SolarEdge Technologies, Inc. (SEDG) — Company Research

SolarEdge Technologies, Inc. (NASDAQ: SEDG) is an Israel-based smart-energy technology company supplying DC-optimised solar inverters, power optimisers, residential and commercial battery-storage solutions, EV chargers and the SolarEdge ONE energy-management platform with a cloud-based monitoring platform (per the FY2025 10-K, Item 1, filed 2026-02-25). For the year ended December 31, 2025 the Company reported revenue of $1,184.4 million (+31% YoY from FY2024 $901.5 million), gross profit of $196.3 million (gross margin 16.6%), an operating loss of -$301.7 million (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31; the yfinance annual figure is -$229.7 million) and a net loss of -$405.4 million (per the FY2025 10-K, Item 7, filed 2026-02-25). FY2025 free cash flow was +$80.8 million (per yfinance annual cashflow, FY2025). The stock last traded at $61.95 against a 52-week range of $13.73 to $65.16 (per yfinance, pulled 2026-05-26). SolarEdge employed 3,576 people as of the most recent disclosure (per yfinance, pulled 2026-05-26). The next scheduled earnings date is not disclosed in this report's source data; the most recent reported quarter ended 2026-03-31 (per yfinance quarterly financials, pulled 2026-05-26).

1. Company Snapshot

Field	Value
Name	SolarEdge Technologies, Inc. (per the FY2025 10-K, filed 2026-02-25)
Ticker / Exchange	SEDG / Nasdaq (NMS) (per yfinance, pulled 2026-05-26)
Sector / Industry	Technology / Solar (per yfinance, pulled 2026-05-26)
Market cap	$3.77bn (per yfinance, pulled 2026-05-26)
Enterprise value	$3.63bn (per yfinance, pulled 2026-05-26)
FY2025 revenue	$1,184.4M (+31% YoY; per the FY2025 10-K, Item 7, filed 2026-02-25)
FY2025 operating income (EDGAR XBRL)	-$301.7M (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31; the yfinance annual figure is -$229.7M)
FY2025 free cash flow	+$80.8M (per yfinance annual cashflow, FY2025; operating cash flow +$104.3M less capex $23.5M)
Gross margin (FY2025)	16.6% (gross profit $196.3M on revenue $1,184.4M; per the FY2025 10-K, Item 7, filed 2026-02-25)
Net margin (FY2025)	-34% (net loss -$405.4M on revenue $1,184.4M; per the FY2025 10-K, Item 7, filed 2026-02-25)
Employees	3,576 (per yfinance fullTimeEmployees, pulled 2026-05-26)
CEO	Yehoshua Nir, Chief Executive Officer (per insider transaction filings via yfinance, pulled 2026-05-26)
Headquarters	Herzliya Pituach, Israel (per yfinance business summary, pulled 2026-05-26)
Website	solaredge.com (per yfinance, pulled 2026-05-26)
Fiscal year-end	December 31 (per the FY2025 10-K, filed 2026-02-25)
Next earnings	Not disclosed in this report's source data (most recent reported quarter ended 2026-03-31, per yfinance)
Dividend yield	None, no dividend reported (per yfinance, pulled 2026-05-26)
52-week high	$65.16 (per yfinance, pulled 2026-05-26)
52-week low	$13.73 (per yfinance, pulled 2026-05-26)
Short interest	19.1% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)

2. Bull Case vs Bear Case

Bull Case

• Revenue grew 31% in FY2025 off the FY2024 demand trough. Per the FY2025 10-K (Item 7, filed 2026-02-25): revenue was $1,184.4 million for FY2025 versus $901.5 million for FY2024. The 10-K attributes the increase to "more normalized channel inventory in both the United States and in Europe" (Item 7, filed 2026-02-25).
• Gross margin returned to positive 16.6% from a deep FY2024 gross loss. Per the FY2025 10-K (Item 7, filed 2026-02-25): "our gross profit was 16.6% as compared to gross loss of 97.3% for the year ended December 31, 2024." The swing from a gross loss back to a positive gross margin is the central evidence of the FY2025 recovery.
• Free cash flow turned positive at +$80.8 million in FY2025. Per yfinance annual cashflow (FY2025): operating cash flow was +$104.3 million and free cash flow +$80.8 million, versus FY2024 free cash flow of -$431.5 million, a directional turn after the prior-year cash burn.
• Debt reduced from $757.7M to $415.9M during FY2025. Per the FY2025 10-K (balance sheet, filed 2026-02-25) and yfinance: total debt fell from $757.7 million (FY2024) to $415.9 million (FY2025), with $347.3 million of long-term debt repaid in the year (per yfinance annual cashflow, FY2025).
• US-centric, IRA/45X-aligned manufacturing footprint. Per the FY2025 10-K (Item 7, filed 2026-02-25): the Company manufactures the vast majority of its products in the United States (inverters in Texas, optimisers and inverters in Florida, batteries in Utah) and sold a significant part of the Section 45X advanced-manufacturing tax credits it generated in 2024 and 2025.

Bear Case

• Still deeply unprofitable with a -$405.4 million net loss in FY2025. Per the FY2025 10-K (Item 7, filed 2026-02-25): net loss was -$405.4 million on $1,184.4 million revenue (net margin -34%). The EDGAR XBRL operating loss was -$301.7 million (per EDGAR XBRL OperatingIncomeLoss, period ending 2025-12-31; the yfinance annual figure is -$229.7 million).
• Revenue remains well below the prior peak. Per yfinance annual financials: FY2025 revenue of $1,184.4 million compares to $2,976.5 million in FY2023 and $3,110.3 million in FY2022, the rebuild to prior peak revenue is not complete.
• Large book-equity destruction across the downturn. Per the FY2025 10-K (balance sheet, filed 2026-02-25) and yfinance: stockholders' equity fell from $2,411.9 million (FY2023) to $658.3 million (FY2024) and to $427.5 million (FY2025).
• Gross margin of 16.6% is well below pre-downturn levels. Per yfinance annual financials: FY2025 gross margin of 16.6% remains below FY2022 (27.2%) and FY2023 (23.6%); pricing and mix have not fully recovered.
• Sustained ~19% short interest signals persistent scepticism. Per yfinance shortPercentOfFloat (pulled 2026-05-26): 19.1% of float, short interest has remained elevated through the rebound.

3. What Does SolarEdge Actually Do?

Per the FY2025 10-K (Item 1, filed 2026-02-25), SolarEdge is a global smart-energy technology company whose DC-optimised inverter system maximises power generation while lowering the cost of energy produced by a photovoltaic (PV) system. A typical SolarEdge DC-optimised inverter system consists of inverters, Power Optimizers, a communication device that enables access to a cloud-based monitoring platform and, in many cases, a battery plus additional smart-energy management devices such as EV chargers and load controllers. The Company sells primarily indirectly to thousands of solar installers through distributors and electrical-equipment wholesalers, and directly to large solar installers and engineering, procurement and construction firms (EPCs).

Segment revenue breakdown is not disclosed in this report's source data: following the sale of Automation Machines and the discontinuation of the Energy Storage activity in 2024, the Company operates as one operating segment (per the FY2025 10-K, Item 7, filed 2026-02-25). The major product lines described in the filing are:

Product line	Description
Power optimisers + DC inverters	Module-level DC-optimised inverter system providing maximum power point tracking, design flexibility and module-level safety (per the FY2025 10-K, Item 1, filed 2026-02-25).
Storage solutions	Residential and commercial battery storage that DC-couples directly with SolarEdge inverters, including the CSS-OD 102.4 kWh commercial solution (per the FY2025 10-K, Item 1 and Item 7, filed 2026-02-25).
EV chargers	Residential and commercial EV chargers integrated with SolarEdge energy management (per the FY2025 10-K, Item 1, filed 2026-02-25).
SolarEdge ONE + cloud monitoring	A single platform to manage, monitor and optimise PV, battery storage, EV and smart-device assets, with cloud-based module-level monitoring (per the FY2025 10-K, Item 1, filed 2026-02-25).

In plain English, SolarEdge sells the hardware "brain" of a rooftop or commercial solar system, the inverter and the per-module power optimisers, plus the batteries, EV chargers and software that sit on top. Per the FY2025 10-K (Item 7, filed 2026-02-25), demand fell sharply from the third quarter of 2023 as European distributors cancelled and pushed out backlog, and FY2025 represents an early recovery as channel inventory normalised in the US and Europe.

4. The Business Model

Per the FY2025 10-K (Item 1, filed 2026-02-25): SolarEdge's model is hardware-led product sales, inverters, power optimisers, storage and EV chargers, sold primarily indirectly through distributors and electrical-equipment wholesalers and directly to large installers and EPCs, with energy-management software (SolarEdge ONE) and a cloud-based monitoring platform layered on top of the hardware. The stated technology moat is the DC-optimised architecture: per-module maximum-power-point tracking, enhanced design flexibility, reduced balance-of-system cost, and module-level safety features such as SafeDC (per the FY2025 10-K, Item 1, filed 2026-02-25).

On manufacturing, the FY2025 10-K (Item 7, filed 2026-02-25) states that, in light of the IRA, the Company manufactures the vast majority of its products in the United States, inverters in Texas, optimisers and inverters in Florida, and batteries in Utah, and has discontinued manufacturing in China, Mexico and Hungary. It continues to manufacture a minor portion in Israel (its Sella 1 facility) and maintains manufacturing capability in Vietnam via a third-party manufacturer. Revenue is concentrated: for the year ended December 31, 2025, one customer accounted for 18.6% of revenues and the top three customers together represented 35.8% (per the FY2025 10-K, Item 7, filed 2026-02-25).

5. Financial Health

5-year income trend (per yfinance annual financials; FY2025 operating income leads with EDGAR XBRL):

FY	Revenue	Gross profit	Operating income	Net income	Diluted EPS	Free cash flow
FY2025	$1,184.4M	$196.3M	-$301.7M (EDGAR XBRL; yfinance -$229.7M)	-$405.4M	-$6.88	+$80.8M
FY2024	$901.5M	-$877.2M	-$1,474.8M	-$1,806.4M	-$31.64	-$431.5M
FY2023	$2,976.5M	$703.8M	+$71.4M	+$34.3M	+$0.60	-$361.2M
FY2022	$3,110.3M	$844.6M	+$285.3M	+$93.8M	+$1.65	-$138.1M
FY2021	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

Per the FY2025 10-K (Item 7, filed 2026-02-25), the Company experienced a slowdown in demand beginning in the third quarter of 2023 and substantial cancellations and push-outs of backlog from European distributors, with the slowdown continuing through 2024; FY2025 saw an increase in sales due to more normalised channel inventory in the US and Europe. FY2025 operating income on the EDGAR XBRL basis was -$301.7M (per EDGAR XBRL OperatingIncomeLoss, period ending 2025-12-31), while the yfinance annual figure is -$229.7M; the two differ on classification of certain items.

Balance sheet (per the FY2025 10-K balance sheet, filed 2026-02-25, and yfinance annual balance sheet):

FY	Cash & equiv (+ ST inv)	Total debt	Stockholders' equity	Shares outstanding	Buybacks
FY2025	$493.2M	$415.9M	$427.5M	60.4M	$0
FY2024	$585.9M	$757.7M	$658.3M	58.0M	$50.2M
FY2023	$860.0M	$732.0M	$2,411.9M	57.1M	$0
FY2022	$1,024.2M	$735.5M	$2,176.4M	56.1M	$0

Quarterly trend (last 5 quarters, per yfinance quarterly financials, pulled 2026-05-26):

Quarter	Revenue	Gross margin	Operating income	Net income	Diluted EPS
Q1 2026 (2026-03-31)	$310.5M	22.0%	-$47.4M	-$57.4M	-$0.95
Q4 2025 (2025-12-31)	$335.4M	22.2%	-$24.0M	-$132.1M	-$2.21
Q3 2025 (2025-09-30)	$340.2M	21.2%	-$34.3M	-$50.1M	-$0.84
Q2 2025 (2025-06-30)	$289.4M	11.1%	-$69.2M	-$124.7M	-$2.13
Q1 2025 (2025-03-31)	$219.5M	8.0%	-$102.7M	-$98.5M	-$1.70

Per yfinance quarterly financials (pulled 2026-05-26): revenue rose year on year in each of the last five quarters and the operating loss narrowed from -$102.7M in Q1 2025 to -$47.4M in Q1 2026, while gross margin recovered from 8.0% to 22.0% over the same period. Quarterly free cash flow is not disclosed in this report's source data.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	$61.95 (per yfinance, pulled 2026-05-26)
Previous close	$63.00 (per yfinance, pulled 2026-05-26)
Day range	$58.50 – $63.28 (per yfinance, pulled 2026-05-26)
52-week high / low	$65.16 / $13.73 (per yfinance, pulled 2026-05-26)
Market cap	$3.77bn (per yfinance, pulled 2026-05-26)
Enterprise value	$3.63bn (per yfinance, pulled 2026-05-26)
Shares outstanding	60.8M (per yfinance, pulled 2026-05-26)
Float	60.1M (per yfinance, pulled 2026-05-26)
Avg daily volume (10d)	5.55M (per yfinance averageVolume10days, pulled 2026-05-26)
Volume (2026-05-26)	4.08M (per yfinance, pulled 2026-05-26)
Beta	1.18 (per yfinance, pulled 2026-05-26)
Trailing P/E (GAAP)	not disclosed in this report's source data, net loss in TTM (per yfinance, pulled 2026-05-26)
Forward P/E	39.58 (per yfinance, pulled 2026-05-26)
P/S (TTM)	2.95 (per yfinance, pulled 2026-05-26)
P/B	8.75 (per yfinance, pulled 2026-05-26)
EV / Revenue (TTM)	2.85 (per yfinance, pulled 2026-05-26)
EV / EBITDA	-21.32 (per yfinance enterpriseToEbitda, pulled 2026-05-26)
P / FCF	not disclosed in this report's source data (per yfinance, pulled 2026-05-26)
Gross margin (TTM)	18.30% (per yfinance, pulled 2026-05-26)
Operating margin (TTM GAAP)	-15.28% (per yfinance, pulled 2026-05-26)
Net margin (TTM)	-28.56% (per yfinance, pulled 2026-05-26)
ROE	-72.50% (per yfinance, pulled 2026-05-26)
ROA	-5.09% (per yfinance, pulled 2026-05-26)
Debt-to-equity	98.45% (per yfinance debtToEquity, pulled 2026-05-26)
Current ratio	2.03 (per yfinance, pulled 2026-05-26)
Dividend yield	None, no dividend reported (per yfinance, pulled 2026-05-26)
Short interest	19.1% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)
Put / call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per the FY2025 10-K (Item 1 and Item 7, filed 2026-02-25):

• SolarEdge Nexis next-generation residential portfolio. Per the FY2025 10-K (Item 7, filed 2026-02-25): the Company launched its next-generation residential product portfolio, SolarEdge Nexis, with initial units delivered toward the end of 2025.
• CSS-OD commercial energy storage. Per the FY2025 10-K (Item 7, filed 2026-02-25): the Company expanded its commercial energy-storage business with CSS-OD, a 102.4 kWh rated solution scalable up to megawatt-hour-size sites, suitable for outdoor or indoor installations.
• Single SKU software-defined inverter platform. Per the FY2025 10-K (Item 7, filed 2026-02-25): at the end of 2025 the Company transitioned its inverter products to a Single SKU concept, a software-defined platform that lets one inverter SKU be programmed to the desired kilowatt rating in the field, simplifying forecasting, manufacturing, inventory, logistics and service.
• SolarEdge ONE energy-management platform. Per the FY2025 10-K (Item 1, filed 2026-02-25): SolarEdge ONE is a single platform to manage, monitor and optimise PV, battery storage, EV and smart-device assets across residential and commercial sites, with advanced cyber capabilities.
• US manufacturing aligned to IRA / Section 45X. Per the FY2025 10-K (Item 7, filed 2026-02-25): the Company established US manufacturing capabilities starting in 2023 and expanded them in 2024 and 2025, and sold a significant part of the Section 45X advanced-manufacturing production tax credits it generated; specific future tax-credit benefits depend on customer election and Treasury guidance.

8. Competitive Landscape

Per the FY2025 10-K (Item 1A, filed 2026-02-25), SolarEdge identifies "the rapidly evolving and competitive nature of the solar industry" and "increased competition, including introductions of power optimizer, inverter, EV chargers, batteries and PV system monitoring products by our competitors" as principal risks, but the source 10-K extract does not name specific competitors. Named-peer identities and peer financial data are therefore not disclosed in this report's source data.

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
SolarEdge Technologies, Inc.	SEDG	$3.77bn	$1.28bn	18.30%	2.95
Peer 1	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data
Peer 2	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data
Peer 3	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

The peer rows above are not in this report's source data at publish time. Qualitatively, per the FY2025 10-K (Item 1, filed 2026-02-25), SolarEdge positions its module-level DC-optimised architecture as its key advantage over a traditional string-inverter PV system, claiming maximised module power output, greater design flexibility, reduced balance-of-system cost and module-level safety, alongside an integrated platform spanning inverters, optimisers, storage, EV charging and software.

9. Leadership and Ownership

Per insider transaction filings via yfinance (pulled 2026-05-26): Yehoshua Nir is Chief Executive Officer; Asaf Alperovitz is Chief Financial Officer; Uri Bechor is Chief Operating Officer; Daniel Huber is an Officer; and Avery More is Chairman of the Board. Named directors in the source data include Yoram Tietz, Guy Gecht and Dana Rebecca Gross (per insider transaction filings via yfinance, pulled 2026-05-26). Detailed executive tenure and proxy-level biographical information is not disclosed in this report's source data.

Top institutional shareholders as of 2026-03-31 (per yfinance institutional_holders, pulled 2026-05-26):

Holder	% held	Shares	Value (USD)
BlackRock Inc.	13.88%	8,442,119	$523.0M
Menora Mivtachim Holdings Ltd.	4.56%	2,774,921	$171.9M
Invesco Ltd.	4.33%	2,631,913	$163.0M
UBS Group AG	4.29%	2,609,137	$161.6M
Vanguard Portfolio Management LLC	3.74%	2,273,932	$140.9M
Grantham, Mayo, Van Otterloo & Co. LLC	3.67%	2,234,200	$138.4M
Two Sigma Investments, LP	3.67%	2,231,899	$138.3M
State Street Corporation	2.88%	1,749,713	$108.4M
Artisan Partners Limited Partnership	2.69%	1,638,490	$101.5M
Morgan Stanley	2.50%	1,522,486	$94.3M

Per yfinance (pulled 2026-05-26): institutional ownership is reported at 107.83%, a figure above 100% reflects double-counting from shares lent out and re-reported, and insider ownership is 1.15%. Recent insider activity (per insider_transactions via yfinance, pulled 2026-05-26):

• 2026-05-07: Chairman of the Board Avery More sold 2,566 shares at $38.28-$39.20 (approximately $99k).
• 2026-01-02: Annual equity grants at $0.00 grant price, CEO Yehoshua Nir 90,880 shares; CFO Asaf Alperovitz 22,321 shares; COO Uri Bechor 22,321 shares; Officer Daniel Huber 17,538 shares.

10. Risks and Challenges

• History of losses and uncertain return to profitability (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "We incurred a net loss of $405.4 million for the year ended December 31, 2025 and net loss of $1,806.4 million for the year ended December 31, 2024." The filing lists "our ability to be profitable in the future" as a principal risk.
• Customer concentration (Concentration): Per the FY2025 10-K (Item 7, filed 2026-02-25): "one customer accounted for 18.6% of our revenues and our top three customers together represented 35.8% of our revenues" for the year ended December 31, 2025.
• Cyclical and uncertain demand for solar energy solutions (Market & Demand): Per the FY2025 10-K (Item 1A, filed 2026-02-25): principal risks include "fluctuations in demand for solar energy solutions, including if demand for solar energy solutions does not resume growth or grows at a slower rate than anticipated" and "the cyclicality of the solar industry."
• Competition across the product range (Competitive): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "increased competition, including introductions of power optimizer, inverter, EV chargers, batteries and PV system monitoring products by our competitors."
• Dependence on a small number of contract manufacturers and suppliers (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Our dependence on a small number of outside contract manufacturers" and "Our dependence on a limited number of suppliers for key components and raw materials in our products to adequately meet anticipated demand."
• Israel conflict and operating conditions (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Disruption to our business operations due to the evolving conflict in Israel and other conditions in Israel that affect our operations and may limit our ability to develop, produce and sell our products."
• Cybersecurity and unauthorised network access (Cyber & Physical): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Any unauthorized access to, disclosure, or theft of confidential or personal information we gather, store, or use" and "Attempts by third parties, our employees, or our vendors to gain unauthorized access to our network or seek to compromise our products and services." Cybersecurity is addressed in Item 1C of the filing.
• Tax-law and trade/tariff changes including the IRA and H.R.1 (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Changes in tax laws, tax treaties, and regulations or the interpretation of them, including the IRA and the H.R.1" and "Changes in the global trade environment, including the United States trade environment, such as the increase or imposition of import tariffs." Per Item 7 (filed 2026-02-25), H.R.1 (enacted July 4, 2025) shortens certain credit timelines, eliminates the Section 25D individual residential credit at the end of 2025, and introduces new domestic-content and FEOC thresholds.
• Net-metering and utility-regulation changes (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Changes to net metering policies" and "Existing electric utility industry regulations and changes to regulations, which may present technical regulatory, and economic barriers to the purchase and use of PV systems."
• Elevated short interest amplifies share-price volatility (Concentration): Per yfinance shortPercentOfFloat (pulled 2026-05-26): 19.1% of float, against 60.1M float shares; the FY2025 10-K (Item 1A, filed 2026-02-25) separately lists "Volatility of our stock price" as a principal risk.

11. Recent Developments

Most recent first.

• 2026-05-07, Chairman of the Board Avery More sold 2,566 shares at $38.28-$39.20: Approximately $99,000 of proceeds. Source: [insider_transactions via yfinance, pulled 2026-05-26].
• Quarter ended 2026-03-31, Q1 2026 results: revenue $310.5M (+41% YoY), operating loss -$47.4M: Revenue rose to $310.5 million from $219.5 million in Q1 2025; operating loss narrowed to -$47.4 million from -$102.7 million; net loss -$57.4 million; diluted EPS -$0.95. Source: [yfinance quarterly financials, pulled 2026-05-26].

No additional independently link-verifiable news or social-media items within the 30-day window are included in this report's source data (recent_news in the source data is empty).

12. Key Dates Coming Up

• Next earnings date, not disclosed in this report's source data: The most recent reported quarter ended 2026-03-31 (per yfinance quarterly financials, pulled 2026-05-26).
• 2026 Annual Meeting of Stockholders, not disclosed in this report's source data.
• H.R.1 transition milestones (Regulatory): Per the FY2025 10-K (Item 7, filed 2026-02-25): the Section 48E domestic-content threshold rose to 50% on January 1, 2026 and increases 5% annually until 2029, and new FEOC requirements began January 1, 2026; specific company-level dates are not disclosed in this report's source data.

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