Enlight Renewable Energy
ENLT · NasdaqElectric Services · Fiscal year ends Dec 31
Enlight Renewable Energy reported revenue of $489M in the fiscal year ended Dec 2025, up 29.3% from the year before. Operating income was $332M, an operating margin of 68.0%, and net income was $161M. Operating cash flow of $283M less capital expenditure of $1.8B left free cash flow of −$1.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $102M | $192M | $256M | $378M | $489M |
| Cost of revenue | $22M | $40M | $53M | $81M | $134M |
| Gross profit | $61M | $111M | $139M | $297M | $354M |
| Research & development | $5M | $6M | $6M | $12M | $12M |
| Operating income | $34M | $91M | $158M | $176M | $332M |
| Interest expense | $37M | $63M | $68M | $108M | $165M |
| Pre-tax income | $27M | $51M | $126M | $85M | $205M |
| Income tax | $6M | $13M | $28M | $18M | $44M |
| Net income | $22M | $38M | $98M | $67M | $161M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $266M | $194M | $404M | $387M | $528M |
| Current assets | $413M | $424M | $665M | $708M | $1.1B |
| Net PP&E | $1.5B | $2.2B | $2.9B | $3.7B | $6.3B |
| Goodwill | $148M | $148M | – | – | – |
| Total assets | $2.8B | $3.5B | $4.6B | $5.5B | $8.6B |
| Current liabilities | $201M | $385M | $583M | $592M | $1.6B |
| Total liabilities | $2.1B | $2.5B | $3.2B | $4.1B | $6.6B |
| Shareholders' equity | $533M | $804M | $1.2B | $1.2B | $1.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $52M | $90M | $192M | $255M | $283M |
| Capital expenditure | $493M | $656M | $731M | $899M | $1.8B |
| Free cash flow | −$441M | −$566M | −$539M | −$644M | −$1.5B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 87.6% | 33.1% | 47.8% | 29.3% |
| Operating income growth (YoY) | – | 163.4% | 74.5% | 11.0% | 89.2% |
| Gross margin | 59.8% | 57.8% | 54.4% | 78.6% | 72.5% |
| Operating margin | 33.6% | 47.2% | 61.8% | 46.4% | 68.0% |
| Net margin | 21.2% | 19.8% | 38.3% | 17.6% | 32.9% |
| Return on equityBlank when equity is negative | 4.1% | 4.7% | 8.4% | 5.6% | 9.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.3% | 2.9% | 3.9% | 3.5% | 4.7% |
| Free cash flow margin | −430.1% | −294.4% | −210.9% | −170.4% | −313.1% |
| Cash conversion (CFO ÷ net income) | 2.40x | 2.37x | 1.95x | 3.84x | 1.76x |
| Interest cover | 0.93x | 1.45x | 2.32x | 1.63x | 2.02x |
| Current ratio | 2.06x | 1.10x | 1.14x | 1.20x | 0.67x |
Recent filings
More in Electric Services
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.