Aluma Infrastr' (ALUMA) AI Stock Analysis

• Market Cap: ₪270.51M
• Dividend Yield: N/A
• Average Volume (3M): 536.27K
• Price to Earnings (P/E): 9.7
• Beta (1Y): 0.86
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IL
• Employees: 190
• Sector: Real Estate
• Sector Strength: 53
• Industry: Asset Management
• EPS (TTM): 6.30
• Shares Outstanding: 307,392,400
• 10 Day Avg. Volume: 396,198
• 30 Day Avg. Volume: 536,272
• PEG Ratio: -0.26
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 27.05
• P/FCF Ratio: -21.33
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: 88.00 ▲(3.17% Upside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is held down primarily by persistent negative operating/free cash flow and unstable revenue/gross profit trends, partially offset by a relatively solid balance sheet. Technicals show bearish trend signals but also oversold readings, while valuation is difficult to support due to the negative P/E and lack of dividend data.

Positive Factors

Balance sheet strength

A large equity base and historically moderate leverage (debt-to-equity ~0.17–0.27 in 2022–2024) provide a durable financial buffer. This supports refinancing flexibility and credit resilience over the next 2–6 months, reducing short-term default and funding disruption risk.

Reported profitability in recent years

Positive net income and EBIT across 2023–2025 demonstrate the company can generate operating earnings when revenue conditions permit. This indicates underlying operational capability and a path to restoring cash conversion if revenue stabilizes, supporting medium-term resilience.

Expanding asset and equity base

Steady expansion of assets and equity suggests scale growth and capacity to deploy capital for operations or strategic initiatives. A growing asset base enhances the firm's ability to absorb shocks and supports longer-term business continuity and potential growth investments.

Negative Factors

Persistent negative cash flow

Consistent negative operating and free cash flow from 2020–2025 signals structural cash conversion issues. Over a multi-month horizon this forces reliance on balance-sheet flexibility or external funding, constraining reinvestment, increasing refinancing risk, and weakening financial durability.

Highly volatile revenue and negative gross profit

A 64.9% revenue drop and a swing to negative gross profit in 2025 indicate unstable underlying economics. Such volatility undermines margin sustainability and forecasting, raising the risk that recent profitability is fragile and may not persist without structural business fixes.

Rising debt with muted returns

Material debt growth in 2025 combined with mid-single-digit ROE suggests incremental leverage is not translating into stronger returns. Higher indebtedness amid negative cash flow increases interest and refinancing pressures, weakening financial flexibility over the coming months.

Aluma Infrastr' Business Overview & Revenue Model

Company Description

Aluma Infrastructure Fund (2020) Ltd., an infrastructure investment fund, focuses on infrastructure projects in Israel. The company was founded in 2020 and is based in Tel Aviv, Israel.

Aluma Infrastr' Financial Statement Overview

Summary

Balance sheet strength (moderate leverage and a large equity base) is a support, but overall financial quality is weakened by highly volatile revenue/gross profit (including negative gross profit in 2025) and persistently negative operating and free cash flow across 2020–2025, raising durability and funding-risk concerns despite periods of reported profitability.

Income Statement

Profitability is headline-strong in several years (2023–2025 show positive net income and EBIT), but the quality and consistency are uneven. Revenue is highly volatile—2025 revenue fell sharply versus 2024 (down 64.86%)—and gross profit swung negative in 2025 after being strongly positive in 2024, indicating unstable underlying economics. Margins are also erratic across the period, which reduces confidence in the durability of earnings despite recent profitability.

Balance Sheet

The balance sheet looks relatively solid, supported by a large equity base and moderate leverage. Debt remains well below equity in the years where it is provided (debt-to-equity around 0.17–0.27 in 2022–2024), and assets and equity have generally expanded over time. A key watch-out is rising debt in 2025 (total debt increased materially year over year) while returns on equity are only mid-single-digit in 2025, suggesting incremental leverage is not translating into proportionally stronger returns.

Cash Flow

Cash generation is the weakest area: operating cash flow and free cash flow are negative every year shown (2020–2025), including a larger outflow in 2025 versus 2024. This persistent cash burn creates reliance on balance-sheet flexibility or external funding, and it contrasts with reported profitability in multiple years. While free cash flow growth is positive in some periods (including a large rebound in 2025), it is coming off negative cash flow levels, so the business still has not demonstrated sustainable cash conversion.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	27.49M	9.66M	74.01M	9.53M	3.87M	554.00K
Gross Profit	17.63M	-610.00K	64.90M	1.77M	-3.06M	-4.09M
EBITDA	-22.99M	47.37M	0.00	90.22M	-43.01M	82.31M
Net Income	-14.14M	26.81M	42.35M	64.96M	-33.54M	62.44M
Balance Sheet
Total Assets	582.83M	642.16M	563.86M	510.26M	385.79M	348.18M
Cash, Cash Equivalents and Short-Term Investments	58.54M	70.78M	26.55M	45.70M	121.24M	100.16M
Total Debt	119.19M	119.19M	76.69M	77.16M	79.22M	0.00
Total Liabilities	162.04M	174.07M	122.83M	111.58M	93.51M	23.38M
Stockholders Equity	420.80M	468.08M	441.03M	398.68M	292.28M	324.80M
Cash Flow
Free Cash Flow	-4.21M	-12.25M	-6.09M	-7.87M	-5.07M	-4.68M
Operating Cash Flow	-4.21M	-12.25M	-6.09M	-7.87M	-5.07M	-4.68M
Investing Cash Flow	4.38M	-27.02M	2.67M	-96.00M	-134.65M	-85.86M
Financing Cash Flow	35.63M	37.70M	-2.06M	-2.06M	80.25M	184.93M

Aluma Infrastr' Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ALUMA	51 Neutral	₪270.51M	9.75	―	―	―	―