H2O America vs Ormat Technologies
Add, change or remove companies; up to four.
The short version
- Ormat Technologies is the larger business, with $990M of revenue in fiscal 2025 against $801M for H2O America.
- Ormat Technologies grew revenue faster (12.5%, against 7.0%).
- H2O America kept more of each dollar of sales as operating profit (22.2% operating margin, against 17.1%).
- H2O America earned a higher return on the capital invested in it (4.9%, against 3.3%).
- Investors pay more for each dollar of Ormat Technologies’s earnings: a P/E of 42.7x against 20.2x for H2O America.
| Latest fiscal year | HTO · FY25 | ORA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.3B | $5.4B |
| Revenue | $801M | $990M |
| Free cash flow | — | −$285M |
| Net income | $103M | $124M |
| Growth | ||
| Revenue growth | 7.0% | 12.5% |
| 5-year growth | 7.2% | 7.0% |
| Share count change | 7.1% | 0.9% |
| Profitability | ||
| Gross margin | — | 27.6% |
| Operating margin | 22.2% | 17.1% |
| Net margin | 12.8% | 12.5% |
| FCF margin | — | −28.8% |
| Return on capital | 4.9% | 3.3% |
| Return on equity | 7.1% | 5.0% |
| Balance sheet | ||
| Net debt | $1.9B | $2.6B |
| Net debt / EBITDA | 6.3x | 5.7x |
| Dividends and buybacks | $58.6M | $29.1M |
| Valuation & quality | ||
| P/E | 20.2x | 42.7x |
| Piotroski F-score | 4 | 4 |
FY16
HTO $340M
ORA $663M
FY17
HTO $389M
ORA $693M
FY18
HTO $398M
ORA $719M
FY19
HTO $421M
ORA $746M
FY20
HTO $565M
ORA $705M
FY21
HTO $574M
ORA $663M
FY22
HTO $621M
ORA $734M
FY23
HTO $670M
ORA $829M
FY24
HTO $748M
ORA $880M
FY25
HTO $801M
ORA $990M
HTO
ORA
FY16
HTO 28.7%
ORA 30.5%
FY17
HTO 26.2%
ORA 29.6%
FY18
HTO 18.5%
ORA 25.7%
FY19
HTO 13.7%
ORA 26.0%
FY20
HTO 20.8%
ORA 30.3%
FY21
HTO 19.4%
ORA 25.5%
FY22
HTO 21.1%
ORA 20.8%
FY23
HTO 22.3%
ORA 20.1%
FY24
HTO 22.8%
ORA 19.6%
FY25
HTO 22.2%
ORA 17.1%
HTO
ORA
FY16
HTO —
ORA $7.4M
FY17
HTO —
ORA −$13.7M
FY18
HTO —
ORA −$113M
FY19
HTO —
ORA −$43.5M
FY20
HTO —
ORA −$55.7M
FY21
HTO —
ORA −$160M
FY22
HTO —
ORA −$283M
FY23
HTO —
ORA −$309M
FY24
HTO —
ORA −$76.8M
FY25
HTO —
ORA −$285M
HTO
ORA
FY16
HTO 7.4%
ORA 8.0%
FY17
HTO 7.4%
ORA 8.7%
FY18
HTO 6.5%
ORA 5.7%
FY19
HTO 2.8%
ORA 4.9%
FY20
HTO 4.7%
ORA 4.6%
FY21
HTO 4.1%
ORA 3.9%
FY22
HTO 4.6%
ORA 3.4%
FY23
HTO 5.2%
ORA 3.8%
FY24
HTO 5.3%
ORA 3.7%
FY25
HTO 4.9%
ORA 3.3%
HTO
ORA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.