The company's financial stability is under pressure as the debt-to-equity ratio surged to 0.95 in 2026Q1, reflecting a reliance on debt as retained earnings shifted to a $1.5 billion deficit.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Total Current Assets | 1.82B | 1.74B | 2.03B | 3.3B | 2.9B | 1.71B | 1.72B | 932.76M | 677.31M | 476.69M | 339.8M | 309.75M | 290.41M | 69.27M | 44.17M |
| Cash & Short-Term Investments | 582.63M | 577.94M | 585.89M | 860.04M | 1.02B | 697.82M | 1.03B | 320.76M | 316.31M | 240.43M | 180.04M | 133.19M | 144.75M | 9.75M | 13.14M |
| Cash Only | 553.37M | 539.85M | 274.61M | 338.47M | 783.11M | 530.09M | 827.15M | 223.9M | 187.76M | 163.16M | 105.58M | 74.03M | 144.75M | 9.75M | 13.14M |
| Short-Term Investments | 29.27M | 38.1M | 311.28M | 521.57M | 241.12M | 167.73M | 203.78M | 96.86M | 128.55M | 77.26M | 74.47M | 59.16M | 0 | 0 | 0 |
| Accounts Receivable | 222.7M | 267.44M | 342.38M | 780.83M | 1.06B | 527.38M | 325.36M | 382.3M | 201.86M | 143.25M | 88.85M | 88.11M | 60.49M | 29.5M | 13.38M |
| Days Sales Outstanding | 77.65 | 82.42 | 138.63 | 95.75 | 124.27 | 98.02 | 81.38 | 97.88 | 78.61 | 86.13 | 67.57 | 65.66 | 67.92 | 80.83 | 61.77 |
| Inventory | 596.82M | 552.63M | 645.9M | 1.44B | 729.2M | 380.14M | 331.7M | 170.8M | 141.52M | 82.99M | 67.36M | 81.55M | 73.95M | 25.5M | 14.79M |
| Days Inventory Outstanding | 193.27 | 201.14 | 132.54 | 231.82 | 117.48 | 103.97 | 121.32 | 65.88 | 83.58 | 77.22 | 77.29 | 88.09 | 110.94 | 83.66 | 72.31 |
| Other Current Assets | 414.52M | 341.83M | 434.85M | 190.41M | 87.25M | 63.44M | 0 | 43.99M | 6.58M | 4.94M | 3.53M | 4.14M | 8.23M | 2.48M | 2.06M |
| Total Non-Current Assets | 443.83M | 442.35M | 595.89M | 1.28B | 1.37B | 1.19B | 717.77M | 561.86M | 287.16M | 164.62M | 84.95M | 87.69M | 15.25M | 5.72M | 4.91M |
| Property, Plant & Equipment | 315.05M | 317.53M | 384.83M | 678.75M | 606.72M | 457.52M | 345.01M | 212.82M | 119.33M | 51.18M | 36.12M | 27.83M | 14.72M | 5.35M | 4.34M |
| Fixed Asset Turnover | 3.74x | 3.73x | 2.34x | 4.39x | 5.13x | 4.29x | 4.23x | 6.70x | 7.85x | 11.86x | 13.29x | 17.60x | 22.09x | 24.90x | 18.22x |
| Goodwill | 49.85M | 50.12M | 48.38M | 43M | 31.19M | 129.63M | 140.48M | 129.65M | 34.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.42M | 7.13M | 9.67M | 35.34M | 19.93M | 58.86M | 67.82M | 74.01M | 38.5M | 1.11M | 1.26M | 716K | 0 | 0 | 0 |
| Long-Term Investments | 51.9M | 0 | 63.57M | 415.48M | 647.35M | 482.23M | 147.43M | 119.18M | 74.26M | 103.12M | 44.26M | 52.45M | 0 | 0 | 0 |
| Other Non-Current Assets | 72.5M | 67.57M | 89.44M | 29.95M | 16.94M | 33.86M | 5.35M | 9.9M | 5.5M | 862K | 489K | 399K | 529K | 374K | 574K |
| Total Assets | 2.26B | 2.18B | 2.63B | 4.59B | 4.27B | 2.9B | 2.44B | 1.49B | 964.47M | 641.3M | 424.74M | 397.44M | 305.66M | 75M | 49.09M |
| Asset Turnover | 0.56x | 0.54x | 0.34x | 0.65x | 0.73x | 0.68x | 0.60x | 0.95x | 0.97x | 0.95x | 1.13x | 1.23x | 1.06x | 1.78x | 1.61x |
| Asset Growth % | -85.17% | -17.03% | -42.67% | 7.54% | 47.05% | 19.03% | 63.06% | 54.97% | 50.39% | 50.99% | 6.87% | 30.03% | 307.55% | 52.79% | - |
| Total Current Liabilities | 897.27M | 803.5M | 1.04B | 893.23M | 889.72M | 525.18M | 436.1M | 436.71M | 225.72M | 129.75M | 70.48M | 87.27M | 105.59M | 72.94M | 40.81M |
| Accounts Payable | 404.51M | 271.98M | 93.49M | 386.47M | 459.83M | 252.07M | 162.05M | 157.15M | 107.08M | 69.49M | 34M | 48.48M | 80.68M | 36.67M | 16.47M |
| Days Payables Outstanding | 99.6 | 98.99 | 19.19 | 62.07 | 74.08 | 68.94 | 59.27 | 60.61 | 63.24 | 64.66 | 39.01 | 52.37 | 121.05 | 120.31 | 80.55 |
| Short-Term Debt | 0 | 0 | 346.31M | 0 | 0 | 148K | 16.89M | 15.67M | 16.64M | 0 | 0 | 0 | 0 | 16.8M | 6.21M |
| Deferred Revenue (Current) | 146.09M | 70.37M | 140.87M | 40.84M | 26.64M | 17.79M | 24.65M | 70.81M | 14.35M | 2.56M | 1.2M | 3.86M | 1.68M | 1.73M | 3.58M |
| Other Current Liabilities | 372.23M | 387.15M | 144.39M | 188.95M | 106.7M | 85.15M | 83.8M | 65.11M | 58.6M | 18.39M | 35.28M | 16.95M | 16.42M | 12.39M | 11.13M |
| Current Ratio | 2.02x | 2.17x | 1.95x | 3.70x | 3.26x | 3.26x | 3.94x | 2.14x | 3.00x | 3.67x | 4.82x | 3.55x | 2.75x | 0.95x | 1.08x |
| Quick Ratio | 1.36x | 1.48x | 1.33x | 2.08x | 2.44x | 2.53x | 3.18x | 1.74x | 2.37x | 3.03x | 3.87x | 2.61x | 2.05x | 0.60x | 0.72x |
| Cash Conversion Cycle | 171.32 | 184.56 | 251.99 | 265.5 | 167.67 | 133.05 | 143.43 | 103.14 | 98.95 | 98.7 | 105.85 | 101.38 | 57.82 | 44.18 | 53.54 |
| Total Non-Current Liabilities | 952.52M | 951.24M | 930.77M | 1.28B | 1.2B | 1.07B | 915.25M | 246.24M | 168.03M | 114.08M | 65.48M | 54.06M | 33.12M | 21.15M | 17.74M |
| Long-Term Debt | 331.94M | 368.21M | 330.01M | 627.38M | 624.45M | 621.53M | 573.35M | 0 | 3.51M | 0 | 0 | 0 | 0 | 3.44M | 6.61M |
| Capital Lease Obligations | 256.61M | 55.21M | 69.18M | 86.96M | 91.64M | 79.42M | 61.37M | 32.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 156K | 8.59M | 4.46M | 1.5M | 0 | 0 | 0 | 0 | 765K | 818K |
| Other Non-Current Liabilities | 248.99M | 234.49M | 300.54M | 353.64M | 296.84M | 213.07M | 156.57M | 119.19M | 102.35M | 82.63M | 46.82M | 39.38M | 24.83M | 12.69M | 7.42M |
| Total Liabilities | 1.85B | 1.75B | 1.97B | 2.18B | 2.09B | 1.59B | 1.35B | 682.95M | 393.75M | 243.84M | 135.97M | 141.33M | 138.71M | 94.09M | 58.56M |
| Total Debt | 389.57M | 423.42M | 757.35M | 732.05M | 735.54M | 713.83M | 662.61M | 57.88M | 20.15M | 0 | 0 | 0 | 0 | 20.24M | 12.82M |
| Net Debt | -163.79M | -116.43M | 482.74M | 393.58M | -47.57M | 183.74M | -164.54M | -166.03M | -167.62M | -163.16M | -105.58M | -74.03M | -144.75M | 10.49M | -319K |
| Debt / Equity | 0.95x | 0.99x | 1.15x | 0.30x | 0.34x | 0.54x | 0.61x | 0.07x | 0.04x | - | - | - | - | - | - |
| Debt / EBITDA | -1.85x | - | - | 7.52x | 3.41x | 2.89x | 3.80x | 0.27x | 0.13x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.78x | - | - | 4.04x | -0.22x | 0.74x | -0.94x | -0.77x | -1.10x | -1.66x | -1.45x | -0.98x | -4.74x | - | - |
| Interest Coverage | -2.65x | -3.84x | -91.16x | 5.54x | 16.81x | 17.86x | 15.80x | 31.48x | 55.07x | 58.59x | - | - | 26.78x | - | - |
| Total Equity | 410.72M | 427.46M | 658.34M | 2.41B | 2.18B | 1.31B | 1.09B | 811.67M | 570.73M | 397.47M | 288.78M | 256.11M | 166.94M | -19.09M | -9.47M |
| Equity Growth % | -191.42% | -35.07% | -72.7% | 10.82% | 66.13% | 20.66% | 33.77% | 42.22% | 43.59% | 37.64% | 12.76% | 53.41% | 974.46% | -101.57% | - |
| Book Value per Share | 6.87 | 7.14 | 11.53 | 42.14 | 37.46 | 23.41 | 20.57 | 16.17 | 11.90 | 8.75 | 6.59 | 5.77 | 4.05 | -0.60 | -0.30 |
| Total Shareholders' Equity | 410.72M | 427.46M | 658.34M | 2.41B | 2.18B | 1.31B | 1.09B | 811.67M | 562.41M | 397.47M | 288.78M | 256.11M | 166.94M | -19.09M | -9.47M |
| Common Stock | 6K | 6K | 6K | 6K | 6K | 5K | 5K | 5K | 5K | 4K | 4K | 4K | 4K | 0 | 0 |
| Retained Earnings | -1.49B | -1.43B | -1.03B | 778.17M | 743.84M | 650.06M | 478M | 337.68M | 191.13M | 66.17M | -18M | -43.38M | -119.99M | -141.11M | -119.73M |
| Treasury Stock | 0 | 0 | -50.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 4.94M | -11.66M | -76.48M | -46.88M | -73.11M | -27.32M | 3.86M | -1.81M | -524K | -611K | -324K | 271K | -222K | -61K | -26K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.32M | 0 | 0 | 0 | 0 | 0 | 0 |
Eroding Equity and Leverage
As reported in recent financial statements, SolarEdge's total equity has plummeted from $2.4 billion in 2023Q4 to $410.7 million by 2026Q1, reflecting a severe erosion of the capital base driven by persistent net losses and the accumulation of a $1.5 billion deficit in retained earnings.
The rapid contraction in equity suggests that the company's historical value creation has been largely reversed by recent operational challenges. Investors should monitor whether this trajectory stabilizes or if further losses necessitate external capital raises that could significantly dilute existing shareholders.
Based on reported figures, the company's debt-to-equity ratio has surged to 0.95 in 2026Q1 from a low of 0.30 in 2023Q4, indicating that the firm is increasingly reliant on debt financing as its equity base shrinks under the weight of sustained operational deficits.
While the absolute debt level has remained relatively contained, the rising D/E ratio highlights a deteriorating capital structure. This shift warrants investigation into the company's long-term debt covenants and its ability to service obligations if the current cyclical downturn in solar demand persists.
According to quarterly filings, the current ratio has fluctuated significantly, settling at 2.02 in 2026Q1, which suggests that while the company maintains a basic liquidity buffer, its ability to cover short-term obligations is increasingly sensitive to the successful liquidation of its remaining inventory.
The volatility in the current ratio appears tied to the company's efforts to manage working capital during a period of demand contraction. Analysts should remain cautious, as the liquidity position may appear more stable than it is if inventory turnover rates fail to meet management's internal projections.
As disclosed in the balance sheet data, the shift from a positive $778.2 million in retained earnings in 2023Q4 to a negative $1.5 billion by 2026Q1 represents the most significant non-obvious risk to the company's long-term financial health and future dividend or buyback potential.
This massive swing into a deficit position indicates that the company has effectively consumed its historical profits to fund operations and cover losses. This trend suggests that the balance sheet is no longer a source of strength, but rather a constraint on the company's ability to pivot or invest in new growth initiatives.
Quick answers to the most common questions about buying SEDG stock.
As of 2025, SolarEdge Technologies, Inc. (SEDG) had total assets of $2.18B including $1.74B in current assets.
SolarEdge Technologies, Inc. (SEDG) carries total debt of $423.4M, offset by $577.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SolarEdge Technologies, Inc. (SEDG) has total shareholders' equity (book value) of $427.5M ($7.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SolarEdge Technologies, Inc. (SEDG) reported a current ratio of 2.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.