Recent News
On September 30, 2025 Ellomay published interim results for the three and six months ended June 30, 2025, reporting €20.1M revenue for the six months and a €1.6M loss for the period, and disclosing completion of a Clal transaction on its 198 MW Italian portfolio and a July private placement. On October 23, 2025 the company held its 2025 Annual General Meeting where directors were re-elected and shareholders approved increases to authorized share capital and other governance items. On November 30, 2025 Ellomay reported publication of Dorad Energy Ltd.’s financial statements for the three and nine months ended September 30, 2025, noting its indirect interest in Dorad.
Technical Analysis
ADX at 17.68 indicates no trend, reducing confidence in directional breakout scenarios and elevating the importance of confirmation from momentum oscillators.
Directional indicators show bullish signals: DI+ registered a dip-and-reversal while DI- registered a peak-and-reversal, both implying directional strength toward the upside despite the low ADX.
MACD exhibits a dip-and-reversal, signaling bullish momentum, although the MACD (0.18) remains below the signal line (0.22), so momentum requires confirmation before validating a sustained advance.
MRO sits at 24.77 with a dip-and-reversal trend; the positive MRO indicates price currently sits above the model target and may invite corrective pressure even as the oscillator recently reversed higher.
RSI at 55.76 with a dip-and-reversal signals mild bullish bias without overbought conditions, supporting the view that short-term strength could continue if momentum confirms.
Price relationships reinforce the mixed picture: the close at $20.75 trades above the 200-day average ($17.04) and slightly above the 20-day average ($20.25), which supports near-term upside versus longer-term support levels. The price occupies the upper Bollinger band area (upper 1x SD $20.83), showing proximity to near-term upper-range resistance. The Ichimoku Tenkan at $19.85 and Kijun at $20.50 place price between short-term and baseline thresholds. The super trend upper level at $21.49 offers a defined near-term resistance.
Fundamental Analysis
Revenue and cash-flow dynamics present mixed signals. Total revenue reached $11,276,000 for the most recent quarter with revenue growth year-over-year at -24.318% while quarter-over-quarter revenue growth shows a large positive swing (reported as 1200.381% QoQ). Operating cash flow improved to $4,791,000 and operating margin stands at 1.179%.
Profitability metrics remain under pressure. EBIT registered -$497,000 and EBIT margin equals -4.408%, versus an industry peer mean EBIT margin of 16.464% and industry peer median of 15.318%, indicating substantially lower operating profit relative to peers. Gross margin at 21.701% sits below the industry peer mean of 34.777% and median of 36.306%.
Cash and liquidity show relative strength: cash and short-term investments total $46,500,000, current ratio measures 1.238 and quick ratio 1.231, both above the industry peer mean current ratio of 1.01178 and quick ratio mean of 0.82254, indicating a stronger short-term liquidity position versus peers.
Leverage and coverage ratios present material risks. Total debt stands at $557,000,000 with net debt approximately $476,756,000. Debt-to-assets equals 76.373%, above the industry peer high of 72.951%. Debt-to-EBITDA sits at 148.41x and interest coverage registers negative at -5.683%, reflecting heavy leverage and limited earnings cushion for interest obligations. Free cash flow totaled -$14,540,000 and free cash flow yield equals -6.485% versus an industry peer mean free cash flow yield of -1.166%.
Valuation metrics look elevated. Price-to-book equals 1.88179 while price-to-sales equals 19.8828; enterprise multiple measures 195.76 compared with an industry peer mean enterprise multiple near 42.32. WMDST values the stock as over-valued given the combination of stretched valuation multiples and negative free cash flow against significant net debt.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-09-29 |
| NEXT REPORT DATE: | 2025-12-29 |
| CASH FLOW | Begin Period Cash Flow | $ 35.1 M |
| Operating Cash Flow | $ 4.8 M | |
| Capital Expenditures | $ -19.33 M | |
| Change In Working Capital | $ 2.7 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 11.4 M | |
| End Period Cash Flow | $ 46.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 11.3 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 8.8 M | |
| Depreciation | $ 4.2 M | |
| Depreciation and Amortization | $ 4.2 M | |
| Research and Development | $ 1.8 M | |
| Total Operating Expenses | $ 11.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 2.4 M | |
| EBITDA | $ 3.8 M | |
| EBIT | $ -497.00 K | |
| Operating Income | $ 133.0 K | |
| Interest Income | $ -268.00 K | |
| Interest Expense | $ 8.7 M | |
| Net Interest Income | $ -9.01 M | |
| Income Before Tax | $ -9.24 M | |
| Tax Provision | $ -849.00 K | |
| Tax Rate | 9.185 % | |
| Net Income | $ -7.68 M | |
| Net Income From Continuing Operations | $ -8.39 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 729.3 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 119.1 M | |
| Total Current Assets | $ 94.7 M | |
| Cash and Short-Term Investments | $ 46.5 M | |
| Cash | $ 46.5 M | |
| Net Receivables | $ 1.3 M | |
| Inventory | $ 507.0 K | |
| Long-Term Investments | $ 13.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 8.4 M | |
| Short-Term Debt | $ 53.4 M | |
| Total Current Liabilities | $ 76.5 M | |
| Net Debt | $ 476.8 M | |
| Total Debt | $ 557.0 M | |
| Total Liabilities | $ 583.1 M | |
| EQUITY | ||
| Total Equity | $ 119.1 M | |
| Retained Earnings | $ -11.25 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.27 | |
| Shares Outstanding | 12.853 M | |
| Revenue Per-Share | $ 0.88 | |
| VALUATION | Market Capitalization | $ 224.2 M |
| Enterprise Value | $ 734.7 M | |
| Enterprise Multiple | 195.763 | |
| Enterprise Multiple QoQ | 276.74 % | |
| Enterprise Multiple YoY | 1052.25 % | |
| Enterprise Multiple IPRWA | ELLO: 195.763 high: 67.027 median: 57.336 mean: 42.316 low: -43.046 |
|
| EV/R | 65.156 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.121 | |
| Asset To Liability | 1.251 | |
| Debt To Capital | 0.824 | |
| Debt To Assets | 0.764 | |
| Debt To Assets QoQ | -2.63 % | |
| Debt To Assets YoY | 884.442 % | |
| Debt To Assets IPRWA | ELLO: 0.764 high: 0.73 median: 0.473 mean: 0.419 low: 0.137 |
|
| Debt To Equity | 4.675 | |
| Debt To Equity QoQ | -1.109 % | |
| Debt To Equity YoY | 1004.344 % | |
| Debt To Equity IPRWA | high: 8.985 median: 7.689 mean: 5.795 ELLO: 4.675 low: -4.218 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.882 | |
| Price To Book QoQ | 2.835 % | |
| Price To Book YoY | 34.207 % | |
| Price To Book IPRWA | high: 50.808 median: 27.025 mean: 19.205 ELLO: 1.882 low: -8.667 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 19.883 | |
| Price To Sales QoQ | -19.551 % | |
| Price To Sales YoY | 36.685 % | |
| Price To Sales IPRWA | high: 24.925 ELLO: 19.883 median: 14.924 mean: 11.535 low: 0.082 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.859 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.016 | |
| Asset Turnover Ratio QoQ | 22.731 % | |
| Asset Turnover Ratio YoY | -9.75 % | |
| Asset Turnover Ratio IPRWA | high: 0.111 median: 0.111 mean: 0.087 low: 0.018 ELLO: 0.016 |
|
| Receivables Turnover | 3.117 | |
| Receivables Turnover Ratio QoQ | 21.217 % | |
| Receivables Turnover Ratio YoY | 258.173 % | |
| Receivables Turnover Ratio IPRWA | ELLO: 3.117 high: 2.217 median: 2.047 mean: 1.747 low: 0.691 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 29.274 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -64.971 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | -168.532 % | |
| Cash Conversion Cycle Days IPRWA | high: 34.718 median: 34.718 mean: 29.741 low: -2.818 ELLO: -64.971 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.619 | |
| CapEx To Revenue | -1.714 | |
| CapEx To Depreciation | -4.548 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 589.0 M | |
| Net Invested Capital | $ 642.4 M | |
| Invested Capital | $ 642.4 M | |
| Net Tangible Assets | $ 119.1 M | |
| Net Working Capital | $ 18.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.608 | |
| Current Ratio | 1.238 | |
| Current Ratio QoQ | 24.896 % | |
| Current Ratio YoY | 42.027 % | |
| Current Ratio IPRWA | high: 4.326 ELLO: 1.238 mean: 1.012 median: 0.899 low: 0.27 |
|
| Quick Ratio | 1.231 | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | 42.861 % | |
| Quick Ratio IPRWA | ELLO: 1.231 high: 1.199 mean: 0.823 median: 0.797 low: 0.266 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 148.415 | |
| Cost Of Debt | 1.415 % | |
| Interest Coverage Ratio | -0.057 | |
| Interest Coverage Ratio QoQ | -102.151 % | |
| Interest Coverage Ratio YoY | -104.488 % | |
| Interest Coverage Ratio IPRWA | high: 2.625 median: 2.625 mean: 2.051 ELLO: -0.057 low: -4.291 |
|
| Operating Cash Flow Ratio | -0.005 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 94.245 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.119 % | |
| Revenue Growth | 27.269 % | |
| Revenue Growth QoQ | 1200.381 % | |
| Revenue Growth YoY | -24.318 % | |
| Revenue Growth IPRWA | ELLO: 27.269 % high: 8.06 % median: 8.06 % mean: 5.231 % low: -2.427 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 21.701 % | |
| Gross Margin QoQ | -38851.786 % | |
| Gross Margin YoY | 17.157 % | |
| Gross Margin IPRWA | high: 74.297 % median: 36.306 % mean: 34.777 % ELLO: 21.701 % low: 11.097 % |
|
| EBIT Margin | -4.408 % | |
| EBIT Margin QoQ | -104.116 % | |
| EBIT Margin YoY | -110.172 % | |
| EBIT Margin IPRWA | high: 67.076 % mean: 16.464 % median: 15.318 % ELLO: -4.408 % low: -193.906 % |
|
| Return On Sales (ROS) | 1.179 % | |
| Return On Sales QoQ | -104.155 % | |
| Return On Sales YoY | -97.279 % | |
| Return On Sales IPRWA | high: 46.082 % mean: 17.727 % median: 13.718 % ELLO: 1.179 % low: -50.384 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -14.54 M | |
| Free Cash Flow Yield | -6.485 % | |
| Free Cash Flow Yield QoQ | -25.903 % | |
| Free Cash Flow Yield YoY | -14.536 % | |
| Free Cash Flow Yield IPRWA | high: 0.015 % median: -0.186 % mean: -1.166 % ELLO: -6.485 % low: -12.253 % |
|
| Free Cash Growth | -24.129 % | |
| Free Cash Growth QoQ | 136.628 % | |
| Free Cash Growth YoY | -142.119 % | |
| Free Cash Growth IPRWA | high: 18.116 % ELLO: -24.129 % median: -30.178 % mean: -34.06 % low: -165.602 % |
|
| Free Cash To Net Income | 1.892 | |
| Cash Flow Margin | -3.468 % | |
| Cash Flow To Earnings | 0.051 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -1.059 % | |
| Return On Assets QoQ | -192.651 % | |
| Return On Assets YoY | -416.119 % | |
| Return On Assets IPRWA | high: 2.778 % median: 0.856 % mean: 0.805 % ELLO: -1.059 % low: -3.099 % |
|
| Return On Capital Employed (ROCE) | -0.076 % | |
| Return On Equity (ROE) | -0.065 | |
| Return On Equity QoQ | -196.557 % | |
| Return On Equity YoY | -444.367 % | |
| Return On Equity IPRWA | high: 0.139 median: 0.139 mean: 0.092 low: -0.028 ELLO: -0.065 |
|
| DuPont ROE | -6.437 % | |
| Return On Invested Capital (ROIC) | -0.07 % | |
| Return On Invested Capital QoQ | -106.244 % | |
| Return On Invested Capital YoY | -99.822 % | |
| Return On Invested Capital IPRWA | high: 3.499 % median: 2.628 % mean: 1.839 % ELLO: -0.07 % low: -12.057 % |
|