Moody’s Corporation (NYSE: MCO) will host a Q&A session on June 8, 2026, at 2:00 p.m. Eastern Time. The session will be moderated by Andrew C. Steinerman, Managing Director and Equity Research Analyst at J.P. Morgan, and will feature Cristina Pieretti, General Manager and Head of Generative AI Solutions.
The discussion will focus on Moody’s Generative AI strategy, including partnerships and product innovation and initiatives, and how these efforts support the delivery of differentiated insights for customers.
The webcast can be accessed under “Events & Presentations” on ir.moodys.com.
This event is conducted in compliance with Regulation FD. Senior management may use the content made available for this presentation during subsequent meetings with analysts and investors.
ABOUT Moody’s
In a world shaped by increasingly interconnected risks, Moody’s NYSE:MCO data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260602313322/en/
On June 10, 2026, we present a detailed DCF analysis for Moodys Corp MCO , a company currently facing price performance challenges with a year-to-date decline of 11.5% and a one-year drop of 6.6%. The current stock price stands at $449.94.
DCF Earnings-based intrinsic value of $267.91 vs price of $449.94 (margin of safety: -67.9%) DCF FCF-based intrinsic value of $264.62 vs price of $449.94 (second opinion) GF Score™ of 91/100 indicates high reliability of the DCF inputs What Is MCO Worth? DCF Earnings-Based Model The DCF earnings-based model for Moodys Corp utilizes a two-stage approach to estimate the intrinsic value of the stock. In the first stage, we project earnings growth over the next ten years, followed by a terminal growth phase. The model assumes a current EPS of $15.45, with a 10-year growth rate of 11.2% and a discount rate of 11%.
Parameter Value Current EPS (TTM, excl. non-recurring) $15.45 10-Year Growth Rate 11.2% 10-Year Treasury Rate 4.53% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the growth phase (Years 1-10), the EPS is expected to grow at 11.2% annually, which results in a calculated value of $156.04 per share. In the terminal phase (Years 11-20), the growth rate slows to a terminal rate of 4%, yielding a value of $111.87 per share. The intrinsic value is then derived by summing these two stages.
Stage Description Value Growth Stage (Years 1-10) EPS growing at 11.2%, discounted at 11% $156.04 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $111.87 Intrinsic Value Growth + Terminal $267.91 Comparing the current price of $449.94 with the intrinsic value of $267.91 indicates that the stock is modestly overvalued, with a margin of safety of -67.9%. It is important to note that GuruFocus uses EPS without non-recurring items, as research shows that stock prices correlate more closely with earnings than with free cash flow. For further calculations, please refer to the MCO DCF Calculator.
What Does the Free Cash Flow DCF Say? The free cash flow (FCF)-based intrinsic value for Moodys Corp is calculated at $264.62. When comparing this with the earnings-based intrinsic value of $267.91, we find that both models suggest a similar valuation conclusion. Both models indicate that Moodys Corp is modestly overvalued, with a margin of safety of -70.0% for the FCF-based model.
How Does GF Value™ Compare to the DCF Models? The GF Value™ for Moodys Corp is calculated at $536.71, providing a third perspective on valuation. GF Value™ is GuruFocus' proprietary measure derived from historical trading multiples, past business growth, and future performance estimates. While the DCF models indicate that the stock is overvalued, the GF Value™ suggests that it is undervalued by 16.2%. This discrepancy highlights the importance of considering multiple valuation methods. For more information, visit the GF Value™ page.
What Does MCO's GF Score™ Tell Us? The GF Score™ for Moodys Corp is 91/100, which ranks stocks based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been shown to generate higher long-term returns based on backtested data from 2006 to 2021.
Metric Rating GF Score™ 91/100 Financial Strength 6/10 Profitability 9/10 Growth 9/10 Valuation 10/10 Momentum 5/10 With a predictability rank of 1/5 stars, it is important to note that higher predictability ratings indicate that the DCF model is more reliable for this stock. For additional insights, visit the MCO stock page.
Key Assumptions and Limitations It is crucial to understand that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Stocks with low predictability ratings, such as Moodys Corp's 1/5 stars, produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not reflect future market conditions accurately.
What This Means for Investors In summary, the DCF earnings-based model, the DCF FCF model, and the GF Value™ all provide valuable insights into the valuation of Moodys Corp. While the DCF models suggest that the stock is modestly overvalued, the GF Value™ indicates a potential undervaluation. Overall, the consensus points towards Moodys Corp being overvalued at its current price.
For the full DCF analysis, visit the MCO DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.
Frequently Asked Questions What is MCO's intrinsic value based on DCF?
Answer: earnings-based $267.91, FCF-based $264.62
Is MCO overvalued or undervalued?
Answer: Both DCF models indicate MCO is overvalued, while GF Value™ suggests it is undervalued.
How reliable is the DCF model for MCO?
Answer: The predictability rank is 1/5, indicating lower reliability of the DCF model for this stock.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Moody's Corporation is well positioned to benefit from surging corporate debt issuance, with its MIS segment acting as a tollbooth for global credit ratings. MCO's Q1 revenue grew 8.1% year-over-year, driven by record investment-grade issuances and robust demand for AI-related financing from hyperscalers. The company maintains strong financial health (A- S&P rating), a 16-year dividend growth streak, and trades at a 7% discount to a $490 fair value estimate.
Key Takeaways MTB Q1 EPS of $4.18 beat estimates and rose from $3.38 a year ago on higher NII and fee income.MTB's revenue grew 5.8% to $2.44B, with non-interest income up 12.8% and NII rising 3.4%.MTB reported modest loan growth, while deposits declined and provisions for credit losses increased. M&T Bank Corporation (MTB - Free Report) reported first-quarter 2026 net operating earnings per share of $4.18, which beat the Zacks Consensus Estimate of $4.02. The bottom line compared favorably with earnings of $3.38 per share in the year-ago quarter.
Results were aided by higher net interest income (NII) and a rise in non-interest income on a year-over-year basis, along with modest loan growth. However, a decline in deposits, higher provisions for credit losses, and elevated expenses acted as headwinds.
Net income available to common shareholders was $620 million, up 13.3% from the prior-year quarter.
M&T Bank’s Quarterly Revenues & Expenses Rise Y/YMTB’s quarterly revenues were $2.44 billion, surpassing the Zacks Consensus Estimate of $2.43 billion. Further, the reported figure increased 5.8% year over year.
NII (tax equivalent) rose 3.4% year over year to $1.75 billion.
Total non-interest income was $689 million, up 12.8% year over year. The rise was driven by an increase in almost all components.
Total non-interest expenses were $1.44 billion, up 1.6% year over year. The increase was due to higher salaries and employee benefits costs, outside data processing and software costs, along with professional and other services costs.
The efficiency ratio was 58.3%, down from 60.5% in the year-earlier quarter. A lower ratio indicates a rise in profitability.
MTB’s Loan Balance Increases, Deposits DecreaseTotal loans were $139.9 billion as of March 31, 2026, up nearly 1% from the prior quarter. Total deposits declined 1.8% sequentially to $163.7 billion.
M&T Bank’s Credit Quality: Mixed BagNet charge-offs decreased 7.8% to $105 million from the prior-year quarter.
The company recorded a provision for credit losses of $140 million, up 7.7% from the year-ago quarter.
Non-performing assets declined 19.5% year over year to $1.27 billion.
The ratio of non-accrual loans to total net loans was 0.89%, which declined year over year from 1.14%.
MTB’s Capital Position Mixed & Profitability Ratios Improve Y/YM&T Bank’s estimated Common Equity Tier 1 ratio was 10.33%, down from 11.50% as of first-quarter 2025. The tangible equity per share was $115.96, up from $111.13 in the first quarter of 2025.
The company's return on average tangible assets (annualized) and average tangible common shareholder equity were 1.33% and 14.51%, respectively, compared with 1.21% and 12.53% in the prior-year quarter.
M&T Bank’s Capital Distribution UpdateMTB repurchased 5.5 million shares of its common stock in accordance with its capital plan for $1.25 billion in the first quarter of 2026.
Our View on MTBSustained growth in both NII and non-interest income is expected to continue supporting M&T Bank’s organic growth. Additionally, modest loan growth and improving asset quality metrics will likely support its overall performance. However, declining deposit balances, higher provisions for credit losses and elevated expenses are near-term concerns.
M&T Bank Corporation Price, Consensus and EPS SurpriseEarnings Release Dates of Other Major BanksCitizens Financial Group (CFG - Free Report) is scheduled to release first-quarter 2026 earnings on April 16.
The Zacks Consensus Estimate for CFG’s quarterly earnings has remained unchanged at $1.10 per share over the past seven days. This indicates a 42.8% rise from the prior-year reported number.
Huntington Bancshares Inc. (HBAN - Free Report) is also slated to report first-quarter 2026 results on April 23.
Over the past seven days, the Zacks Consensus Estimate for HBAN’s quarterly earnings has been unchanged at 36 cents per share. This implies a 5.9% rise from the prior-year reported number.
M&T Bank (MTB) delivered a strong Q1, with EPS of $4.13 and revenue up 6% year-over-year, exceeding expectations. MTB achieved net interest margin expansion to 3.71%, driven by asset yields rising faster than funding costs, and issued robust 2026 net interest income guidance. Loan growth was led by commercial, residential, and consumer segments, while asset quality remained resilient with declining non-accrual loans and stable charge-offs.
M&T Bank Corp (MTB) Q1 2026 Earnings Call Highlights: Navigating Challenges with Strategic Growth M&T Bank Corp (MTB) reports a mixed quarter with strong fee income growth and strategic share repurchases amid declining earnings. Summary
Net Interest Margin (NIM): Expanded by 2 basis points to 3.71%.Average C&I Loans: Increased by $1.5 billion from the fourth quarter.Fee Income: Grew 13% year-over-year.Net Charge-Offs: 31 basis points, down from 54 basis points in the prior quarter.Share Repurchases: Executed $1.25 billion, representing over 3.5% of shares outstanding.Diluted GAAP Earnings Per Share: $4.13, down from $4.67 in the prior quarter.Net Income: $664 million, compared to $759 million in the linked quarter.Return on Assets (ROA): 1.26%.Return on Common Equity (ROCE): 9.67%.Net Operating Income: $671 million, compared to $767 million in the linked quarter.Net Operating Earnings Per Share: $4.18, down from $4.72 in the prior quarter.Average Loans and Leases: Increased by $0.8 billion to $138.4 billion.Average Total Deposits: Declined by $0.8 billion to $164.3 billion.Noninterest Income: $689 million, compared to $696 million in the linked quarter.Noninterest Expense: $1.44 billion, an increase of $59 million from the prior quarter.Allowance for Loan Losses: Unchanged at 1.53% of total loans.CET1 Ratio: Estimated at 10.33%, a decline of 51 basis points from the fourth quarter.
Release Date: April 15, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points M&T Bank Corp MTB reported a strong start to the year with net interest margin expanding by 2 basis points.The bank executed $1.25 billion in share repurchases, representing over 3.5% of shares outstanding.Fee income grew 13% from the first quarter of 2025, with solid year-over-year growth in each fee category.Asset quality improved notably, with a $700 million reduction in criticized balances and net charge-offs of 31 basis points.M&T Bank Corp (MTB) maintained strong capital levels, providing flexibility for further share repurchases. Negative Points Diluted GAAP earnings per share decreased to $4.13 from $4.67 in the prior quarter.Net income fell to $664 million, compared to $759 million in the linked quarter.Noninterest income slightly decreased to $689 million from $696 million in the linked quarter.Noninterest expenses increased by $59 million from the prior quarter, impacting the efficiency ratio.The CET1 ratio declined by 51 basis points due to share repurchases and increased risk-weighted assets. Q & A Highlights Q: Can you clarify if M&T Bank will adopt the ERB proposal and what drives the benefit?
A: The proposal is still in the comment and approval process, so we can't commit to adopting ERB yet. However, if there's a clear advantage, we would likely opt in. The benefit is driven by credit and operational risk considerations. - Daryl Bible, CFO
Q: With the new capital proposals, what would be the normalized CET1 level for M&T Bank, and how quickly can you achieve it?
A: If the proposal is adopted, our CET1 ratio could increase by 100 basis points. We need to assess how rating agencies view this change, but we expect to trend lower in the tangible equity ratio. - Daryl Bible, CFO
Q: Why is the margin coming in below prior expectations, and what factors are influencing this?
A: The margin is affected by slower consumer indirect growth due to weather and seasonal CRE declines. However, we saw strong CRE originations in March and expect growth in the second quarter. Higher rates also impact DDA account growth. - Daryl Bible, CFO
Q: What has driven the growth in M&T's NDFI portfolio over the last five years?
A: The growth is primarily in mortgage warehouse lending, lending to REITs, and fund banking. These are core, profitable businesses with sound credit practices. - Daryl Bible, CFO
Q: Can you expand on the outlook for commercial real estate (CRE) lending?
A: We have a strong CRE platform with distinct business lines. We expect regional CRE to grow, and our originate-and-sell business is performing well. We also focus on affordable housing and warehouse business. - Daryl Bible, CFO
Q: How does M&T Bank view deposit competition, and what is the strategy for deposit growth?
A: We aim to pay competitive rates and have consistently grown customer deposits. Our strategy focuses on securing operating accounts, which opens opportunities for additional business. - Daryl Bible, CFO
Q: What is the outlook for fee income growth, and what are the key drivers?
A: We expect strong fee income growth, driven by subservicing, trust businesses, treasury management, and capital markets. We may exceed our current fee income range. - Daryl Bible, CFO
Q: How does M&T Bank plan to manage excess capital, especially with potential benefits from new capital rules?
A: We will continue to assess the situation as the rules are finalized. Our focus is on serving all constituencies and making prudent decisions regarding capital deployment. - Daryl Bible, CFO
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.
Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
Headquartered in Buffalo, M&T Bank Corporation (MTB - Free Report) is a Finance stock that has seen a price change of 9.03% so far this year. The company is currently shelling out a dividend of $1.50 per share, with a dividend yield of 2.73%. This compares to the Banks - Major Regional industry's yield of 2.76% and the S&P 500's yield of 1.39%.
Looking at dividend growth, the company's current annualized dividend of $6.00 is up 5.3% from last year. Over the last 5 years, M&T Bank Corporation has increased its dividend 3 times on a year-over-year basis for an average annual increase of 5.36%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. M&T Bank's current payout ratio is 33%, meaning it paid out 33% of its trailing 12-month EPS as dividend.
Looking at this fiscal year, MTB expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $18.68 per share, representing a year-over-year earnings growth rate of 8.60%.
From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.
High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, MTB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE:MTB) announced that it has declared a quarterly cash dividend of $1.50 per share on its common stock. The dividend will be payable June 30, 2026, to shareholders of record at the close of business on June 1, 2026.
M&T has also declared quarterly cash dividends on the following series of perpetual preferred stock:
A dividend of $0.3515625 per share on its Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H ("Series H Preferred Stock") A dividend of $187.50 per share (equivalent to $0.46875 per depositary share) on its Perpetual 7.500% Non-Cumulative Preferred Stock, Series J ("Series J Preferred Stock") A dividend of $158.75 per share (equivalent to $0.396875 per depositary share) on its Perpetual 6.350% Non-Cumulative Preferred Stock, Series K ("Series K Preferred Stock") Each perpetual preferred stock dividend will be payable June 15, 2026 to shareholders of record at the close of business on June 1, 2026.
About M&T
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information about M&T Bank, visit www.mtb.com.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) will participate in the Barclays Americas Select Franchise Conference being held in London. Representatives of M&T are scheduled to deliver a presentation to investors and analysts on May 5, 2026, at 9:45 a.m. BST (4:45 a.m. ET).
A link to the webcast will be available at https://ir.mtb.com/events-presentations. The webcast may contain material information as well as forward-looking information, and cautionary statements regarding such forward-looking information will be available on the webcast link.
About M&T
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.
M&T Bank delivers robust returns, with Q1 2026 EPS up 24.4% and strong capital allocation discipline. MTB's forward P/E of 11.4 and 10.1% projected EPS CAGR through 2028 signal a 12% discount to $250 fair value. Consistent share buybacks and a 2.7% yield, supported by a low-30% payout ratio, underpin MTB's 8% annual dividend growth.
BOSTON--(BUSINESS WIRE)--Verogy Holdings, LLC, a West Hartford, Connecticut-based distributed energy integrator committed to delivering innovative, best-in-class energy solutions, has completed a sale-leaseback financing with M&T Bank for a portfolio of seven commercial and industrial (C&I) solar projects totaling approximately 2.7 MW across multiple U.S. states. The portfolio serves a mix of corporate and municipal customers and reflects continued momentum in distributed generation as.
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
M&T Bank Corporation (MTB - Free Report) is headquartered in Buffalo, and is in the Finance sector. The stock has seen a price change of 7.91% since the start of the year. The company is paying out a dividend of $1.50 per share at the moment, with a dividend yield of 2.76% compared to the Banks - Major Regional industry's yield of 2.83% and the S&P 500's yield of 1.41%.
Looking at dividend growth, the company's current annualized dividend of $6.00 is up 5.3% from last year. Over the last 5 years, M&T Bank Corporation has increased its dividend 3 times on a year-over-year basis for an average annual increase of 5.36%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. M&T Bank's current payout ratio is 33%, meaning it paid out 33% of its trailing 12-month EPS as dividend.
MTB is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $18.69 per share, representing a year-over-year earnings growth rate of 8.66%.
From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.
For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, MTB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
It has been about a month since the last earnings report for M&T Bank Corporation (MTB - Free Report) . Shares have lost about 5.2% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is M&T Bank due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
M&T Bank Q1 Earnings Beat on Strong Y/Y NII & Fee Income GrowthM&T Bank reported first-quarter 2026 net operating earnings per share of $4.18, which beat the Zacks Consensus Estimate of $4.02. The bottom line compared favorably with earnings of $3.38 per share in the year-ago quarter.
Results were aided by higher net interest income and a rise in non-interest income on a year-over-year basis, along with modest loan growth. However, a decline in deposits, higher provisions for credit losses, and elevated expenses acted as headwinds.
Net income available to common shareholders was $620 million, up 13.3% from the prior-year quarter.
Revenues & Expenses Rise Y/Y
The company’s quarterly revenues were $2.44 billion, surpassing the Zacks Consensus Estimate of $2.43 billion. Further, the reported figure increased 5.8% year over year.
NII (tax equivalent) rose 3.4% year over year to $1.75 billion.
Total non-interest income was $689 million, up 12.8% year over year. The rise was driven by an increase in almost all components.
Total non-interest expenses were $1.44 billion, up 1.6% year over year. The increase was due to higher salaries and employee benefits costs, outside data processing and software costs, along with professional and other services costs.
The efficiency ratio was 58.3%, down from 60.5% in the year-earlier quarter. A lower ratio indicates a rise in profitability.
Loan Balance Increases, Deposits Decrease
Total loans were $139.9 billion as of March 31, 2026, up nearly 1% from the prior quarter. Total deposits declined 1.8% sequentially to $163.7 billion.
Credit Quality: Mixed Bag
Net charge-offs decreased 7.8% to $105 million from the prior-year quarter.
The company recorded a provision for credit losses of $140 million, up 7.7% from the year-ago quarter.
Non-performing assets declined 19.5% year over year to $1.27 billion.
The ratio of non-accrual loans to total net loans was 0.89%, which declined year over year from 1.14%.
Capital Position Mixed & Profitability Ratios Improve Y/Y
M&T Bank’s estimated Common Equity Tier 1 ratio was 10.33%, down from 11.50% as of first-quarter 2025. The tangible equity per share was $115.96, up from $111.13 in the first quarter of 2025.
The company's return on average tangible assets (annualized) and average tangible common shareholder equity were 1.33% and 14.51%, respectively, compared with 1.21% and 12.53% in the prior-year quarter.
Outlook2026
Management projects NII (tax equivalent basis) to be $7.2–$7.35 billion. The company expects NIM to be in the high 3.60% range, revised downward from the prior expectation of the low 3.70% range.
Non-interest income is anticipated between $2.68 billion and $2.77 billion, revised upward from the prior projection of $2.67 billion to $2.77 billion. The company expects the metric to be at the high end of the range, driven by broad-based growth across fee types and business lines.
The company expects expenses (GAAP), including intangible amortization, to be $5.5–$5.6 billion. The metric is projected at the high end of the range, reflecting continued investment in enterprise initiatives and well-managed non-investment spend.
The company expects average loan and lease balances to be $140 billion to $142 billion. Average total deposit balances are anticipated to be $165–$167 billion.
The NCO rate is projected to be around 40 bps.
CET 1 ratio is now expected to be around 10%, revised downward from the prior range of 10.25% to 10.5%.
The tax rate is anticipated to be around 24%, narrowed from the prior guidance of 24% to 24.5% for 2026.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.
VGM ScoresCurrently, M&T Bank has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, M&T Bank has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE:MTB) will participate in the Morgan Stanley US Financials Conference being held in New York City. Representatives of M&T are scheduled to deliver a presentation to investors and analysts on June 10, 2026, at 9:00 a.m. (ET).
A link to the webcast will be available at https://ir.mtb.com/events-presentations. The webcast may contain material information as well as forward-looking information, and cautionary statements regarding such forward-looking information will be available on the webcast link.
About M&T
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
Based in Buffalo, M&T Bank Corporation (MTB - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 5.81%. The company is paying out a dividend of $1.50 per share at the moment, with a dividend yield of 2.81% compared to the Banks - Major Regional industry's yield of 2.93% and the S&P 500's yield of 1.42%.
Looking at dividend growth, the company's current annualized dividend of $6.00 is up 5.3% from last year. Over the last 5 years, M&T Bank Corporation has increased its dividend 3 times on a year-over-year basis for an average annual increase of 5.36%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. M&T Bank's current payout ratio is 33%, meaning it paid out 33% of its trailing 12-month EPS as dividend.
Earnings growth looks solid for MTB for this fiscal year. The Zacks Consensus Estimate for 2026 is $18.69 per share, representing a year-over-year earnings growth rate of 8.66%.
Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. However, not all companies offer a quarterly payout.
Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, MTB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
On June 04, 2026, M&T Bank Corp MTB shares rose 3.6% today, bringing the current price to $221.73. This increase comes amidst a 52-week range of $174.76 to $239.00, demonstrating notable volatility and performance over the past year.
GF Value™ verdict: Current price is $221.73 vs GF Value™ of $202.08, indicating the stock is 9.7% overvalued.GF Score™: 75/100, which is considered Above Average and suggests potential for solid long-term returns.Most notable signal: Insiders have sold $0.7M in shares over the last 3 months, with no buying activity. Is MTB Overvalued or Undervalued? M&T Bank Corp's current price of $221.73 is significantly above the GF Value™ estimate of $202.08, marking a 9.7% overvaluation. This suggests that the stock may not provide a favorable entry point for new investors, as it is trading above its intrinsic value. Furthermore, the GF Valuation label indicates that the stock is fairly valued, which implies there is limited margin of safety at this price level. Investors considering a position in MTB should be aware of the potential risks associated with purchasing a stock that is trading above its calculated fair value.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. This methodology provides a comprehensive framework for evaluating whether a stock is overvalued or undervalued, based on its historical performance and market conditions.
How Does MTB's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 12.4x 12.0x (5-Year Median) Forward P/E 11.8x N/A The current P/E ratio of 12.4x is slightly above the 5-year median P/E of 12.0x, indicating that the stock is trading at a premium compared to its historical valuation. This P/E analysis aligns with the GF Value™ verdict of overvaluation, suggesting that the current price may not be justified when considering historical earnings multiples.
What Does MTB's GF Score™ Tell Us? The GF Score™ ranks stocks based on five key aspects, providing a comprehensive view of their potential for long-term growth. The breakdown for M&T Bank Corp is as follows:
Metric Rating GF Score™ 75 Financial Strength 3/10 Profitability 6/10 Growth 6/10 Valuation 7/10 Momentum 8/10 M&T Bank Corp's strongest area is its momentum rank of 8/10, indicating positive price movements over recent periods. However, its financial strength score of 3/10 raises concerns about the company's stability and ability to weather economic downturns. The overall GF Score™ of 75/100 suggests that while MTB has potential for solid returns, there are notable weaknesses in financial strength that could impact its future performance.
What Are Insiders Doing with MTB Stock? In the last three months, insiders have sold approximately $0.7 million worth of M&T Bank Corp shares, with no reported buying activity. This trend may indicate a lack of confidence from insiders about the stock's current valuation or future performance. When insiders sell shares, it could suggest that they believe the stock price has peaked or that they are concerned about the company's prospects.
What This Means for Investors Based on the GF Value™ assessment, M&T Bank Corp is currently overvalued. Investors may want to exercise caution when considering new positions, as the stock is trading above its estimated fair value.
For the complete analysis, visit the M&T Bank Corp MTB stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is MTB's GF Score™?
The GF Score™ for M&T Bank Corp is 75/100, indicating an Above Average rating that suggests potential for solid long-term returns based on key financial metrics.
Is MTB overvalued or undervalued?
According to GF Value™, M&T Bank Corp is currently overvalued, with a price of $221.73 compared to an estimated fair value of $202.08.
What is MTB's P/E ratio?
M&T Bank Corp's current P/E ratio is 12.4x, which is slightly above its 5-year median P/E of 12.0x, suggesting it is trading at a premium compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.
Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.
M&T Bank Corporation (MTB - Free Report) is headquartered in Buffalo, and is in the Finance sector. The stock has seen a price change of 11.89% since the start of the year. Currently paying a dividend of $1.50 per share, the company has a dividend yield of 2.66%. In comparison, the Banks - Major Regional industry's yield is 2.8%, while the S&P 500's yield is 1.45%.
Looking at dividend growth, the company's current annualized dividend of $6.00 is up 5.3% from last year. Over the last 5 years, M&T Bank Corporation has increased its dividend 3 times on a year-over-year basis for an average annual increase of 5.36%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. M&T Bank's current payout ratio is 33%, meaning it paid out 33% of its trailing 12-month EPS as dividend.
Earnings growth looks solid for MTB for this fiscal year. The Zacks Consensus Estimate for 2026 is $18.69 per share, with earnings expected to increase 8.66% from the year ago period.
From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.
High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, MTB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
Enhanced platform reflects continued momentum, user-informed innovation and growing adoption among attorneys
, /PRNewswire/ -- M&T Bank (NYSE:MTB) today announced the renewal of its relationship with The Florida Bar to continue providing members with free access to the M&T Bank Nota platform, a cloud-based solution designed to help attorneys manage Interest on Trust Accounts (IOTA) more efficiently.
The renewed agreement builds on M&T Bank and The Florida Bar's initial collaboration announced in June 2023, when Nota was introduced as a member benefit to help attorneys navigate the complexities of trust accounting while staying aligned with regulatory requirements.
Since launch, the platform has continued to evolve through close collaboration with Florida Bar members, with ongoing enhancements designed to better support how attorneys manage their practices day to day.
Sean McCabe, Director of Business Banking Products, M&T Bank, said, "This collaboration has been defined by steady progress and practical improvements that reflect how attorneys actually manage their work. As adoption has grown, so has the platform's ability to support more efficient, accurate trust account management."
Developed to address the complexity and precision required in trust account management, Nota provides attorneys with greater visibility into account activity while supporting reconciliation and financial workflows within a single platform. By reducing reliance on manual processes, the platform helps firms operate with increased confidence and efficiency.
The renewed relationship reflects continued momentum, with Nota increasingly becoming part of how attorneys manage trust accounting in their daily practice. Since the launch of this initiative, over 900 Florida Bar members have taken advantage of Nota as a member benefit.
Rosalyn Sia Baker-Barnes, President, The Florida Bar, said, "Our members are looking for practical solutions that help them manage complex responsibilities with greater ease and confidence. Nota has become a valuable resource in that effort, and this renewed relationship ensures continued access to a tool that supports their work."
Enhancements to Nota introduced since the initial launch include:
Improved reconciliation workflows designed to reduce manual steps and support accuracy Expanded integrations with commonly used legal and financial tools User experience enhancements informed by ongoing feedback from attorneys Continued investment in features that support compliance and audit readiness The renewal comes as adoption of digital tools continues to increase across the legal sector, particularly among solo practitioners and small firms. At the time of launch, these firms represented a significant share of Florida attorneys and faced increasing pressure to manage trust accounts efficiently and in line with regulatory requirements.
Nota remains available to The Florida Bar's members as part of its Member Benefits Program.*
For more information, please visit mtb.com/thefloridabar.
ABOUT M&T BANK
M&T Bank is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information about M&T Bank, visit www.mtb.com.
Founded in 1949, The Florida Bar serves the legal profession for the protection and benefit of both the public and all Florida lawyers. As one of the nation's largest mandatory bars, The Florida Bar fosters and upholds a high standard of integrity and competence within Florida's legal profession as an official arm of the Florida Supreme Court. To learn more, visit www.FloridaBar.org.
* M&T Nota will waive the $25 per month monthly maintenance fee for Florida Bar members as a member benefit of The Florida Bar. This benefit is available to current, active members of The Florida Bar and is subject to verification of membership status. This offer is contingent upon the member maintaining their active status with the Florida Bar and may be subject to change at any time. Additional terms and conditions may apply.
Nota is a product/service offered by M&T Bank. Use of Nota does not ensure compliance with state rules and regulations applicable to Clients' Funds Trust Accounts (IOLTA / IOLA) . The advertised product/services and their features and availability are subject to change without notice at any time. Use of the product/service is subject to and governed by certain terms, conditions, and agreements required by Nota. Attorneys whose offices and practices are in NY, NJ, MD, PA, DE, CT, VA, DC, NH, MA, ME, VT, FL, or WV are eligible for banking products/services through M&T Bank. The use of such M&T banking services is subject to certain terms, conditions, and agreements required by M&T.
Media Contacts:
Frank Lentini, Nota
(929) 651-0447 / [email protected]
Jennifer Krell Davis, The Florida Bar
(850) 561-5670 / [email protected]
On May 11, 2026, First Solar Inc FSLR shares rose 6.1% to $233.27, showing a strong recovery in price performance over the past week (+10.3%) and month (+14.7%), although the year-to-date performance remains down by 10.7%. The shares have traded within a 52-week range of $133.75 to $285.99.
GF Value™ verdict: Current price is $233.27, compared to GF Value™ of $268.80, indicating a 13.2% undervaluation.GF Score™ of 91/100 suggests a strong overall rating, indicating potential for long-term returns.Insider activity reveals that insiders have sold $15.8M worth of shares in the last three months, with no recent buying. Is FSLR Overvalued or Undervalued? Currently, First Solar Inc FSLR is trading at $233.27, which is below its GF Value™ estimate of $268.80, suggesting that the stock is undervalued by approximately 13.2%. This margin of safety could present an opportunity for investors looking for stocks with favorable intrinsic value metrics. The GF Valuation label indicates that the stock is modestly undervalued, which implies that while there is potential for price appreciation, there are also factors that warrant caution.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The undervaluation of FSLR, coupled with a strong financial strength rating of 9/10, paints a positive picture for potential investment, although the recent insider selling activity might raise concerns regarding insider confidence in the stock's future performance.
How Does FSLR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 15.1x 19.8x Forward P/E 13.4x - First Solar's current P/E ratio of 15.1x is significantly below its 5-year median P/E of 19.8x, indicating that the stock is trading at a discount compared to its historical average. This analysis aligns with the GF Value™ verdict of undervaluation, as the lower current P/E ratio suggests that the market may not fully recognize the company’s growth potential relative to its past performance.
What Does FSLR's GF Score™ Tell Us? Metric Rating GF Score™ 91 Financial Strength 9/10 Profitability 7/10 Growth 9/10 Valuation 8/10 Momentum 8/10 The GF Score™ of 91/100 indicates that First Solar has strong potential for long-term returns. The highest ratings in Financial Strength (9/10) and Growth (9/10) suggest solid operational fundamentals and promising growth prospects. However, the Profitability rank of 7/10 indicates that there might be room for improvement in profit margins or returns compared to peers. Overall, the strong scores in financial strength and growth reinforce the positive outlook for FSLR's valuation.
What Are Insiders Doing with FSLR Stock? In the last three months, insiders at First Solar Inc have sold $15.8 million worth of stock, with no reported insider buying during this period. This trend of selling could suggest a lack of confidence from insiders in the stock's near-term performance or a strategic decision to realize gains. While the absence of buying could be a concern for potential investors, it is also common for insiders to sell shares for various reasons unrelated to the company’s performance, such as personal financial planning.
What This Means for Investors Based on the analysis, First Solar Inc FSLR is currently undervalued according to the GF Value™, presenting a potential opportunity for long-term investors. However, the recent insider selling activity and the modest predictability rating of 1 star warrant a cautious approach. Investors should consider these factors when evaluating FSLR's stock as part of their portfolio.
For the complete analysis, visit the First Solar Inc FSLR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is FSLR's GF Score™?
FSLR's GF Score™ is 91/100, indicating a strong potential for long-term returns based on its financial strength, growth, and overall performance metrics.
Is FSLR overvalued or undervalued?
FSLR is currently undervalued, with a GF Value™ of $268.80 compared to the current price of $233.27, representing a 13.2% margin of safety.
What is FSLR's P/E ratio?
FSLR's P/E ratio is 15.1x, which is 24% below its 5-year median P/E of 19.8x, indicating that the stock is trading at a discount relative to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
First Solar (FSLR - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Shares of this largest U.S. solar company have returned +18.8% over the past month versus the Zacks S&P 500 composite's +3.3% change. The Zacks Solar industry, to which First Solar belongs, has gained 17.4% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
First Solar is expected to post earnings of $3.23 per share for the current quarter, representing a year-over-year change of +1.6%. Over the last 30 days, the Zacks Consensus Estimate has changed -20.1%.
The consensus earnings estimate of $17.64 for the current fiscal year indicates a year-over-year change of +24.1%. This estimate has changed +1% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $24.03 indicates a change of +36.2% from what First Solar is expected to report a year ago. Over the past month, the estimate has changed -0.9%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, First Solar is rated Zacks Rank #3 (Hold).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of First Solar, the consensus sales estimate of $1.09 billion for the current quarter points to a year-over-year change of -1%. The $5.1 billion and $6.03 billion estimates for the current and next fiscal years indicate changes of -2.3% and +18.2%, respectively.
Last Reported Results and Surprise HistoryFirst Solar reported revenues of $1.04 billion in the last reported quarter, representing a year-over-year change of +23.6%. EPS of $3.22 for the same period compares with $1.95 a year ago.
Compared to the Zacks Consensus Estimate of $1.05 billion, the reported revenues represent a surprise of -0.13%. The EPS surprise was +12.2%.
Over the last four quarters, First Solar surpassed consensus EPS estimates two times. The company topped consensus revenue estimates two times over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
First Solar is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about First Solar. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
T1 Energy (TE +0.35%), a solar module and cell supplier, closed Thursday at $8.72, up 0.23%. The stock moved as traders continued reacting to sharp swings tied to a short-seller report and bullish pushback from Roth Capital, and investors are watching how volatility evolves around these opposing views.
The company’s trading volume reached 79.1 million shares, which is about 282% above compared with its three-month average of 20.2 million shares. T1 Energy went public in 2020 and has fallen 11% since its IPO.
How the markets moved todayS&P 500 (^GSPC +0.50%) added 0.18% to finish Thursday at 7,445.72, while the Nasdaq Composite (^IXIC +0.31%) inched up 0.09% to close at 26,293. Within electrical equipment & parts, industry peers First Solar (FSLR 1.42%) closed at $248.88 (up 4.63%) and SunPower (SPWR 6.35%) ended at $1.07 (up 1.90%) as investors tracked solar demand trends.
What this means for investorsT1 Energy shares finished nearly flat despite heavy trading volume, following a sharp Wednesday rally of more than 25% that extended the stock’s one-month gain to more than 70%. Markets continued to weigh short-seller allegations against Roth Capital’s supportive view, while the company’s operating anchor remains its G1_Dallas module facility, where T1 maintained 2026 production guidance of 3.1 GW to 4.2 GW and cited progress in qualifying international cell vendors.
Growing electricity needs from AI data centers are helping T1’s U.S. solar manufacturing strategy align with a broader infrastructure trend. The company is also building supply partnerships with Hemlock Semiconductor and Corning. Upcoming news about financing for the G2_Austin cell project and production at the Dallas facility will reveal if T1 can turn this momentum into real manufacturing growth.
Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends First Solar. The Motley Fool has a disclosure policy.
Before this week began, First Solar (FSLR 1.42%) stock had declined about 1.3% since the start of 2026. This week, however, shares of the solar stock are heading sharply in the other direction. With an analyst providing a bullish outlook for First Solar stock, investors have found sufficient cause to click the buy button.
According to data provided by S&P Global Market Intelligence, shares of First Solar are up 17.7% from the end of trading last Friday through the close of yesterday's market session.
Image source: Getty Images.
One analyst is forecasting bright days ahead for this solar stock Upgrading First Solar stock to buy from hold on Wednesday, GLJ Research analyst Gordon Johnson raised his price target 52% to $315 from $207.82. According to Thefly.com, the company has reduced its risk through the launch of its Series 6 CuRe Copper Replacement program at its Ohio manufacturing campus.
Today's Change
(
-1.42
%) $
-3.86
Current Price
$
267.31
Based on First Solar's shares closing at $269.95 on Tuesday, Johnson's price target implies upside of 16.7%.
Is now the time to power your portfolio with First Solar stock? Instead of placing too much emphasis on one analyst's price target, potential solar stock investors would be better served to evaluate the company's financials. With the company growing both revenue and free cash flow over the past couple of years, First Solar is in sound financial health. And while the current lack of enthusiasm in Washington D.C. may be a headwind for First Solar in the near-term, this certainly isn't a factor that suggests the sun has set on the company's potential growth in the long term.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends First Solar. The Motley Fool has a disclosure policy.
First Solar, Inc. (FSLR) up 47% in a month after big institutional buying.
FSLR is the world’s biggest thin-film photovoltaic (PV) solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere, making products for project developers, system integrators, renewable energy projects, and commercial solar projects for utilities. Its first-quarter fiscal 2026 earnings report showed a record $1 billion in net sales (24% year-over-year growth), adjusted EBITDA of $520 million (a 60% margin), net income of $347 million along with diluted per-share earnings of $3.22 (a 65% jump).
It’s no wonder FSLR shares are up 19% so far this year – and they could rise more. MoneyFlows data shows how Big Money investors are again betting heavily on the stock.
First Solar Shines on Institutional Inflows Institutional volumes reveal plenty. In the last year, FSLR has enjoyed strong investor demand, which we believe to be institutional support.
Each green bar signals unusually large volumes in FSLR shares. They reflect our proprietary inflow signal, pushing the stock higher:
Source: www.moneyflows.com Plenty of industrials names are under accumulation right now. But there’s a powerful fundamental story happening with First Solar.
First Solar Fundamental Analysis Institutional support and a healthy fundamental backdrop make this company worth investigating. As you can see, FSLR has had strong sales and earnings growth:
Also, EPS is estimated to ramp higher this year by +36.3%.
Now it makes sense why the stock has been generating Big Money interest. FSLR has a track record of strong financial performance.
Marrying great fundamentals with MoneyFlows software has found some big winning stocks over the long term.
First Solar has been a top-rated stock at MoneyFlows. That means the stock has unusual buy pressure and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.
It’s generated six outlier inflow signals in the last year and is up 47.4% since the first one. The blue bars below show when FSLR was a top pick on the Outlier 20 report…Big Money keeps buying:
Source: www.moneyflows.com Tracking unusual volumes reveals the power of money flows.
This is a trait that most outlier stocks exhibit…the best of the best. Big Money demand drives stocks upward.
First Solar Price Prediction The FSLR action isn’t new at all. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.
Disclosure: the author holds no position in FSLR at the time of publication.
If you are a Registered Investment Advisor (RIA) or are a serious investor, take your investing to the next level and follow our free weekly MoneyFlows insights.
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Lucas is a well-versed equity investor and educator. He currently is co-founder of research and analytics firm, MAPsignals.com, which focuses on finding outlier stocks by following the Big Money.
First Solar (FSLR - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Over the past month, shares of this largest U.S. solar company have returned +41.8%, compared to the Zacks S&P 500 composite's +5.4% change. During this period, the Zacks Solar industry, which First Solar falls in, has gained 44%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For the current quarter, First Solar is expected to post earnings of $3.23 per share, indicating a change of +1.6% from the year-ago quarter. The Zacks Consensus Estimate has changed -6.8% over the last 30 days.
The consensus earnings estimate of $17.61 for the current fiscal year indicates a year-over-year change of +23.9%. This estimate has changed +0.8% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $24.03 indicates a change of +36.4% from what First Solar is expected to report a year ago. Over the past month, the estimate has changed +1%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, First Solar is rated Zacks Rank #3 (Hold).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
For First Solar, the consensus sales estimate for the current quarter of $1.06 billion indicates a year-over-year change of -3.3%. For the current and next fiscal years, $5.1 billion and $6.03 billion estimates indicate -2.3% and +18.2% changes, respectively.
Last Reported Results and Surprise HistoryFirst Solar reported revenues of $1.04 billion in the last reported quarter, representing a year-over-year change of +23.6%. EPS of $3.22 for the same period compares with $1.95 a year ago.
Compared to the Zacks Consensus Estimate of $1.05 billion, the reported revenues represent a surprise of -0.13%. The EPS surprise was +12.2%.
Over the last four quarters, First Solar surpassed consensus EPS estimates two times. The company topped consensus revenue estimates two times over this period.
ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
First Solar is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about First Solar. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
First Solar (FSLR - Free Report) ended the recent trading session at $279.01, demonstrating a -11.41% change from the preceding day's closing price. This change lagged the S&P 500's daily loss of 2.65%. On the other hand, the Dow registered a loss of 1.35%, and the technology-centric Nasdaq decreased by 4.18%.
Shares of the largest U.S. solar company witnessed a gain of 46.78% over the previous month, beating the performance of the Oils-Energy sector with its loss of 3.06%, and the S&P 500's gain of 5.47%.
Analysts and investors alike will be keeping a close eye on the performance of First Solar in its upcoming earnings disclosure. The company is expected to report EPS of $3, down 5.66% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $1.06 billion, indicating a 3.31% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of $17.61 per share and a revenue of $5.1 billion, demonstrating changes of +23.93% and -2.31%, respectively, from the preceding year.
Investors should also note any recent changes to analyst estimates for First Solar. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.34% higher. First Solar is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, First Solar is holding a Forward P/E ratio of 17.88. This indicates a discount in contrast to its industry's Forward P/E of 24.9.
One should further note that FSLR currently holds a PEG ratio of 0.7. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Solar industry currently had an average PEG ratio of 1.23 as of yesterday's close.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 165, putting it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: First Solar (FSLR - Free Report) Headquartered in Tempe, AZ, First Solar, Inc. is the world’s largest thin-film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. The company is a leading global provider of comprehensive photovoltaic (PV) solar energy solutions and specializes in designing, manufacturing, and selling solar electric power modules using a proprietary thin-film semiconductor technology. The company sells its products to project developers, system integrators and renewable energy project operators primarily in Europe and Germany in particular. First Solar also engages in designing and deploying commercial solar projects for utilities. The company also develops and sells PV solar power systems that primarily use the modules it manufactures. Additionally, it provides operations and maintenance (“O&M”) services to system owners.
FSLR is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. FSLR has a Growth Style Score of A, forecasting year-over-year earnings growth of 23.9% for the current fiscal year.
Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.21 to $17.61 per share. FSLR also boasts an average earnings surprise of +5.4%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, FSLR should be on investors' short list.
As you can see on the chart, in October, First Solar hit resistance around the $277.50 level. A reversal and move lower followed.
When this happened, some of the traders and investors who bought shares at the resistance came to regret doing so. They decided to hold onto their losing positions. But they also decided to exit them at breakeven if they could.
When First Solar rallied back to $277.50 in December 2025, these remorseful buyers placed sell orders. These orders created resistance at the level again.
This resistance was broken last month. When this happened, some traders and investors who sold near the resistance realized they had made a mistake.
They also decided to buy back their shares. But they would only do so if they could get them for the same price they were sold for.
First Solar At $277.50When the stock dropped back to $277.50 on Friday, these remorseful sellers placed buy orders. These orders created support.
When stocks reach a support level, they tend to reverse and rally or break the support and head lower. They typically don't go sideways.
Stocks rally off support when some of the buyers who created the support become impatient and anxious. They start outbidding each other, which drives the shares higher.
If the support breaks, it means the buyers who created it have finished or canceled their orders. With this demand taken out of the market, the stage is set for a move lower.
Sellers will have a hard time finding buyers, and they will undercut each other. This will move the price lower.
It's not yet clear whether First Solar will reverse or break down. Savvy traders will be patient and wait for the trend to form before taking positions. They know they won't get the best price, but their odds of success will be greater.
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First Solar, Inc. remains a compelling buy, trading at attractive 2026E/2027E EV/EBITDA multiples with robust U.S. manufacturing and a strong order book. FSLR's valuation reflects both its scale and visibility, but policy risk—especially reliance on the 45X tax credit—remains the key concern. I maintain a Buy rating for FSLR stock with a $330 price target, viewing the recent pullback as an improved risk/reward entry point.
In the latest trading session, SolarEdge Technologies (SEDG - Free Report) closed at $44.29, marking a -6.52% move from the previous day. This change lagged the S&P 500's daily loss of 0.49%. At the same time, the Dow lost 0.05%, and the tech-heavy Nasdaq lost 0.9%.
Shares of the photovoltaic products maker have appreciated by 0.02% over the course of the past month, outperforming the Oils-Energy sector's loss of 4.6%, and lagging the S&P 500's gain of 12.8%.
The upcoming earnings release of SolarEdge Technologies will be of great interest to investors. The company's earnings report is expected on May 6, 2026. The company is expected to report EPS of -$0.23, up 79.82% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $303.42 million, showing a 38.24% escalation compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.2 per share and a revenue of $1.39 billion, signifying shifts of +108.4% and +17.11%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for SolarEdge Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 3.99% decrease. SolarEdge Technologies currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, SolarEdge Technologies is holding a Forward P/E ratio of 241.74. Its industry sports an average Forward P/E of 17.37, so one might conclude that SolarEdge Technologies is trading at a premium comparatively.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 171, putting it in the bottom 30% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Wall Street expects a year-over-year increase in earnings on higher revenues when SolarEdge Technologies (SEDG - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on May 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis photovoltaic products maker is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of +79.8%.
Revenues are expected to be $303.42 million, up 38.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 7.69% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for SolarEdge?For SolarEdge, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +30.44%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that SolarEdge will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that SolarEdge would post a loss of$0.19 per share when it actually produced a loss of -$0.14, delivering a surprise of +26.32%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
SolarEdge appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Key Takeaways Cost-control initiatives and expanding gross margins are expected to support SEDG's Q1 earnings.The company rolled out the three-phase SolarEdge Technologies Nexis system in Germany in March 2026.Tariffs likely increased component and import costs, pressuring SolarEdge Technologies' profitability. SolarEdge Technologies, Inc. (SEDG - Free Report) is scheduled to release first-quarter 2026 results on May 6, before market open. The company delivered an earnings surprise of 26.32% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors at Play Ahead of SEDG’s Q1 ResultsSolarEdge Technologies’ first-quarter earnings are likely to have benefited from progress in its international manufacturing and export strategy, highlighted by shipments of single-phase residential inverter products from its Austin, TX, facility to key European markets. In March 2026, the company rolled out its next-generation three-phase SolarEdge Nexis system in Germany, which is likely to have supported early demand and strengthened shipment momentum, potentially contributing to top-line growth.
The company’s continued ramp-up of U.S. manufacturing to meet domestic demand is likely to have supported shipment volumes and aided its first-quarter performance.
SEDG’s cost-control initiatives, strong revenue growth expectations and expanding gross margins are likely to have supported its first-quarter earnings.
In the first quarter, tariffs are likely to have weighed on SolarEdge Technologies’ profitability by increasing component and import costs, particularly for products sourced from regions like China. The resulting incremental tariff burden is expected to have pressured the company’s bottom line.
Q1 Expectations for SEDGThe Zacks Consensus Estimate for earnings is pegged at a loss of 23 cents per share, indicating a year-over-year improvement of 79.8%.
The Zacks Consensus Estimate for revenues stands at $303.4 million, which suggests a rise of 38.2% from the year-ago reported number.
The Zacks Consensus Estimate for Power optimizers shipped is pegged at 3,133.89 thousands, indicating a 39.2% increase from the year-ago reported level.
The Zacks Consensus Estimate for Inverters shipped is pegged at 114.49 thousands, indicating a 35.4% jump from the year-ago reported level.
What the Zacks Model Unveils for SEDGOur proven model predicts an earnings beat for SolarEdge Technologies this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here, as you will see below.
Other Stocks to ConsiderInvestors may also consider the following players from the same sector, as these have the right combination of elements to post an earnings beat this reporting cycle.
APA Corporation (APA - Free Report) is slated to report its first-quarter 2026 results on May 6, after market close. It has an Earnings ESP of +14.52% and a Zacks Rank of 1 at present.
The Zacks Consensus Estimate for earnings stands at 94 cents per share. The Zacks Consensus Estimate for sales is pegged at $2.11 billion.
Nextracker Inc. (NXT - Free Report) is expected to report its fourth-quarter fiscal 2026 earnings on May 12, after market close. It has an Earnings ESP of +0.19% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for sales is pegged at $807.3 million. The Zacks Consensus Estimate for earnings stands at 89 cents per share.
Evolution Petroleum Corporation (EPM - Free Report) is scheduled to report its third-quarter fiscal 2026 results on May 12, after market close. It has an Earnings ESP of +50.00% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for sales is pegged at $23 million, which implies a year-over-year increase of 1.8%. The Zacks Consensus Estimate for earnings stands at 2 cents per share.
MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the first quarter ended March 31, 2026.
“Our first quarter results reflect strong execution, continued innovation, and business acceleration, with 46% year-over-year revenue growth and a sixth consecutive quarter of margin expansion,” said Shuki Nir, CEO of SolarEdge. “At the midpoint of our Q2 outlook, we expect to be close to breakeven operating profitability. With a return to profitability in sight, we have shifted decisively to offense and are focused on rolling out the SolarEdge Nexis platform and advancing our AI data-center power roadmap.”
First Quarter 2026 Summary
The Company reported revenues of $310.5 million, down 7.4% from $335.4 million in the prior quarter.
Non-GAAP revenues1 were $309.9 million, down 7.1% from $333.8 million the prior quarter.
First quarter revenue does not include significant one-time or pull forward of revenue from safe harbor nor from the 25D rush towards the end of the year.
During the quarter approximately 50.5 thousand inverters, 2.4 million optimizers and 331 MWh of batteries for PV applications were recognized as revenue.
GAAP gross margin was 22.0%, compared to 22.2% in the prior quarter.
Non-GAAP gross margin1 was 23.5%, compared to 23.3% in the prior quarter.
GAAP operating expenses were $123.3 million, compared to $122.8 million in the prior quarter.
Non-GAAP operating expenses1 were $97.7 million, compared to $88.7 million in the prior quarter. Excluding a one-time expense of approximately $14 million, our operating expenses were approximately $84 million.
GAAP operating loss was $55.0 million, compared to $48.3 million in the prior quarter.
Non-GAAP operating loss1 was $24.8 million, compared to $11.0 million in the prior quarter. Excluding a one-time expense of approximately $14 million, our operating loss was approximately $11 million, approximately flat with the prior quarter.
GAAP net loss was $57.4 million, compared to $132.1 million in the prior quarter.
Non-GAAP net loss1 was $26.3 million, compared to $8.2 million in the prior quarter. Excluding a one-time expense of approximately $14 million, our net loss was approximately $11.9 million.
GAAP net loss per share was $0.95, compared to $2.21 in the prior quarter.
Non-GAAP net loss per share1 was $0.43, compared to $0.14 in the prior quarter. Excluding a one-time expense of approximately $14 million, our net loss per share was approximately $0.20.
Cash flow from operating activities was $24.4 million, compared with $52.6 million in the prior quarter.
Free cash flow1 generated was $20.7 million, compared to $43.3 million in the prior quarter.
As of March 31, 2026, our cash and investments portfolio, net of debt, grew by $2.0 million to $246.2 million, compared to $244.2 million as of December 31, 2025.
Outlook for the Second Quarter 2026
The Company also provides guidance for the second quarter ending June 30, 2026 as follows:
Revenues to be within the range of $325 million to $355 million; this range does not include significant one-time or pull forward of revenue. Non-GAAP gross margin* expected to be within the range of 23% to 27% Non-GAAP operating expenses* to be within the range of $86 million to $91 million. *Non-GAAP gross margin and Non-GAAP operating expenses are non-GAAP financial measures, and these forward-looking measures have not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Non-GAAP gross margin and Non-GAAP operating expenses are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.
Conference Call
The Company will host a conference call to discuss its results for the first quarter ended March 31, 2026 at 8:00 a.m. ET on Wednesday, May 6, 2026. The call will be available, live, to interested parties by dialing +1 800-225-9448. For international callers, please dial +1 203-518-9708. The Conference ID is SEDG. To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com
A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.
About SolarEdge
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, batteries, EV charging, smart energy management, and grid services solutions. SolarEdge is online at www.solaredge.com.
Use of Non-GAAP Financial Measures
To provide investors and others with additional information regarding SolarEdge’s results, SolarEdge has disclosed in this earnings release the following non-GAAP financial measures: non-GAAP revenue, non-GAAP operating income (loss), non-GAAP operating expenses, non-GAAP gross margin, non-GAAP net income (loss), non-GAAP net earnings (loss) per share, and non-GAAP net free cash flow. SolarEdge has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure below. These non-GAAP financial measures differ from GAAP in that they exclude stock-based compensation, amortization and impairment of acquired intangible assets, restructuring and impairment charges, acquisition, disposition and other items, certain litigation and other contingencies, amortization of debt issuance cost, non-cash interest expense and non-cash revenue recognized from significant financing component, certain foreign currency exchange rates, gains and losses on investments, income and losses from equity method investments and discrete items that impacted our GAAP tax rate. Our non-GAAP financial measures also reflect the application of our non-GAAP tax rate.
SolarEdge’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, to calculate bonus payments and to evaluate SolarEdge’s financial performance, the performance of its individual functional groups and the ability of operations to generate cash. Management believes these non-GAAP financial measures reflect SolarEdge’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in SolarEdge’s business, as they exclude charges and gains that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating SolarEdge’s operating results and future prospects from the same perspective as management and in comparing financial results across accounting periods.
The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense that affect SolarEdge’s operations. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP and should not be considered measures of SolarEdge’s liquidity. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review SolarEdge’s financial information in its entirety and not rely on a single financial measure.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release contains may contain forward-looking statements that are based on our management’s expectations, estimates, projections, beliefs and assumptions in accordance with information currently available to our management. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include information, among other things, concerning our possible or assumed future results of operations, return to positive free cash flow generation, future demands for solar energy solutions, business strategies, technology developments, new products and services, financing and investment plans; dividend policy; competitive position, industry and regulatory environment, general economic conditions; potential growth opportunities; cancellations and pushouts of existing backlog; installation rates; goodwill impairment; the effects of competition; tariff impacts and the impacts of the One Big Beautiful Bill Act. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms.
Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this release. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: our ability to be profitable in the future; the rapidly evolving and competitive nature of the solar industry; changes in tax laws, tax treaties, and regulations or the interpretation of them, including the Inflation Reduction Act and the H.R. 1; future demand for renewable energy including solar energy solutions; our ability to maintain a return to free cash flow positive generation; macroeconomic conditions in our domestic and international markets, as well as inflation concerns, rising interest rates and recessionary concerns; changes in the U.S. and global trade environments, including the imposition and/or increase of import tariffs or other restrictive trade measures; the retail price of electricity derived from the utility grid or alternative energy sources; our ability to forecast demand for our products accurately and to match production to such demand as well as our customers’ ability to forecast demand based on inventory levels; interest rates and supply of capital in the global financial markets in general and in the PV market specifically; competition, including introductions of power optimizer, inverter, EV chargers, batteries and PV system monitoring products by our competitors; the retail price of electricity derived from the utility grid or alternative energy sources; developments in alternative technologies or improvements in distributed solar energy generation; historic cyclicality of the solar industry and periodic downturns; product quality or performance problems in our products; changes in our geographic footprint or product and service offerings; our dependence upon a small number of outside contract manufacturers and limited or single source suppliers; delays, disruptions, and quality control problems in manufacturing; shortages, delays, price changes, or cessation of operations or production affecting our suppliers of key components; capacity constraints, delivery schedules, manufacturing yields, and costs of our contract manufacturers and availability of components; changing political, geopolitical conditions, and the conditions of the global energy market; performance of distributors and large installers in selling our products; consolidation in the solar industry among our customers and distributors; our ability to implement our new Enterprise Resource Planning ("ERP") system; our ability to successfully operate our global operations with a reduced work force; our ability to recognize expected benefits from restructuring plans; any unauthorized access to, disclosure, or theft of confidential or personal information or unauthorized access to our network or other similar cyber incidents; attempts by third parties, our employees, or our vendors might gain unauthorized access to our network or seek to compromise our products and services; emerging issues related to the development and use of artificial intelligence; loss of key executives, and our ability to retain key personnel and attract additional qualified personnel; disruption to our business operations due to the evolving conflict in Israel and other conditions in Israel that affect our operations; tax benefits that are available to us under Israeli law require us to meet various conditions and may be terminated or reduced in the future; difficulty to enforce a judgment of a U.S. court against our officers and directors, to assert U.S. securities laws claims in Israel; our dependence on ocean transportation to timely deliver our products in a cost-effective manner; fluctuations in global currency exchange rates; the impact of evolving legal and regulatory requirements, including corporate social responsibility and sustainability requirements; existing and future responses to and effects of pandemics, epidemics or other health crises; reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar electricity applications; changes to net metering policies may reduce demand for electricity from PV systems; stringent and changing data privacy and security laws, rules, regulations and other obligations; federal, state, and local regulations governing the electric utility industry with respect to solar energy; business practices and regulatory compliance of our raw material suppliers; our ability to maintain our brand and to protect and defend our intellectual property; volatility of our stock price; our customers’ financial stability, creditworthiness, and debt leverage ratio; our ability to effectively design, launch, market, and sell new generations of our products and services; our ability to retain, and events affecting, our major customers; our ability to service our debt; impairment of our goodwill or other long-lived and intangible assets; our liquidity and ability to service our debt; and the other factors set forth under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 25, 2026, in subsequent Quarterly Reports on Form 10Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. The preceding list is not intended to be an exhaustive list of all of our forward‐looking statements. You should not rely upon forward‐looking statements as predictions of future events. Although we believe that the expectations reflected in the forward‐looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward‐looking statements will be achieved or will occur. Statements in this press release speak only as of the date they were made. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or changes in its expectations or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
SOLAREDGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except per share data)
Three Months Ended
March 31,
2026
2025
Unaudited
Revenues
$
310,501
$
219,480
Cost of revenues
242,220
201,944
Gross profit
68,281
17,536
Operating expenses:
Research and development, net
50,155
61,997
Sales and marketing
27,449
31,657
General and administrative
36,422
30,183
Other operating expense (income), net
9,298
(3,575
)
Total operating expenses
123,324
120,262
Operating loss
(55,043
)
(102,726
)
Financial income (expense), net
(1,037
)
10,068
Other income, net
—
148
Loss before income taxes
(56,080
)
(92,510
)
Income taxes
(1,286
)
(5,726
)
Net loss from equity method investments
—
(287
)
Net loss
$
(57,366
)
$
(98,523
)
SOLAREDGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31,
2026
December 31,
2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
512,381
$
455,075
Restricted cash
40,985
84,771
Marketable securities
29,269
38,097
Trade receivables, net of allowances of $30,478 and $17,224, respectively
222,704
267,441
Inventories, net
596,824
552,632
Prepaid expenses and other current assets
414,518
341,831
Total current assets
1,816,681
1,739,847
LONG-TERM ASSETS:
Property, plant and equipment, net
264,965
269,351
Operating lease right-of-use assets, net
50,085
48,178
Intangible assets, net
6,420
7,129
Goodwill
49,852
50,123
Other long-term assets
72,505
67,566
Total long-term assets
443,827
442,347
Total assets
2,260,508
2,182,194
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables
404,507
271,983
Employees and payroll accruals
81,990
73,992
Warranty obligations
83,685
89,330
Deferred revenues and customers advances
38,540
70,371
Accrued expenses and other current liabilities
288,549
297,819
Total current liabilities
897,271
803,495
LONG-TERM LIABILITIES:
Convertible senior notes, net
331,944
331,561
Warranty obligations
238,129
268,559
Deferred revenues and customers advances
313,949
293,328
Finance lease liabilities
18,323
18,558
Operating lease liabilities
39,307
36,648
Other long-term liabilities
10,865
2,581
Total long-term liabilities
952,517
951,235
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000; Issued and outstanding: 60,817,930 and 60,360,154 shares as of March 31, 2026 and December 31, 2025, respectively
6
6
Additional paid-in capital
1,896,782
1,872,760
Accumulated other comprehensive income (loss)
4,937
(11,663
)
Accumulated deficit
(1,491,005
)
(1,433,639
)
Total stockholders’ equity
410,720
427,464
Total liabilities and stockholders’ equity
$
2,260,508
$
2,182,194
SOLAREDGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except per share data)
Three Months Ended March 31
2026
2025
Cash flows from operating activities:
Net loss
$
(57,366
)
$
(98,523
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
5,941
12,001
Stock-based compensation expenses
19,852
31,426
Loss from business disposition
7,600
—
Loss (gain) from exchange rate fluctuations
659
(2,930
)
Other items
(939
)
1,242
Changes in assets and liabilities:
Trade receivables, net
43,559
29,247
Inventories, net
(38,339
)
12,285
Prepaid expenses and other assets
(88,163
)
100,361
Operating lease right-of-use assets, net
3,288
3,659
Trade payables
132,556
30,275
Employees and payroll accruals
9,625
208
Warranty obligations
(36,064
)
(19,745
)
Deferred revenues and customers advances
(11,168
)
(51,970
)
Operating lease liabilities
(3,805
)
(3,571
)
Accrued expenses and other liabilities
37,192
(10,142
)
Net cash provided by operating activities
24,428
33,823
Cash flows from investing activities:
Investment in available-for-sale marketable securities
—
(72,465
)
Proceeds from maturities of available-for-sale marketable securities
8,811
142,931
Purchase of property, plant and equipment
(3,701
)
(10,109
)
Business dispositions, net of cash sold
(2,631
)
—
Repayment related to governmental grant
—
(6,643
)
Withdrawal from restricted bank deposits
2,700
80
Payments made before lease commencement
(26,162
)
—
Proceeds from loan receivables
56
13,653
Other investing activities
487
150
Net cash provided by (used in) investing activities
(20,440
)
67,597
Cash flows from financing activities:
Repurchase of convertible debt
—
(5,093
)
Issuance of common stock upon exercise of stock-based awards
3,850
10
Tax withholding in connection with stock-based awards, net
(1,487
)
(338
)
Other financing activities
(375
)
(816
)
Net cash provided by (used in) financing activities
1,988
(6,237
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,146
)
701
Increase in cash, cash equivalents and restricted cash including cash classified within current held-for-sale assets
4,830
95,884
Change in cash classified within current held-for-sale assets
8,690
—
Increase in cash, cash equivalents and restricted cash
13,520
95,884
Cash, cash equivalents and restricted cash, beginning of period
539,846
409,939
Cash, cash equivalents and restricted cash, end of period
$
553,366
$
505,823
SOLAREDGE TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
Three months ended
Year ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2025
December 31,
2024
December 31,
2023
Gross profit (loss) (GAAP)
$
68,281
$
74,471
$
72,143
$
32,131
$
17,536
$
196,281
$
(877,204
)
$
703,823
Revenues from finance component
(498
)
(456
)
(351
)
(304
)
(264
)
(1,375
)
(984
)
(834
)
Discontinued operation revenues
(64
)
(1,107
)
(85
)
(8,132
)
(7,098
)
(16,422
)
—
—
Discontinued operation cost of revenues
573
(331
)
(13,101
)
7,834
792
(4,806
)
24,921
36,648
Stock-based compensation
3,607
3,687
3,959
4,004
4,372
16,022
21,952
23,200
Amortization of stock-based compensation capitalized in inventories
313
613
825
882
381
2,701
3,138
1,100
Amortization and depreciation of acquired asset
500
495
501
483
491
1,970
5,412
6,038
Restructuring charges
278
344
31
10
430
815
15,327
23,154
Gross profit (loss) (Non-GAAP)
$
72,990
$
77,716
$
63,922
$
36,908
$
16,640
$
195,186
$
(807,438
)
$
793,129
Gross margin (loss) (GAAP)
22.0
%
22.2
%
21.2
%
11.1
%
8.0
%
16.6
%
(97.3
)%
23.6
%
Revenues from finance component
(0.2
)
0.0
0.0
0.0
0.0
(0.1
)
(0.1
)
0.0
Discontinued operation revenues
0.0
0.0
0.0
(2.8
)
(3.2
)
(1.4
)
—
—
Discontinued operation cost of revenues
0.2
0.0
(3.9
)
3.0
0.4
(0.4
)
2.8
1.2
Stock-based compensation
1.1
1.1
1.2
1.4
2.0
1.4
2.4
0.9
Amortization of stock-based compensation capitalized in inventories
0.1
0.0
0.2
0.3
0.2
0.2
0.3
0.0
Amortization and depreciation of acquired asset
0.2
0.0
0.1
0.2
0.2
0.3
0.6
0.2
Restructuring charges
0.1
0.0
0.0
0.0
0.2
0.1
1.7
0.8
Gross margin (loss) (Non-GAAP)
23.5
%
23.3
%
18.8
%
13.2
%
7.8
%
16.7
%
(89.6
)%
26.7
%
Operating expenses (GAAP)
$
123,324
$
122,781
$
107,293
$
147,624
$
120,262
$
497,960
$
831,084
$
663,618
Stock-based compensation - R&D
(8,061
)
(8,442
)
(10,681
)
(9,856
)
(15,911
)
(44,890
)
(62,546
)
(66,944
)
Stock-based compensation - S&M
(4,151
)
(4,298
)
(4,348
)
(4,342
)
(4,742
)
(17,730
)
(27,328
)
(30,987
)
Stock-based compensation - G&A
(4,033
)
(3,546
)
(2,897
)
(1,059
)
(6,401
)
(13,903
)
(25,425
)
(28,814
)
Amortization and depreciation of acquired assets - R&D
—
—
—
—
—
—
(1,000
)
(989
)
Amortization and depreciation of acquired assets - S&M
(116
)
(116
)
(116
)
(116
)
(424
)
(772
)
(1,599
)
(927
)
Amortization and depreciation of acquired assets - G&A
—
—
—
—
—
—
(6
)
(15
)
Amortization of stock-based compensation capitalized in assets
(110
)
—
—
—
—
—
—
—
Discontinued operation
556
(6,989
)
(316
)
(27,069
)
(1,522
)
(35,896
)
(3,293
)
(388
)
Restructuring charges
(371
)
(423
)
(426
)
(867
)
(2,613
)
(4,329
)
(5,607
)
—
Assets impairment and disposal by abandonment
(970
)
(3,135
)
(672
)
(1,967
)
(224
)
(5,998
)
(251,823
)
(30,790
)
Gain (loss) from assets sales
(8,327
)
(7,117
)
(158
)
(17,108
)
662
(23,721
)
(5,746
)
1,262
Certain litigation and other contingencies
—
—
—
—
—
—
399
(1,786
)
Acquisition costs
—
—
—
—
—
—
(9
)
(135
)
Operating expenses (Non-GAAP)
$
97,741
$
88,715
$
87,679
$
85,240
$
89,087
$
350,721
$
447,101
$
503,105
SOLAREDGE TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
Three months ended
Year ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2025
December 31,
2024
December
31, 2023
Operating income (loss) (GAAP)
$
(55,043
)
$
(48,310
)
$
(35,150
)
$
(115,493
)
$
(102,726
)
$
(301,679
)
$
(1,708,288
)
$
40,205
Revenues from finance component
(498
)
(456
)
(351
)
(304
)
(264
)
(1,375
)
(984
)
(834
)
Discontinued operation
(47
)
5,551
(12,870
)
26,771
(4,784
)
14,668
28,214
37,036
Stock-based compensation
19,852
19,973
21,885
19,261
31,426
92,545
137,251
149,945
Amortization of stock-based compensation capitalized in inventories
313
613
825
882
381
2,701
3,138
1,100
Amortization and depreciation of acquired assets
616
611
617
599
915
2,742
8,017
7,969
Amortization of stock-based compensation capitalized in assets
110
—
—
—
—
—
—
—
Restructuring charges
649
767
457
877
3,043
5,144
20,934
23,154
Assets impairment and disposal by abandonment
970
3,135
672
1,967
224
5,998
251,823
30,790
Loss (gain) from assets sales
8,327
7,117
158
17,108
(662
)
23,721
5,746
(1,262
)
Certain litigation and other contingencies
—
—
—
—
—
—
(399
)
1,786
Acquisition costs
—
—
—
—
—
—
9
135
Operating income (loss) (Non-GAAP)
$
(24,751
)
$
(10,999
)
$
(23,757
)
$
(48,332
)
$
(72,447
)
$
(155,535
)
$
(1,254,539
)
$
290,024
Financial income (expense), net (GAAP)
$
(1,037
)
$
(77,784
)
$
3,040
$
(7,323
)
$
10,068
$
(71,999
)
$
(14,570
)
$
41,212
Non cash interest expense
4,793
4,420
4,462
4,326
4,051
17,259
14,877
12,703
Currency fluctuation related to lease standard
(317
)
3,360
1,552
7,151
(1,633
)
10,430
(744
)
(3,055
)
Discontinued operation
3
1,402
(958
)
2,265
(276
)
2,433
—
—
CTA reclassification upon liquidation of a foreign subsidiary
225
59,520
—
—
—
59,520
—
—
One‑time foreign exchange impact from VAT settlement agreement
(3,900
)
10,963
—
—
—
10,963
—
—
Financial income (expense), net (Non-GAAP)
$
(233
)
$
1,881
$
8,096
$
6,419
$
12,210
$
28,606
$
(437
)
$
50,860
Other income (loss) (GAAP)
$
—
$
(6,582
)
$
(15,011
)
$
4,017
$
148
$
(17,428
)
$
14,547
$
(318
)
Loss (gain) from sale of equity and debt investments
—
—
—
—
(2
)
(2
)
(2,966
)
193
Gain from business combination
—
—
—
—
—
—
(1,125
)
—
Gain from the repurchase of convertible notes
—
—
—
—
(146
)
(146
)
(15,456
)
—
Loss (gain) from sale of privately-held companies
—
155
—
(4,017
)
—
(3,862
)
—
—
Loss from impairment of privately-held companies
—
6,427
15,011
—
—
21,438
5,000
—
Other income (loss) (Non-GAAP)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
(125
)
Income tax benefit (expense) (GAAP)
$
(1,286
)
$
564
$
(2,563
)
$
(5,657
)
$
(5,726
)
$
(13,382
)
$
(96,150
)
$
(46,420
)
Income tax adjustment
(15
)
389
(124
)
(100
)
(155
)
10
39,007
(45,896
)
Income tax benefit (expense) (Non-GAAP)
$
(1,301
)
$
953
$
(2,687
)
$
(5,757
)
$
(5,881
)
$
(13,372
)
$
(57,143
)
$
(92,316
)
Equity method investments income (loss) (GAAP)
$
—
$
(9
)
$
(376
)
$
(288
)
$
(287
)
$
(960
)
$
(1,896
)
$
(350
)
Loss from equity method investments
—
9
376
288
287
960
1,896
350
Equity method investments income (loss) (Non-GAAP)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
SOLAREDGE TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
Three months ended
Year ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2025
December 31,
2024
December 31,
2023
Net income (loss) (GAAP)
$
(57,366
)
$
(132,121
)
$
(50,060
)
$
(124,744
)
$
(98,523
)
$
(405,448
)
$
(1,806,357
)
$
34,329
Revenues from finance component
(498
)
(456
)
(351
)
(304
)
(264
)
(1,375
)
(984
)
(834
)
Discontinued operation
(44
)
6,953
(13,828
)
29,036
(5,060
)
17,101
28,214
37,036
Stock-based compensation
19,852
19,973
21,885
19,261
31,426
92,545
137,251
149,945
Amortization of stock-based compensation capitalized in inventories
313
613
825
882
381
2,701
3,138
1,100
Amortization and depreciation of acquired assets
616
611
617
599
915
2,742
8,017
7,969
Amortization of stock-based compensation capitalized in assets
110
—
—
—
—
—
—
—
Restructuring charges
649
767
457
877
3,043
5,144
20,934
23,154
Assets impairment and disposal by abandonment
970
3,135
672
1,967
224
5,998
251,823
30,790
Loss (gain) from assets sales
8,327
7,117
158
17,108
(662
)
23,721
5,746
(1,262
)
Certain litigation and other contingencies
—
—
—
—
—
—
(399
)
1,786
Acquisition costs
—
—
—
—
—
—
9
135
Non cash interest expense
4,793
4,420
4,462
4,326
4,051
17,259
14,877
12,703
CTA reclassification upon liquidation of a foreign subsidiary
225
59,520
—
—
—
59,520
—
—
One‑time foreign exchange impact from VAT settlement agreement
(3,900
)
10,963
—
—
—
10,963
—
—
Currency fluctuation related to lease standard
(317
)
3,360
1,552
7,151
(1,633
)
10,430
(744
)
(3,055
)
Loss (gain) from sale of equity and debt investments
—
—
—
—
(2
)
(2
)
(2,966
)
193
Loss (gain) from business combination
—
—
—
—
—
—
(1,125
)
—
Gain from the repurchase of convertible notes
—
—
—
—
(146
)
(146
)
(15,456
)
—
Loss (gain) from sale of privately-held companies
—
155
—
(4,017
)
—
(3,862
)
—
—
Loss from impairment of privately-held companies
—
6,427
15,011
—
—
21,438
5,000
—
Income tax adjustment
(15
)
389
(124
)
(100
)
(155
)
10
39,007
(45,896
)
Equity method adjustments
—
9
376
288
287
960
1,896
350
Net income (loss) (Non-GAAP)
$
(26,285
)
$
(8,165
)
$
(18,348
)
$
(47,670
)
$
(66,118
)
$
(140,301
)
$
(1,312,119
)
$
248,443
SOLAREDGE TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
Three months ended
Year ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2025
December 31,
2024
December 31,
2023
Net basic earnings (loss) per share (GAAP)
$
(0.95
)
$
(2.21
)
$
(0.84
)
$
(2.13
)
$
(1.70
)
$
(6.88
)
$
(31.64
)
$
0.61
Revenues from finance component
(0.01
)
(0.01
)
(0.01
)
(0.01
)
0.00
(0.02
)
(0.02
)
(0.02
)
Discontinued operation
0.00
0.12
(0.23
)
0.50
(0.09
)
0.29
0.49
0.66
Stock-based compensation
0.33
0.33
0.37
0.33
0.54
1.57
2.41
2.65
Amortization of stock-based compensation capitalized in inventories
0.01
0.01
0.01
0.01
0.01
0.05
0.05
0.02
Amortization and depreciation of acquired assets
0.01
0.01
0.01
0.01
0.02
0.04
0.14
0.14
Amortization of stock-based compensation capitalized in assets
0.00
—
—
—
—
—
—
—
Restructuring charges
0.01
0.02
0.01
0.02
0.05
0.09
0.37
0.41
Assets impairment and disposal by abandonment
0.02
0.05
0.01
0.03
0.00
0.10
4.41
0.54
Loss (gain) from assets sales
0.14
0.12
0.00
0.30
(0.01
)
0.40
0.10
(0.02
)
Certain litigation and other contingencies
—
—
—
—
—
—
(0.01
)
0.03
Acquisition costs
—
—
—
—
—
—
0.00
0.00
Non cash interest expense
0.08
0.07
0.08
0.07
0.07
0.30
0.26
0.23
CTA reclassification upon liquidation of a foreign subsidiary
0.00
1.00
—
—
—
1.01
—
—
One‑time foreign exchange impact from VAT settlement agreement
(0.06
)
0.18
—
—
—
0.18
—
—
Currency fluctuation related to lease standard
(0.01
)
0.06
0.02
0.12
(0.03
)
0.18
(0.01
)
(0.06
)
Loss (gain) from sale of equity and debt investments
—
—
—
—
—
0.00
(0.05
)
0.01
Loss (gain) from business combination
—
—
—
—
—
—
(0.02
)
—
Gain from the repurchase of convertible notes
—
—
—
—
0.00
0.00
(0.27
)
—
Loss (gain) from sale of privately-held companies
—
0.00
—
(0.06
)
—
(0.07
)
—
—
Loss from impairment of privately-held companies
—
0.11
0.26
—
—
0.36
0.09
—
Income tax adjustment
0.00
0.00
(0.01
)
0.00
0.00
0.00
0.68
(0.81
)
Equity method adjustments
—
0.00
0.01
0.00
0.00
0.02
0.03
0.00
Net basic earnings (loss) per share (Non-GAAP)
$
(0.43
)
$
(0.14
)
$
(0.31
)
$
(0.81
)
$
(1.14
)
$
(2.38
)
$
(22.99
)
$
4.39
SOLAREDGE TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
Three months ended
Year ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2025
December 31,
2024
December 31,
2023
Net diluted earnings (loss) per share (GAAP)
$
(0.95
)
$
(2.21
)
$
(0.84
)
$
(2.13
)
$
(1.70
)
$
(6.88
)
$
(31.64
)
$
0.60
Revenues from finance component
(0.01
)
(0.01
)
(0.01
)
(0.01
)
0.00
(0.02
)
(0.02
)
(0.01
)
Discontinued operation
0.00
0.12
(0.23
)
0.50
(0.09
)
0.29
0.49
0.64
Stock-based compensation
0.33
0.33
0.37
0.33
0.54
1.57
2.41
2.57
Amortization of stock-based compensation capitalized in inventories
0.01
0.01
0.01
0.01
0.01
0.05
0.05
0.02
Amortization and depreciation of acquired assets
0.01
0.01
0.01
0.01
0.02
0.04
0.14
0.14
Amortization of stock-based compensation capitalized in assets
0.00
—
—
—
—
—
—
—
Restructuring charges
0.01
0.02
0.01
0.02
0.05
0.09
0.37
0.40
Assets impairment and disposal by abandonment
0.02
0.05
0.01
0.03
0.00
0.10
4.41
0.53
Loss (gain) from assets sales
0.14
0.12
0.00
0.30
(0.01
)
0.40
0.10
(0.02
)
Certain litigation and other contingencies
—
—
—
—
—
—
(0.01
)
0.03
Acquisition costs
—
—
—
—
—
—
0.00
0.00
Non cash interest expense
0.08
0.07
0.08
0.07
0.07
0.30
0.26
0.03
CTA reclassification upon liquidation of a foreign subsidiary
0.00
1.00
—
—
—
1.01
—
—
One‑time foreign exchange impact from VAT settlement agreement
(0.06
)
0.18
—
—
—
0.18
—
—
Currency fluctuation related to lease standard
(0.01
)
0.06
0.02
0.12
(0.03
)
0.18
(0.01
)
(0.05
)
Loss (gain) from sale of equity and debt investments
—
—
—
—
0.00
0.00
(0.05
)
0.00
Loss (gain) from business combination
—
—
—
—
—
—
(0.02
)
—
Gain from the repurchase of convertible notes
0.00
—
—
—
0.00
0.00
(0.27
)
—
Loss (gain) from sale of privately-held companies
—
0.00
—
(0.06
)
—
(0.07
)
—
—
Loss from impairment of privately-held companies
—
0.11
0.26
—
—
0.36
0.09
—
Income tax adjustment
0.00
0.00
(0.01
)
0.00
0.00
0.00
0.68
(0.76
)
Equity method adjustments
—
0.00
0.01
0.00
0.00
0.02
0.03
0.00
Net diluted earnings (loss) per share (Non-GAAP)
$
(0.43
)
$
(0.14
)
$
(0.31
)
$
(0.81
)
$
(1.14
)
$
(2.38
)
$
(22.99
)
$
4.12
Number of shares used in computing net diluted earnings (loss) per share (GAAP)
60,517,248
59,828,042
59,278,269
58,567,394
58,121,502
58,954,380
57,082,182
57,237,518
Stock-based compensation
—
—
—
—
—
—
—
725,859
Notes due 2025
—
—
—
—
—
—
—
2,276,818
Number of shares used in computing net diluted earnings (loss) per share (Non-GAAP)
60,517,248
59,828,042
59,278,269
58,567,394
58,121,502
58,954,380
57,082,182
60,240,195
Net cash provided by (used in) operating activities (GAAP)
SolarEdge Technologies (SEDG - Free Report) came out with a quarterly loss of $0.43 per share versus the Zacks Consensus Estimate of a loss of $0.23. This compares to a loss of $1.14 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -86.96%. A quarter ago, it was expected that this photovoltaic products maker would post a loss of $0.19 per share when it actually produced a loss of $0.14, delivering a surprise of +26.32%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
SolarEdge, which belongs to the Zacks Solar industry, posted revenues of $310.5 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.33%. This compares to year-ago revenues of $219.48 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
SolarEdge shares have added about 54.7% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for SolarEdge?While SolarEdge has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for SolarEdge was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.01 on $342.65 million in revenues for the coming quarter and $0.20 on $1.39 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Solar is currently in the bottom 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, T1 Energy Inc (TE - Free Report) , is yet to report results for the quarter ended March 2026.
This company is expected to post quarterly loss of $0.21 per share in its upcoming report, which represents a year-over-year change of -31.3%. The consensus EPS estimate for the quarter has been revised 7.7% lower over the last 30 days to the current level.
T1 Energy Inc's revenues are expected to be $98 million, up 51.6% from the year-ago quarter.
Key Takeaways SolarEdge reported Q1 2026 adjusted loss of 43 cents, wider than estimates but improved year over year.SEDG revenues rose 41.5% to $310.5M, beating estimates, with strong growth in shipments and gross profit.SolarEdge expects Q2 revenues of $325-$355M, with gross margin projected between 23% and 27%. SolarEdge Technologies, Inc. (SEDG - Free Report) reported a first-quarter 2026 adjusted loss of 43 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line improved from the prior-year quarter’s loss of $1.14 per share.
Barring one-time adjustments, the company incurred a GAAP loss of 95 cents per share compared with a GAAP loss of $1.70 in the year-ago period.
SEDG’s RevenuesRevenues of $310.5 million surpassed the Zacks Consensus Estimate of $303 million by 2.3%. The top line also increased 41.5% from the year-ago quarter’s $219.5 million.
SEDG’s Operational HighlightsSolarEdge Technologies shipped approximately 50.5 thousand inverters, 2.4 million optimizers and 331 MWh of batteries for PV applications in the first quarter.
The company reported an adjusted gross profit of $68.3 million compared with $17.5 million in the prior-year period.
Adjusted operating expenses increased 2.5% year over year to $123.3 million.
SEDG incurred an adjusted operating loss of $55 million compared with an operating loss of $102.7 million in the prior-year quarter.
SEDG’s Financial PerformanceAs of March 31, 2026, SolarEdge Technologies had cash and cash equivalents worth $512.4 million compared with $455.1 million as of Dec. 31, 2025.
As of the same date, total long-term liabilities were $952.5 million compared with $951.2 million as of Dec. 31, 2025.
The net cash provided by operating activities in the first three months of 2026 amounted to $24.4 million compared with $33.8 million in the year-ago period.
SEDG’s Q2 2026 GuidanceSEDG expects revenues to be in the range of $325-$355 million for the second quarter of 2026. The Zacks Consensus Estimate is pegged at $342.7 million, higher than the midpoint of the company’s guided range.
Adjusted operating expenses are projected to be in the range of $86-$91 million, while the adjusted gross margin is expected to be between 23% and 27%.
SEDG’s Zacks RankThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar ReleasesFirst Solar, Inc. (FSLR - Free Report) reported first-quarter 2026 earnings of $3.22 per share, which beat the Zacks Consensus Estimate of $2.87 by 12.1%. The bottom line increased 65.1% from the prior-year quarter’s figure of $1.95.
First Solar’s first-quarter net sales were $1.04 billion, which missed the Zacks Consensus Estimate by 0.1%. However, the top line rose 23.6% from the year-ago quarter’s $0.84 billion.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2026 adjusted earnings of 47 cents per share, which decreased 30.9% from 68 cents reported in the prior-year quarter. However, the bottom line topped the Zacks Consensus Estimate of 43 cents by 8.2%.
Enphase Energy’s first-quarter revenues of $282.9 million missed the Zacks Consensus Estimate of $284 million by 0.2%. The top line decreased 28.6% from the prior-year quarter’s reported figure of $356.1 million.
An Upcoming Solar ReleaseCanadian Solar Inc. (CSIQ - Free Report) is slated to report first-quarter 2026 results on May 14, before market open. The Zacks Consensus Estimate for CSIQ’s first-quarter loss is pegged at $1.08 per share, indicating a year-over-year decline of 0.9%.
The Zacks Consensus Estimate for CSIQ’s first-quarter sales is pegged at $947.6 million, implying a year-over-year decline of 20.8%.
MILPITAS, Calif. & HERZLIYA, Israel--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge” or the “Company”) (Nasdaq: SEDG), a global leader in smart energy technology, announced today the appointment of Mr. Maoz Sigron as the Company’s new Chief Financial Officer (CFO), effective May 31, 2026. Maoz Sigron succeeds Mr. Asaf Alperovitz, who is stepping down from the role to pursue another professional opportunity outside of the industry. Asaf will remain with the Company through June 9, 2026 to assist with a smooth handover.
Mr. Sigron has over 20 years of financial and operational experience across global organizations, with a strong track record in governance, M&A, capital markets, budgeting and operational discipline in NASDAQ- and TASE-listed companies. Most recently, he served as CFO and later COO at Perion Network Ltd. (NASDAQ & TASE: PERI). Earlier in his career, Mr. Sigron held senior finance leadership positions at Allot Ltd. (NASDAQ: ALLT, TASE: ALLT), Tnuva, and Stratasys Ltd. (NASDAQ: SSYS). Throughout his career, Mr. Sigron has succeeded in driving strategic business transformation, raising capital on NASDAQ through equity offerings, directing M&A processes for several strategic acquisitions, achieving substantial operational efficiencies, and supporting complex, multi-market operations. He holds a BA in Accounting and Business Management from The College of Management Academic Studies.
“Maoz joins SolarEdge at a pivotal moment for the company as we continue to execute on our strategic priorities, with a focus on operational efficiency, strengthening financial discipline, and positioning the Company for long-term, profitable growth,” said Shuki Nir, CEO of SolarEdge. “I am delighted to welcome Maoz to the team and am confident that his combination of financial rigor and hands-on leadership will help us strengthen execution and continue to improve our financial performance. I also extend my appreciation to Asaf Alperovitz for his leadership and for the role he played in setting the stage for profitable growth, and we wish him all the best in what’s next.”
“SolarEdge is a company with a strong culture of innovation, a differentiated market position, and significant global growth opportunities,” said Mr. Sigron. “I am excited to join Shuki and the talented SolarEdge team and help drive the company’s next phase of growth by continuing to strengthen financial performance and disciplined execution across the organization. I look forward to building on the company’s momentum as we continue to advance our strategic priorities and drive meaningful long-term value for our customers and stakeholders.”
About SolarEdge
SolarEdge is a global smart energy technology company. SolarEdge develops, manufactures, and sells products that address a broad range of energy market segments through its diversified product offering, including residential, commercial and large scale photovoltaic or PV, energy storage and backup solutions, electric vehicle (“EV”) charging capabilities, home energy management, grid services and virtual power plants. By leveraging engineering capabilities and focusing on innovation, safety and reliability, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge is online at www.solaredge.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: management transitions, our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.
Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K/A for the year ended December 31, 2025, filed on March 23, 2026, and other reports filed with the SEC. All information set forth in this release is as of May 11, 2026. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
Adjusted for one-time charges, SolarEdge delivered solid first quarter results and provided Q2 guidance largely in line with consensus expectations. While the U.S. residential solar market has started the year on a weak note, the Middle East conflict has boosted demand from Europe. While the company is entering into safe harbor agreements with customers ahead of the section 48E investment tax credit expiration in July, these transactions won't benefit revenues in the near-term.
We believe Brenntag trades at an attractive valuation and are encouraged by the new management team's recent efforts to improve operational efficiencies. Other portfolio companies include Smiths Group and Rotork, which should benefit from increased global energy infrastructure investment, given the need for reliable and safe energy systems. We believe that oil price volatility will continue to accelerate the structural demand for alternative energy solutions and electrification. To that end, we invested in SolarEdge Technologies and Landis+Gyr.
On May 21, 2026, SolarEdge Technologies Inc SEDG shares rose 12.1% to $62.93. This price increase comes amid a remarkable performance over the past year, where the stock has surged 217.5%, despite a more challenging 3-year trajectory that saw a decline of 40.2%. The current price is within a 52-week range of $13.73 to $65.16.
GF Value™ verdict: Current price of $62.93 vs GF Value™ of $28.46 indicates that the stock is 121.1% overvalued.GF Score™ of 60/100 suggests the stock is above average but has room for improvement in certain areas.Notable signal: Insiders sold $0.1M in the last 3 months with no insider buying, raising potential concerns about confidence in the stock's future performance. Is SEDG Overvalued or Undervalued? According to the GF Value™, SolarEdge Technologies Inc SEDG is significantly overvalued, with a current price of $62.93 compared to the intrinsic value estimate of $28.46. This indicates a substantial margin of safety is absent, as the stock is trading at a premium of 121.1% over its calculated fair value. The GF Valuation label suggests that investors should exercise caution when considering this stock, as the current price does not reflect a favorable buying opportunity.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the significant overvaluation indicated, investors face the risk of a potential price correction should market sentiment shift or if the company fails to meet growth expectations in the coming quarters.
How Does SEDG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 1337.0x 103.5x With a forward P/E of 1337.0x, SolarEdge Technologies Inc is trading significantly above its historical median P/E of 103.5x. This analysis aligns with the GF Value™ verdict, reinforcing the notion that the stock is overvalued compared to its historical performance metrics. The extreme forward P/E ratio raises additional concerns regarding the sustainability of such high valuations in the current market environment.
What Does SEDG's GF Score™ Tell Us? Metric Rating GF Score™ 60/100 Financial Strength 4/10 Profitability 6/10 Growth 4/10 Valuation 1/10 Momentum 6/10 The GF Score™ of 60/100 indicates that while SolarEdge Technologies Inc has some strengths, such as decent profitability and momentum ranks (6/10), it faces considerable weaknesses in financial strength (4/10) and valuation (1/10). The low valuation rank is particularly concerning, as it suggests that the stock may not be a sound investment at its current price level.
What Are Insiders Doing with SEDG Stock? In the past three months, insiders have sold approximately $0.1 million worth of shares, with no insider buying reported during this period. This selling activity may suggest a lack of confidence among company executives regarding the stock's future performance and could be interpreted as a bearish signal for potential investors. In the absence of insider buying, it raises questions about the management's outlook and the company's financial prospects moving forward.
What This Means for Investors Based on the analysis of GF Value™, SolarEdge Technologies Inc SEDG is currently overvalued. With a significant premium over its intrinsic value and concerning valuation metrics, potential investors may want to proceed with caution. The current market dynamics and insider selling activity further underscore the need for a thorough evaluation before making investment decisions.
For the complete analysis, visit the SolarEdge Technologies Inc SEDG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is SEDG's GF Score™?
SEDG has a GF Score™ of 60/100, indicating that it is above average but has significant room for improvement in valuation and financial strength.
Is SEDG overvalued or undervalued?
Based on the GF Value™ verdict, SEDG is currently overvalued, trading at a premium of 121.1% over its estimated fair value.
What is SEDG's P/E ratio?
SEDG's current P/E ratio is 1337.0x, which is significantly higher than its 5-year median P/E of 103.5x, further supporting the conclusion that the stock is overvalued.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
On May 27, 2026, SolarEdge Technologies Inc SEDG shares rose 3.5%, currently priced at $73.24. Over the past week, the stock has surged by 30.3% and has shown remarkable gains of 54.6% over the last month. The shares have fluctuated between a 52-week high of $75.73 and a low of $13.73.
GF Value™ verdict: Current price is $73.24, compared to GF Value™ of $28.49, indicating the stock is 157.1% overvalued.GF Score™: 55/100 (Average), suggesting a mixed outlook based on key financial metrics.Most notable signal: Insiders sold $0.1M in the last 3 months with no buying activity. Is SEDG Overvalued or Undervalued? The current price of SolarEdge Technologies Inc SEDG at $73.24 significantly exceeds the GF Value™ estimate of $28.49, indicating that the stock is overvalued by 157.1%. This substantial premium raises questions about the sustainability of the current price level, especially in light of the GF Valuation label, which categorizes the stock as significantly overvalued. The margin of safety, in this case, is minimal, suggesting that potential investors may face considerable risks if the price corrects closer to its estimated fair value. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
Being significantly overvalued, investors must be cautious as this suggests that the current price may not be supported by the company’s underlying fundamentals. A correction could occur if market sentiment shifts or if the company's performance does not justify such a high valuation. The risk of investing at these levels is heightened due to the lack of a safety net, which is generally advised for value investors.
How Does SEDG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) Not Available 103.4x (5-Year Median) Forward P/E 1555.8x Not Available As seen in the table, the current forward P/E of SolarEdge Technologies Inc stands at an astonishing 1555.8x, while the 5-year median P/E was significantly lower at 103.4x. This analysis indicates that the stock is trading far above its historical valuation metrics, aligning with the GF Value™ verdict of being overvalued. The extreme forward P/E indicates that investors are pricing in substantial growth expectations, which may not be realized.
What Does SEDG's GF Score™ Tell Us? Metric Rating GF Score™ 55 Financial Strength 4/10 Profitability 6/10 Growth 4/10 Valuation 1/10 Momentum 3/10 The GF Score™ for SolarEdge Technologies Inc stands at 55/100, indicating an average assessment based on various financial metrics. The strongest area is Profitability, rated 6/10, suggesting that the company maintains a reasonable level of profitability. However, the weakest areas are Valuation, rated 1/10, and Financial Strength, rated 4/10, which highlight concerns regarding the current stock price relative to its intrinsic value and the company’s overall financial health.
What Are Insiders Doing with SEDG Stock? In the last three months, insiders have sold approximately $0.1 million worth of shares, with no buying activity reported. This trend of selling without any buying suggests a lack of confidence from insiders in the stock's current valuation and future performance. Generally, insider selling can be interpreted as a bearish signal, indicating that those closest to the company may not view the current price levels as sustainable.
What This Means for Investors Based on the GF Value™ assessment, SolarEdge Technologies Inc is currently overvalued. The significant disparity between the current stock price and its GF Value™ highlights potential risks for investors entering at these levels. Caution is advised as the stock may face downward pressure if market conditions shift or if the expected growth does not materialize.
For the complete analysis, visit the SolarEdge Technologies Inc SEDG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is SEDG's GF Score™?
SEDG's GF Score™ is 55/100, indicating an average assessment based on key financial metrics, suggesting mixed long-term return potential.
Is SEDG overvalued or undervalued?
SEDG is considered overvalued based on the GF Value™ analysis, with the current price significantly exceeding the estimated fair value.
What is SEDG's P/E ratio?
SEDG's forward P/E ratio is 1555.8x, which is substantially above its historical median of 103.4x, indicating an extreme overvaluation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
It has been about a month since the last earnings report for SolarEdge Technologies (SEDG - Free Report) . Shares have added about 89.4% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is SolarEdge due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
SolarEdge Technologies' Q1 Loss Wider Than Estimates, Revenues Rise Y/Y
SolarEdge Technologies, Inc. reported a first-quarter 2026 adjusted loss of 43 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line improved from the prior-year quarter’s loss of $1.14 per share.
Barring one-time adjustments, the company incurred a GAAP loss of 95 cents per share compared with a GAAP loss of $1.70 in the year-ago period.
SEDG’s RevenuesRevenues of $310.5 million surpassed the Zacks Consensus Estimate of $303 million by 2.3%. The top line also increased 41.5% from the year-ago quarter’s $219.5 million.
SEDG’s Operational HighlightsSolarEdge Technologies shipped approximately 50.5 thousand inverters, 2.4 million optimizers and 331 MWh of batteries for PV applications in the first quarter.
The company reported an adjusted gross profit of $68.3 million compared with $17.5 million in the prior-year period.
Adjusted operating expenses increased 2.5% year over year to $123.3 million.
SEDG incurred an adjusted operating loss of $55 million compared with an operating loss of $102.7 million in the prior-year quarter.
SEDG’s Financial PerformanceAs of March 31, 2026, SolarEdge Technologies had cash and cash equivalents worth $512.4 million compared with $455.1 million as of Dec. 31, 2025.
As of the same date, total long-term liabilities were $952.5 million compared with $951.2 million as of Dec. 31, 2025.
The net cash provided by operating activities in the first three months of 2026 amounted to $24.4 million compared with $33.8 million in the year-ago period.
SEDG’s Q2 2026 GuidanceSEDG expects revenues to be in the range of $325-$355 million for the second quarter of 2026. The Zacks Consensus Estimate is pegged at $342.7 million, higher than the midpoint of the company’s guided range.
Adjusted operating expenses are projected to be in the range of $86-$91 million, while the adjusted gross margin is expected to be between 23% and 27%.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.
The consensus estimate has shifted 15.28% due to these changes.
VGM ScoresAt this time, SolarEdge has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, SolarEdge has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerSolarEdge belongs to the Zacks Solar industry. Another stock from the same industry, Enphase Energy (ENPH - Free Report) , has gained 92.8% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.
Enphase Energy reported revenues of $282.9 million in the last reported quarter, representing a year-over-year change of -20.6%. EPS of $0.47 for the same period compares with $0.68 a year ago.
Enphase Energy is expected to post earnings of $0.46 per share for the current quarter, representing a year-over-year change of -33.3%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
Enphase Energy has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.
Key Takeaways Gilead said Livdelzi significantly improved ALP normalization versus placebo at 52 weeks in PBC.GILD's IDEAL enrolled 96 adults; safety findings were consistent with prior Livdelzi studies.Gilead said strong Livdelzi uptake and Hepcludex approval have bolstered its liver franchise. Gilead Sciences, Inc. (GILD - Free Report) announced positive results from the late-stage IDEAL study in patients with primary biliary cholangitis (PBC).
Results showed that Livdelzi (seladelpar) significantly increased the proportion of patients achieving normalization of alkaline phosphatase (ALP), an important marker of liver disease progression, compared with placebo after 52 weeks.
The positive results were seen in patients with inadequately controlled PBC, characterized by ALP levels above the upper limit of normal (ULN) but below 1.67 times the ULN, despite treatment with ursodeoxycholic acid (UDCA), or in those unable to tolerate UDCA.
Although this patient group is commonly seen in clinical practice, it has historically been underrepresented in randomized clinical trials.
Livdelzi is an orally administered peroxisome proliferator-activated receptor delta (PPAR-δ) agonist. It is indicated for the treatment of PBC in combination with UDCA in adults who have had an inadequate response to UDCA, or as monotherapy in patients unable to tolerate UDCA.
More on GILD’s IDEAL Study ResultsIDEAL is a phase III, randomized, double-blind, placebo-controlled trial evaluating Livdelzi in adults with PBC whose disease remains inadequately controlled despite treatment with UDCA who are unable to tolerate UDCA. Eligible participants had ALP levels above the ULN but below 1.67 times the ULN.
The study’s primary objective is to assess the efficacy of Livdelzi versus placebo at week 52 in achieving ALP normalization. The trial enrolled 96 adults aged 18 to 75 years.
The safety findings from the IDEAL study were consistent with the established safety profile of Livdelzi observed in previous clinical trials, with no new safety signals or unexpected adverse events reported.
PBC is a chronic autoimmune liver disorder characterized by damage to the bile ducts, affecting approximately 130,000 individuals in the United States. The condition occurs more frequently in women and, if left untreated, can lead to progressive liver damage, liver failure, and the eventual need for a liver transplant.
The FDA approved Livdelzi for PBC under accelerated approval based on a reduction of ALP. Improvement in survival or prevention of liver decompensation events has not been demonstrated. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trial(s).
Gilead intends to present the complete IDEAL study findings at a forthcoming medical conference and will work with regulatory agencies worldwide to review and discuss the results.
GILD’s Efforts to Bolster PortfolioThe strong uptake of Livdelzi has fueled liver disease franchise sales in the first quarter.
Last month, the FDA granted accelerated approval to Hepcludex (bulevirtide-gmod) for adults with chronic hepatitis delta virus (HDV) infection.
The approval makes Hepcludex the first FDA-approved therapy for HDV in the United States.
The FDA approval of Hepcludex bolsters the GILD’s liver disease franchise, which spans treatments for HCV, chronic HBV, and chronic HDV.
Gilead’s shares have gained 4% year to date against the industry's decline of 2.2%.
Image Source: Zacks Investment Research
Gilead’s first-quarter results were good. HIV business continues to maintain momentum, driven by the solid performance of Biktarvy and Descovy, and incremental contributions from Yeztugo.
Driven by increased Yeztugo sales expectations and strong first-quarter HIV performance, Gilead now projects total 2026 HIV sales growth of approximately 8% year over year, up from its prior guidance of 6% issued in February.
Approval of better HIV treatments should strengthen the HIV franchise in the wake of increasing competition from the likes of GSK plc (GSK - Free Report) .
GSK continues to grow its HIV business, driven by strong patient demand for long-acting injectable medicines (Cabenuva and Apretude) and Dovato.
GILD lowered its full-year earnings outlook due to expected acquired IPR&D charges of $11.5 billion and financing expenses associated with the Arcellx, Ouro Medicines and Tubulis GmbH deals.
Gilead’s aggressive dealmaking strategy — including the acquisition of Arcellx and agreements with Ouro and Tubulis — highlights the company’s commitment to diversifying beyond its core HIV franchise into higher-growth oncology and immunology markets. While these transactions strengthen Gilead’s long-term pipeline and growth potential, the sizable upfront payments and integration-related costs are pressuring near-term profitability.
This, in turn, has prompted Gilead to lower its EPS guidance, raising investor concerns about margin pressure and the timeline required for these acquisitions to generate meaningful returns.
GILD’s Zacks Rank & Key PicksGILD currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Liquidia Corporation (LQDA - Free Report) and Immunocore (IMCR - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, estimates for Liquidia’s 2026 earnings per share have increased to $2.97 from $1.50. Over the same period, EPS estimates for 2027 have risen to $4.81 from $2.91. LQDA shares have gained 60.7% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.
Over the past 30 days, bottom-line estimates for Immunocore have improved from a loss of 88 cents to earnings of 6 cents for 2026. Over the same period, earnings estimates for 2027 have increased to 87 cents per share from 24 cents. IMCR shares have lost 18.4% year to date.
– Companies will collaborate on the development of gamgertamig, a potential first-in-class and best-in-class T cell engager in autoimmune diseases –
FOSTER CITY, Calif. & MECHELEN, Belgium--(BUSINESS WIRE)--Gilead Sciences, Inc. (Nasdaq: GILD) and Lakefront Biotherapeutics NV (Euronext & Nasdaq: LKFT) today announced the successful completion of the previously announced acquisition of Ouro Medicines to advance T cell engager therapies for autoimmune diseases.
The acquisition adds gamgertamig (OM336), a clinical-stage BCMAxCD3 T cell engager, to Gilead’s growing inflammation portfolio and will be the foundation of Lakefront’s clinical development pipeline. Gamgertamig is designed to enable rapid and deep plasma cell and B cell depletion following a limited subcutaneously administered treatment course with the potential to induce durable disease control in severe antibody-mediated orphan diseases including autoimmune hemolytic anemia (AIHA) and immune thrombocytopenia (ITP). Gamgertamig has been granted both Fast Track and Orphan Drug Designation by the U.S. FDA for the treatment of AIHA and ITP and is expected to enter registrational studies as early as 2027.
The addition of gamgertamig builds on Gilead’s long-term strategy to invest in differentiated science and accelerate the development of therapies that address significant unmet need. Combined with existing expertise in immunology and cell therapy, this approach supports the company’s ambition to shift treatment paradigms from chronic disease management toward the potential for durable immune reset.
Under the terms of the agreement, Gilead acquired all the outstanding equity of Ouro Medicines for $1,675 million and up to $500 million in contingent milestone payments. Lakefront and Gilead will equally split the upfront payment, subject to customary adjustments, and contingent milestone payments of up to $500 million.
With this transaction, Lakefront has acquired substantially all of Ouro Medicines’ team and operational assets in connection with Gilead’s acquisition of Ouro Medicines and will collaborate with Gilead on the development of gamgertamig. As part of the collaboration, Lakefront is responsible for the ongoing and future Phase 1/2 clinical studies of gamgertamig, with Gilead leading the registrational and later-stage studies. Gilead will retain sole worldwide commercialization rights, including all related costs, globally outside of Keymed’s territories. Lakefront will receive tiered royalties of 20%–23% on net sales of gamgertamig from Gilead.
Lakefront has also in-licensed a preclinical portfolio of three additional autoimmune focused programs originally from Ouro with an opt-in for Gilead for a 50/50 profit split post clinical proof-of-concept for $75 million per program.
The transaction provides relief under the Option, License and Collaboration Agreement dated July 14, 2019, between Lakefront and Gilead (the “OLCA”) to enable Lakefront to deploy at least $500 million of its available cash independently from Gilead and outside the scope of the OLCA and the Ouro transaction, including up to $150 million for share buybacks.
The Ouro portfolio will be the cornerstone of Lakefront’s R&D pipeline. Following this transaction, Lakefront will continue to have a majority of its cash remaining for additional strategic transactions and other capital allocation priorities. Lakefront’s year-end 2026 cash balance is expected to be approximately €2B.
About Gamgertamig
Gamgertamig is an investigational BCMAxCD3 bispecific T cell engager for the treatment of autoantibodies driven immune-mediated disease. Gamgertamig has been granted Orphan Drug Designation and Fast Track Designation by the U.S. FDA for certain autoimmune diseases. Gamgertamig is currently in Phase 2 studies is expected to enter registrational studies as early as 2027. Gamgertamig is in-licensed from Keymed Biosciences, which owns the rights to develop the program in Greater China.
About Gilead Sciences
Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation. In 2025, Gilead announced a planned $32 billion investment to further strengthen its U.S. footprint to power the next era of discovery, job creation and public health preparedness – while continuing to invest globally to ensure patients everywhere benefit from its scientific innovation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, Calif.
About Lakefront® Biotherapeutics
Lakefront Biotherapeutics (formerly known as Galapagos) is a biotechnology company built to bring meaningful medicines to patients with serious diseases in therapeutic areas of unmet need. The Company combines world-class deal making expertise with capital to identify, acquire, and advance promising opportunities that have the potential to drive value for patients and shareholders. Applying a modality-agnostic asset selection approach and operational flexibility, Lakefront Biotherapeutics prioritizes oncology and immunology & inflammation programs with clear clinical proof-of-concept in emerging areas. For more information, visit https://www.lakefrontbio.com or follow us on LinkedIn or X.
Gilead Forward-Looking Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of Gilead and Ouro Medicines and members of their respective senior management teams. In some cases, forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “seek,” “may,” “plan,” “project,” “should,” “target,” “will,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, without limitation, statements regarding the transactions and related matters, prospective performance and opportunities, post-closing operations and the outlook for the companies’ businesses; the potential of Ouro Medicines’ programs; timing of prospective clinical trials; Gilead’s long-term strategy; and any assumptions underlying any of the foregoing. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include: the effects of the transactions on relationships with employees, other business partners or governmental entities; the difficulty of predicting the timing or outcome of regulatory approvals or actions, if any; the risk that the businesses will not be integrated successfully and that other anticipated benefits from the transactions will not be realized; the impact of competitive products and pricing; other business effects, including the effects of industry, economic or political conditions outside of the companies’ control; transaction costs; actual or contingent liabilities; the risk that Gilead may not realize the expected benefits of the Ouro Medicines acquisition or the Lakefront license and collaboration; the ability of Gilead to advance their product pipeline and successfully commercialize product candidates following the acquisition; the ability of the parties to initiate and complete clinical trials involving such product candidates in the currently anticipated timelines or at all; the possibility of unfavorable results from one or more of such trials involving such product candidates; uncertainties relating to regulatory applications and related filing and approval timelines, including potential applications for programs and/or indications currently under evaluation, and the risk that any regulatory approvals, if granted, may be subject to significant limitations on use or subject to withdrawal or other adverse actions by the applicable regulatory authority; and any assumptions underlying any of the foregoing. These and other risks, uncertainties and factors are described in detail in Gilead’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as filed with the U.S. Securities and Exchange Commission. The reader is cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation and disclaims any intent to update any such forward-looking statements.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “upcoming,” “future,” “estimate,” “may,” “will,” “could,” “would,” “potential,” “forward,” “goal,” “next,” “continue,” “should,” “encouraging,” “aim,” “progress,” “remain," “explore,” “further” as well as similar expressions. These statements include, but are not limited to, statements regarding Lakefront’s business development strategy and clinical development pipeline, expected benefits and potential of gamgertamig, post-closing operations and benefits of the transaction, timing of prospective clinical trials, and our expected cash balance in 2026 and expected uses of cash. Lakefront cautions the reader that forward-looking statements are based on our management’s current expectations and beliefs and are not guarantees of future performance. Forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause actual events, financial condition and liquidity, performance or achievements, or the industry in which we operate, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. In addition, even if our results, performance, financial condition and liquidity, and the development of the industry in which Lakefront operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods. Such risks include, but are not limited to, the risk that Lakefront’s financial estimates, including cash position, may be incorrect (including because one or more of its assumptions may not be realized); risks associated with the changes to our capital allocation strategies; the risk that we will not be able to execute on our currently contemplated business plan or strategy and/or will revise our business plan or strategy; risks related to our ability to successfully identify, pursue and consummate new transformational business development transactions, including our ability to identify product candidates that will have commercial success and/or be profitable; the risk that the commercial potential of gamgertamig proves to be inaccurate; the risk that the businesses will not be integrated successfully and that other anticipated benefits from the transactions will not be realized; the inherent risks and uncertainties associated with competitive developments, clinical trials, recruitment of patients, product development activities and regulatory approval requirements; risks related to our reliance on collaborations with third parties (including, but not limited to, our collaboration partner Gilead); the impact of competitive products and pricing; and the risk that our estimates regarding the commercial potential of our product candidates (if approved) or expectations regarding the costs and revenues associated with the commercialization rights may be inaccurate. A further list and description of these risks, uncertainties and other risks can be found in our filings and reports with the Securities and Exchange Commission (SEC), including in our most recent annual report on Form 20‐F filed with the SEC and our subsequent filings and reports filed with the SEC. Given these risks and uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. In addition, even if the result of our operations, financial condition and liquidity, or the industry in which we operate, are consistent with such forward-looking statements, they may not be predictive of results, performance or achievements in future periods. These forward-looking statements speak only as of the date of publication of this release. We expressly disclaim any obligation to update any such forward-looking statements in this release to reflect any change in our expectations or any change in events, conditions or circumstances, unless specifically required by law or regulation.
Gilead and the Gilead logo are trademarks of Gilead Sciences, Inc., or its related companies.
For more information about Gilead, please visit the company’s website at www.gilead.com, follow Gilead on X/Twitter (@Gilead Sciences) and LinkedIn (@Gilead-Sciences).
