Cash generation is highly sensitive to project timing, as demonstrated by the swing in free cash flow from a $9.8M deficit in 2024Q3 to a $32.7M surplus in 2025Q3.
| Metric | TTM | 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 44.86M | -4.29M | -23.49M | -35.25M | -6.42M | -10.03M | 55.91M | -51.09M | 18.43M | 27.53M | 2.21M | -110.8M | 119.83M | -93.63M | -22.03M | 403.17M | -53.68M | -34.81M | -31.66M | -15.5M | 1.08M | -39K |
| Operating CF Margin % | - | -4.66% | -22.23% | -57.51% | -8.05% | -13.65% | 46.94% | -52.72% | 17.9% | 34.2% | 0.17% | -7.1% | 7.89% | -9.66% | -2.24% | 33.44% | -10.52% | -5.19% | -12.72% | -18.37% | 21.26% | - |
| Operating CF Growth % | 1029.05% | 81.72% | 33.37% | -449.41% | 36.06% | -117.95% | 209.45% | -377.19% | -33.06% | 1145.88% | 101.99% | -192.47% | 227.98% | -325.05% | -105.46% | 851.08% | -54.19% | -9.96% | -104.28% | -1532.63% | 2874.07% | - |
| Net Income | -5.33M | -11.61M | -3.19M | -4.55M | 6.61M | 2.16M | -11.68M | 5.1M | 3.2M | -34.7M | -5.08M | -33.63M | -259.53M | -203.5M | 331K | 169M | -63.66M | -54.91M | 42.94M | 25.3M | 1.19M | 58K |
| Depreciation & Amortization | 3.92M | 6.92M | 7.83M | 6.82M | 6.79M | 7.34M | 7.8M | 8.4M | 4.48M | 83.21M | 90.11M | 90.22M | 112.89M | 93.5M | 82.73M | 56.35M | 32.74M | 15.52M | 4.17M | 732.86K | 45.01K | 7K |
| Stock-Based Compensation | 0 | 377K | 1.44M | 1.74M | 2.63M | 369.19K | 348.92K | 439.07K | 870.62K | 747K | 1.53M | 1.68M | -265K | 2.22M | 4.36M | 3.94M | 3.3M | 3.09M | 929.07M | 0 | 0 | 0 |
| Deferred Taxes | 78.01K | 132K | -40K | 4.35M | 418.46K | -303K | 255.54K | -1.09M | 88.05K | 1.45B | 2.54B | -2.15B | 161.8M | 75.44M | -5.45M | 44.33B | -4.74M | -9.62B | -6.42M | -2.72M | -617.35K | 0 |
| Other Non-Cash Items | 21.71M | 6.13M | 8.11M | 3.76M | 3.93M | -5.6M | 23.9M | -290K | 65.11M | -1.45B | -2.55B | 2.15B | 8.99M | 784K | 55.2M | -44.32B | 81.56M | 9.76B | -924.79M | 361.74K | 369.57K | -103K |
| Working Capital Changes | 31.22M | -6.24M | -37.64M | -47.37M | -26.8M | -14M | 35.29M | -63.64M | -55.32M | -20.75M | -70.5M | -163.78M | 95.94M | -62.08M | -159.2M | 173.49M | -102.89M | -140.17M | -76.62M | -39.17M | 93.76K | -1K |
| Change in Receivables | 36.83M | 11.07M | 0 | -17.72M | -30.35M | -18.13M | 20.77M | -18.36M | 2.08M | -30.51M | -211.82M | -129.28M | 131.33M | 145.67M | -82.53M | 26.89M | -62.66M | -34.94M | -7.84B | 0 | 0 | 241K |
| Change in Inventory | -168.93K | 0 | 0 | -740.16K | -129K | 0 | 102.87K | -24.48B | -24.48B | 10.47M | 121.77M | -16.67M | -97.02M | -157.34M | -24.25M | -28.43M | -1.72M | -204.85M | -60.44M | -40.59M | -3.22M | 0 |
| Change in Payables | -2.92M | 0 | 0 | -2.35M | -2.7M | 0 | 8.24M | 24.45B | 24.45B | -52.55B | -158.97B | -174.89B | 6.5M | 409K | 4.56M | 121.46M | 38.02M | 23.18M | 7.6B | 0 | 0 | -187K |
| Cash from Investing | -9.95M | -15.47M | 15.31M | -37.06M | 19.39M | -3.39M | -1.6M | -40.4M | -156.35M | 42.16M | -40.03M | 103.34M | -190.87M | -250.52M | -177.43M | -151.27M | -257.67M | -336.2M | -118.2M | -32.2M | -2.24M | -173K |
| Capital Expenditures | -11.13M | -15.75M | -10.75M | -37.62M | -11.62M | -8.25M | -13.69M | -40.4M | -80.31M | -7.1M | -16.82M | -54.51M | -126.24M | -136.42M | -152.75M | -144.53M | -359.5M | -338.32M | -101.4M | -17.61M | -2.24M | -456K |
| CapEx % of Revenue | 15.62% | 17.1% | 10.17% | 61.37% | 14.58% | 11.22% | 11.5% | 41.69% | 77.99% | 8.82% | 1.31% | 3.49% | 8.31% | 14.08% | 15.5% | 11.99% | 70.43% | 50.47% | 40.73% | 20.87% | 44.02% | - |
| Acquisitions | 190.9K | 0 | 15.9M | 2.62M | 33.39M | -3.9M | 25.19M | 0 | 0 | 3.19M | -83K | 18.68M | 151.66K | -1.3M | -1.1M | 0 | -16.83M | 0 | 0 | 0 | 0 | 283K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 981.72K | 277K | 10.16M | 7.81M | -2.39M | 8.76M | -13.09M | 0 | -76.04M | 36.67M | -24.5M | 142.5M | -64.1M | -112.81M | -23.73M | -6.74M | -13M | -4.21M | -16.8M | -14.6M | 2.81K | 0 |
| Cash from Financing | 22.07M | -5.85M | -25.26M | -60.28M | 204.88M | 30.18M | -39.31M | 85.83M | 102.4M | -62.37M | -11.16M | 9.05M | 67.63M | 59.91M | 273.92M | -72.81M | 305.75M | 422.23M | 188.54M | 57.22M | 1.5M | 246K |
| Debt Issued (Net) | 22.86M | 1.36M | -3.54M | -17M | -44.13M | -11.32M | -63.29M | 55.51M | 52.9M | -27.06M | -55.62M | 12.05M | 1.68M | 59.49M | 306.55M | -75.85M | 237.39M | 128.08M | 186.67M | 13.75M | 452.81K | 246K |
| Equity Issued (Net) | 0 | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 0 | 0 | -1000K | -812K | 0 | 1000K | 0 | -1000K | 0 | 1000K | 1000K | 0 | 1000K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12B | -103K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -7.21M | -21.94M | -43.68M | -18.45M | 0 | 0 | 0 | 0 | -1.49M | -812K | 0 | 0 | 0 | -1.94M | 0 | -5.26M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -796.09K | 0 | 111K | 0 | -5.51M | -3.5M | 12.99M | 30.32M | 49.51M | -33.82M | 45.27M | -3.01M | -4.11M | 412.34K | -30.69M | 3.04M | 0 | 0 | 1.87M | -2.71M | 4.01K | 0 |
| Net Change in Cash | 51.46M | -20.16M | -37.11M | -147.09M | 213.71M | 15.98M | 15.67M | -4.4M | -23.91M | -709K | -61.8M | 13.07M | -6.51M | -285.76M | 88.34M | 183.89M | -5.53M | 59.2M | 43.27M | 9.46M | 364.56K | 0 |
| Free Cash Flow | 33.73M | -20.04M | -34.23M | -72.87M | -18.03M | -18.28M | 42.22M | -91.49M | -61.88M | 20.43M | -14.61M | -165.32M | -6.41M | -230.05M | -174.78M | 258.64M | -413.17M | -373.14M | -133.06M | -33.11M | -1.16M | -495K |
| FCF Margin % | 47.36% | -21.77% | -32.41% | -118.89% | -22.64% | -24.87% | 35.44% | -94.41% | -60.1% | 25.38% | -1.14% | -10.59% | -0.42% | -23.74% | -17.74% | 21.45% | -80.95% | -55.66% | -53.44% | -39.24% | -22.75% | - |
| FCF Growth % | 244.41% | 41.46% | 53.02% | -304.07% | 1.36% | -143.3% | 146.15% | -47.83% | -402.91% | 239.83% | 91.16% | -2480.24% | 97.21% | -31.62% | -167.58% | 162.6% | -10.73% | -180.43% | -301.92% | -2759.68% | -133.88% | - |
| FCF per Share | 0.66 | -0.39 | -0.61 | -1.12 | -0.26 | -0.37 | 1.04 | -2.40 | -2.51 | 1.01 | -0.72 | -8.12 | -0.35 | -13.32 | -10.05 | 14.77 | -28.00 | -29.35 | -12.30 | -4.19 | -0.17 | -0.07 |
| FCF Conversion (FCF/Net Income) | -6.33x | 0.34x | 7.37x | 7.54x | -0.94x | -3.61x | -6.33x | -29.04x | 0.53x | -0.79x | -0.44x | 3.29x | -0.46x | 0.39x | -66.15x | 2.39x | 0.75x | 0.63x | -0.74x | -0.61x | 0.91x | -5.57x |
| Interest Paid | 0 | 1.99M | 2.03M | 3.17M | 5.2M | 6.19M | 9.04M | 8.28M | 3.94M | 2.97M | 0 | 42.31M | 0 | 55.15M | 38.74M | 23.86M | 23.85M | 12.68M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 3.58M | 1.3M | 1.31M | 366.35K | 509.49K | 338.1K | 637.53K | 42.88K | 79.98K | 0 | 5.87M | 0 | 5.9M | 28.05M | 2.89M | 552.61K | 8.12M | 0 | 0 | 0 | 0 |
Project Monetization Timing Risk
As reported in financial statements, Emeren's operating cash flow frequently diverges from net income, with the OCF/NI ratio swinging from a negative 5.64 in 2024Q2 to a positive 9.86 in 2025Q3, highlighting the extreme sensitivity of cash generation to the timing of project divestments.
The wide variance between net income and operating cash flow suggests that accounting profits are heavily influenced by non-cash accruals and the timing of project milestones. Investors should monitor whether this divergence indicates a structural inability to convert development-stage earnings into realized cash without significant working capital swings.
Based on Emeren's reported figures, free cash flow has demonstrated significant instability, oscillating between a peak of $32.7M in 2025Q3 and a trough of -$9.8M in 2024Q3, which underscores the difficulty in maintaining consistent cash generation within an asset-light project development business model.
The erratic FCF trajectory suggests that the company's cash flow profile is currently dictated by the lumpy nature of project sales rather than recurring operational efficiency. This inconsistency may complicate long-term capital planning and suggests that the company remains vulnerable to delays in its project monetization cycle.
According to recent SEC filings, working capital changes have become the primary determinant of quarterly cash flow, evidenced by a $31.1M inflow in 2025Q3 compared to a $14.5M outflow in 2023Q2, reflecting the intense impact of project-specific inventory and receivable cycles on liquidity.
The significant fluctuations in working capital indicate that Emeren's cash position is highly sensitive to the timing of project completions and the subsequent collection of proceeds. This reliance on working capital movements suggests that the company's cash flow is less a reflection of core profitability and more a function of project-specific timing.
As noted in historical financial statements, Emeren has maintained a disciplined approach to capital deployment, characterized by minimal dividend payments and sporadic share repurchases, such as the $6.2M buyback in 2024Q1, while prioritizing the preservation of its low debt-to-equity ratio over aggressive expansion.
The company's conservative capital allocation strategy appears to be a defensive response to the inherent volatility of its project-based revenue model. By limiting cash outflows for shareholder returns, management seems to be prioritizing liquidity to navigate potential delays in the European project pipeline.
Quick answers to the most common questions about buying SOL stock.
Emeren Group, Ltd. (SOL) generated $-4.3M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Emeren Group, Ltd. (SOL) reported negative free cash flow of $20.0M in 2024, indicating capital requirements exceeded cash from operations.
Emeren Group, Ltd. (SOL) spent $15.7M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Emeren Group, Ltd. (SOL) spent $7.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.