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SolarEdge Technologies Inc. (NASDAQ:SEDG)

This company has been moved to the archive! The financial data has not been updated since February 22, 2023.

Common-Size Balance Sheet: Assets

SolarEdge Technologies Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 18.36 18.33 33.94 14.98 19.87
Marketable securities 5.65 5.80 5.90 6.15 12.31
Trade receivables, net of allowances 21.22 15.78 8.97 19.96 18.00
Inventories, net 17.09 13.14 13.61 11.43 14.67
Vendor non-trade receivables 3.46 2.46 2.32 5.61 2.93
Government authorities 1.30 2.19 2.05 1.10 0.60
Bank deposits 0.00 0.00 2.47 0.34 0.62
Prepaid expenses and other 0.89 1.47 1.29 2.84 1.31
Prepaid expenses and other current assets 5.65% 6.12% 8.13% 9.89% 5.46%
Current assets 67.97% 59.17% 70.55% 62.41% 70.31%
Marketable securities 15.13 16.67 6.05 7.97 7.70
Deferred tax assets, net 1.04 0.95 0.48 1.09 1.52
Property, plant and equipment, net 12.75 14.19 12.45 11.84 12.37
Operating lease right-of-use assets, net 1.47 1.63 1.71 2.40 0.00
Intangible assets, net 0.47 2.04 2.78 4.95 3.99
Goodwill 0.73 4.48 5.76 8.67 3.62
Other long-term assets 0.44 0.86 0.22 0.66 0.49
Long-term assets 32.03% 40.83% 29.45% 37.59% 29.69%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The asset structure is characterized by a high concentration of current assets, which consistently represent between 59% and 71% of the total asset base from 2018 to 2022. While the overall composition remains skewed toward short-term liquidity, the internal distribution of these assets has shifted, reflecting changes in working capital management and strategic investment allocations.

Liquidity and Cash Management
Cash and cash equivalents exhibited significant volatility, peaking at 33.94% of total assets in 2020 before stabilizing at approximately 18.3% in 2021 and 2022. A complementary shift is observed in long-term marketable securities, which increased from a range of 6% to 8% between 2018 and 2020 to 15.13% by 2022, indicating a strategic reallocation of liquid reserves into longer-term investment vehicles.
Working Capital Dynamics
A substantial upward trend in trade receivables is evident, rising from a low of 8.97% in 2020 to 21.22% in 2022. This is accompanied by an increase in inventories, which grew to 17.09% of total assets in 2022. The simultaneous expansion of receivables and inventories suggests an intensification of the working capital cycle, which may point to increased sales growth or potential challenges in collection and inventory turnover.
Fixed and Intangible Asset Trends
Property, plant, and equipment remained relatively stable, fluctuating within a narrow band between 11.84% and 14.19%. In contrast, there is a sharp contraction in intangible assets and goodwill. Goodwill declined from a peak of 8.67% in 2019 to 0.73% in 2022, while net intangible assets fell from 4.95% to 0.47% over the same period, suggesting significant impairment charges or accelerated amortization of acquired assets.
Long-Term Asset Composition
Long-term assets peaked at 40.83% in 2021 before moderating to 32.03% in 2022. This fluctuation was primarily driven by the volatility in marketable securities and the systematic reduction of goodwill and intangible assets, rather than changes in physical infrastructure investment.

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