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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. In the quarter to June 2026, revenue grew 10.6%, EPS fell 4.35%, free cash flow fell 376.0% and total debt rose 32.3%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three.

89.31 0.23 −0.26%
Market cap
$5.5B
P/E
42.9×
Fwd P/E
78.5×
Dividend yield
0.54%
F-score
4/9
Altman Z
1.55
Beneish M
−2.57
Dividend safety
41/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 11.96
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 6 — — — 3 — 8 — 1 — — —
Insider Ownership 0.69%

Capital & Financial Ratios $m

Market Cap 5,510.00
Revenue 1,188.44
Net Income 128.38
Free Cash Flow (264.77)
Net Debt 2,495.73
Current Ratio 1.05
Debt/Equity 1.15
P/E ratio 42.94 (above 35: high)
Fwd P/E 78.50 (above 35: high)
P/S ratio 4.62
P/B ratio 2.01
Past 5Y EPS Growth 4.13%
This Y EPS Growth 15.01% (at or above 15%: strong)
Next Y EPS Growth (5.47%) (below 0%: weak)
Next Y revenue growth 19.25% (at or above 10%: strong)
Next 5Y EPS Growth 11.58%

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.7×, 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 58.90%
10-year low 10-year high
P/S against its own 10 years 37.82%
10-year low 10-year high
P/B against its own 10 years 38.19%
10-year low 10-year high
EV/Sales against its own 10 years 47.11%
10-year low 10-year high

Dividends

Payout Ratio 0.24
Annual Dividend Rate 0.48
Annual Dividend Yield 0.54%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.48
0.12
0.12
0.12
2025 0.48
0.12
0.12
0.12
0.12
2024 0.48
0.12
0.12
0.12
0.12
2023 0.48
0.12
0.12
0.12
0.12
2022 0.48
0.12
0.12
0.12
0.12
2021 0.48
0.12
0.12
0.12
0.12
2020 0.44
0.11
0.11
0.11
0.11
2019 0.44
0.11
0.11
0.11
0.11
2018 0.53
0.23
0.10
0.10
0.10
2017 0.58
0.17
0.17
0.08
0.08
0.08
2016 0.52
0.31
0.07
0.07
0.07
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 288 206 281 658
Receivables 253 215 201 212
Inventory 45 38 45 47
Other 18 29 30 47
646 547 598 1,021
2023 2024 2025 Q'26
Payables 215 234 235 182
ST’ Debt 274 332 394 764
Other 24 27 23 22
537 598 738 976

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%

Revenue $m

Mar Jun Sep Dec Year
’26 404 259 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.71 0.43 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
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 32.25 51.44 45.79 50.41 53.44 63.71 60.32 58.73 59.41 61.58

Analyst estimates 2026–2028

Powerpack
High 53.89 66.46 70.68 79.18 91.99 128.87 101.81 94.49 84.30 116.66
People
People Employees 1,180 1,303 1,346 1,408 1,402 1,385 1,480 1,576 1,512 1,648
Revenue/emp, $m 0.56 0.53 0.53 0.53 0.50 0.48 0.50 0.53 0.58 0.60
Income, $m
Income, $m Revenue 663 693 719 746 705 663 734 829 880 990
Gross margin, % 40.87 38.75 37.60 36.10 39.17 39.86 36.62 31.83 30.99 27.56
EBT 141 171 137 137 169 104 96 139 115 106
EBT margin, % 21.29 24.64 19.07 18.40 23.92 15.62 13.02 16.77 13.12 10.69
Net income 96 147 110 94 102 76 78 133 131 127
Depreciation 103 112 130 146 157 183 199 225 263 292
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
Earnings 1.90 3.10 1.93 1.73 1.66 1.11 1.17 2.09 2.05 2.04
Cash flow 3.22 4.90 2.88 4.65 5.14 4.62 5.01 5.21 6.80 5.52
Capex (3.07) (5.19) (5.10) (5.50) (6.22) (7.49) (10.05) (10.41) (8.07) (10.21)
Free cash flow 0.15 (0.29) (2.23) (0.85) (1.08) (2.86) (5.04) (5.20) (1.27) (4.69)
Book value 23.62 25.86 28.54 29.79 37.65 35.68 36.05 41.08 42.20 44.16
Shares, m 49 50 51 51 52 56 56 59 60 61
Valuation, ×
Valuation, × P/E 27.86 20.94 25.80 42.83 54.39 71.44 72.68 36.57 33.03 53.89
P/S 3.95 4.68 3.68 5.08 6.60 6.70 6.49 5.48 4.65 6.78
P/B 2.24 2.50 1.83 2.50 2.40 2.22 2.36 1.86 1.60 2.50
EV/Sales 4.97 5.86 5.20 6.55 7.92 8.62 8.62 7.35 6.93 9.04
EV/FCF 447.69 (241.45) (32.27) (104.76) (94.82) (34.93) (22.15) (19.54) (76.23) (31.09)
Cash, $m
Cash, $m Operating cash flow 159 246 146 236 265 259 281 309 411 335
Capex (152) (260) (259) (280) (321) (419) (563) (618) (488) (620)
Free cash flow 7 (15) (113) (43) (56) (160) (283) (309) (77) (285)
Balance, $m
Balance, $m Working capital 284 38 111 39 531 58 113 109 (51) (141)
Total debt 939 914 1,268 1,249 1,465 1,660 1,787 1,845 2,204 2,524
Net debt 674 817 1,090 1,096 928 1,273 1,560 1,557 1,998 2,243
Shareholders’ equity 1,168 1,296 1,445 1,515 1,941 1,998 2,021 2,441 2,551 2,681
Returns, %
Returns, % ROA 3.75 5.21 3.41 2.77 2.39 1.49 1.46 2.53 2.28 2.08
ROIC 6.85 6.07 4.56 4.64 4.66 3.24 2.67 2.60 2.37 2.15
ROE 7.88 10.75 7.15 5.95 4.94 3.15 3.28 5.58 4.96 4.74
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
AXIAY AXIA Energia $23.4B 13.2× 12.1× +23.00% (above 0%: growing) n/m +98.52% (above 0%: growing) 88.38% 38.51% Compare
ENLT Enlight Renewable Energy Ltd. $9.8B 102× — +42.95% (above 0%: growing) −72.00% (below 0%: shrinking) −87.75% (below 0%: shrinking) 42.23% 54.78% Compare
BEP Brookfield Renewable Partners L.P. $8.6B — (loss-making) — (loss-making) +11.52% (above 0%: growing) n/m +250.13% (above 0%: growing) 59.97% 27.51% Compare
CWEN Clearway Energy, Inc. $6.2B 749× — (loss-making) +18.79% (above 0%: growing) n/m +735.90% (above 0%: growing) 62.15% 5.65% Compare
ORA Ormat Technologies, Inc. $5.5B 42.9× 78.5× +10.57% (above 0%: growing) −4.35% (below 0%: shrinking) −376.02% (below 0%: shrinking) 26.55% 13.22%
BEPC Brookfield Renewable Corporation $5.4B — (loss-making) — (loss-making) +19.78% (above 0%: growing) n/m +116.56% (above 0%: growing) 61.84% 32.69% Compare
EBR.B Eletrobras $2.6B 14.7× — +23.00% (above 0%: growing) +118.50% (above 0%: growing) +98.52% (above 0%: growing) 88.38% 38.51% Compare
RNW ReNew Energy Global PLC $2.5B 21.9× 27.8× +5.42% (above 0%: growing) +6.25% (above 0%: growing) −179.75% (below 0%: shrinking) 83.20% 50.00% Compare
XIFR XPLR Infrastructure, LP $1.9B 15.3× — (loss-making) +6.14% (above 0%: growing) −52.38% (below 0%: shrinking) −105.30% (below 0%: shrinking) 100.00% 16.53% Compare
Median of peers $5.8B 18.6× — +19.29% −23.07% +98.52% 72.68% 35.60%

All 24 Utilities Renewable stocks →

Ormat Technologies, Inc. (ORA) key facts

  • Strength: Ormat Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $989.5 million, up 12.5% from fiscal 2024.
  • Ormat Technologies, Inc. (ORA) is an Utilities Renewable company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ORA traded at $89.31, a market capitalization of $5.5 billion.
  • Ormat Technologies, Inc. pays an annual dividend of $0.48 per share, a yield of 0.54%, with a payout ratio of 23.7%.
  • Return on equity was 4.74% and debt-to-equity 1.15.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 1.55 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Ormat Technologies, Inc. (ORA) Latest News

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