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Ormat Technologies

ORA NYSE Renewable Electricity Financials FY2016–FY2025

Ormat Technologies' revenue rose 12.5% to $990 million in fiscal 2025. Its operating margin was 17.1%, down from 19.6% a year earlier. Free cash flow was −$285 million. It paid out $29 million in dividends and buybacks. The diluted share count rose 0.9%.

Last close · Oct 23, 2026

$87.09

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$990M
12.5% vs prior year
Operating margin Operating income as a share of revenue.
17.1%
2.5 pts
Net income Profit after all expenses, interest and tax.
$124M
0.2%
Free cash flow Cash from operations minus capital spending.
−$285M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.3%
0.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
42.7x
On $2.04 EPS (TTM)

What Ormat Technologies does

No business description yet.

Legal name
ORMAT TECHNOLOGIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001296445-26-000006
0001296445

Revenue and margins

Ormat Technologies had $990M of revenue in fiscal 2025, up 12.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 1.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$285M in fiscal 2025, −28.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ormat Technologies returned $29.1M to shareholders in fiscal 2025. The diluted share count rose 0.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Ormat Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.6B and divides by 61.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 42.7x · peers 21.6x · sector 20.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Ormat Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $239M$95.9M$196M$94.4M$147M
Debt incl. finance leases $1.9B$2.1B$2.1B$2.4B$2.8B
Net debt / EBITDA 4.8x5.6x4.9x5.4x5.7x
Debt / equity 1.0x1.1x0.9x1.0x1.1x
Interest coverage 2.1x1.7x1.7x1.3x1.2x
Current ratio 1.1x1.3x1.2x0.9x0.8x
Quick ratio 1.1x1.3x1.1x0.9x0.8x
Total assets $4.4B$4.6B$5.2B$5.7B$6.2B
Total liabilities $2.4B$2.6B$2.8B$3.1B$3.6B
Shareholders' equity $1.9B$1.9B$2.3B$2.4B$2.5B
Net debt (− = net cash) $1.7B$2.0B$1.9B$2.4B$2.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$5.8M

9 insiders

Of sales under plans

31%

$1.8M

DateInsiderTradeSharesPriceValueFiling
Jul 1, 2026 Aron John WillisEVP, Electricity Segment Sold 451 $106.64 $0.0M Form 4
May 27, 2026 Stanley SternDirector Sold 250 $138.42 $0.0M Form 4
May 21, 2026 David GranotDirector Sold 1,766 $134.43 $0.2M Form 4
May 20, 2026 David GranotDirector Sold 1,753 $132.70 $0.2M Form 4
May 19, 2026 Michal MaromDirector Sold 3,080 $130.98 $0.4M Form 4
May 15, 2026 Stanley SternDirector Sold 577 $130.17 $0.1M Form 4
May 14, 2026 Assi GinzburgChief Financial Officer Sold 17,776 $134.75 $2.4M Form 4
May 13, 2026 Byron G. WongDirector Sold 4,500 $134.32 $0.6M Form 4
May 13, 2026 Ofer BenyosefEVP, Energy Storage & BD Sold plan 9,429 $131.02 $1.2M Form 4
May 11, 2026 Dafna SharirDirector Sold plan 883 $122.44 $0.1M Form 4
Mar 26, 2026 Jessica WoelfelGC, CCO, and CS Sold plan 2,666 $110.39 $0.3M Form 4
Mar 25, 2026 Jessica WoelfelGC, CCO, and CS Sold plan 1,261 $109.35 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 93 / 94 / 9
Accruals ratio −3.8%−5.3%−3.6%
Altman Z'' 1.731.481.30

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Ormat Technologies ORA $5.4B 12.5% 17.1% −28.8% 3.3% 42.7x 4
Clearway Energy CWEN $1.1B 4.2% 11.2% 25.8% 1.0% — 6 Compare →
California Water Service Group CWT $2.9B 6.4% 17.7% — 4.8% 21.6x 4 Compare →
Chesapeake Utilities CPK $3.2B 18.1% 27.5% −23.1% 6.1% — 5 Compare →
H2O America HTO $2.3B 7.0% 22.2% — 4.9% 20.2x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $663M $693M $719M $746M $705M $663M $734M $829M $880M $990M
Gross profit $271M $269M $270M $269M $276M $264M $269M $264M $273M $273M
Research and development $2.8M $3.2M $4.2M $4.6M $5.4M $4.1M $5.1M $7.2M $6.5M $6.3M
Operating income $202M $205M $185M $194M $214M $169M $153M $167M $173M $169M
Interest expense $67.4M $54.1M $70.9M $80.4M $78.0M $82.7M $87.7M $98.9M $134M $142M
Pretax income $141M $171M $137M $137M $169M $104M $95.6M $139M $115M $106M
Income tax $37.1M $21.7M $34.7M $45.6M $67.0M $24.8M $14.7M $6.0M −$16.3M −$20.3M
Net income $88.7M $132M $98.0M $88.1M $85.5M $62.1M $65.8M $124M $124M $124M
Diluted EPS $1.77 $2.61 $1.92 $1.72 $1.65 $1.10 $1.17 $2.08 $2.04 $2.02
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $159M $246M $146M $237M $265M $259M $281M $309M $411M $335M
Capital expenditure $152M $259M $259M $280M $321M $419M $564M $618M $488M $620M
Free cash flow $7.4M −$13.7M −$113M −$43.5M −$55.7M −$160M −$283M −$309M −$76.8M −$285M
Depreciation and amortization $106M $115M $132M $149M $157M $183M $199M $225M $263M $292M
Stock-based compensation $5.2M $8.8M $10.2M $9.4M $9.8M $9.2M $11.6M $15.5M $20.2M $19.4M
Acquisitions $20.1M $35.3M $95.1M $0.0M $43.4M $171M $0.0M $0.0M $275M $88.6M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $18.0M $0.0M $0.0M $0.0M
Dividends paid $25.7M $20.5M $26.8M $22.4M $22.5M $27.0M $27.1M $28.4M $29.1M $29.1M
Dividends and buybacks $25.7M $20.5M $26.8M $22.4M $22.5M $27.0M $45.1M $28.4M $29.1M $29.1M
Balance sheet
Cash and short-term investments $230M $47.8M $98.8M $71.2M $448M $239M $95.9M $196M $94.4M $147M
Total debt $957M $929M $1.3B $1.2B $1.5B $1.9B $2.1B $2.1B $2.4B $2.8B
Finance lease liabilities $0.0M $0.0M $0.0M $14.3M $12.3M $7.1M $3.8M $3.6M $2.9M $4.5M
Current assets $473M $322M $473M $416M $779M $602M $457M $646M $547M $598M
Current liabilities $189M $283M $362M $377M $249M $544M $344M $537M $598M $738M
Inventory $12.0M $19.6M $45.0M $34.9M $35.3M $28.4M $22.8M $45.0M $38.1M $45.3M
Property and equipment, net $1.6B $1.7B $2.0B $2.0B $2.1B $2.3B $2.5B $3.0B $3.5B $3.7B
Total assets $2.5B $2.6B $3.1B $3.3B $3.9B $4.4B $4.6B $5.2B $5.7B $6.2B
Total liabilities $1.3B $1.3B $1.7B $1.7B $1.9B $2.4B $2.6B $2.8B $3.1B $3.6B
Shareholders' equity $1.1B $1.2B $1.3B $1.4B $1.8B $1.9B $1.9B $2.3B $2.4B $2.5B
Margins
Gross margin 40.9% 38.8% 37.6% 36.1% 39.2% 39.9% 36.6% 31.8% 31.0% 27.6%
Operating margin 30.5% 29.6% 25.7% 26.0% 30.3% 25.5% 20.8% 20.1% 19.6% 17.1%
EBITDA margin 46.5% 46.2% 44.1% 45.9% 52.6% 53.1% 47.9% 47.2% 49.5% 46.6%
Net margin 13.4% 19.1% 13.6% 11.8% 12.1% 9.4% 9.0% 15.0% 14.1% 12.5%
FCF margin 1.1% −2.0% −15.7% −5.8% −7.9% −24.2% −38.5% −37.3% −8.7% −28.8%
Returns
Return on capital 8.0% 8.7% 5.7% 4.9% 4.6% 3.9% 3.4% 3.8% 3.7% 3.3%
Return on capital employed 9.3% 8.9% 7.3% 6.9% 6.6% 4.5% 3.8% 3.7% 3.5% 3.2%
Return on equity 8.6% 11.6% 7.7% 6.5% 5.3% 3.4% 3.5% 6.0% 5.2% 5.0%
Return on assets 3.8% 5.2% 3.4% 2.8% 2.4% 1.5% 1.5% 2.5% 2.3% 2.1%
Growth
Revenue growth 11.4% 4.6% 3.8% 3.7% −5.5% −6.0% 10.7% 13.0% 6.1% 12.5%
Net income growth −26.3% 49.3% −26.0% −10.1% −3.0% −27.3% 6.0% 88.9% −0.5% 0.1%
EPS growth −27.8% 47.5% −26.4% −10.4% −4.1% −33.3% 6.4% 77.8% −1.9% −1.0%
FCF growth −80.4% −285.7% — — — — — — — —
Share count change 1.9% 1.3% 0.4% 0.5% 1.4% 8.6% 0.2% 5.8% 1.7% 0.9%
Financial health
Net debt / EBITDA 2.4x 2.8x 3.8x 3.4x 2.8x 4.8x 5.6x 4.9x 5.4x 5.7x
Debt / equity 0.9x 0.8x 1.0x 0.9x 0.8x 1.0x 1.1x 0.9x 1.0x 1.1x
Interest coverage 3.0x 3.8x 2.6x 2.4x 2.8x 2.1x 1.7x 1.7x 1.3x 1.2x
Current ratio 2.5x 1.1x 1.3x 1.1x 3.1x 1.1x 1.3x 1.2x 0.9x 0.8x
Quick ratio 2.4x 1.1x 1.2x 1.0x 3.0x 1.1x 1.3x 1.1x 0.9x 0.8x
Capital allocation
Capex / revenue 22.9% 37.4% 35.9% 37.5% 45.5% 63.2% 76.8% 74.6% 55.4% 62.6%
Stock comp / revenue 0.8% 1.3% 1.4% 1.3% 1.4% 1.4% 1.6% 1.9% 2.3% 2.0%
Payouts / FCF 349.2% — — — — — — — — —
Quality scores
Piotroski F-score 7.0 5.0 4.0 4.0 5.0 4.0 5.0 6.0 3.0 4.0
Altman Z'' 2.5 2.1 2.0 1.9 2.8 1.6 1.7 1.7 1.5 1.3
Accruals ratio −3.0% −4.5% −1.7% −4.7% −5.0% −4.7% −4.8% −3.8% −5.3% −3.6%

Source: SEC EDGAR XBRL filings (CIK 0001296445). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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