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.

63.39 0.34 +0.54%
Market cap
$3.3B
P/E
22.5×
Fwd P/E
5.7×
Dividend yield
6.07%
F-score
5/9
Altman Z
1.82
Beneish M
−1.98
Dividend safety
12/100

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 62.33%

Capital & Financial Ratios $m

Market Cap 3,290.00
Revenue 1,188.93
Net Income 203.26
Free Cash Flow (252.61)
Net Debt 1,203.00
Current Ratio 3.22 (at or above 1.5: strong)
Debt/Equity 0.88
P/E ratio 22.54
Fwd P/E 5.72
P/S ratio 2.76
P/B ratio 0.97
Past 5Y EPS Growth (47.65%) (below 0%: weak)
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth 17.68% (at or above 10%: strong)
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 85.40%
10-year low 10-year high
P/S against its own 10 years 48.79%
10-year low 10-year high
P/B against its own 10 years 54.88%
10-year low 10-year high
EV/Sales against its own 10 years 52.91%
10-year low 10-year high

Dividends

Payout Ratio 1.37
Annual Dividend Rate 3.85
Annual Dividend Yield 6.07%
total individual payouts
2026 3.85
3.85
2025 4.80
4.80
2024 3.80
3.80
2022 13.75
3.50
3.50
10.25
2021 3.86
1.86
1.86
2.00
2020 0.00
2.23
2019 1.21
1.21
2018 1.86
12.35
1.86
2017 Powerpack
special payouts not included in total or ratios

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%

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.

EPS $

Mar Jun Sep Dec Year
’26 0.49 0.85 — — —
’25 0.22 0.10 0.45 1.02 0.37
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 7.10 9.96 13.67 15.01 10.56 26.56 31.89 17.64 19.63 27.10

Analyst estimates 2026–2028

Powerpack
High 12.20 21.68 33.22 23.05 30.25 52.57 72.90 34.40 34.33 67.57
People
People Employees 760 108 112 114 116 120 287 325 344 354
Revenue/emp, $m 0.43 3.39 3.25 3.28 3.33 4.06 2.00 2.13 2.18 2.46
Income, $m
Income, $m Revenue 324 366 364 373 386 488 574 692 751 872
Gross margin, % 14.15 18.72 20.52 23.11 18.44 20.16 17.40 17.27 19.14 16.84
EBT (427) (136) 462 (6) 500 880 388 81 93 177
EBT margin, % (131.66) (37.09) 126.91 (1.48) 129.49 180.34 67.54 11.73 12.42 20.24
Net income (394) 268 445 2 504 875 350 (211) 634 148
Depreciation 172 178 30 32 34 58 63 91 93 72
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
Earnings (7.67) 4.40 8.07 (0.25) 9.41 17.27 5.80 (4.42) 11.34 0.37
Cash flow 3.02 7.29 0.97 1.59 1.71 4.46 14.32 5.19 5.03 5.44
Capex (5.40) (4.33) (1.29) (0.64) (1.38) (4.32) (5.41) (6.22) (6.46) (2.23)
Free cash flow (2.38) 2.96 (0.32) 0.95 0.33 0.15 8.90 (1.04) (1.43) 3.21
Book value 16.65 19.56 13.30 13.22 23.69 42.32 42.61 38.80 50.45 61.07
Shares, m 54 54 54 54 54 54 54 53 53 52
Valuation, ×
Valuation, × P/E 0.00 4.77 1.83 0.00 3.26 3.04 5.33 0.00 2.86 37.00
P/S 1.86 3.20 2.18 3.04 4.20 5.80 2.90 1.96 2.39 3.97
P/B 0.67 1.11 1.11 1.59 1.27 1.24 0.73 0.65 0.67 1.09
EV/Sales 10.79 2.14 3.29 4.22 4.37 7.31 3.31 2.84 2.53 4.16
EV/FCF (27.38) 4.92 (45.38) 37.11 166.99 493.79 3.96 (30.84) (22.62) 22.81
Cash, $m
Cash, $m Operating cash flow 162 392 52 85 92 241 771 277 265 284
Capex (290) (233) (69) (34) (74) (233) (292) (332) (341) (116)
Free cash flow (128) 159 (17) 51 18 8 480 (55) (76) 167
Balance, $m
Balance, $m Working capital (191) 698 238 225 692 134 869 737 1,080 1,438
Total debt 3,312 1,036 586 622 918 1,210 1,163 1,530 1,267 1,769
Net debt 2,896 (388) 405 441 68 735 234 614 109 168
Shareholders’ equity 894 1,051 716 712 1,276 2,280 2,296 2,070 2,660 3,185
Returns, %
Returns, % ROA (8.56) 6.17 21.81 (0.90) 25.41 28.53 8.01 (5.99) 14.36 1.38
ROIC (1.21) 3.86 2.27 2.70 0.99 0.47 0.00 0.81 1.08 0.49
ROE (38.18) 24.32 49.15 (1.87) 51.02 52.32 13.66 (10.81) 25.27 2.27
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $97.4B 26.4× 20.9× +23.00% (above 0%: growing) −46.82% (below 0%: shrinking) −116.62% (below 0%: shrinking) 46.39% 7.73% Compare
VST Vistra Corp. $51.7B 25.3× 15.3× −5.48% (below 0%: shrinking) −6.10% (below 0%: shrinking) +401.69% (above 0%: growing) 34.60% 13.77% Compare
NRG NRG Energy, Inc. $21.6B 27.3× 14.9× +10.99% (above 0%: growing) n/m +8,715.12% (above 0%: growing) 26.88% 13.05% Compare
TLN Talen Energy Corporation $16.7B — (loss-making) 17.5× +18.57% (above 0%: growing) n/m −176.92% (below 0%: shrinking) 49.40% (9.64%) Compare
OKLO Oklo Inc. $5.6B — (loss-making) — — n/m −632.29% (below 0%: shrinking) 40.41% (6,048.76%) Compare
KEN Kenon Holdings Ltd. $3.3B 22.5× 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 $599.2M 293× 21.4× −1.28% (below 0%: shrinking) n/m −3,158.67% (below 0%: shrinking) 33.82% (12.05%) Compare
DGXX Digi Power X Inc. $284.8M — (loss-making) — (loss-making) −18.28% (below 0%: shrinking) n/m −850.98% (below 0%: shrinking) (83.34%) (153.44%) Compare
Median of peers $16.7B 26.9× 17.5× +4.85% — −176.92% 34.60% (9.64%)

All 8 Utilities Independent Power Producers stocks →

Kenon Holdings Ltd. (KEN) key facts

  • Strength: Kenon Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $871.9 million, up 16.1% from fiscal 2024.
  • Kenon Holdings Ltd. (KEN) is an Utilities Independent Power Producers company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, KEN traded at $63.39, a market capitalization of $3.3 billion.
  • Kenon Holdings Ltd. pays an annual dividend of $3.85 per share, a yield of 6.07%, with a payout ratio of 136.9%.
  • Return on equity was 2.27% and debt-to-equity 0.88.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.82 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Kenon Holdings Ltd. (KEN) Latest News

25 Nov

14 Nov

stockrow.com/KEN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com