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Ormat Technologies, Inc.

ORA Utilities Utilities Renewable

Ormat Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $989.5 million, up 12.5% from fiscal 2024.

Revenue
+10.2%
EPS
+30.0%
Free cash flow
+197.7%
Total debt
+32.3%

Quarter to September 2026, against a year earlier

93.25 1.03 −1.09%
Market cap
$5.7B
P/E
42.4×
Fwd P/E
42.6×
Dividend yield
0.51%
F-score
4/9
Altman Z
1.55
Beneish M
−2.57
Dividend safety
41/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Electricity
  • Product
  • Energy Storage

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 6.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 3 — 8 — 1 — — — —
Insider Ownership 0.70%

Capital & Financial Ratios $m

Size
Market Cap 5,720.00
Revenue ttm 1,213.83
Net income ttm 133.50
Free cash flow ttm 333.96
Net debt Q (512.14)
Valuation
P/E 42.39 (above 35: high)
Forward P/E 42.60 (above 35: high)
Price / sales 4.72
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.07
Financial health
Current ratio Q 0.92 (below 1: weak)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 1.02
Growth
Revenue growth Q +10.17% (above 0%: growing)
Operating income growth Q +11.92% (above 0%: growing)
EPS, this year +19.75% (at or above 15%: strong)
EPS, next year A −8.41% (below 0%: weak)
Revenue, next year A +19.35% (at or above 10%: strong)
EPS, past 5 yrs +4.13%
EPS, next 5 yrs A +14.04%

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 6.9×, against a ten-year median of 6.9×; over the ten years it ranged from 4.0× in 2016 to 9.9× in 2026.
P/E against its own 10 years 58.75%
10-year low 10-year high
P/S against its own 10 years 41.80%
10-year low 10-year high
P/B against its own 10 years 47.16%
10-year low 10-year high
EV/Sales against its own 10 years 50.42%
10-year low 10-year high

Dividends

Yield
0.51%
Annual rate
0.48
Payout ratio
22.3%
Growth, 2017–25
−2.34%/yr
  1. 0.58 ’17
  2. 0.53 ’18 −9
  3. 0.44 ’19 −17
  4. 0.44 ’20 +0
  5. 0.48 ’21 +9
  6. 0.48 ’22 +0
  7. 0.48 ’23 +0
  8. 0.48 ’24 +0
  9. 0.48 ’25 +0
  10. 0.48 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 288 206 281 512
Receivables 253 215 201 193
Inventory 45 38 45 44
Other 18 29 30 65
646 547 598 915
2023 2024 2025 Q'26
Payables 215 234 235 198
ST’ Debt 274 332 394 —
Other 24 27 23 —
537 598 738 992

Compound Annual Growth %

10y 5y 3y
Sales 5.22% 7.01% 10.46%
Cash Flow 5.84% 4.81% 6.05%
Earnings 0.29% 7.71% 23.46%
Book Value 9.48% 6.67% 9.88%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.36 Actual 0.56

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.67 0.67 Met by 0.00
Q1 FY26 0.92 1.30 Beat by 0.38
Q2 FY26 0.29 0.50 Beat by 0.21
Q3 FY26 0.36 0.56 Beat by 0.20
Q4 FY26 0.56 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.71 0.43 0.51 — —
’25 0.66 0.46 0.39 0.50 2.02
’24 0.64 0.37 0.36 0.67 2.04
’23 0.51 0.40 0.59 0.59 2.08
’22 0.33 0.20 0.32 0.32 1.17
’21 0.27 0.23 0.26 0.34 1.10
’20 0.51 0.45 0.31 0.39 1.65
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 404 259 275 — —
’25 230 234 250 276 990
’24 224 213 212 231 880
’23 185 195 208 241 829
’22 184 169 176 205 734
’21 166 147 159 191 663
’20 192 175 159 179 705
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 79 51 100 — —
’25 88 97 45 105 335
’24 115 31 106 159 411
’23 56 74 40 139 309
’22 82 34 91 75 281
’21 69 30 46 114 259
’20 80 75 85 26 265
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 58 (181) 100 — —
’25 (105) (38) (102) (40) (285)
’24 12 (116) (3) 31 (77)
’23 (50) (86) (142) (30) (309)
’22 (55) (93) (54) (80) (283)
’21 (19) (90) (35) (17) (160)
’20 (1) 4 4 (63) (56)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 3.4% a year for ten years.

Implied
3.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
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 Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 663 693 719 746 705 663 734 829 880 990 1,214 +4.6% 1,181 1,148 1,267 +8.6%
Gross margin, % 40.87 38.75 37.60 36.10 39.17 39.86 36.62 31.83 30.99 27.56 28.44 (13.3) pt
EBT 141 171 137 137 169 104 96 139 115 106 95 (3.2%)
EBT margin, % 21.29 24.64 19.07 18.40 23.92 15.62 13.02 16.77 13.12 10.69 7.79 (10.6) pt
Net income 96 147 110 94 102 76 78 133 131 127 133 +3.1%
Per share, $
Per share, $ Revenue 13.39 13.83 14.20 14.67 13.68 11.84 13.10 13.96 14.55 16.30 19.74 +2.2%
Earnings 1.90 2.64 1.93 1.73 1.66 1.11 1.17 2.09 2.05 2.04 2.20 +0.8%
Cash flow 3.22 4.90 2.88 4.65 5.14 4.62 5.01 5.21 6.80 5.52 5.43 +6.2%
Capex (3.07) (5.19) (5.10) (5.50) (6.22) (7.49) (10.05) (10.41) (8.07) (10.21) 0.00 +14.3%
Free cash flow 0.15 (0.29) (2.23) (0.85) (1.08) (2.86) (5.04) (5.20) (1.27) (4.69) 5.43 n/m
Book value 23.62 25.86 28.54 29.79 37.65 35.68 36.05 41.08 42.20 44.16 44.99 +7.2%
Shares, m 49 50 51 51 52 56 56 59 60 61 61 +2.3%
Valuation, ×
Valuation, × P/E 27.86 20.94 25.80 42.83 54.39 71.44 72.68 36.57 33.03 53.89 42.39 43.9
P/S 3.95 4.68 3.68 5.08 6.60 6.70 6.49 5.48 4.65 6.78 4.72 5.4
P/B 2.24 2.50 1.83 2.50 2.40 2.22 2.36 1.86 1.60 2.50 2.07 2.2
EV/Sales 4.97 5.86 5.20 6.55 7.92 8.62 8.62 7.35 6.93 9.04 6.90 7.1
EV/FCF 447.69 (241.45) (32.27) (104.76) (94.82) (34.93) (22.15) (19.54) (76.23) (31.09) (39.26) (21.0)
Cash, $m
Cash, $m Operating cash flow 159 246 146 236 265 259 281 309 411 335 334 +8.6%
Capex (152) (260) (259) (280) (321) (419) (563) (618) (488) (620) (544) +16.9%
Free cash flow 7 (15) (113) (43) (56) (160) (283) (309) (77) (285) 334 n/m
Balance, $m
Balance, $m Working capital 284 38 111 39 531 58 113 109 (51) (141) (77) n/m
Net debt 674 817 1,090 1,096 928 1,273 1,560 1,557 1,998 2,243 (512) +14.3%
Shareholders’ equity 1,168 1,296 1,445 1,515 1,941 1,998 2,021 2,441 2,551 2,681 2,767 +9.7%
Returns, %
Returns, % ROA 3.75 5.21 3.41 2.77 2.39 1.49 1.46 2.53 2.28 2.08 2.09 (1.7) pt
ROIC 6.85 6.07 4.56 4.64 4.66 3.24 2.67 2.60 2.37 2.15 5.61 (4.7) pt
ROE 7.88 10.75 7.15 5.95 4.94 3.15 3.28 5.58 4.96 4.74 4.97 (3.1) pt
People
People Employees 1,180 1,303 1,346 1,408 1,402 1,385 1,480 1,576 1,512 1,648 — +3.8%
Revenue/emp, $m 0.56 0.53 0.53 0.53 0.50 0.48 0.50 0.53 0.58 0.60 — +0.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Ormat Technologies develops and operates power plants, primarily using geothermal energy: heat from beneath the earth’s surface. It sells the electricity to utilities and other purchasers under contracts. It also operates solar and recovered-energy plants, the latter using heat left over from industrial processes to generate electricity.

The company has three businesses. Its Electricity segment develops, builds, owns and operates power plants. Its Product segment designs and manufactures generation equipment and builds plants for other owners. Its Energy Storage segment owns batteries connected to the electricity grid, selling services that help provide energy, capacity and support for grid operations.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Electricity 694 70.12%
Product 217 21.90%
Energy Storage 79 7.98%
Gross margin 27.56%
Operating margin 17.10%
Pre-tax margin 10.69%

Revenue by segment since 2009

Ormat Technologies, Inc. vs peers in Utilities Renewable (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
BEP Brookfield Renewable Partners L.P. $9.2B — (loss-making) — (loss-making) +11.52% (above 0%: growing) n/m +250.13% (above 0%: growing) 59.97% 27.51% Compare
ENLT Enlight Renewable Energy Ltd. $9.1B 87.5× — +40.18% (above 0%: growing) +33.22% (above 0%: growing) −54.32% (below 0%: shrinking) 52.30% 39.40% Compare
CWEN Clearway Energy, Inc. $7.0B 855× — (loss-making) +22.70% (above 0%: growing) n/m +13.04% (above 0%: growing) 69.02% 24.12% Compare
ENIC Enel Chile S.A. $5.9B 10.0× — +1.00% (above 0%: growing) +14.37% (above 0%: growing) +190.61% (above 0%: growing) 36.72% 18.40% Compare
BEPC Brookfield Renewable Corporation $5.8B — (loss-making) — (loss-making) +19.78% (above 0%: growing) n/m +116.56% (above 0%: growing) 61.84% 32.69% Compare
ORA Ormat Technologies, Inc. $5.7B 42.4× 42.6× +10.17% (above 0%: growing) +30.00% (above 0%: growing) +197.66% (above 0%: growing) 28.12% 16.45%
MWH SOLV Energy Inc. $4.8B — — — — — 14.68% 7.33% Compare
RNW ReNew Energy Global PLC $2.5B 18.8× 26.5× +19.35% (above 0%: growing) +41.31% (above 0%: growing) +192.68% (above 0%: growing) 80.50% 20.27% Compare
FRVO Fervo Energy Company $2.3B — (loss-making) — (loss-making) — n/m — (170.80%) (25,435.40%) Compare
Median of peers $5.9B 53.1× — +19.57% +33.22% +153.59% 56.14% 22.19%

All 24 Utilities Renewable stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 87.97%
Held by the ten largest 46.75%
Holder Shares Stake Change
BlackRock 8.23m 13.38% −1.33m
Vanguard 6.24m 10.15% +125.97k
State Street 2.51m 4.09% +75.61k
Clal Insurance Enterprises Holdings Ltd 2.38m 3.87% +457.40k
Dimensional Fund Advisors 1.93m 3.15% +21.17k
Geode Capital Management 1.79m 2.91% −30.87k
CPP Investments 1.59m 2.59% +600.00
Neuberger Berman 1.40m 2.28% +91.36k
Global Alpha Capital Management Ltd. 1.36m 2.21% −431.55k
Harel Insurance Investments & Financial Services Ltd. 1.30m 2.11% +150.00k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.62m 8.91m 148.20
2024 3.82m 3.07m 90.90
2023 3.06m 2.15m 101.70
2022 2.06m 2.83m 116.05
2021 1.07m 197.42k 106.41

Ownership

Directors and executive officers, together less than 1%
BLACKROCK, INC. 13.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ormat Technologies, Inc. (ORA) Latest News

5 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks

4 Nov

Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

29 Oct

Impact 4 · · Trefis

28 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · Zacks

15 Oct

Impact 3 · · Insider Monkey

7 Oct

Impact 4 · · Simply Wall St.

5 Oct

Impact 3 · · Zacks

1 Oct

Impact 3 · · The Motley Fool
Impact 3 ·
Impact 3 ·

30 Sep

Impact 3 · · Zacks

24 Sep

Impact 4 · · GlobeNewswire

22 Sep

Impact 4 ·
Impact 3 · · Business Wire

9 Sep

Impact 3 ·
Impact 3 ·

22 Aug

Impact 4 ·

12 Aug

Impact 3 · · The Motley Fool transcript

10 Aug

Impact 3 ·

9 Aug

Impact 4 ·

8 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 3 ·

6 Aug

Impact 4 · · Moby transcript

5 Aug

Impact 3 ·
Impact 3 ·
Impact 3 · earnings

25 Jul

Impact 3 ·

ORA metrics, ten years each

stockrow.com/ORA · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com