |
| Operating Income Growth % | - | 43.13% | 51.08% | -60.41% | 147.97% | 276.45% | 21.32% | 394.96% | 2005.21% | 75.37% | -101.97% | -49% | 74.21% | 120.11% | 584.14% | - |
| Interest Expense | 4M | 177.46M | 27.17M | 62.75M | 58.24M | 30.8M | 32.18M | 28.42M | 70.87M | 17.6M | 68.73M | 74.54M | 68.7M | 9.64M | 12.71M | 2.84M |
| Interest Coverage | - | 1.85x | 6.70x | 10.75x | 6.32x | 5.86x | -0.75x | 1.16x | 0.36x | 1.18x | 0.23x | 0.31x | 0.51x | 1.91x | 0.53x | -0.42x |
| Interest / Revenue % | 0.4% | 30.62% | 6.83% | 6.67% | 8.79% | 9.68% | 45.75% | 51.11% | 339.44% | 163.62% | 205.78% | 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 | 162.7M | 203.6M | 84.59M | 126.47M | 175.98M | 84.98M | -53.39M | 7.16M | 7.46M | 4.26M | -993.08K | 30.48M | 79.64M | 32.94M | 16.47M | -6.6M |
| Pretax Margin % | 16.39% | 35.13% | 21.26% | 13.45% | 26.57% | 26.71% | -75.92% | 12.87% | 35.75% | 39.56% | -2.97% | 16.22% | 20% | 13.61% | 22.08% | -49.32% |
| Income Tax | 40.67M | 43.67M | 18.23M | 28.43M | 44.61M | 17.68M | -12.35M | 3.68M | 1.59M | 1.13M | 3.35M | 10.62M | 25.02M | 12.69M | 4.21M | -82K |
| Effective Tax Rate % | 24.99% | 21.45% | 21.56% | 22.48% | 25.35% | 20.8% | 23.14% | 51.46% | 21.26% | 26.51% | -336.83% | 34.83% | 31.41% | 38.53% | 25.54% | 1.24% |
| Net Income | 89.49M | 131.47M | 44.11M | 70.92M | 23.63M | 34.83M | -43.87M | -5.04M | 686.9K | 1.11M | 588.31K | 15.6M | 52.22M | 21.16M | 12.39M | -6.47M |
| Net Margin % | 9.02% | 22.69% | 11.09% | 7.54% | 3.57% | 10.95% | -62.38% | -9.06% | 3.29% | 10.37% | 1.76% | 8.3% | 13.11% | 8.74% | 16.62% | -48.39% |
| Net Income Growth % | -20.34% | 198.06% | -37.81% | 200.14% | -32.15% | 179.39% | -770.74% | -833.46% | -38.39% | 89.53% | -96.23% | -70.14% | 146.86% | 70.7% | 291.4% | - |
| EPS (Diluted) | 0.59 | 1.00 | 0.36 | 0.57 | 0.25 | 0.37 | -1.80 | -0.29 | 0.05 | 0.02 | -0.25 | 0.13 | 0.36 | 0.20 | 0.13 | -0.30 |
| EPS Growth % | -33.9% | 177.78% | -36.84% | 128% | -32.43% | 120.56% | -520.69% | -699.17% | 113.22% | 109.08% | -292.31% | -63.89% | 80% | 53.85% | 143.33% | - |
| EPS (Basic) | - | 1.07 | 0.36 | 0.61 | 0.25 | 0.39 | -1.80 | -0.29 | 0.05 | 0.02 | -0.25 | 0.13 | 0.41 | 0.20 | 0.13 | -0.30 |
| Diluted Shares Outstanding | 150.46M | 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 |
Quick answers to the most common questions about buying ENLT stock.
For fiscal year 2025, Enlight Renewable Energy Ltd (ENLT) reported total revenue of $579.5M. This represents a 4230.6% increase compared to $13.4M in 2011.
Enlight Renewable Energy Ltd (ENLT) is profitable, generating $131.5M in net income for the fiscal year ending 2025 with a net profit margin of 22.7%.
Enlight Renewable Energy Ltd (ENLT) reported an operating income of $226.7M, resulting in an operating profit margin of 39.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Enlight Renewable Energy Ltd (ENLT) generated $445.7M in gross profit for the year, representing a gross profit margin of 76.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical and execution risks
Revenue Growth Masked by Volatility
According to recent financial statements, ENLT's TTM revenue grew 45.6% year-over-year, yet quarterly revenue swung from $454.2M in 2025Q3 to $165.0M in 2026Q2, indicating lumpy project COD timing.
The 320% YoY revenue surge in earlier quarters was driven by the commencement of commercial operations at large-scale U.S. and Israeli projects, but the subsequent sharp declines suggest that growth is not linear. The transition to recurring PPA revenue is evident, yet the volatility in quarterly figures implies that the revenue base is still maturing. Investors should monitor the pace of new project COD to assess whether the guided 2026 revenue of $755–785M is achievable.
Margin Quality Under Scrutiny
Based on reported figures, ENLT's operating margin averaged 46.63% over the TTM, but this is inflated by non-operating gains; excluding these, core regulated margins appear more modest, as seen in 2025Q4's 23.5%.
The unusual pattern where operating margin exceeds gross margin suggests the inclusion of fair value gains or other income, which may not be sustainable. The core IPP business, protected by long-term PPAs, likely generates stable margins, but the volatility in quarterly operating income—from $249.1M in 2024Q3 to $40.8M in 2024Q4—indicates that reported margins are not purely operational. This warrants a closer look at the sustainability of the earnings power.
Cost Structure and Recovery Mechanisms
As disclosed in financial statements, ENLT's cost structure is dominated by depreciation and interest, with D&A reaching $128.3M in 2025Q3; fuel costs are minimal, but EPC cost inflation could pressure margins if not recovered via PPA escalators.
The high fixed-cost nature of renewable assets means that operating leverage is significant, but the pass-through of fuel costs is not applicable. Instead, the key risk is that EPC costs rise faster than PPA escalators, compressing project IRRs. The company's ability to recover cost increases through inflation-linked PPAs is crucial, and any lag could impact margins. The reported interest coverage ratios, though volatile, suggest adequate debt service capacity, but rising rates could strain future projects.
Earnings Quality Clouded by One-Time Items
Per the latest quarterly report, ENLT's net income swung from $91.6M in 2025Q1 to $1.4M in 2025Q2, indicating that reported earnings are heavily influenced by non-recurring items such as fair value adjustments and project divestment gains.
The extreme volatility in net income—from $91.6M to $1.4M within a quarter—suggests that core regulated earnings are being obscured by one-time events. The 2025Q1 EPS of $0.75 versus 2025Q2's $0.01 highlights the lack of stability. Investors should adjust for these items to assess the underlying earnings power, which appears to be growing but at a more moderate pace. The absence of guidance in the latest report adds uncertainty to the earnings trajectory.
CAPEX Cycle Driving Rate Base Expansion
Based on reported figures, ENLT's massive cash balance of $2.97B and 19GW+ pipeline suggest a significant CAPEX cycle, but the translation to EPS growth is uneven, with EPS declining in several quarters despite revenue growth.
The company is investing heavily in new projects, which should expand rate base and future earnings, but the current EPS figures do not yet reflect this. The gap between revenue growth and EPS growth indicates that financing costs and depreciation are absorbing the incremental income. The reliance on equity raises to fund CAPEX may be dilutive if returns do not exceed the cost of capital. The step-change in earnings is likely to materialize as projects come online, but timing is uncertain.
Clenera Acquisition Marks Inflection
As reported in financial statements, the acquisition of Clenera in 2023 was a pivotal inflection, shifting ENLT from a regional Israeli player to a global IPP with a U.S. pipeline, driving the subsequent revenue surge.
The Clenera acquisition provided a proprietary U.S. development platform, which has been the primary driver of the recent revenue growth. This strategic move capitalized on the IRA tailwinds, but it also introduced execution risks associated with managing a multi-billion dollar pipeline. The durability of this inflection depends on the successful delivery of U.S. projects and the ability to maintain regulatory relationships in both Israel and the U.S.
What Could Invalidate the Growth Story
The most significant challenge to ENLT's narrative is the reliance on non-recurring gains and the potential for rising interest rates to compress project IRRs, as evidenced by the volatile net income and high debt levels.
The reported operating margins are inflated by non-operating items, and the true profitability of the IPP business may be lower than headline figures suggest. The company's substantial debt load (Debt/Equity of 2.57) and the rising rate environment could increase financing costs, reducing the attractiveness of new projects. Additionally, geopolitical instability in Israel could disrupt operations and increase the country risk premium, offsetting gains from U.S. expansion. The lack of updated guidance in the latest report may indicate management caution, and investors should monitor the next earnings update for clarity.