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Kenon Holdings Ltd.

KEN Utilities Utilities Independent Power Producers

Kenon Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $871.9 million, up 16.1% from fiscal 2024.

Revenue
+93.4%
EPS
+750.0%
Free cash flow
−3,783.3%
Total debt
+112.0%

Quarter to June 2026, against a year earlier

57.91 5.14 −8.15%
Market cap
$3.0B
P/E
25.7×
Fwd P/E
5.7×
Dividend yield
6.65%
F-score
5/9
Altman Z
1.82
Beneish M
−1.98
Dividend safety
12/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 62.33%

Capital & Financial Ratios $m

Size
Market Cap 3,010.00
Revenue ttm 1,188.93
Net income ttm 203.26
Free cash flow ttm (252.61)
Net debt Q 1,203.00
Valuation
P/E 25.68
Forward P/E 5.72
Price / sales 2.52
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.88
Financial health
Current ratio Q 3.22 (at or above 1.5: strong)
Debt / equity Q 0.88
Interest coverage Q 1.78
Growth
Revenue growth Q +93.37% (above 0%: growing)
Operating income growth Q +2,950.00% (above 0%: growing)
EPS, this year —
EPS, next year A —
Revenue, next year A +17.68% (at or above 10%: strong)
EPS, past 5 yrs −33.00% (below 0%: weak)
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.5×, against a ten-year median of 3.5×; over the ten years it ranged from −772× in 2017 to 11.1× in 2017.
P/E against its own 10 years 83.95%
10-year low 10-year high
P/S against its own 10 years 41.07%
10-year low 10-year high
P/B against its own 10 years 44.74%
10-year low 10-year high
EV/Sales against its own 10 years 48.13%
10-year low 10-year high

Dividends

Yield
6.65%
Annual rate
3.85
Payout ratio
170.7%
Growth, 2018–26
+9.52%/yr
  1. 1.86 ’18
  2. 1.21 ’19 −35
  3. 0.00 ’20 −100
  4. 3.86 ’21
  5. 13.75 ’22 +256
  6. 2.79 ’23 −80
  7. 3.80 ’24 +36
  8. 4.80 ’25 +26
  9. 3.85 ’26 −20
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 916 1,159 1,601 1,774
Receivables 68 80 137 186
Inventory — — — —
Other 112 24 65 58
1,096 1,263 1,803 2,018
2023 2024 2025 Q'26
Payables 182 94 245 318
ST’ Debt 170 85 117 204
Other 2 0 0 73
359 183 365 626

Compound Annual Growth %

10y 5y 3y
Sales (3.83%) 17.67% 14.96%
Cash Flow (0.22%) 25.22% (28.35%)
Earnings (0.96%) (33.43%) (40.38%)
Book Value 9.69% 20.07% 11.52%

Earnings Trends EPS, adjusted, against the consensus

Sep 2015 Estimate −0.60 Actual 0.53

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Jun 2015 −0.41 0.24 Beat by 0.65
Sep 2015 −0.60 0.53 Beat by 1.13

EPS $

Mar Jun Sep Dec Year
’26 0.49 0.85 — — —
’25 0.22 0.10 0.45 0.47 1.27
’24 0.15 2.13 0.81 8.79 11.34
’23 (0.14) (0.56) (3.83) 0.11 (4.42)
’22 11.86 4.92 4.65 (15.63) 5.80
’21 3.34 3.20 3.45 7.28 17.27
’20 0.28 5.19 1.25 2.51 9.41
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 317 379 — — —
’25 183 196 265 228 872
’24 174 181 237 159 751
’23 147 165 229 151 692
’22 146 121 163 144 574
’21 115 105 133 135 488
’20 89 76 117 104 386
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (18) 59 — — —
’25 62 19 100 103 284
’24 70 17 126 52 265
’23 26 163 76 12 277
’22 18 542 163 48 771
’21 22 28 83 108 241
’20 20 28 35 9 92
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (144) (233) — — —
’25 49 (6) 71 53 167
’24 1 (51) (62) 36 (76)
’23 (31) 76 14 (121) (55)
’22 (69) 464 103 (18) 480
’21 (23) (18) 22 27 8
’20 (8) 17 24 (15) 18
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 324 366 364 373 386 488 574 692 751 872 1,189 +11.6% — — — —
Gross margin, % 14.15 18.72 20.52 23.11 18.44 20.16 17.40 17.27 19.14 16.84 18.66 +2.7 pt
EBT (427) (136) 462 (6) 500 880 388 81 93 177 244 n/m
EBT margin, % (131.66) (37.09) 126.91 (1.48) 129.49 180.34 67.54 11.73 12.42 20.24 20.48 +151.9 pt
Net income (394) 268 445 2 504 875 350 (211) 634 148 203 n/m
Per share, $
Per share, $ Revenue 6.04 6.80 6.76 6.93 7.17 9.05 10.65 12.96 14.25 16.72 22.97 +12.0%
Earnings (7.67) 4.40 8.07 (0.25) 9.41 17.27 5.80 (4.42) 11.34 1.27 2.26 n/m
Cash flow 3.02 7.29 0.97 1.59 1.71 4.46 14.32 5.19 5.03 5.44 4.71 +6.8%
Capex (5.40) (4.33) (1.29) (0.64) (1.38) (4.32) (5.41) (6.22) (6.46) (2.23) (9.59) (9.3%)
Free cash flow (2.38) 2.96 (0.32) 0.95 0.33 0.15 8.90 (1.04) (1.43) 3.21 (4.88) n/m
Book value 16.65 19.56 13.30 13.22 23.69 42.32 42.61 38.80 50.45 61.07 65.68 +15.5%
Shares, m 54 54 54 54 54 54 54 53 53 52 53 (0.3%)
Valuation, ×
Valuation, × P/E 0.00 4.77 1.83 0.00 3.26 3.04 5.33 0.00 2.86 53.67 25.68 7.5
P/S 1.86 3.20 2.18 3.04 4.20 5.80 2.90 1.96 2.39 3.97 2.52 3.1
P/B 0.67 1.11 1.11 1.59 1.27 1.24 0.73 0.65 0.67 1.09 0.88 1.0
EV/Sales 10.79 2.14 3.29 4.22 4.37 7.31 3.31 2.84 2.53 4.16 3.53 4.5
EV/FCF (27.38) 4.92 (45.38) 37.11 166.99 493.79 3.96 (30.84) (22.62) 22.81 (16.09) 60.3
Cash, $m
Cash, $m Operating cash flow 162 392 52 85 92 241 771 277 265 284 244 +6.4%
Capex (290) (233) (69) (34) (74) (233) (292) (332) (341) (116) (496) (9.6%)
Free cash flow (128) 159 (17) 51 18 8 480 (55) (76) 167 (253) n/m
Balance, $m
Balance, $m Working capital (191) 698 238 225 692 134 869 737 1,080 1,438 1,392 n/m
Net debt 2,896 (388) 405 441 68 735 234 614 109 168 1,203 (27.1%)
Shareholders’ equity 894 1,051 716 712 1,276 2,280 2,296 2,070 2,660 3,185 3,400 +15.2%
Returns, %
Returns, % ROA (8.56) 6.17 21.81 (0.90) 25.41 28.53 8.01 (5.99) 14.36 1.38 2.06 +9.9 pt
ROIC (1.21) 3.86 2.27 2.70 0.99 0.47 0.00 0.81 1.08 0.49 1.32 +1.7 pt
ROE (38.18) 24.32 49.15 (1.87) 51.02 52.32 13.66 (10.81) 25.27 2.27 3.98 +40.4 pt
People
People Employees 760 108 112 114 116 120 287 325 344 354 — (8.1%)
Revenue/emp, $m 0.43 3.39 3.25 3.28 3.33 4.06 2.00 2.13 2.18 2.46 — +21.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Kenon Holdings Ltd. vs peers in Utilities Independent Power Producers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CEG Constellation Energy Corporation $84.9B 23.4× 21.3× +23.00% (above 0%: growing) −46.82% (below 0%: shrinking) −116.62% (below 0%: shrinking) 46.39% 7.73% Compare
VST Vistra Corp. $37.9B 19.0× 14.9× −5.48% (below 0%: shrinking) −6.10% (below 0%: shrinking) +401.69% (above 0%: growing) 34.60% 13.77% Compare
NRG NRG Energy, Inc. $16.9B 21.4× 11.9× +10.99% (above 0%: growing) n/m +8,715.12% (above 0%: growing) 26.88% 13.05% Compare
TLN Talen Energy Corporation $13.8B — (loss-making) 21.5× +63.42% (above 0%: growing) −35.89% (below 0%: shrinking) −38.44% (below 0%: shrinking) 50.26% 19.22% Compare
OKLO Oklo Inc. $3.6B — (loss-making) — — n/m −632.29% (below 0%: shrinking) 40.41% (6,048.76%) Compare
KEN Kenon Holdings Ltd. $3.0B 25.7× 5.7× +93.37% (above 0%: growing) +750.00% (above 0%: growing) −3,783.33% (below 0%: shrinking) 22.16% 15.04%
HNRG Hallador Energy Company $441.3M 234× — (loss-making) −1.28% (below 0%: shrinking) n/m −3,158.67% (below 0%: shrinking) 33.82% (12.05%) Compare
DGXX Digi Power X Inc. $193.9M — (loss-making) — (loss-making) −18.28% (below 0%: shrinking) n/m −850.98% (below 0%: shrinking) (83.34%) (153.44%) Compare
ONEN ONE Nuclear Energy Inc. $183.0M — — — — — — — Compare
Median of peers $8.7B 22.4× 18.1× +4.85% −35.89% −116.62% 34.60% 7.73%

All 9 Utilities Independent Power Producers stocks →

Kenon Holdings Ltd. (KEN) Latest News

17 Oct

Impact 3 · · Simply Wall St.

1 Oct

Impact 3 · · energymonitor.ai

30 Sep

Impact 4 · · PR Newswire

8 Sep

Impact 3 ·

1 Jun

Impact 3 · · PR Newswire

6 Apr

Impact 3 · · Simply Wall St.

30 Mar

Impact 4 · · PR Newswire

3 Dec

Impact 4 · · Associated Press FinanceMT NewswiresMT NewswiresSimply Wall St.Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press Finance
Impact 4 · · PR Newswire

26 Nov

Impact 3 · · Simply Wall St.

17 Nov

Impact 3 · · Simply Wall St.BarchartSimply Wall St.Simply Wall St.Simply Wall St.

11 Nov

Impact 3 · · Barchart

29 Aug

Impact 4 ·

28 Aug

Impact 4 ·
Impact 4 · · PR Newswire

9 Jun

Impact 4 ·

28 May

Impact 4 ·

11 May

Impact 3 · · Simply Wall St.

8 Apr

Impact 4 · · Simply Wall St.

2 Apr

Impact 4 ·

17 Dec

Impact 4 ·

5 Dec

Impact 4 · · PR Newswire

25 Nov

Impact 3 ·

18 Nov

Impact 3 · · Investor's Business Daily

14 Nov

Impact 3 ·

16 Oct

Impact 4 · · TipRanks

9 Sep

Impact 4 · · PR Newswire
Impact 3 · · Associated Press Finance

3 Jun

Impact 4 · · PR Newswire

5 Apr

Impact 3 · · GuruFocus.com

KEN metrics, ten years each

stockrow.com/KEN · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com