H2O America vs Ormat Technologies
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KIRA’s take AI analyst
I put H2O America and Ormat Technologies side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
H2O America
HTO
5/9
5-year growthOperating marginNet marginReturn on capitalReturn on equity
Ormat Technologies
ORA
3/9
Revenue growthNet debt / EBITDAShare count change
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.