SOLAREDGE TECHNOLOGIES, INC. SEDG
We are a global smart energy technology company that changed the way power is harvested and managed in photovoltaic (also known as PV) systems. Our direct current ("DC"), optimized inverter system maximizes power generation while lowering the cost of energy produced by the PV system for improved return on investment, or ROI. Additional benefits of the DC optimized inverter system include: comprehensive and advanced safety features, improved design flexibility, efficient integration (DC coupled) with SolarEdge storage solutions, and improved operation and maintenance, or O&M, with remote monitoring at the module-level. The typical SolarEdge DC optimized inverter system consists of inverters, Optimizers, a communication device which enables access to a cloud-based Monitoring Platform and, in many cases, a battery and additional smart energy management solutions and devices, such as EV chargers and load controllers. As part of our hardware sales, we also provide the energy management software which controls, manages and optimizes the energy production, storage and use of energy generated by our systems. Our solutions address a broad range of solar market segments, from residential solar installations to commercial and small utility scale solar installations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.18B | $901.5M | $2.98B | $3.11B | $1.96B | $1.46B | $1.43B | $937.2M | $607.0M | $489.8M |
| Cost of revenue | $988.2M | $1.78B | $2.27B | $2.27B | $1.33B | $997.9M | $946.3M | $618.0M | $392.3M | $337.9M |
| Gross profit | $196.3M | -$877.2M | $703.8M | $844.6M | $629.3M | $461.4M | $479.3M | $319.2M | $214.8M | $152.0M |
| R&D | $221.3M | $277.2M | $321.5M | $289.8M | $219.6M | $163.1M | $121.4M | $82.2M | $55.0M | $33.2M |
| SG&A | $101.0M | $147.5M | $146.5M | $112.5M | $82.2M | $63.1M | $49.4M | $29.3M | $18.7M | $12.1M |
| Total operating expenses | $498.0M | $831.1M | $663.6M | $678.5M | $422.2M | $318.8M | $289.4M | $179.8M | $123.7M | $80.2M |
| Operating income | -$301.7M | -$1.71B | $40.2M | $166.1M | $207.1M | $142.6M | $189.9M | $139.4M | $91.1M | $71.8M |
| Interest expense | $1.4M | $1.2M | $1.3M | $1.5M | $605.0K | $5.3M | $4.8M | $2.5M | — | — |
| Pre-tax income | -$391.1M | -$1.71B | $81.1M | $177.2M | $187.2M | $163.7M | $178.6M | $137.1M | $100.2M | $72.2M |
| Income tax | $13.4M | $96.2M | $46.4M | $83.4M | $18.1M | $23.3M | $33.6M | $9.1M | $16.1M | $4.4M |
| Net income | -$405.4M | -$1.81B | $34.3M | $93.8M | $169.2M | $140.3M | $146.5M | $128.8M | $84.2M | $76.6M |
| EPS, basic | -6.88 | -31.64 | 0.61 | 1.70 | 3.24 | 2.79 | 3.06 | 2.85 | 1.99 | 1.92 |
| EPS, diluted | -6.88 | -31.64 | 0.60 | 1.65 | 3.06 | 2.66 | 2.90 | 2.69 | 1.85 | 1.73 |
| Shares, diluted (wtd. avg.) | $59.0M | $57.1M | $57.2M | $58.1M | $56.0M | $52.8M | $50.2M | $48.0M | $45.4M | $44.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $455.1M | $274.6M | $338.5M | $783.1M | $530.1M | $827.1M | $223.9M | $187.8M | $163.2M | $104.7M |
| Short-term investments | $38.1M | $311.3M | $521.6M | $241.1M | $167.7M | $143.7M | $91.8M | $118.7M | $77.3M | $74.5M |
| Receivables | $267.4M | $160.4M | $622.4M | $905.1M | $456.3M | $218.7M | $298.4M | $173.6M | $109.5M | $71.0M |
| Inventory | $552.6M | $645.9M | $1.44B | $729.2M | $380.1M | $331.7M | $170.8M | $141.5M | $83.0M | $67.4M |
| Total current assets | $1.74B | $2.05B | $3.30B | $2.90B | $1.71B | $1.72B | $932.8M | $677.3M | $476.7M | $339.8M |
| Property, plant and equipment | $269.4M | $343.4M | $614.6M | $544.0M | $410.4M | $303.4M | $177.0M | $119.3M | $51.2M | $36.1M |
| Goodwill | $50.1M | $48.4M | $43.0M | $31.2M | $129.6M | $140.5M | $129.7M | $34.9M | — | — |
| Other intangibles | $7.1M | $9.7M | $35.3M | $19.9M | $58.9M | $67.8M | $74.0M | $38.5M | $1.1M | $1.3M |
| Total assets | $2.18B | $2.65B | $4.59B | $4.27B | $2.90B | $2.44B | $1.49B | $964.5M | $641.3M | $424.7M |
| Accounts payable | $272.0M | $107.5M | $386.5M | $459.8M | $252.1M | $162.1M | $157.1M | $107.1M | $69.5M | $34.0M |
| Total current liabilities | $803.5M | $1.06B | $893.2M | $889.7M | $525.2M | $436.1M | $436.7M | $225.7M | $129.8M | $70.5M |
| Retained earnings | -$1.43B | -$1.03B | $778.2M | $743.8M | $650.1M | $478.0M | $337.7M | $191.1M | $66.2M | -$18.0M |
| Total equity | $427.5M | $658.3M | $2.41B | $2.18B | $1.31B | $1.09B | $811.7M | $570.7M | $397.5M | $288.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $104.3M | -$313.3M | -$180.1M | $31.3M | $214.1M | $222.7M | $259.0M | $189.1M | $136.7M | $52.5M |
| Depreciation and amortisation | $30.5M | $59.9M | $57.2M | $49.7M | $39.5M | $22.4M | $17.3M | $11.4M | $7.0M | $3.8M |
| Stock-based compensation | $92.5M | $137.3M | $149.9M | $145.5M | $102.6M | $67.3M | $60.4M | $30.6M | $17.6M | $9.1M |
| Capital expenditure | $23.5M | $108.2M | $170.5M | $169.3M | $149.3M | $126.8M | $72.6M | $38.6M | $21.4M | $15.7M |
| Investing cash flow | $379.9M | $416.3M | -$268.9M | -$417.0M | -$484.2M | -$236.6M | -$152.9M | -$156.6M | -$85.4M | -$128.7M |
| Financing cash flow | -$348.9M | -$20.1M | -$12.0M | $654.6M | -$15.2M | $640.5M | -$73.0M | -$8.0M | $7.2M | $2.8M |
| Buybacks | $0 | $50.2M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001178913-26-002197.
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