Debt to Equity
since 2015
Calculation
SolarEdge Technologies Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Convertible senior notes and finance lease liabilities1 | ÷ | Total SolarEdge Technologies, Inc. stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.31 | = | 669,836) | ÷ | 2,176,366) |
| Dec 31, 2021 | 0.51 | = | 662,043) | ÷ | 1,310,039) |
| Dec 31, 2020 | 0.55 | = | 599,523) | ÷ | 1,085,757) |
| Dec 31, 2019 | 0.00 | = | 2,399) | ÷ | 811,670) |
| Dec 31, 2018 | 0.00 | = | —) | ÷ | 562,408) |
| Dec 31, 2017 | 0.00 | = | —) | ÷ | 397,467) |
| Jun 30, 2016 | 0.00 | = | —) | ÷ | 256,108) |
| Jun 30, 2015 | 0.00 | = | —) | ÷ | 166,944) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30).
1 US$ in thousands
A sustained increase in stockholders' equity is evident from 2015 through 2022, indicating a significant growth in the company's net asset base. While the company operated with minimal debt for the initial period, a strategic shift in financing occurred in 2020, characterized by a sharp rise in convertible senior notes and finance lease liabilities. Despite this increase in absolute debt, the debt-to-equity ratio has trended downward since its 2020 peak, suggesting that equity growth has outpaced debt accumulation.
- Stockholders' Equity Growth
- Total stockholders' equity demonstrated consistent year-over-year growth, rising from 166,944 thousand US dollars in June 2015 to 2,176,366 thousand US dollars by December 2022.
- Debt Obligations
- Convertible senior notes and finance lease liabilities remained negligible until 2019, at which point they stood at 2,399 thousand US dollars. A substantial increase occurred in 2020, with liabilities jumping to 599,523 thousand US dollars and further increasing to 669,836 thousand US dollars by the end of 2022.
- Debt to Equity Ratio Trend
- The debt to equity ratio shifted from 0.00 in 2019 to a peak of 0.55 in 2020. Following this peak, the ratio declined to 0.51 in 2021 and further to 0.31 in 2022, reflecting a reduction in financial leverage relative to equity.
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Comparison to Competitors
SolarEdge Technologies Inc., debt to equity, long-term trends, comparison to competitors
| SolarEdge Technologies Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 0.31 | 0.05 | 0.18 | 0.45 | 1.74 | 0.41 | 4.75 | 0.80 | 0.29 | 0.14 | 0.41 | 0.86 | 0.60 |
| Dec 31, 2021 | 0.51 | 0.04 | 0.18 | 0.45 | 1.59 | 0.40 | 1.02 | 0.83 | 0.14 | 0.15 | 0.41 | 1.58 | 0.58 |
| Dec 31, 2020 | 0.55 | 0.06 | 0.43 | 0.52 | 1.72 | 0.45 | 1.30 | 1.12 | 0.17 | 0.17 | 0.16 | 2.59 | 0.74 |
| Dec 31, 2019 | 0.00 | 0.17 | 0.47 | 0.65 | 1.32 | 0.37 | 1.29 | 0.96 | 0.24 | 0.16 | 0.21 | 3.25 | 0.65 |
| Dec 31, 2018 | 0.00 | 0.99 | 0.58 | 0.78 | 0.66 | 0.35 | 1.38 | 0.37 | 0.00 | 0.14 | 0.27 | 17.64 | 0.56 |
| Dec 31, 2017 | 0.00 | 2.28 | 0.77 | 0.57 | 0.87 | 0.39 | 2.21 | 0.40 | 0.00 | 0.60 | 0.48 | 0.71 | 0.39 |
| Jun 30, 2016 | 0.00 | 3.45 | 0.34 | 0.46 | 0.72 | 0.38 | 4.44 | 0.74 | 0.00 | 0.82 | 0.32 | 0.37 | 0.34 |
| Jun 30, 2015 | 0.00 | — | 0.17 | 0.60 | 0.84 | 0.37 | 7.57 | 0.46 | 0.00 | 0.60 | 0.32 | 0.35 | 0.41 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
SolarEdge Technologies Inc., debt to equity, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| SolarEdge Technologies Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 31, 2022 | 0.31 | 0.43 |
| Dec 31, 2021 | 0.51 | 0.49 |
| Dec 31, 2020 | 0.55 | 0.60 |
| Dec 31, 2019 | 0.00 | 0.56 |
| Dec 31, 2018 | 0.00 | 0.49 |
| Dec 31, 2017 | 0.00 | 0.56 |
| Jun 30, 2016 | 0.00 | 0.47 |
| Jun 30, 2015 | 0.00 | 0.43 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30).
Comparison to Industry (Information Technology)
SolarEdge Technologies Inc., debt to equity, long-term trends, comparison to industry (information technology)
| SolarEdge Technologies Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2022 | 0.31 | 0.70 |
| Dec 31, 2021 | 0.51 | 0.82 |
| Dec 31, 2020 | 0.55 | 0.95 |
| Dec 31, 2019 | 0.00 | 0.97 |
| Dec 31, 2018 | 0.00 | 0.82 |
| Dec 31, 2017 | 0.00 | 0.80 |
| Jun 30, 2016 | 0.00 | 0.65 |
| Jun 30, 2015 | 0.00 | 0.56 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30).