Recent News
March 4, 2026 — Ellomay announced completion of the sale of a combined 45.9% stake to O.Y. Nofar Energy Ltd., with consequent changes in principal shareholders and board composition. February 12, 2026 — Company filed notice of fulfillment of conditions required to consummate the sale of control. February 1, 2026 — public reports recorded a material increase in short interest during January 2026, citing elevated positioning ahead of corporate events.
Technical Analysis
Directional indicators show bullish pressure from DI+: DI+ at 39.25 and increasing signals continued buyer advantage; DI- at 29.81 and decreasing reinforces that buyer strength currently exceeds seller strength. ADX at 19.73 signals no strong trend, implying the move lacks momentum breadth despite DI+ dominance and therefore favors consolidation over runaway rallies.
MACD registers negative momentum with MACD at -0.16 and a peak-and-reversal pattern; the MACD peak-and-reversal denotes bearish momentum and reduces the probability of a sustained breakout while price digests the corporate reorganization news.
MRO reads 3.23 and shows a dip-and-reversal; the positive MRO indicates price sits modestly above the model target and therefore a mild downside bias exists as the market reprices near-term expectations.
RSI at 52.09 with a peak-and-reversal pattern complements MACD and MRO signals: the momentum indicators point to weakening upside conviction and an elevated chance of sideways-to-lower near-term price action.
Price vs moving averages: last close $25.50 sits below the 50-day average ($26.64) but above the 200-day average ($20.69), indicating rotation from short-term strength into intermediate consolidation while longer-term bias remains positive. Bollinger bands place price within one standard deviation (lower $24.28, upper $26.72), consistent with muted volatility. Volume spiked to 5,581 versus a 10-day average of 1,856, showing event-driven participation; however 42‑day and 52‑week betas (0.66 and 0.48) confirm low systemic volatility overall.
Fundamental Analysis
Operating performance shows mixed but improving cash generation: EBITDA $17,735,000 and EBIT $13,373,000. EBIT margin converts to 105.06%, well above the industry peer mean of 26.83% and the industry peer median of 22.09%, driven in part by significant share-of-profits and one-time items reported alongside core revenues. EBIT margin QoQ contracted by -24.83%, while EBIT margin YoY improved roughly 15.13%.
Revenue totaled $12,729,000 with YoY revenue growth of 29.02% but a steep QoQ revenue decline of -52.75%, reflecting timing differences from new project connections and temporary output disruptions in biogas operations. Gross margin stands at 25.23% (gross profit $3,212,000), roughly below the industry peer mean of 39.55%, indicating project mix and non-core items influence profitability metrics differently across periods.
Liquidity and cash flow present offsetting signals: cash and short-term investments $49,288,000 and operating cash flow $3,478,000, but free cash flow was negative at -$20,699,000 and free cash flow yield -7.29%. The cash conversion ratio of 1.10 and net cash provided by operations for the nine months improved, yet negative free cash flow signals continued capital demands—capital expenditures reported at -$24,177,000.
Leverage remains elevated: total debt $546,920,000, net debt $463,514,000, enterprise value $781,671,137 and market cap $284,039,137 produce a debt-to-EBITDA multiple of 30.84x and debt-to-assets of 72.02%, which sits slightly above the industry peer high of 71.30%. Debt-to-equity equals 381.85% and interest coverage at 4.02x shows coverage but limited cushion against higher financing costs. Current ratio 1.18 and cash ratio 0.77 provide modest near-term liquidity.
Valuation metrics show elevated market pricing: P/B ratio 1.98 lies above the industry peer mean of 1.36 but beneath the industry peer median of 2.37; P/S ratio 22.31 trades well above the industry peer mean of 11.56 and median of 13.32, reflecting a premium assignment to future growth and asset value rather than current sales. Return on equity stands at 7.07% and return on assets at 1.36%, both modest relative to capital intensity.
WMDST values the stock as over-valued given the combination of high leverage, negative free cash flow, and price multiples that price in substantial future progress from development projects and the corporate transaction.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-12-29 |
| NEXT REPORT DATE: | 2026-03-30 |
| CASH FLOW | Begin Period Cash Flow | $ 46.5 M |
| Operating Cash Flow | $ 3.5 M | |
| Capital Expenditures | $ -24.18 M | |
| Change In Working Capital | $ 178.0 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 2.8 M | |
| End Period Cash Flow | $ 49.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 12.7 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 9.5 M | |
| Depreciation | $ 4.4 M | |
| Depreciation and Amortization | $ 4.4 M | |
| Research and Development | $ 511.0 K | |
| Total Operating Expenses | $ 11.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 3.2 M | |
| EBITDA | $ 17.7 M | |
| EBIT | $ 13.4 M | |
| Operating Income | $ 920.0 K | |
| Interest Income | $ 7.9 M | |
| Interest Expense | $ 3.3 M | |
| Net Interest Income | $ -6.68 M | |
| Income Before Tax | $ 10.1 M | |
| Tax Provision | $ -19.00 K | |
| Tax Rate | 23.0 % | |
| Net Income | $ 10.1 M | |
| Net Income From Continuing Operations | $ 10.1 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 759.4 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 143.2 M | |
| Total Current Assets | $ 75.5 M | |
| Cash and Short-Term Investments | $ 49.3 M | |
| Cash | $ 49.3 M | |
| Net Receivables | $ 5.5 M | |
| Inventory | — | |
| Long-Term Investments | $ 15.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 12.0 M | |
| Short-Term Debt | $ 31.8 M | |
| Total Current Liabilities | $ 63.9 M | |
| Net Debt | $ 463.5 M | |
| Total Debt | $ 546.9 M | |
| Total Liabilities | $ 590.4 M | |
| EQUITY | ||
| Total Equity | $ 143.2 M | |
| Retained Earnings | $ -1.12 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.39 | |
| Shares Outstanding | 13.780 M | |
| Revenue Per-Share | $ 0.92 | |
| VALUATION | Market Capitalization | $ 284.0 M |
| Enterprise Value | $ 781.7 M | |
| Enterprise Multiple | 44.075 | |
| Enterprise Multiple QoQ | -77.485 % | |
| Enterprise Multiple YoY | 245.151 % | |
| Enterprise Multiple IPRWA | high: 109.499 median: 46.455 ELLO: 44.075 mean: 40.214 low: -34.347 |
|
| EV/R | 61.409 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.302 | |
| Asset To Liability | 1.286 | |
| Debt To Capital | 0.792 | |
| Debt To Assets | 0.72 | |
| Debt To Assets QoQ | -5.705 % | |
| Debt To Assets YoY | 697.166 % | |
| Debt To Assets IPRWA | ELLO: 0.72 high: 0.713 median: 0.46 mean: 0.42 low: 0.169 |
|
| Debt To Equity | 3.819 | |
| Debt To Equity QoQ | -18.322 % | |
| Debt To Equity YoY | 682.261 % | |
| Debt To Equity IPRWA | high: 7.982 median: 6.402 mean: 4.947 ELLO: 3.819 low: -3.563 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.983 | |
| Price To Book QoQ | 5.385 % | |
| Price To Book YoY | 24.109 % | |
| Price To Book IPRWA | high: 3.069 median: 2.374 ELLO: 1.983 mean: 1.365 low: -7.501 |
|
| 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) | 22.314 | |
| Price To Sales QoQ | 12.229 % | |
| Price To Sales YoY | 45.413 % | |
| Price To Sales IPRWA | high: 60.901 ELLO: 22.314 median: 13.319 mean: 11.562 low: 0.052 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -216.576 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.017 | |
| Asset Turnover Ratio QoQ | 9.968 % | |
| Asset Turnover Ratio YoY | -11.628 % | |
| Asset Turnover Ratio IPRWA | high: 0.131 median: 0.131 mean: 0.102 low: 0.019 ELLO: 0.017 |
|
| Receivables Turnover | 3.752 | |
| Receivables Turnover Ratio QoQ | 20.373 % | |
| Receivables Turnover Ratio YoY | 376.669 % | |
| Receivables Turnover Ratio IPRWA | ELLO: 3.752 high: 2.339 median: 2.182 mean: 1.916 low: 0.964 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 24.32 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -80.991 | |
| Cash Conversion Cycle Days QoQ | 24.658 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 78.66 median: 29.967 mean: 18.948 low: -58.934 ELLO: -80.991 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.096 | |
| CapEx To Revenue | -1.899 | |
| CapEx To Depreciation | -5.543 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 624.2 M | |
| Net Invested Capital | $ 656.0 M | |
| Invested Capital | $ 656.0 M | |
| Net Tangible Assets | $ 143.2 M | |
| Net Working Capital | $ 11.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.771 | |
| Current Ratio | 1.182 | |
| Current Ratio QoQ | -4.55 % | |
| Current Ratio YoY | 36.377 % | |
| Current Ratio IPRWA | high: 4.66 ELLO: 1.182 mean: 1.088 median: 0.995 low: 0.392 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 30.838 | |
| Cost Of Debt | 0.464 % | |
| Interest Coverage Ratio | 4.024 | |
| Interest Coverage Ratio QoQ | -7181.436 % | |
| Interest Coverage Ratio YoY | 32.561 % | |
| Interest Coverage Ratio IPRWA | high: 9.262 median: 4.537 mean: 4.482 ELLO: 4.024 low: -4.163 |
|
| Operating Cash Flow Ratio | 0.219 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 105.311 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.131 % | |
| Revenue Growth | 12.886 % | |
| Revenue Growth QoQ | -52.745 % | |
| Revenue Growth YoY | 29.015 % | |
| Revenue Growth IPRWA | high: 48.983 % mean: 20.543 % median: 16.965 % ELLO: 12.886 % low: -2.206 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 25.234 % | |
| Gross Margin QoQ | 16.28 % | |
| Gross Margin YoY | -3.947 % | |
| Gross Margin IPRWA | high: 71.592 % mean: 39.55 % median: 39.147 % ELLO: 25.234 % low: 11.262 % |
|
| EBIT Margin | 105.059 % | |
| EBIT Margin QoQ | -2483.371 % | |
| EBIT Margin YoY | 15.132 % | |
| EBIT Margin IPRWA | ELLO: 105.059 % high: 69.227 % mean: 26.834 % median: 22.088 % low: -7.915 % |
|
| Return On Sales (ROS) | 7.228 % | |
| Return On Sales QoQ | 513.062 % | |
| Return On Sales YoY | -92.079 % | |
| Return On Sales IPRWA | high: 49.102 % mean: 23.567 % median: 20.962 % ELLO: 7.228 % low: -7.915 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -20.70 M | |
| Free Cash Flow Yield | -7.287 % | |
| Free Cash Flow Yield QoQ | 12.367 % | |
| Free Cash Flow Yield YoY | -46.717 % | |
| Free Cash Flow Yield IPRWA | high: 3.423 % median: 1.524 % mean: 0.086 % ELLO: -7.287 % low: -10.519 % |
|
| Free Cash Growth | 42.359 % | |
| Free Cash Growth QoQ | -275.552 % | |
| Free Cash Growth YoY | -61.182 % | |
| Free Cash Growth IPRWA | high: 471.338 % ELLO: 42.359 % mean: -516.373 % median: -955.085 % low: -1283.333 % |
|
| Free Cash To Net Income | -2.044 | |
| Cash Flow Margin | 109.702 % | |
| Cash Flow To Earnings | 1.379 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 1.361 % | |
| Return On Assets QoQ | -228.517 % | |
| Return On Assets YoY | 42.067 % | |
| Return On Assets IPRWA | high: 4.079 % mean: 1.732 % median: 1.712 % ELLO: 1.361 % low: -0.499 % |
|
| Return On Capital Employed (ROCE) | 1.923 % | |
| Return On Equity (ROE) | 0.071 | |
| Return On Equity QoQ | -209.628 % | |
| Return On Equity YoY | 37.194 % | |
| Return On Equity IPRWA | high: 0.49 median: 0.238 mean: 0.175 ELLO: 0.071 low: -0.001 |
|
| DuPont ROE | 7.72 % | |
| Return On Invested Capital (ROIC) | 1.57 % | |
| Return On Invested Capital QoQ | -2342.857 % | |
| Return On Invested Capital YoY | -98.896 % | |
| Return On Invested Capital IPRWA | high: 4.194 % median: 4.194 % mean: 3.257 % ELLO: 1.57 % low: 0.841 % |
|