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. In the quarter to June 2026, revenue grew 93.4%, EPS grew 750.0%, free cash flow fell 3,783.3% and total debt rose 112.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Kenon Holdings Ltd. (KEN) Altman Z-score
Kenon Holdings Ltd.'s Altman Z-score for fiscal 2025 is 1.82, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.82 | 0.11 |
| FY2024 | 1.71 | 0.55 |
| FY2023 | 1.16 | (0.55) |
| FY2022 | 1.71 | 0.17 |
| FY2021 | 1.54 | (0.04) |
| FY2020 | 1.58 | 0.21 |
| FY2019 | 1.38 | 0.17 |
| FY2018 | 1.21 | 0.38 |
| FY2017 | 0.83 | 0.94 |
| FY2016 | −0.10 | (0.65) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.27 | — | 0.32 | |
| Retained earnings / total assets | 0.27 | — | 0.38 | |
| EBIT / total assets | 0.00 | — | 0.02 | |
| Market value of equity / total liabilities | 1.57 | — | 0.94 | |
| Sales / total assets | 0.16 | — | 0.16 | |
| Altman Z-score | Grey zone | 1.82 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.19 | ||
Z and Z″ put Kenon Holdings Ltd. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DGXX Digi Power X Inc. compare | 5.7× |
| HNRG Hallador Energy Company compare | 3.4× |
| CEG Constellation Energy Corporation compare | 2.4× |
| NRG NRG Energy, Inc. compare | 2.2× |
| KEN Kenon Holdings Ltd. | 1.8× |
| VST Vistra Corp. compare | 1.4× |
| TLN Talen Energy Corporation compare | 1.2× |
| OKLO Oklo Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets