Stock Analysis on Net

SolarEdge Technologies Inc. (NASDAQ:SEDG)

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

Financial Reporting Quality: Aggregate Accruals

Microsoft Excel

Balance-Sheet-Based Accruals Ratio

SolarEdge Technologies Inc., balance sheet computation of aggregate accruals

US$ in thousands

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Operating Assets
Total assets 4,265,949 2,892,060 2,437,109 1,494,624 964,472
Less: Cash and cash equivalents 783,112 530,089 827,146 223,901 191,633
Less: Marketable securities 241,117 167,728 143,687 91,845 118,680
Operating assets 3,241,720 2,194,243 1,466,276 1,178,878 654,159
Operating Liabilities
Total liabilities 2,089,583 1,582,021 1,351,352 682,954 393,746
Less: Short-term finance lease liabilities 3,263 1,875 1,686 231
Less: Convertible senior notes, net 624,451 621,535 573,350
Less: Long-term finance lease liabilities 45,385 40,508 26,173 2,399
Operating liabilities 1,416,484 918,103 750,143 680,324 393,746
 
Net operating assets1 1,825,236 1,276,140 716,133 498,554 260,413
Balance-sheet-based aggregate accruals2 549,096 560,007 217,579 238,141
Financial Ratio
Balance-sheet-based accruals ratio3 35.41% 56.22% 35.82% 62.75%
Benchmarks
Balance-Sheet-Based Accruals Ratio, Competitors4
Advanced Micro Devices Inc. 169.75% 8.05% 72.69%
Analog Devices Inc. -2.94% 90.70% -2.85% 0.29%
Applied Materials Inc. 20.73% 17.33% 3.75% 19.87%
Broadcom Inc. -5.37% -8.72% 8.42% 27.77%
First Solar Inc. -23.82% 7.60% 17.40%
Intel Corp. 10.73% 11.61% 0.01%
KLA Corp. 21.25% 3.62% -4.49%
Lam Research Corp. 16.02% 8.38% 9.01%
Micron Technology Inc. 12.07% 11.51% 7.56%
NVIDIA Corp. 28.31% 115.40% -16.93%
Qualcomm Inc. 68.49% 22.56% 20.94%
Texas Instruments Inc. 22.75% 18.48% 1.00%
Balance-Sheet-Based Accruals Ratio, Sector
Semiconductors & Semiconductor Equipment 24.13% 19.36% 4.72% 200.00%
Balance-Sheet-Based Accruals Ratio, Industry
Information Technology 21.68% 21.28% 2.85% 200.00%

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).

1 2022 Calculation
Net operating assets = Operating assets – Operating liabilities
= 3,241,7201,416,484 = 1,825,236

2 2022 Calculation
Balance-sheet-based aggregate accruals = Net operating assets2022 – Net operating assets2021
= 1,825,2361,276,140 = 549,096

3 2022 Calculation
Balance-sheet-based accruals ratio = 100 × Balance-sheet-based aggregate accruals ÷ Avg. net operating assets
= 100 × 549,096 ÷ [(1,825,236 + 1,276,140) ÷ 2] = 35.41%

4 Click competitor name to see calculations.

Financial ratio Description The company
Balance-sheet-based accruals ratio Ratio is found by dividing balance-sheet-based aggregate accruals by average net operating assets. Using the balance-sheet-based accruals ratio, SolarEdge Technologies Inc. improved earnings quality from 2021 to 2022.

Cash-Flow-Statement-Based Accruals Ratio

SolarEdge Technologies Inc., cash flow statement computation of aggregate accruals

US$ in thousands

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net income attributable to SolarEdge Technologies, Inc. 93,779 169,170 140,322 146,549 128,833
Less: Net cash provided by operating activities 31,284 214,129 222,655 259,000 189,079
Less: Net cash used in investing activities (417,044) (484,211) (236,637) (152,853) (152,628)
Cash-flow-statement-based aggregate accruals 479,539 439,252 154,304 40,402 92,382
Financial Ratio
Cash-flow-statement-based accruals ratio1 30.92% 44.10% 25.41% 10.65%
Benchmarks
Cash-Flow-Statement-Based Accruals Ratio, Competitors2
Advanced Micro Devices Inc. -15.28% 8.10% 83.38%
Analog Devices Inc. -2.54% -11.85% -3.72% -3.61%
Applied Materials Inc. 18.18% 14.75% -0.54% -1.09%
Broadcom Inc. -8.94% -12.34% 3.65% 18.25%
First Solar Inc. 7.04% 7.84% 13.21%
Intel Corp. 2.75% 15.15% 6.75%
KLA Corp. 18.30% 9.27% -7.11%
Lam Research Corp. 12.43% 3.89% 6.35%
Micron Technology Inc. 11.37% 10.01% 5.45%
NVIDIA Corp. 73.13% 233.25% -225.09%
Qualcomm Inc. 46.91% 15.61% 48.48%
Texas Instruments Inc. 28.24% 29.95% 4.03%
Cash-Flow-Statement-Based Accruals Ratio, Sector
Semiconductors & Semiconductor Equipment 7.45% 12.29% 3.78% 14.64%
Cash-Flow-Statement-Based Accruals Ratio, Industry
Information Technology 3.93% 10.55% -8.35% -22.20%

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).

1 2022 Calculation
Cash-flow-statement-based accruals ratio = 100 × Cash-flow-statement-based aggregate accruals ÷ Avg. net operating assets
= 100 × 479,539 ÷ [(1,825,236 + 1,276,140) ÷ 2] = 30.92%

2 Click competitor name to see calculations.

Financial ratio Description The company
Cash-flow-statement-based accruals ratio Ratio is found by dividing cash-flow-statement-based aggregate accruals by average net operating assets. Using the cash-flow-statement-based accruals ratio, SolarEdge Technologies Inc. improved earnings quality from 2021 to 2022.