Ormat Technologies
Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, France, Indonesia, the Philippines, and internationally. Based in Reno.
Ormat Technologies: net income sharply up (+32.2%), sales up (+10.2%), cash sharply up (+56.2%).
- Net income sharply upQtr. as of 30/09/2026
Net income: $32M, vs. $24M a year earlier, i.e. +32.2%.
- Sales upQtr. as of 30/09/2026
Revenue: $275M, vs. $250M a year earlier, i.e. +10.2%.
- Cash sharply upFY 2025
Cash: $147M, vs. $94M in 2024, i.e. +56.2%.
- Investments sharply upFY 2025
Investments: $620M, vs. $488M in 2024, i.e. +27.1%.
- Operating income upQtr. as of 30/09/2026
Operating income: $45M, vs. $40M a year earlier, i.e. +11.9%.
How the share reacted to the results
After its results, Ormat Technologies shares fell 1.4%. Over the same period, the broad market (S&P 500) fell 4.4%, and companies in the same sector and country did −4.1% (median of 6 companies).
Results published on 04/11/2026 at 23:47 (Israel time), after the Wall Street close. Calculation: last close before the release (04/11/2026) compared with the first close after (05/11/2026). 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 (trailing 12 months to 30/09/2026). 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
Ormat Technologies is 3e Out of 6: a P/E in the middle of the group.
- 1
Enlight Renewable Energy71.2 - 2
Kenon Holdings48.8 - 3Ormat 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 | 663 | 734 | 829 | 880 | 990 |
| Growth | — | +10.7% | +13.0% | +6.1% | +12.5% |
| Gross margin | 39.9% | 36.6% | 31.8% | 31.0% | 27.6% |
| Operating income | 169 | 153 | 167 | 172 | 169 |
| Operating margin | 25.5% | 20.8% | 20.1% | 19.6% | 17.1% |
| Net income | 62 | 66 | 124 | 124 | 124 |
| Net margin | 9.4% | 9.0% | 15.0% | 14.1% | 12.5% |
| Diluted EPS | 1.1 | 1.2 | 2.1 | 2.0 | 2.0 |
| EBITDA | 352 | 352 | 391 | 435 | 461 |
| Operating cash flow | 259 | 281 | 309 | 411 | 335 |
| Investments | 419 | 563 | 618 | 488 | 620 |
| Free cash flow | −160 | −283 | −309 | −77 | −285 |
| Cash | 239 | 96 | 196 | 94 | 147 |
| Financial debt | 1,926 | 2,053 | 2,090 | 2,445 | 2,761 |
| Net debt | 1,686 | 1,957 | 1,894 | 2,350 | 2,613 |
| Net debt / EBITDA | 4,8 x | 5,6 x | 4,8 x | 5,4 x | 5,7 x |
| Interest coverage | 2,0 x | 1,7 x | 1,7 x | 1,3 x | 1,2 x |
| Equity | 1,855 | 1,868 | 2,315 | 2,425 | 2,544 |
| Return on equity | 3.3% | 3.5% | 5.4% | 5.1% | 4.9% |
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
Nine simple tests on profitability, debt, liquidity and efficiency.
- ✓ Positive net income
- ✓ Positive operating cash flow
- ✕ Return on assets up
- ✓ Operating cash flow above net income
- ✕ Long-term debt stable or down (relative to assets)
- ✕ Current ratio up
- ✓ No significant share issuance (increase of less than 1%)
- ✕ Gross margin up
- ✓ Asset turnover up
Earnings manipulation · Beneish
Eight ratios that flag account profiles often associated with "embellished" results. Usual threshold: −1.78. Here, the score is below this threshold.
Distress risk · Altman Z″
Version without market data. Below 1.1: warning sign; above 2.6: healthy zone. The model penalizes an accumulated deficit or large share buybacks, which reduce equity.
Methods: Piotroski (2000), Beneish (1999, 8 variables), Altman Z″ (1995). Calculations redone from SEC XBRL data.
Company overview
Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, France, Indonesia, the Philippines, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity. The Product segment designs, manufactures, and sells equipment for geothermal and recovered energy-based electricity generation; and provides services relating to the engineering, procurement, and construction of geothermal and recovered energy-based power plants. The Energy Storage segment owns and operates grid-connected, stand alone In Front of the Meter (IFM) battery energy storage BESS facilities, which provide capacity, energy, and ancillary services directly to the electric grid.
Source: official company profile (Yahoo Finance), summary. Website: www.ormat.com