SolarEdge Technologies, Inc. (SEDG) 10-Year Financial Performance & Capital Metrics

SEDG • • Industrial / General

EnergySolarSolar System Components & Balance of SystemsInverter & Power Electronics

AboutSolarEdge Technologies, Inc., together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It operates through five segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines. The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations; and a cloud-based monitoring platform that collects and processes information from the power optimizers and inverters, as well as monitors and manages the solar PV system. It also provides residential, commercial, and large scale PV, energy storage and backup, electric vehicle charging, and home energy management solutions, as well as grid services; and e-Mobility, automation machines, lithium-ion cells and battery packs, and uninterrupted power supply solutions, as well as virtual power plants, which helps to manage the load on the grid and grid stability. In addition, the company offers pre-sales support, ongoing trainings, and technical support and after installation services. The company sells its products to the providers of solar PV systems; and solar installers and distributors, electrical equipment wholesalers, and PV module manufacturers, as well as engineering, procurement, and construction firms. SolarEdge Technologies, Inc. was founded in 2006 and is headquartered in Herzliya, Israel.Show more

Revenue $901M -69.7%
EBITDA -$1.65B -1792.4%
Net Income -$1.81B -5361.9%
EPS (Diluted) -31.64 -5373.3%
Gross Margin -97.31% -511.5%
EBITDA Margin -182.86% -5688.2%
Operating Margin -189.5% -14130.0%
Net Margin -200.38% -17474.7%
ROE -117.67% -7963.4%
ROIC -64.93% -5412.4%
Debt/Equity 1.15 +279.0%
Interest Coverage -91.59 -3606.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 81 (top 19%)

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 8.8% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.74%

5Y-8.76%

3Y-22.86%

TTM-2.57%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM64.6%

EPS CAGR

10Y-

5Y-

3Y-

TTM82.75%

ROCE

10Y Avg7.38%

5Y Avg-7.79%

3Y Avg-19.25%

Latest-64.66%

Peer Comparison

Inverter & Power Electronics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ENPHEnphase Energy, Inc.	4.63B	35.36	47.15	-41.92%	12.93%	19.66%	10.38%	1.60
SEDGSolarEdge Technologies, Inc.	2.02B	33.84	-1.07	-69.71%	-57.48%	-122.19%		1.15

Profit & Loss

	Jun 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	489.84M	479.99M	607.04M	937.24M	1.43B	1.46B	1.96B	3.11B	2.98B	901.46M
Revenue Growth %	0.51%	-0.02%	0.26%	0.54%	0.52%	0.02%	0.35%	0.58%	-0.04%	-0.7%
Cost of Goods Sold+	337.89M	318.1M	392.28M	618M	946.32M	997.91M	1.33B	2.27B	2.27B	1.78B
COGS % of Revenue	0.69%	0.66%	0.65%	0.66%	0.66%	0.68%	0.68%	0.73%	0.76%	1.97%
Gross Profit+	151.96M	161.89M	214.77M	319.24M	479.34M	461.36M	629.32M	844.65M	703.82M	-877.2M
Gross Margin %	0.31%	0.34%	0.35%	0.34%	0.34%	0.32%	0.32%	0.27%	0.24%	-0.97%
Gross Profit Growth %	0.86%	0.07%	0.33%	0.49%	0.5%	-0.04%	0.36%	0.34%	-0.17%	-2.25%
Operating Expenses+	80.2M	94.82M	123.68M	179.82M	289.39M	318.8M	422.18M	678.53M	663.62M	831.08M
OpEx % of Revenue	0.16%	0.2%	0.2%	0.19%	0.2%	0.22%	0.21%	0.22%	0.22%	0.92%
Selling, General & Admin	46.97M	54.26M	68.71M	97.57M	145.65M	159.1M	201.2M	272.18M	310.82M	294.32M
SG&A % of Revenue	0.1%	0.11%	0.11%	0.1%	0.1%	0.11%	0.1%	0.09%	0.1%	0.33%
Research & Development	33.23M	40.56M	54.97M	82.25M	121.35M	163.12M	219.63M	289.81M	321.48M	277.24M
R&D % of Revenue	0.07%	0.08%	0.09%	0.09%	0.09%	0.11%	0.11%	0.09%	0.11%	0.31%
Other Operating Expenses	0	0	0	0	22.39M	-3.43M	1.35M	116.54M	31.31M	259.53M
Operating Income+	71.76M	67.08M	91.09M	139.42M	189.95M	142.56M	207.14M	166.12M	40.2M	-1.71B
Operating Margin %	0.15%	0.14%	0.15%	0.15%	0.13%	0.1%	0.11%	0.05%	0.01%	-1.9%
Operating Income Growth %	1.54%	-0.07%	0.36%	0.53%	0.36%	-0.25%	0.45%	-0.2%	-0.76%	-43.49%
EBITDA+	75.61M	72.59M	98.24M	152.04M	216.84M	174.4M	246.67M	215.8M	97.4M	-1.65B
EBITDA Margin %	0.15%	0.15%	0.16%	0.16%	0.15%	0.12%	0.13%	0.07%	0.03%	-1.83%
EBITDA Growth %	1.48%	-0.04%	0.35%	0.55%	0.43%	-0.2%	0.41%	-0.13%	-0.55%	-17.92%
D&A (Non-Cash Add-back)	3.85M	5.52M	7.16M	12.62M	26.89M	31.83M	39.53M	49.68M	57.2M	59.87M
EBIT	72.23M	62.57M	100.24M	139.66M	183.41M	166.85M	190.73M	181.6M	85.3M	-1.7B
Net Interest Income+	1.11M	0	2.69M	2.43M	-1.36M	-5.66M	-7.71M	-251K	17.77M	15.67M
Interest Income	1.11M	4.07M	4.4M	5.63M	4.47M	4.9M	2.97M	10.55M	33.16M	34.32M
Interest Expense	0	0	1.71M	2.54M	5.83M	10.56M	10.68M	10.8M	15.39M	18.65M
Other Income/Expense	471K	-5.88M	9.16M	-2.3M	-11.34M	21.11M	-19.91M	11.04M	40.54M	-23K
Pretax Income+	72.23M	61.2M	100.24M	137.12M	178.6M	163.67M	187.22M	177.16M	80.75M	-1.71B
Pretax Margin %	0.15%	0.13%	0.17%	0.15%	0.13%	0.11%	0.1%	0.06%	0.03%	-1.9%
Income Tax+	-4.38M	10.43M	16.07M	9.08M	33.65M	23.34M	18.05M	83.38M	46.42M	96.15M
Effective Tax Rate %	1.06%	0.83%	0.84%	0.94%	0.82%	0.86%	0.9%	0.53%	0.43%	1.06%
Net Income+	76.61M	50.76M	84.17M	128.83M	146.55M	140.32M	169.17M	93.78M	34.33M	-1.81B
Net Margin %	0.16%	0.11%	0.14%	0.14%	0.1%	0.1%	0.09%	0.03%	0.01%	-2%
Net Income Growth %	2.63%	-0.34%	0.66%	0.53%	0.14%	-0.04%	0.21%	-0.45%	-0.63%	-53.62%
Net Income (Continuing)	76.61M	50.76M	84.17M	128.05M	144.96M	140.32M	169.17M	93.78M	34.33M	-1.8B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	8.32M	0	0	0	0	0	0
EPS (Diluted)+	1.73	1.16	1.85	2.69	2.92	2.66	3.06	1.65	0.60	-31.64
EPS Growth %	2.39%	-0.33%	0.59%	0.45%	0.09%	-0.09%	0.15%	-0.46%	-0.64%	-53.73%
EPS (Basic)	1.92	1.24	1.99	2.69	3.06	2.79	3.24	1.70	0.61	-31.64
Diluted Shares Outstanding	44.38M	43.84M	45.43M	47.98M	50.2M	52.8M	55.97M	58.1M	57.24M	57.08M
Basic Shares Outstanding	39.99M	41.03M	42.3M	47.89M	47.92M	50.22M	52.2M	55.09M	56.56M	57.08M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	309.75M	339.8M	476.69M	677.31M	932.76M	1.72B	1.71B	2.9B	3.3B	2.03B
Cash & Short-Term Investments	133.19M	180.04M	240.43M	316.31M	320.76M	1.03B	697.82M	1.02B	860.04M	585.89M
Cash Only	74.03M	105.58M	163.16M	187.76M	223.9M	827.15M	530.09M	783.11M	338.47M	274.61M
Short-Term Investments	59.16M	74.47M	77.26M	128.55M	96.86M	203.78M	167.73M	241.12M	521.57M	311.28M
Accounts Receivable	88.11M	88.85M	143.25M	201.86M	382.3M	325.36M	527.38M	1.06B	780.83M	342.38M
Days Sales Outstanding	65.66	67.57	86.13	78.61	97.88	81.38	98.02	124.27	95.75	138.63
Inventory	81.55M	67.36M	82.99M	141.52M	170.8M	331.7M	380.14M	729.2M	1.44B	645.9M
Days Inventory Outstanding	88.09	77.29	77.22	83.58	65.88	121.32	103.97	117.48	231.82	132.54
Other Current Assets	4.14M	3.53M	4.94M	6.58M	43.99M	0	63.44M	87.25M	190.41M	434.85M
Total Non-Current Assets+	87.69M	84.95M	164.62M	287.16M	561.86M	717.77M	1.19B	1.37B	1.28B	595.89M
Property, Plant & Equipment	27.83M	36.12M	51.18M	119.33M	212.82M	345.01M	457.52M	606.72M	678.75M	384.83M
Fixed Asset Turnover	17.60x	13.29x	11.86x	7.85x	6.70x	4.23x	4.29x	5.13x	4.39x	2.34x
Goodwill	0	0	0	34.87M	129.65M	140.48M	129.63M	31.19M	43M	48.38M
Intangible Assets	716K	1.26M	1.11M	38.5M	74.01M	67.82M	58.86M	19.93M	35.34M	9.67M
Long-Term Investments	52.45M	44.26M	103.12M	74.26M	119.18M	147.43M	482.23M	647.35M	415.48M	63.57M
Other Non-Current Assets	399K	489K	862K	5.5M	9.9M	5.35M	33.86M	16.94M	29.95M	89.44M
Total Assets+	397.44M	424.74M	641.3M	964.47M	1.49B	2.44B	2.9B	4.27B	4.59B	2.63B
Asset Turnover	1.23x	1.13x	0.95x	0.97x	0.95x	0.60x	0.68x	0.73x	0.65x	0.34x
Asset Growth %	0.3%	0.07%	0.51%	0.5%	0.55%	0.63%	0.19%	0.47%	0.08%	-0.43%
Total Current Liabilities+	87.27M	70.48M	129.75M	225.72M	436.71M	436.1M	525.18M	889.72M	893.23M	1.04B
Accounts Payable	48.48M	34M	69.49M	107.08M	157.15M	162.05M	252.07M	459.83M	386.47M	93.49M
Days Payables Outstanding	52.37	39.01	64.66	63.24	60.61	59.27	68.94	74.08	62.07	19.19
Short-Term Debt	0	0	0	16.64M	15.67M	16.89M	148K	0	0	346.31M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	16.95M	35.28M	18.39M	58.6M	65.11M	83.8M	85.15M	106.7M	188.95M	144.39M
Current Ratio	3.55x	4.82x	3.67x	3.00x	2.14x	3.94x	3.26x	3.26x	3.70x	1.95x
Quick Ratio	2.61x	3.87x	3.03x	2.37x	1.74x	3.18x	2.53x	2.44x	2.08x	1.33x
Cash Conversion Cycle	101.38	105.85	98.7	98.95	103.14	143.43	133.05	167.67	265.5	251.99
Total Non-Current Liabilities+	54.06M	65.48M	114.08M	168.03M	246.24M	915.25M	1.07B	1.2B	1.28B	930.77M
Long-Term Debt	0	0	0	3.51M	0	573.35M	621.53M	624.45M	627.38M	330.01M
Capital Lease Obligations	0	0	0	0	32.61M	61.37M	79.42M	91.64M	86.96M	69.18M
Deferred Tax Liabilities	0	0	0	1.5M	4.46M	8.59M	156K	0	0	0
Other Non-Current Liabilities	39.38M	46.82M	82.63M	102.35M	119.19M	156.57M	213.07M	296.84M	353.64M	300.54M
Total Liabilities	141.33M	135.97M	243.84M	393.75M	682.95M	1.35B	1.59B	2.09B	2.18B	1.97B
Total Debt+	0	0	0	20.15M	57.88M	662.61M	713.83M	735.54M	732.05M	757.35M
Net Debt	-74.03M	-105.58M	-163.16M	-167.62M	-166.03M	-164.54M	183.74M	-47.57M	393.58M	482.74M
Debt / Equity	-	-	-	0.04x	0.07x	0.61x	0.54x	0.34x	0.30x	1.15x
Debt / EBITDA	-	-	-	0.13x	0.27x	3.80x	2.89x	3.41x	7.52x	-
Net Debt / EBITDA	-0.98x	-1.45x	-1.66x	-1.10x	-0.77x	-0.94x	0.74x	-0.22x	4.04x	-
Interest Coverage	-	-	53.24x	54.98x	32.60x	13.50x	19.39x	15.38x	2.61x	-91.59x
Total Equity+	256.11M	288.78M	397.47M	570.73M	811.67M	1.09B	1.31B	2.18B	2.41B	658.34M
Equity Growth %	0.53%	0.13%	0.38%	0.44%	0.42%	0.34%	0.21%	0.66%	0.11%	-0.73%
Book Value per Share	5.77	6.59	8.75	11.90	16.17	20.57	23.41	37.46	42.14	11.53
Total Shareholders' Equity	256.11M	288.78M	397.47M	562.41M	811.67M	1.09B	1.31B	2.18B	2.41B	658.34M
Common Stock	4K	4K	4K	5K	5K	5K	5K	6K	6K	6K
Retained Earnings	-43.38M	-18M	66.17M	191.13M	337.68M	478M	650.06M	743.84M	778.17M	-1.03B
Treasury Stock	0	0	0	0	0	0	0	0	0	-50.19M
Accumulated OCI	271K	-324K	-611K	-524K	-1.81M	3.86M	-27.32M	-73.11M	-46.88M	-76.48M
Minority Interest	0	0	0	8.32M	0	0	0	0	0	0

Cash Flow

	Jun 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	52.53M	49.1M	136.66M	189.08M	259M	222.66M	214.13M	31.28M	-180.11M	-313.32M
Operating CF Margin %	0.11%	0.1%	0.23%	0.2%	0.18%	0.15%	0.11%	0.01%	-0.06%	-0.35%
Operating CF Growth %	3.36%	-0.07%	1.78%	0.38%	0.37%	-0.14%	-0.04%	-0.85%	-6.76%	-0.74%
Net Income	76.61M	50.76M	84.17M	128.05M	144.96M	140.32M	169.17M	93.78M	34.33M	-1.81B
Depreciation & Amortization	3.85M	5.52M	7.16M	12.62M	26.89M	31.83M	39.53M	49.68M	57.2M	59.87M
Stock-Based Compensation	9.09M	11.63M	17.56M	30.62M	60.35M	67.31M	102.59M	145.54M	149.94M	137.25M
Deferred Taxes	0	3.65M	-5.46M	-7.09M	-6.04M	-2.74M	-12.04M	-11.05M	-43.07M	79.21M
Other Non-Cash Items	363K	-10.94M	1.07M	1.79M	8.27M	8.21M	33.06M	133.05M	12.08M	992.7M
Working Capital Changes	-37.38M	10.03M	32.16M	23.1M	24.57M	-22.29M	-118.19M	-379.71M	-390.59M	224.02M
Change in Receivables	-37.27M	1.55M	-38.14M	-60.51M	-124.07M	86.54M	-247.72M	-457.61M	296.43M	451.71M
Change in Inventory	-7.36M	14.02M	-15.69M	-20.18M	-22.54M	-149.66M	-43.05M	-341.08M	-690.85M	67.8M
Change in Payables	-32.2M	-14.46M	35.45M	31.48M	47.84M	3.33M	91.71M	194.52M	-67.8M	-285.5M
Cash from Investing+	-128.65M	-19.78M	-85.41M	-156.61M	-152.85M	-236.64M	-484.21M	-417.04M	-268.89M	416.29M
Capital Expenditures	-16.49M	-11.63M	-21.38M	-38.61M	-72.56M	-126.79M	-149.25M	-169.34M	-170.52M	-108.16M
CapEx % of Revenue	0.03%	0.02%	0.04%	0.04%	0.05%	0.09%	0.08%	0.05%	0.06%	0.12%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-800K	-77K	-619K	-112K	-29.41M	26.77M	-1.22M	3.9M	-58.82M	-20.06M
Cash from Financing+	2.78M	1.28M	7.24M	-7.96M	-73.02M	640.48M	-15.18M	654.61M	-11.96M	-20.13M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.78M	1.31M	7.24M	-4.17M	-63.76M	-234K	-4.28M	4.22M	226K	-31.25M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	36.04M	37.47M	115.28M	150.47M	186.44M	95.86M	64.88M	-138.06M	-350.64M	-421.48M
FCF Margin %	0.07%	0.08%	0.19%	0.16%	0.13%	0.07%	0.03%	-0.04%	-0.12%	-0.47%
FCF Growth %	123.71%	0.04%	2.08%	0.31%	0.24%	-0.49%	-0.32%	-3.13%	-1.54%	-0.2%
FCF per Share	0.81	0.85	2.54	3.14	3.71	1.82	1.16	-2.38	-6.13	-7.38
FCF Conversion (FCF/Net Income)	0.69x	0.97x	1.62x	1.47x	1.77x	1.59x	1.27x	0.33x	-5.25x	0.17x
Interest Paid	0	0	0	143K	1.1M	0	36K	0	0	0
Taxes Paid	1.18M	0	3.1M	15.37M	41.08M	38.99M	45.98M	74.69M	137.98M	17M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	36.22%	18.63%	24.53%	26.61%	21.2%	14.79%	14.12%	5.38%	1.5%	-117.67%
Return on Invested Capital (ROIC)	52.69%	27.54%	32.73%	32.81%	27.17%	13.65%	12.87%	6.88%	1.22%	-64.93%
Gross Margin	31.02%	33.73%	35.38%	34.06%	33.62%	31.62%	32.04%	27.16%	23.65%	-97.31%
Net Margin	15.64%	10.58%	13.87%	13.75%	10.28%	9.62%	8.61%	3.02%	1.15%	-200.38%
Debt / Equity	-	-	-	0.04x	0.07x	0.61x	0.54x	0.34x	0.30x	1.15x
Interest Coverage	-	-	53.24x	54.98x	32.60x	13.50x	19.39x	15.38x	2.61x	-91.59x
FCF Conversion	0.69x	0.97x	1.62x	1.47x	1.77x	1.59x	1.27x	0.33x	-5.25x	0.17x
Revenue Growth	50.68%	-2.01%	26.47%	54.39%	52.11%	2.36%	34.58%	58.38%	-4.3%	-69.71%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Optimizers	158.51M	244.85M	286.86M	432.41M	634.01M	625.47M	828.54M	1.14B	902.41M	314.92M
Optimizers Growth	-	54.47%	17.15%	50.74%	46.62%	-1.35%	32.47%	36.99%	-20.50%	-65.10%
Inverters	156.98M	223.76M	290.63M	416.97M	626.45M	641.8M	828.1M	1.14B	1.37B	247.63M
Inverters Growth	-	42.53%	29.89%	43.47%	50.24%	2.45%	29.03%	37.32%	20.83%	-81.98%
Other Products	9.58M	21.23M	29.56M	87.86M	165.21M	192.01M	307.22M	241.72M	220.45M	90.71M
Other Products Growth	-	121.64%	39.19%	197.26%	88.03%	16.22%	60.01%	-21.32%	-8.80%	-58.85%
Energy Storage Systems	-	-	-	-	-	-	-	-	-	49.91M
Energy Storage Systems Growth	-	-	-	-	-	-	-	-	-	-
Communication	-	-	-	-	-	-	-	72.81M	32.95M	5.42M
Communication Growth	-	-	-	-	-	-	-	-	-54.75%	-83.54%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	-	-	-	-	613.09M	786.02M	1.13B	759.61M	379.62M
United States Growth	-	-	-	-	-	-	28.21%	44.25%	-33.00%	-50.02%
Others	21.29M	44.38M	59.73M	131.91M	201.88M	220.15M	285.35M	286.33M	313.07M	199.2M
Others Growth	-	108.48%	34.61%	120.84%	53.04%	9.05%	29.61%	0.34%	9.34%	-36.37%
GERMANY	13.29M	22.21M	-	-	-	-	-	449.16M	692.05M	83.22M
GERMANY Growth	-	67.10%	-	-	-	-	-	-	54.08%	-87.98%
ITALY	-	-	-	-	-	-	-	330.56M	223.94M	62.28M
ITALY Growth	-	-	-	-	-	-	-	-	-32.25%	-72.19%
Netherlands	-	-	-	-	-	199.5M	222.1M	382.23M	326.31M	13.59M
Netherlands Growth	-	-	-	-	-	-	11.33%	72.09%	-14.63%	-95.84%
Europe	-	-	128.29M	175.89M	-	426.53M	670.39M	-	-	-
Europe Growth	-	-	-	37.10%	-	-	57.17%	-	-	-
UNITED STATES	238.34M	334.26M	348.95M	505.47M	678.57M	-	-	-	-	-
UNITED STATES Growth	-	40.25%	4.39%	44.85%	34.24%	-	-	-	-	-
EuropeExceptNetherlandsMember	-	-	-	-	345.69M	-	-	-	-	-
EuropeExceptNetherlandsMember Growth	-	-	-	-	-	-	-	-	-	-
NETHERLANDS	-	-	70.07M	123.96M	199.53M	-	-	-	-	-
NETHERLANDS Growth	-	-	-	76.91%	60.96%	-	-	-	-	-
Europe Except Germany, France, Belgium and Greece	52.16M	89M	-	-	-	-	-	-	-	-
Europe Except Germany, France, Belgium and Greece Growth	-	70.62%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

SolarEdge Technologies, Inc. (SEDG) reported $1.02B in revenue for fiscal year 2024. This represents a 1190% increase from $79.0M in 2012.

SolarEdge Technologies, Inc. (SEDG) saw revenue decline by 69.7% over the past year.

SolarEdge Technologies, Inc. (SEDG) reported a net loss of $586.2M for fiscal year 2024.

Dividend & Returns

SolarEdge Technologies, Inc. (SEDG) has a return on equity (ROE) of -117.7%. Negative ROE indicates the company is unprofitable.

SolarEdge Technologies, Inc. (SEDG) generated $37.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...

SolarEdge Technologies, Inc. (SEDG) 10-Year Financial Performance & Capital Metrics

SEDG • • Industrial / General

EnergySolarSolar System Components & Balance of SystemsInverter & Power Electronics

Revenue $901M -69.7%
EBITDA -$1.65B -1792.4%
Net Income -$1.81B -5361.9%
EPS (Diluted) -31.64 -5373.3%
Gross Margin -97.31% -511.5%
EBITDA Margin -182.86% -5688.2%
Operating Margin -189.5% -14130.0%
Net Margin -200.38% -17474.7%
ROE -117.67% -7963.4%
ROIC -64.93% -5412.4%
Debt/Equity 1.15 +279.0%
Interest Coverage -91.59 -3606.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 81 (top 19%)

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 8.8% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y10.74%

5Y-8.76%

3Y-22.86%

TTM-2.57%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM64.6%

EPS CAGR

10Y-

5Y-

3Y-

TTM82.75%

ROCE

10Y Avg7.38%

5Y Avg-7.79%

3Y Avg-19.25%

Latest-64.66%

Peer Comparison

Inverter & Power Electronics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ENPHEnphase Energy, Inc.	4.63B	35.36	47.15	-41.92%	12.93%	19.66%	10.38%	1.60
SEDGSolarEdge Technologies, Inc.	2.02B	33.84	-1.07	-69.71%	-57.48%	-122.19%		1.15

Profit & Loss

	Jun 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	489.84M	479.99M	607.04M	937.24M	1.43B	1.46B	1.96B	3.11B	2.98B	901.46M
Revenue Growth %	0.51%	-0.02%	0.26%	0.54%	0.52%	0.02%	0.35%	0.58%	-0.04%	-0.7%
Cost of Goods Sold+	337.89M	318.1M	392.28M	618M	946.32M	997.91M	1.33B	2.27B	2.27B	1.78B
COGS % of Revenue	0.69%	0.66%	0.65%	0.66%	0.66%	0.68%	0.68%	0.73%	0.76%	1.97%
Gross Profit+	151.96M	161.89M	214.77M	319.24M	479.34M	461.36M	629.32M	844.65M	703.82M	-877.2M
Gross Margin %	0.31%	0.34%	0.35%	0.34%	0.34%	0.32%	0.32%	0.27%	0.24%	-0.97%
Gross Profit Growth %	0.86%	0.07%	0.33%	0.49%	0.5%	-0.04%	0.36%	0.34%	-0.17%	-2.25%
Operating Expenses+	80.2M	94.82M	123.68M	179.82M	289.39M	318.8M	422.18M	678.53M	663.62M	831.08M
OpEx % of Revenue	0.16%	0.2%	0.2%	0.19%	0.2%	0.22%	0.21%	0.22%	0.22%	0.92%
Selling, General & Admin	46.97M	54.26M	68.71M	97.57M	145.65M	159.1M	201.2M	272.18M	310.82M	294.32M
SG&A % of Revenue	0.1%	0.11%	0.11%	0.1%	0.1%	0.11%	0.1%	0.09%	0.1%	0.33%
Research & Development	33.23M	40.56M	54.97M	82.25M	121.35M	163.12M	219.63M	289.81M	321.48M	277.24M
R&D % of Revenue	0.07%	0.08%	0.09%	0.09%	0.09%	0.11%	0.11%	0.09%	0.11%	0.31%
Other Operating Expenses	0	0	0	0	22.39M	-3.43M	1.35M	116.54M	31.31M	259.53M
Operating Income+	71.76M	67.08M	91.09M	139.42M	189.95M	142.56M	207.14M	166.12M	40.2M	-1.71B
Operating Margin %	0.15%	0.14%	0.15%	0.15%	0.13%	0.1%	0.11%	0.05%	0.01%	-1.9%
Operating Income Growth %	1.54%	-0.07%	0.36%	0.53%	0.36%	-0.25%	0.45%	-0.2%	-0.76%	-43.49%
EBITDA+	75.61M	72.59M	98.24M	152.04M	216.84M	174.4M	246.67M	215.8M	97.4M	-1.65B
EBITDA Margin %	0.15%	0.15%	0.16%	0.16%	0.15%	0.12%	0.13%	0.07%	0.03%	-1.83%
EBITDA Growth %	1.48%	-0.04%	0.35%	0.55%	0.43%	-0.2%	0.41%	-0.13%	-0.55%	-17.92%
D&A (Non-Cash Add-back)	3.85M	5.52M	7.16M	12.62M	26.89M	31.83M	39.53M	49.68M	57.2M	59.87M
EBIT	72.23M	62.57M	100.24M	139.66M	183.41M	166.85M	190.73M	181.6M	85.3M	-1.7B
Net Interest Income+	1.11M	0	2.69M	2.43M	-1.36M	-5.66M	-7.71M	-251K	17.77M	15.67M
Interest Income	1.11M	4.07M	4.4M	5.63M	4.47M	4.9M	2.97M	10.55M	33.16M	34.32M
Interest Expense	0	0	1.71M	2.54M	5.83M	10.56M	10.68M	10.8M	15.39M	18.65M
Other Income/Expense	471K	-5.88M	9.16M	-2.3M	-11.34M	21.11M	-19.91M	11.04M	40.54M	-23K
Pretax Income+	72.23M	61.2M	100.24M	137.12M	178.6M	163.67M	187.22M	177.16M	80.75M	-1.71B
Pretax Margin %	0.15%	0.13%	0.17%	0.15%	0.13%	0.11%	0.1%	0.06%	0.03%	-1.9%
Income Tax+	-4.38M	10.43M	16.07M	9.08M	33.65M	23.34M	18.05M	83.38M	46.42M	96.15M
Effective Tax Rate %	1.06%	0.83%	0.84%	0.94%	0.82%	0.86%	0.9%	0.53%	0.43%	1.06%
Net Income+	76.61M	50.76M	84.17M	128.83M	146.55M	140.32M	169.17M	93.78M	34.33M	-1.81B
Net Margin %	0.16%	0.11%	0.14%	0.14%	0.1%	0.1%	0.09%	0.03%	0.01%	-2%
Net Income Growth %	2.63%	-0.34%	0.66%	0.53%	0.14%	-0.04%	0.21%	-0.45%	-0.63%	-53.62%
Net Income (Continuing)	76.61M	50.76M	84.17M	128.05M	144.96M	140.32M	169.17M	93.78M	34.33M	-1.8B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	8.32M	0	0	0	0	0	0
EPS (Diluted)+	1.73	1.16	1.85	2.69	2.92	2.66	3.06	1.65	0.60	-31.64
EPS Growth %	2.39%	-0.33%	0.59%	0.45%	0.09%	-0.09%	0.15%	-0.46%	-0.64%	-53.73%
EPS (Basic)	1.92	1.24	1.99	2.69	3.06	2.79	3.24	1.70	0.61	-31.64
Diluted Shares Outstanding	44.38M	43.84M	45.43M	47.98M	50.2M	52.8M	55.97M	58.1M	57.24M	57.08M
Basic Shares Outstanding	39.99M	41.03M	42.3M	47.89M	47.92M	50.22M	52.2M	55.09M	56.56M	57.08M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	309.75M	339.8M	476.69M	677.31M	932.76M	1.72B	1.71B	2.9B	3.3B	2.03B
Cash & Short-Term Investments	133.19M	180.04M	240.43M	316.31M	320.76M	1.03B	697.82M	1.02B	860.04M	585.89M
Cash Only	74.03M	105.58M	163.16M	187.76M	223.9M	827.15M	530.09M	783.11M	338.47M	274.61M
Short-Term Investments	59.16M	74.47M	77.26M	128.55M	96.86M	203.78M	167.73M	241.12M	521.57M	311.28M
Accounts Receivable	88.11M	88.85M	143.25M	201.86M	382.3M	325.36M	527.38M	1.06B	780.83M	342.38M
Days Sales Outstanding	65.66	67.57	86.13	78.61	97.88	81.38	98.02	124.27	95.75	138.63
Inventory	81.55M	67.36M	82.99M	141.52M	170.8M	331.7M	380.14M	729.2M	1.44B	645.9M
Days Inventory Outstanding	88.09	77.29	77.22	83.58	65.88	121.32	103.97	117.48	231.82	132.54
Other Current Assets	4.14M	3.53M	4.94M	6.58M	43.99M	0	63.44M	87.25M	190.41M	434.85M
Total Non-Current Assets+	87.69M	84.95M	164.62M	287.16M	561.86M	717.77M	1.19B	1.37B	1.28B	595.89M
Property, Plant & Equipment	27.83M	36.12M	51.18M	119.33M	212.82M	345.01M	457.52M	606.72M	678.75M	384.83M
Fixed Asset Turnover	17.60x	13.29x	11.86x	7.85x	6.70x	4.23x	4.29x	5.13x	4.39x	2.34x
Goodwill	0	0	0	34.87M	129.65M	140.48M	129.63M	31.19M	43M	48.38M
Intangible Assets	716K	1.26M	1.11M	38.5M	74.01M	67.82M	58.86M	19.93M	35.34M	9.67M
Long-Term Investments	52.45M	44.26M	103.12M	74.26M	119.18M	147.43M	482.23M	647.35M	415.48M	63.57M
Other Non-Current Assets	399K	489K	862K	5.5M	9.9M	5.35M	33.86M	16.94M	29.95M	89.44M
Total Assets+	397.44M	424.74M	641.3M	964.47M	1.49B	2.44B	2.9B	4.27B	4.59B	2.63B
Asset Turnover	1.23x	1.13x	0.95x	0.97x	0.95x	0.60x	0.68x	0.73x	0.65x	0.34x
Asset Growth %	0.3%	0.07%	0.51%	0.5%	0.55%	0.63%	0.19%	0.47%	0.08%	-0.43%
Total Current Liabilities+	87.27M	70.48M	129.75M	225.72M	436.71M	436.1M	525.18M	889.72M	893.23M	1.04B
Accounts Payable	48.48M	34M	69.49M	107.08M	157.15M	162.05M	252.07M	459.83M	386.47M	93.49M
Days Payables Outstanding	52.37	39.01	64.66	63.24	60.61	59.27	68.94	74.08	62.07	19.19
Short-Term Debt	0	0	0	16.64M	15.67M	16.89M	148K	0	0	346.31M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	16.95M	35.28M	18.39M	58.6M	65.11M	83.8M	85.15M	106.7M	188.95M	144.39M
Current Ratio	3.55x	4.82x	3.67x	3.00x	2.14x	3.94x	3.26x	3.26x	3.70x	1.95x
Quick Ratio	2.61x	3.87x	3.03x	2.37x	1.74x	3.18x	2.53x	2.44x	2.08x	1.33x
Cash Conversion Cycle	101.38	105.85	98.7	98.95	103.14	143.43	133.05	167.67	265.5	251.99
Total Non-Current Liabilities+	54.06M	65.48M	114.08M	168.03M	246.24M	915.25M	1.07B	1.2B	1.28B	930.77M
Long-Term Debt	0	0	0	3.51M	0	573.35M	621.53M	624.45M	627.38M	330.01M
Capital Lease Obligations	0	0	0	0	32.61M	61.37M	79.42M	91.64M	86.96M	69.18M
Deferred Tax Liabilities	0	0	0	1.5M	4.46M	8.59M	156K	0	0	0
Other Non-Current Liabilities	39.38M	46.82M	82.63M	102.35M	119.19M	156.57M	213.07M	296.84M	353.64M	300.54M
Total Liabilities	141.33M	135.97M	243.84M	393.75M	682.95M	1.35B	1.59B	2.09B	2.18B	1.97B
Total Debt+	0	0	0	20.15M	57.88M	662.61M	713.83M	735.54M	732.05M	757.35M
Net Debt	-74.03M	-105.58M	-163.16M	-167.62M	-166.03M	-164.54M	183.74M	-47.57M	393.58M	482.74M
Debt / Equity	-	-	-	0.04x	0.07x	0.61x	0.54x	0.34x	0.30x	1.15x
Debt / EBITDA	-	-	-	0.13x	0.27x	3.80x	2.89x	3.41x	7.52x	-
Net Debt / EBITDA	-0.98x	-1.45x	-1.66x	-1.10x	-0.77x	-0.94x	0.74x	-0.22x	4.04x	-
Interest Coverage	-	-	53.24x	54.98x	32.60x	13.50x	19.39x	15.38x	2.61x	-91.59x
Total Equity+	256.11M	288.78M	397.47M	570.73M	811.67M	1.09B	1.31B	2.18B	2.41B	658.34M
Equity Growth %	0.53%	0.13%	0.38%	0.44%	0.42%	0.34%	0.21%	0.66%	0.11%	-0.73%
Book Value per Share	5.77	6.59	8.75	11.90	16.17	20.57	23.41	37.46	42.14	11.53
Total Shareholders' Equity	256.11M	288.78M	397.47M	562.41M	811.67M	1.09B	1.31B	2.18B	2.41B	658.34M
Common Stock	4K	4K	4K	5K	5K	5K	5K	6K	6K	6K
Retained Earnings	-43.38M	-18M	66.17M	191.13M	337.68M	478M	650.06M	743.84M	778.17M	-1.03B
Treasury Stock	0	0	0	0	0	0	0	0	0	-50.19M
Accumulated OCI	271K	-324K	-611K	-524K	-1.81M	3.86M	-27.32M	-73.11M	-46.88M	-76.48M
Minority Interest	0	0	0	8.32M	0	0	0	0	0	0

Cash Flow

	Jun 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	52.53M	49.1M	136.66M	189.08M	259M	222.66M	214.13M	31.28M	-180.11M	-313.32M
Operating CF Margin %	0.11%	0.1%	0.23%	0.2%	0.18%	0.15%	0.11%	0.01%	-0.06%	-0.35%
Operating CF Growth %	3.36%	-0.07%	1.78%	0.38%	0.37%	-0.14%	-0.04%	-0.85%	-6.76%	-0.74%
Net Income	76.61M	50.76M	84.17M	128.05M	144.96M	140.32M	169.17M	93.78M	34.33M	-1.81B
Depreciation & Amortization	3.85M	5.52M	7.16M	12.62M	26.89M	31.83M	39.53M	49.68M	57.2M	59.87M
Stock-Based Compensation	9.09M	11.63M	17.56M	30.62M	60.35M	67.31M	102.59M	145.54M	149.94M	137.25M
Deferred Taxes	0	3.65M	-5.46M	-7.09M	-6.04M	-2.74M	-12.04M	-11.05M	-43.07M	79.21M
Other Non-Cash Items	363K	-10.94M	1.07M	1.79M	8.27M	8.21M	33.06M	133.05M	12.08M	992.7M
Working Capital Changes	-37.38M	10.03M	32.16M	23.1M	24.57M	-22.29M	-118.19M	-379.71M	-390.59M	224.02M
Change in Receivables	-37.27M	1.55M	-38.14M	-60.51M	-124.07M	86.54M	-247.72M	-457.61M	296.43M	451.71M
Change in Inventory	-7.36M	14.02M	-15.69M	-20.18M	-22.54M	-149.66M	-43.05M	-341.08M	-690.85M	67.8M
Change in Payables	-32.2M	-14.46M	35.45M	31.48M	47.84M	3.33M	91.71M	194.52M	-67.8M	-285.5M
Cash from Investing+	-128.65M	-19.78M	-85.41M	-156.61M	-152.85M	-236.64M	-484.21M	-417.04M	-268.89M	416.29M
Capital Expenditures	-16.49M	-11.63M	-21.38M	-38.61M	-72.56M	-126.79M	-149.25M	-169.34M	-170.52M	-108.16M
CapEx % of Revenue	0.03%	0.02%	0.04%	0.04%	0.05%	0.09%	0.08%	0.05%	0.06%	0.12%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-800K	-77K	-619K	-112K	-29.41M	26.77M	-1.22M	3.9M	-58.82M	-20.06M
Cash from Financing+	2.78M	1.28M	7.24M	-7.96M	-73.02M	640.48M	-15.18M	654.61M	-11.96M	-20.13M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.78M	1.31M	7.24M	-4.17M	-63.76M	-234K	-4.28M	4.22M	226K	-31.25M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	36.04M	37.47M	115.28M	150.47M	186.44M	95.86M	64.88M	-138.06M	-350.64M	-421.48M
FCF Margin %	0.07%	0.08%	0.19%	0.16%	0.13%	0.07%	0.03%	-0.04%	-0.12%	-0.47%
FCF Growth %	123.71%	0.04%	2.08%	0.31%	0.24%	-0.49%	-0.32%	-3.13%	-1.54%	-0.2%
FCF per Share	0.81	0.85	2.54	3.14	3.71	1.82	1.16	-2.38	-6.13	-7.38
FCF Conversion (FCF/Net Income)	0.69x	0.97x	1.62x	1.47x	1.77x	1.59x	1.27x	0.33x	-5.25x	0.17x
Interest Paid	0	0	0	143K	1.1M	0	36K	0	0	0
Taxes Paid	1.18M	0	3.1M	15.37M	41.08M	38.99M	45.98M	74.69M	137.98M	17M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	36.22%	18.63%	24.53%	26.61%	21.2%	14.79%	14.12%	5.38%	1.5%	-117.67%
Return on Invested Capital (ROIC)	52.69%	27.54%	32.73%	32.81%	27.17%	13.65%	12.87%	6.88%	1.22%	-64.93%
Gross Margin	31.02%	33.73%	35.38%	34.06%	33.62%	31.62%	32.04%	27.16%	23.65%	-97.31%
Net Margin	15.64%	10.58%	13.87%	13.75%	10.28%	9.62%	8.61%	3.02%	1.15%	-200.38%
Debt / Equity	-	-	-	0.04x	0.07x	0.61x	0.54x	0.34x	0.30x	1.15x
Interest Coverage	-	-	53.24x	54.98x	32.60x	13.50x	19.39x	15.38x	2.61x	-91.59x
FCF Conversion	0.69x	0.97x	1.62x	1.47x	1.77x	1.59x	1.27x	0.33x	-5.25x	0.17x
Revenue Growth	50.68%	-2.01%	26.47%	54.39%	52.11%	2.36%	34.58%	58.38%	-4.3%	-69.71%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Optimizers	158.51M	244.85M	286.86M	432.41M	634.01M	625.47M	828.54M	1.14B	902.41M	314.92M
Optimizers Growth	-	54.47%	17.15%	50.74%	46.62%	-1.35%	32.47%	36.99%	-20.50%	-65.10%
Inverters	156.98M	223.76M	290.63M	416.97M	626.45M	641.8M	828.1M	1.14B	1.37B	247.63M
Inverters Growth	-	42.53%	29.89%	43.47%	50.24%	2.45%	29.03%	37.32%	20.83%	-81.98%
Other Products	9.58M	21.23M	29.56M	87.86M	165.21M	192.01M	307.22M	241.72M	220.45M	90.71M
Other Products Growth	-	121.64%	39.19%	197.26%	88.03%	16.22%	60.01%	-21.32%	-8.80%	-58.85%
Energy Storage Systems	-	-	-	-	-	-	-	-	-	49.91M
Energy Storage Systems Growth	-	-	-	-	-	-	-	-	-	-
Communication	-	-	-	-	-	-	-	72.81M	32.95M	5.42M
Communication Growth	-	-	-	-	-	-	-	-	-54.75%	-83.54%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	-	-	-	-	613.09M	786.02M	1.13B	759.61M	379.62M
United States Growth	-	-	-	-	-	-	28.21%	44.25%	-33.00%	-50.02%
Others	21.29M	44.38M	59.73M	131.91M	201.88M	220.15M	285.35M	286.33M	313.07M	199.2M
Others Growth	-	108.48%	34.61%	120.84%	53.04%	9.05%	29.61%	0.34%	9.34%	-36.37%
GERMANY	13.29M	22.21M	-	-	-	-	-	449.16M	692.05M	83.22M
GERMANY Growth	-	67.10%	-	-	-	-	-	-	54.08%	-87.98%
ITALY	-	-	-	-	-	-	-	330.56M	223.94M	62.28M
ITALY Growth	-	-	-	-	-	-	-	-	-32.25%	-72.19%
Netherlands	-	-	-	-	-	199.5M	222.1M	382.23M	326.31M	13.59M
Netherlands Growth	-	-	-	-	-	-	11.33%	72.09%	-14.63%	-95.84%
Europe	-	-	128.29M	175.89M	-	426.53M	670.39M	-	-	-
Europe Growth	-	-	-	37.10%	-	-	57.17%	-	-	-
UNITED STATES	238.34M	334.26M	348.95M	505.47M	678.57M	-	-	-	-	-
UNITED STATES Growth	-	40.25%	4.39%	44.85%	34.24%	-	-	-	-	-
EuropeExceptNetherlandsMember	-	-	-	-	345.69M	-	-	-	-	-
EuropeExceptNetherlandsMember Growth	-	-	-	-	-	-	-	-	-	-
NETHERLANDS	-	-	70.07M	123.96M	199.53M	-	-	-	-	-
NETHERLANDS Growth	-	-	-	76.91%	60.96%	-	-	-	-	-
Europe Except Germany, France, Belgium and Greece	52.16M	89M	-	-	-	-	-	-	-	-
Europe Except Germany, France, Belgium and Greece Growth	-	70.62%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

SolarEdge Technologies, Inc. (SEDG) reported $1.02B in revenue for fiscal year 2024. This represents a 1190% increase from $79.0M in 2012.

SolarEdge Technologies, Inc. (SEDG) saw revenue decline by 69.7% over the past year.

SolarEdge Technologies, Inc. (SEDG) reported a net loss of $586.2M for fiscal year 2024.

Dividend & Returns

SolarEdge Technologies, Inc. (SEDG) has a return on equity (ROE) of -117.7%. Negative ROE indicates the company is unprofitable.

SolarEdge Technologies, Inc. (SEDG) generated $37.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.