Kenon Holdings
Kenon Holdings Ltd., through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel and the United States. Based in Singapore.
Kenon Holdings: sales sharply up (+93.4%), net income sharply up (+1,100.0%), investments sharply down (−65.8%).
- Sales sharply upQtr. as of 30/06/2026
Revenue: $379M, vs. $196M a year earlier, i.e. +93.4%.
- Net income sharply upQtr. as of 30/06/2026
Net income: $12M, vs. $1M a year earlier, i.e. +1,100.0%.
- Investments sharply downFY 2025
Investments: $116M, vs. $341M in 2024, i.e. −65.8%.
- Operating income sharply upFY 2025
Operating income: $62M, vs. $48M in 2024, i.e. +31.2%.
- Cash sharply upFY 2025
Cash: $1,478M, vs. $1,016M in 2024, i.e. +45.5%.
How the share reacted to the results
After its results, Kenon Holdings shares rose 1.0%. Over the same period, the broad market (S&P 500) fell 0.5%, and companies in the same sector and country did +1.3% (median of 6 companies).
Results published on 08/09/2026 at 23:15 (Israel time), after the Wall Street close. Calculation: last close before the release (08/09/2026) compared with the first close after (09/09/2026). Source: Yahoo Finance. A share price moves for many reasons; the release is only one of them.
What the market pays, vs. the sector
P/E at fiscal year end, and today
Year-end price × shares / net income for the year; loss-making years are not shown
P/E calculated on net income (fiscal year ended 31/12/2025). Cross-check: another source (Yahoo Finance) shows a P/E of 27.1. The gap usually comes from the period used (fiscal year or trailing 12 months) or from one-off items: check the reports. Sector median: companies in the Energy group tracked here. Prices: Yahoo Finance; market cap cross-checked with the Tel Aviv Stock Exchange for Israeli stocks. These ratios describe a price, not a value: none of them says whether the share is expensive or cheap.
Dividend per share, over 5 years
Total dividends per share paid each calendar year (5 year(s) out of 5 with a payment). Source: Yahoo Finance. The current year is not complete.
P/E ranking
Kenon Holdings is 2e Out of 6: one of the highest P/Es in the group.
- 1
Enlight Renewable Energy71.2 - 2Kenon Holdings48.8
- 3
Ormat Technologies41.4 - 4
NewMed Energy24.8 - 5
Navitas Petroleum15.6 - 6
Delek Group4.2
P/E = market cap / net income over the last 12 months: how many years of earnings the market pays today. From highest to lowest; group median: 33.1. Not ranked, P/E not meaningful (loss or near-zero profit): OPC Energy. A high or low P/E alone does not say whether a share is expensive.
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Business and results
Revenue
in $M
Net income
In $M, losses in red
Margins
Net debt
Financial debt − cash, in $M
Summary financial statements
Swipe the table to see previous years
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Revenue | 488 | 574 | 692 | 751 | 872 |
| Growth | — | +17.7% | +20.5% | +8.6% | +16.1% |
| Gross margin | 20.2% | 17.4% | 17.3% | 19.1% | 16.8% |
| Operating income | 23 | 3 | 43 | 48 | 62 |
| Operating margin | 4.6% | 0.5% | 6.2% | 6.3% | 7.2% |
| Net income | 930 | 313 | −236 | 598 | 66 |
| Net margin | 190.7% | 54.5% | −34.1% | 79.6% | 7.6% |
| Diluted EPS | 17.3 | 5.8 | −4.4 | 11.3 | 1.3 |
| EBITDA | 76 | 60 | 121 | 133 | 130 |
| Operating cash flow | 241 | 771 | 277 | 265 | 284 |
| Investments | 240 | 281 | 332 | 341 | 116 |
| Free cash flow | 1 | 490 | −55 | −76 | 167 |
| Cash | 475 | 535 | 697 | 1,016 | 1,478 |
| Financial debt | 1,210 | 1,163 | 1,530 | 1,267 | 1,769 |
| Net debt | 736 | 628 | 833 | 251 | 291 |
| Net debt / EBITDA | 9,7 x | 10,5 x | 6,9 x | 1,9 x | 2,2 x |
| Interest coverage | 0,2 x | 0,1 x | 0,6 x | 0,4 x | 0,7 x |
| Equity | 1,794 | 1,598 | 1,203 | 1,608 | 1,589 |
| Return on equity | 51.9% | 19.6% | −19.6% | 37.2% | 4.2% |
In $M unless stated. EBITDA = operating income + depreciation and amortization. Net debt = financial debt − cash. Free cash flow = operating cash flow − capital expenditure. n.m. = not meaningful.
Quality of the accounts: three cross-check models
Quality of the accounts, seen through three models
Three well-known academic models, calculated only from the published accounts (last fiscal year compared with the previous one). These are signals to cross-check, not verdicts: they say neither whether the company is reliable, nor whether the share is a good investment.
Financial strength · Piotroski
Not computable: a required figure is missing from the published accounts.
Earnings manipulation · Beneish
Not computable: a required figure is missing from the published accounts.
Distress risk · Altman Z″
Not computable: a required figure is missing from the published accounts.
Methods: Piotroski (2000), Beneish (1999, 8 variables), Altman Z″ (1995). Calculations redone from SEC XBRL data.
Company overview
Kenon Holdings Ltd., through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel and the United States. It engages in the generation and supply of electricity, and energy; development, construction, operation of power plants, and energy generation facilities using natural gas and renewable energy; and management of solar and wind energy, and conventional natural gas-fired power plants. The company was incorporated in 2014 and is based in Singapore. Kenon Holdings Ltd. is a subsidiary of Ansonia Holdings Singapore B.V.
Source: official company profile (Yahoo Finance), summary. Website: www.kenon-holdings.com