Enlight Renewable Energy Ltd. (ENLT)

Price$78.67Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares price in years of rapid growth, leaving little room for execution mistakes.

At the observed market value, Enlight is worth about 83 times 2025 net income and roughly 122 times the latest twelve months of earnings. Using a value-investor benchmark of 25 times steady earnings, the company would need about $439 million of durable annual profit, more than three times 2025 net income of $132 million, to support today's capitalization. That outcome is possible if the mature project portfolio lands on schedule, but the price offers limited protection against construction delays, financing friction, or weaker project returns.

Big pictureRevenue and operating cash keep rising, but construction still consumes far more cash than operations produce.

Revenue climbed from $70 million in 2020 to $489 million in 2025, while operating cash flow rose from $39 million to $283 million. Yet 2025 capital spending was about $1.81 billion, so free cash flow—cash left after running and investing in the business—was deeply negative. Profit has also been uneven: net income fell to $44 million in 2024 from $71 million in 2023 before rebounding to $132 million in 2025. Growth is strong, but cash durability still depends on successfully turning construction spending into operating assets.

Business strengthEnlight has strong contracted growth, but its balance sheet increasingly depends on outside capital.

At 2025 year-end, Enlight held $528 million of cash against $884 million of debt, moving from $175 million of net cash a year earlier to $356 million of net debt, meaning debt exceeded cash by that amount. Shares outstanding rose about 30% from 2022 through 2025. In the first half of 2026, the company issued about six million more shares for roughly $420 million and secured about $3.7 billion of financing sources. That funding supports expansion, but shareholders need new projects to offset higher debt and dilution.

What could change the storySuccessful project delivery could justify more of the premium; delays or weaker returns could break it.

Management expects the mature portfolio to reach about $2.2-$2.3 billion of annual revenue and income by end-2028, with adjusted operating cash earnings—profit before financing costs, taxes, depreciation and amortization—equal to roughly 70%-80% of that amount. CO Bar alone is expected to contribute about $205 million of annual operating cash earnings in its first full year. That is the strongest bull case. The bear case is that roughly 28%-30% of the 2027-2028 annualized level is expected from tax benefits, while delays or weaker electricity prices would reduce returns.

AI: News

Q2 growth acceleratesSecond-quarter growth accelerated sharply, strengthening the bull case while showing how demanding expectations have become.

On August 4, second-quarter revenues and income reached $210 million, up 55% year over year; net income rose to $31 million from $6 million, and operating cash flow increased 37% to $84 million. The shares closed 9.5% higher that session, then fell 9.0% the next day. The timing suggests the release influenced trading, but the quick reversal means the moves should not be attributed to earnings alone.

CO Bar financing securedA huge Arizona financing removed a major funding hurdle for Enlight's largest project.

On June 25, Enlight secured about $2.6 billion of debt financing for the CO Bar complex, covering five Arizona projects with 1.2 gigawatts of solar generation and 4.0 gigawatt-hours of storage. Commercial operation is expected in phases from late 2027 through early 2028. Management expects about $255 million of annual revenue and $205 million of operating cash earnings in the first full year, making successful construction important to the valuation case while increasing debt and delivery exposure.

Google power agreementGoogle became Enlight's first major United States commercial power buyer, opening a new growth channel.

On May 26, Enlight signed a fixed-price, 15-year agreement to supply Google with 200 megawatts of solar power from the planned Solstice project in Oklahoma. Construction is expected in 2028 and commercial operation in 2029, with 800 megawatt-hours of battery storage planned later. Investing.com reported the shares up 7.6% before the market opened. That reaction is consistent with investor enthusiasm, but it does not prove the agreement alone caused the move.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

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2022

2023

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2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$488.6M	$377.9M	$255.7M	$192.2M	$102.5M	$70.3M
Gross profit	$354.2M	$297.2M	$139.1M	$111.2M	$61.2M	$40.4M
Gross margin	72.50%	78.65%	54.38%	57.85%	59.77%	57.40%
Research & development	$12.2M	$11.6M	$6.3M	$5.6M	$4.7M	$3.0M
Operating expenses	$354.4M	$240.0M	$156.3M	$115.3M	$26.8M	$12.0M
Operating income	$332.2M	$175.5M	$158.1M	$90.6M	$34.4M	$28.4M
Operating margin	67.99%	46.45%	61.85%	47.15%	33.57%	40.35%
EBITDA	$482.1M	$284.4M	$223.9M	$132.9M	$53.8M	$43.6M
EBITDA margin	98.67%	75.26%	87.58%	69.15%	52.55%	62.00%
Net income	$160.7M	$66.5M	$98.0M	$38.1M	$21.7M	−$41.0M
Net profit margin	32.89%	17.60%	38.34%	19.83%	21.15%	−58.35%
Basic EPSper basic share	$1.07	$0.37	$0.61	$0.25	$0.12	-$0.56
Diluted EPSper diluted share	$1.00	$0.36	$0.57	$0.25	$0.12	-$0.56

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of ENLT
Holder	Shares held
Clal Insurance Enterprises Holdings Ltd	11.16M
Y.D. More Investments Ltd	5.18M
Altshuler Shaham Ltd	3.91M
VANGUARD CAPITAL MANAGEMENT LLC	3.84M
Harel Insurance Investments & Financial Services Ltd.	2.7M
Invesco Ltd.	1.73M
Migdal Insurance & Financial Holdings Ltd.	1.63M
VANGUARD FIDUCIARY TRUST CO	1.22M
Legal & General Group Plc	1.17M
Phoenix Financial Ltd.	1.14M
MENORA MIVTACHIM HOLDINGS LTD.	880.46K
DEUTSCHE BANK AG\	823.04K
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	670.11K
Amundi	619.54K
Swiss National Bank	499.51K
GOLDMAN SACHS GROUP INC	473.93K
CANADA PENSION PLAN INVESTMENT BOARD	461.63K
Weil Shai Yeshayahu	414.68K
Nuveen, LLC	404.33K
NORGES BANK	393.42K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)35$30.08M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4	Cohen Israeli AyeletVP OPERATIONS	SellOrdinary shares, NIS 0.1 par value per share	6.9K	$108.50	$745.7K	21.0K
Jun 1, 2026Form 4	Cohen Israeli AyeletVP OPERATIONS	SellOrdinary shares, NIS 0.1 par value per share	3.3K	$108.50	$352.6K	21.0K
May 29, 2026Form 4	Tzuk MichalDirector	SellOrdinary shares, NIS 0.1 par value per share	2.4K	$105.86	$254.1K	2.7K
May 28, 2026Form 4	SEROUSSI YAIRDirector,Other	SellOrdinary shares, NIS 0.1 par value per share	12.0K	$102.24	$1.23M	14.2K
May 28, 2026Form 4	Felder AllaDirector	SellOrdinary shares, NIS 0.1 par value per share	2.5K	$102.48	$256.2K	2.6K