Enlight Renewable Energy Ltd.
ENLT Utilities Utilities Renewable
Enlight Renewable Energy Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $488.6 million, up 29.3% from fiscal 2024. In the quarter to June 2026, revenue grew 43.0%, EPS fell 72.0%, free cash flow fell 87.8% and total debt rose 60.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
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Enlight Renewable Energy Ltd. (ENLT) Altman Z-score
Enlight Renewable Energy Ltd.'s Altman Z-score for fiscal 2025 is 0.66, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.66 | 0.13 |
| FY2024 | 0.52 | (0.10) |
| FY2023 | 0.62 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.06) | — | −0.07 | |
| Retained earnings / total assets | 0.03 | — | 0.04 | |
| EBIT / total assets | 0.04 | — | 0.13 | |
| Market value of equity / total liabilities | 0.85 | — | 0.51 | |
| Sales / total assets | 0.06 | — | 0.06 | |
| Altman Z-score | Distress zone | 0.66 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.26 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ORA Ormat Technologies, Inc. compare | 1.6× |
| EBR.B Eletrobras compare | 0.7× |
| AXIAY AXIA Energia compare | 0.7× |
| ENLT Enlight Renewable Energy Ltd. | 0.7× |
| CWEN Clearway Energy, Inc. compare | 0.4× |
| RNW ReNew Energy Global PLC compare | 0.2× |
| BEP Brookfield Renewable Partners L.P. compare | — |
| XIFR XPLR Infrastructure, LP compare | — |
| BEPC Brookfield Renewable Corporation compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets