Recent News
On March 4, 2026 Ellomay’s controlling shareholders sold a 45.9% stake to Nofar, with related board composition updates reported the same day. On March 30–31 the company announced an agreement to sell its indirect holdings in Dorad Energy Ltd. based on a Dorad valuation of NIS 4.4 billion. On May 7 the company reported fulfillment of conditions to closing for the sale of its indirect holdings in Ellomay Luzon Energy; closing expected in the coming days. A May 11 press release confirmed consummation of the Dorad-related sale. The company also proposed amendments to certain debenture terms following the change in control, including an interest-rate adjustment for Series F debentures effective June 4, 2026.
Technical Analysis
Directional indicators: ADX at 17.45 signals no established trend; DI- at 31.98 shows a dip & reversal while DI+ at 23.90 trends decreasing, a configuration that favors bearish directional pressure and suggests resistance to sustained upside.
MACD sits negative at -0.21 with a decreasing momentum trend and a signal line at -0.07; the negative, declining MACD indicates weakening momentum and aligns with short-term downside bias.
MRO registers 18.39 with a dip & reversal trend; a positive MRO implies price above WMDST’s target framework and therefore a tendency toward mean reversion downward.
RSI at 47.6 with a decreasing trend places momentum near neutral-to-weak territory and supports limited immediate buying momentum.
Price structure shows the close at $23.73 below the 20-day average ($25.04) and the 50-day average ($25.16) but above the 200-day average ($22.41); short-term moving averages trending above price create technical resistance while the 200-day position provides a longer-term support reference. Bollinger bands compress modestly (upper ~ $25.92; lower ~ $24.15), suggesting reduced short-term volatility but potential for a directional breakout if momentum shifts. Given the fair-valued WMDST assessment, these technical readings point toward a higher probability of near-term range-bound to modest downside movement rather than a sustained breakout higher.
Fundamental Analysis
Revenue and margins: Total revenue registered at $1,026,000 with year-over-year revenue decline of 10.21%. Gross profit stood negative at $-7,654,000, yielding a gross margin of -7.46% versus an industry peer mean gross margin of 48.545%. Operating income measured $4,409,000 with an operating margin of 4.30%, below the industry peer mean operating margin of 19.484%; operating margin improved quarter-over-quarter by 58.45% but declined year-over-year by 4.75%.
Profitability and cash flow: Net income totaled $-12,571,000 and EBIT equaled $-9,768,000, with an EBIT margin of -9.52% that sits below the industry peer mean EBIT margin of 4.32%. EBITDA came in at $-6,137,000. Operating cash flow posted $-6,095,000 and free cash flow reached $-45,041,000; free cash flow fell year-over-year by 7.70% but improved quarter-over-quarter. Free cash to net income runs at 358.29%, reflecting timing differences and non-cash items driving divergence between accounting loss and cash metrics.
Leverage and liquidity: Total debt stands at $637,258,000 with net debt of $513,309,000. Debt-to-assets equals 75.55% and debt-to-equity equals 4.53x; both indicate elevated leverage relative to typical utility-capital structures. Interest coverage is negative at -1.67x, driven by $5,844,000 in interest expense and negative net interest income, signaling inability to cover interest from operating earnings. Cash and short-term investments total $87,614,000, supporting a cash ratio of 95.22% and a current ratio of 1.24, which provide near-term liquidity buffers while the company executes asset disposals noted above.
Efficiency: Asset turnover sits at 0.13% (0.00128) and declined QoQ by 92.52%; the asset-turnover gap versus the industry peer mean of 3.264% underscores low revenue generation per asset base at present. Return on equity registers -8.94% and return on assets at -1.57%, reflecting negative profitability amid heavy leverage. Capital expenditures totaled $-38,946,000 with capex-to-depreciation at -10.73, consistent with active project investment and episodic cash outlays.
Valuation: WMDST values the stock as fair-valued. Key fundamental constraints for valuation include elevated leverage, negative net income, negative EBITDA, and material free cash outflows offset partially by $87.6 million in cash and the proceeds expected from recent asset sales.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-30 |
| NEXT REPORT DATE: | 2026-06-29 |
| CASH FLOW | Begin Period Cash Flow | $ 49.3 M |
| Operating Cash Flow | $ -6.09 M | |
| Capital Expenditures | $ -38.95 M | |
| Change In Working Capital | $ -4.54 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 38.3 M | |
| End Period Cash Flow | $ 87.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.0 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 8.7 M | |
| Depreciation | $ 3.6 M | |
| Depreciation and Amortization | $ 3.6 M | |
| Research and Development | $ -732.00 K | |
| Total Operating Expenses | $ -3.38 M | |
| PROFITABILITY | ||
| Gross Profit | $ -7.65 M | |
| EBITDA | $ -6.14 M | |
| EBIT | $ -9.77 M | |
| Operating Income | $ 4.4 M | |
| Interest Income | $ -7.28 M | |
| Interest Expense | $ 5.8 M | |
| Net Interest Income | $ -7.57 M | |
| Income Before Tax | $ -15.61 M | |
| Tax Provision | $ -738.00 K | |
| Tax Rate | 4.727 % | |
| Net Income | $ -12.57 M | |
| Net Income From Continuing Operations | $ -14.87 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 843.5 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 140.6 M | |
| Total Current Assets | $ 114.2 M | |
| Cash and Short-Term Investments | $ 87.6 M | |
| Cash | $ 87.6 M | |
| Net Receivables | $ 958.0 K | |
| Inventory | $ 583.0 K | |
| Long-Term Investments | $ 16.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 6.7 M | |
| Short-Term Debt | $ 60.7 M | |
| Total Current Liabilities | $ 92.0 M | |
| Net Debt | $ 513.3 M | |
| Total Debt | $ 637.3 M | |
| Total Liabilities | $ 678.4 M | |
| EQUITY | ||
| Total Equity | $ 140.6 M | |
| Retained Earnings | $ -13.69 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | — | |
| Shares Outstanding | — | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | — |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.0 | |
| Asset To Liability | 1.243 | |
| Debt To Capital | 0.819 | |
| Debt To Assets | 0.755 | |
| Debt To Assets QoQ | 4.904 % | |
| Debt To Assets YoY | -1.805 % | |
| Debt To Assets IPRWA | high: 0.774 ELLO: 0.755 median: 0.457 mean: 0.444 low: 0.331 |
|
| Debt To Equity | 4.533 | |
| Debt To Equity QoQ | 18.706 % | |
| Debt To Equity YoY | 3.191 % | |
| Debt To Equity IPRWA | ELLO: 4.533 high: 3.034 median: 1.123 mean: -9.851 low: -38.335 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | — | |
| Price To Book QoQ | — | |
| Price To Book YoY | — | |
| Price To Book IPRWA | — | |
| 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) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.882 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.001 | |
| Asset Turnover Ratio QoQ | -92.515 % | |
| Asset Turnover Ratio YoY | -90.288 % | |
| Asset Turnover Ratio IPRWA | high: 0.045 mean: 0.033 median: 0.027 low: 0.02 ELLO: 0.001 |
|
| Receivables Turnover | 0.32 | |
| Receivables Turnover Ratio QoQ | -91.48 % | |
| Receivables Turnover Ratio YoY | -65.416 % | |
| Receivables Turnover Ratio IPRWA | high: 2.397 mean: 1.936 median: 1.787 low: 1.727 ELLO: 0.32 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 285.445 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 74.12 mean: 15.6 ELLO: 0 median: -23.927 low: -24.64 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.046 | |
| CapEx To Revenue | -37.959 | |
| CapEx To Depreciation | -10.726 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 680.8 M | |
| Net Invested Capital | $ 741.5 M | |
| Invested Capital | $ 741.5 M | |
| Net Tangible Assets | $ 140.6 M | |
| Net Working Capital | $ 22.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.952 | |
| Current Ratio | 1.241 | |
| Current Ratio QoQ | 5.024 % | |
| Current Ratio YoY | 71.156 % | |
| Current Ratio IPRWA | high: 4.937 ELLO: 1.241 mean: 1.183 median: 0.673 low: 0.255 |
|
| Quick Ratio | 1.235 | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | 72.781 % | |
| Quick Ratio IPRWA | high: 1.58 ELLO: 1.235 mean: 1.094 median: 1.02 low: 0.253 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -103.839 | |
| Cost Of Debt | 0.464 % | |
| Interest Coverage Ratio | -1.671 | |
| Interest Coverage Ratio QoQ | -141.533 % | |
| Interest Coverage Ratio YoY | -37.005 % | |
| Interest Coverage Ratio IPRWA | high: 1.749 median: -0.55 ELLO: -1.671 mean: -3.652 low: -25.093 |
|
| Operating Cash Flow Ratio | -0.106 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 89.716 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 11.07 % | |
| Revenue Growth | -91.94 % | |
| Revenue Growth QoQ | -813.488 % | |
| Revenue Growth YoY | -1020.505 % | |
| Revenue Growth IPRWA | high: 57.254 % mean: 16.9 % median: 10.535 % low: -13.989 % ELLO: -91.94 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | -746.004 % | |
| Gross Margin QoQ | -3056.345 % | |
| Gross Margin YoY | 39142.714 % | |
| Gross Margin IPRWA | high: 82.308 % median: 56.93 % mean: 48.545 % low: 9.146 % ELLO: -746.004 % |
|
| EBIT Margin | -952.047 % | |
| EBIT Margin QoQ | -1006.202 % | |
| EBIT Margin YoY | 730.336 % | |
| EBIT Margin IPRWA | high: 22.182 % median: 8.77 % mean: 4.32 % low: -25.586 % ELLO: -952.047 % |
|
| Return On Sales (ROS) | 429.727 % | |
| Return On Sales QoQ | 5845.31 % | |
| Return On Sales YoY | -474.79 % | |
| Return On Sales IPRWA | ELLO: 429.727 % high: 23.525 % median: 21.109 % mean: 19.484 % low: -19.477 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -45.04 M | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | 117.6 % | |
| Free Cash Growth QoQ | 177.627 % | |
| Free Cash Growth YoY | -770.009 % | |
| Free Cash Growth IPRWA | high: 545.938 % ELLO: 117.6 % median: -60.786 % mean: -581.737 % low: -1963.158 % |
|
| Free Cash To Net Income | 3.583 | |
| Cash Flow Margin | -946.686 % | |
| Cash Flow To Earnings | 0.773 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -1.568 % | |
| Return On Assets QoQ | -215.209 % | |
| Return On Assets YoY | -7.765 % | |
| Return On Assets IPRWA | high: 0.508 % median: 0.174 % mean: -0.348 % ELLO: -1.568 % low: -24.295 % |
|
| Return On Capital Employed (ROCE) | -1.3 % | |
| Return On Equity (ROE) | -0.089 | |
| Return On Equity QoQ | -226.46 % | |
| Return On Equity YoY | -5.245 % | |
| Return On Equity IPRWA | high: 1.739 mean: 0.519 median: 0.012 low: 0.008 ELLO: -0.089 |
|
| DuPont ROE | -8.858 % | |
| Return On Invested Capital (ROIC) | -1.255 % | |
| Return On Invested Capital QoQ | -179.936 % | |
| Return On Invested Capital YoY | -14.1 % | |
| Return On Invested Capital IPRWA | high: 1.382 % median: 0.205 % mean: -0.204 % ELLO: -1.255 % low: -35.133 % |
|