A Business at a Glance
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ORMAT TECHNOLOGIES, INC.
ORA
$6.1B
Mkt Cap
$99.40
-4.28%
ORMAT TECHNOLOGIES, INC. (ORA) has a current P/E ratio of 49.2, compared to its historical median P/E of 39.2. The stock is currently considered Fair based on its historical valuation range.
ORMAT TECHNOLOGIES, INC. (ORA) has a 5-year average return on invested capital (ROIC) of 3.7%. This is below average and may indicate limited pricing power.
ORMAT TECHNOLOGIES, INC. (ORA) has a market capitalization of $6.1B. It is classified as a mid-cap stock.
Yes, ORMAT TECHNOLOGIES, INC. (ORA) pays a dividend with a trailing twelve-month yield of 0.48%.
Based on historical P/E analysis, ORMAT TECHNOLOGIES, INC. (ORA) appears fair. The current P/E of 49.2 is 26% above its historical median of 39.2. The estimated fair value CAGR (P/E method) is 2.7%.
ORMAT TECHNOLOGIES, INC. (ORA) operates in the Electric Services industry, within the Utilities sector.
ORMAT TECHNOLOGIES, INC. (ORA) reported annual revenue of $990 million in its most recent fiscal year, based on SEC EDGAR filings.
Ormat Technologies is a vertically integrated renewable energy company primarily engaged in geothermal power generation, with expanding operations in solar PV, recovered energy, and battery energy storage systems. The company operates three business segments: Electricity, which develops, builds, owns and operates geothermal, solar PV, and recovered energy power plants globally, selling electricity under long-term power purchase agreements and merchant contracts; Product, which designs, manufactures and sells equipment for geothermal and recovered energy generation and provides engineering, procurement and construction services; and Energy Storage, which owns and operates grid-connected battery energy storage facilities providing capacity, energy and ancillary services to the electric grid. Geothermal assets provide baseload power generation with 24-hour operational capability and low emissions, while hybrid solar-geothermal projects use solar output to offset auxiliary equipment energy use at geothermal facilities, increasing net geothermal delivery to the grid. The company's business model combines contracted long-term PPAs with merchant market exposure, leveraging proprietary technologies and operational expertise across the United States and internationally, with a strategic focus on advancing enhanced geothermal systems (EGS) through collaborations and pilot projects to drive long-term growth and diversification into complementary renewable energy solutions.
【Strategic capacity expansion underway】 Management expects to achieve portfolio capacity targets of 2.6–2.8 GW by end of 2028, supported by strong momentum in geothermal development and intensified exploration efforts, with 216 MW of geothermal and hybrid solar PV projects anticipated to come online by that date. The electricity segment is expected to benefit from improved pricing dynamics, with new power purchase agreements anticipated to improve revenues at two facilities by approximately $20–$30 per MWh beginning in 2027, and curtailment impacts expected to lessen significantly in 2026 with only $4–5 million anticipated versus higher levels in 2025. Energy storage segment performance is projected to normalize from elevated 2025 merchant prices, with gross margins expected to range 35–40% for full year 2026 after achieving 59.1% in Q1 2026, while the product segment is expected to deliver gross margins of 18–20% in 2026 reflecting project sales mix. The company is advancing EGS pilot projects with SLB and Sage Geosystems, planning to commence drilling at one site by end of 2026 with full operational status expected by 2030, positioning geothermal as a scalable solution for data center and hyperscaler demand.
| Metric | Target | Period |
|---|---|---|
| Revenue | $1,110 million to $1,160 million | FY2026 |
| Electricity segment revenue | $715 million to $730 million | FY2026 |
| Product segment revenue | $300 million to $320 million | FY2026 |
| Energy Storage segment revenue | $95 million to $110 million | FY2026 |
| Adjusted EBITDA | $615 million to $645 million | FY2026 |
| Product segment gross margin | 18% to 20% | FY2026 |
| Energy Storage segment gross margin | 35% to 40% | FY2026 |
| Tax rate | negative 15% to negative 20% | FY2026 |
| ITC tax equity and PTC transfers | approximately $90 million | FY2026 |
| Electricity segment CapEx | approximately $436 million | FY2026 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 990M | 880M | 829M | 529M | 502M |
| Net Income | 128M | 124M | 124M | 124M | 66M | 62M |
| EPS | $2.09 | $2.02 | $2.04 | $2.08 | $1.17 | $1.10 |
| Free Cash Flow | -215M | -285M | -77M | -309M | -283M | -160M |
| ROIC | 9.7% | 3.4% | 3.7% | 3.7% | 3.5% | 4.1% |
| Gross Margin | 27.5% | 27.6% | 31.0% | 31.8% | 50.8% | 52.6% |
| Debt/Equity | 0.31 | 1.09 | 1.02 | 0.91 | 1.11 | 1.05 |
| Dividends/Share | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 |
| Operating Income | 199M | 169M | 172M | 167M | 153M | 169M |
| Operating Margin | 17.1% | 17.1% | 19.6% | 20.1% | 28.9% | 33.7% |
| ROE | 5.0% | 5.0% | 5.1% | 5.9% | 3.5% | 3.4% |
| Shares Outstanding | 61M | 61M | 61M | 60M | 56M | 56M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 560M | 595M | 663M | 693M | 719M | 479M | 705M | 502M | 529M | 829M | 880M | 990M | 1.2B |
| Gross Margin | 36.4% | 36.7% | 40.9% | 38.7% | 37.6% | 56.2% | 39.2% | 52.6% | 50.8% | 31.8% | 31.0% | 27.6% | 27.5% |
| R&D | 783K | 1.8M | 2.8M | 3.2M | 4.2M | 4.6M | 5.4M | 4.1M | 5.1M | 7.2M | 6.5M | 6.3M | 4.9M |
| SG&A | 29M | 35M | 47M | 43M | 48M | 56M | 60M | 76M | 61M | 68M | 80M | 80M | 89M |
| EBIT | 143M | 164M | 202M | 205M | 185M | 194M | 214M | 169M | 153M | 167M | 172M | 169M | 199M |
| Op. Margin | 25.6% | 27.6% | 30.5% | 29.6% | 25.7% | 40.5% | 30.3% | 33.7% | 28.9% | 20.1% | 19.6% | 17.1% | 17.1% |
| Net Income | 54M | 120M | 89M | 132M | 98M | 88M | 85M | 62M | 66M | 124M | 124M | 124M | 128M |
| Net Margin | 9.7% | 20.2% | 13.4% | 19.1% | 13.6% | 18.4% | 12.1% | 12.4% | 12.4% | 15.0% | 14.1% | 12.5% | 11.0% |
| Non-Recurring | 9.7M | 2.5M | 2.3M | 3.2M | 16M | 3.5M | 3.0M | 2.0M | 2.3M | 2.2M | 4.2M | 3.1M | 3.1M |
| Returns on Capital | |||||||||||||
| ROIC | 7.8% | 14.4% | 13.4% | 12.9% | 7.3% | 6.5% | 6.0% | 4.1% | 3.5% | 3.7% | 3.7% | 3.4% | 9.7% |
| ROE | 7.2% | 13.6% | 8.6% | 11.6% | 7.7% | 6.5% | 5.3% | 3.4% | 3.5% | 5.9% | 5.1% | 5.0% | 5.0% |
| ROA | 2.5% | 5.5% | 3.7% | 5.2% | 3.4% | 2.8% | 2.4% | 1.5% | 1.5% | 2.5% | 2.2% | 2.1% | 1.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 213M | 190M | 159M | 246M | 146M | 236M | 265M | 259M | 281M | 309M | 411M | 335M | 326M |
| Free Cash Flow | 54M | 38M | 7.4M | -14M | -113M | -43M | -56M | -160M | -283M | -309M | -77M | -285M | -215M |
| Owner Earnings | 107M | 79M | 48M | 122M | 3.4M | 78M | 99M | 67M | 71M | 69M | 128M | 24M | 7.8M |
| CapEx | 159M | 152M | 152M | 259M | 259M | 280M | 321M | 419M | 563M | 618M | 488M | 620M | 541M |
| Maint. CapEx | 101M | 107M | 106M | 115M | 132M | 149M | 157M | 183M | 199M | 225M | 263M | 292M | 299M |
| Growth CapEx | 58M | 45M | 46M | 144M | 126M | 131M | 164M | 236M | 365M | 394M | 225M | 328M | 242M |
| D&A | 101M | 107M | 106M | 115M | 132M | 149M | 157M | 183M | 199M | 225M | 263M | 292M | 299M |
| CapEx/OCF | 74.5% | 80.2% | 95.4% | 105.6% | 177.3% | 118.4% | 121.0% | 162.0% | 200.5% | 199.9% | 118.7% | 185.0% | 166.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 9.6M | 13M | 26M | 21M | 27M | 22M | 22M | 27M | 27M | 28M | 29M | 29M | 29M |
| Dividend Yield | 0.8% | 0.8% | 1.2% | 0.7% | 1.0% | 0.7% | 0.7% | 0.6% | 0.6% | 0.6% | 0.7% | 0.6% | 0.5% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18M | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 5.6M | 4.0M | 5.2M | 8.8M | 10M | 9.4M | 9.8M | 9.2M | 12M | 15M | 20M | 19M | 19M |
| Debt Repayment | 111M | 72M | 62M | 66M | 63M | 1.6B | 1.3B | 0 | 0 | 207M | 209M | 265M | 265M |
| Balance Sheet | |||||||||||||
| Net Debt | 921M | 549M | 496M | 881M | 1.2B | 1.2B | 1.0B | 1.7B | 2.0B | 1.9B | 2.3B | 2.6B | 151M |
| Cash & Equiv. | 40M | 186M | 230M | 48M | 99M | 71M | 448M | 239M | 96M | 196M | 94M | 147M | 655M |
| Long-Term Debt | 1.0B | 920M | 957M | 877M | 1.1B | 1.2B | 1.5B | 1.9B | 2.1B | 2.0B | 2.3B | 2.7B | 71M |
| Debt/Equity | 1.29 | 0.93 | 0.89 | 0.77 | 0.98 | 0.89 | 0.83 | 1.05 | 1.11 | 0.91 | 1.02 | 1.09 | 0.31 |
| Interest Coverage | 1.7 | 2.3 | 3.0 | 3.8 | 2.6 | 2.4 | 2.7 | 2.0 | 1.7 | 1.7 | 1.3 | 1.2 | 40.3 |
| Equity | 778M | 993M | 1.1B | 1.2B | 1.3B | 1.4B | 1.8B | 1.9B | 1.9B | 2.3B | 2.4B | 2.5B | 2.6B |
| Total Assets | 2.1B | 2.3B | 2.5B | 2.6B | 3.1B | 3.3B | 3.9B | 4.4B | 4.6B | 5.2B | 5.7B | 6.2B | 6.8B |
| Total Liabilities | 1.3B | 1.2B | 1.3B | 1.3B | 1.7B | 1.7B | 1.9B | 2.4B | 2.6B | 2.8B | 3.1B | 3.6B | 4.1B |
| Intangibles | 29M | 26M | 53M | 85M | 200M | 186M | 194M | 363M | 334M | 308M | 302M | 275M | 267M |
| Retained Earnings | 45M | 152M | 215M | 327M | 422M | 488M | 550M | 585M | 624M | 720M | 815M | 909M | 946M |
| Working Capital | 68M | 187M | 284M | 38M | 111M | 39M | 531M | 58M | 113M | 109M | -51M | -141M | 70M |
| Current Assets | 274M | 375M | 473M | 322M | 473M | 416M | 779M | 602M | 457M | 646M | 547M | 598M | 1.1B |
| Current Liabilities | 206M | 189M | 189M | 283M | 362M | 376M | 249M | 544M | 344M | 537M | 598M | 738M | 1.0B |
| Per Share Data | |||||||||||||
| EPS | 1.18 | 2.45 | 1.77 | 2.61 | 1.92 | 1.72 | 1.65 | 1.10 | 1.17 | 2.08 | 2.04 | 2.02 | 2.09 |
| Owner EPS | 2.33 | 1.61 | 0.96 | 2.40 | 0.07 | 1.53 | 1.90 | 1.18 | 1.25 | 1.16 | 2.11 | 0.38 | 0.13 |
| Book Value | 16.93 | 20.22 | 21.48 | 23.88 | 25.87 | 27.19 | 34.87 | 32.86 | 33.19 | 38.71 | 39.98 | 41.48 | 41.84 |
| Cash Flow/Share | 4.64 | 3.87 | 3.18 | 4.84 | 2.86 | 4.62 | 5.12 | 4.59 | 4.99 | 5.17 | 6.77 | 5.46 | 6.94 |
| Dividends/Share | 0.21 | 0.26 | 0.52 | 0.44 | 0.53 | 0.44 | 0.44 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| Shares Out. | 45.9M | 49.1M | 50.1M | 50.7M | 51.0M | 51.2M | 51.8M | 56.4M | 56.3M | 59.8M | 60.7M | 61.3M | 61.5M |
| Valuation | |||||||||||||
| P/E Ratio | 21.6 | 14.0 | 28.3 | 23.3 | 26.0 | 41.7 | 51.4 | 67.0 | 72.5 | 36.6 | 33.1 | 55.9 | 47.5 |
| P/FCF | 21.5 | 45.0 | 341.7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 7.9 | 8.2 | 10.5 | 15.3 | 14.3 | 18.9 | 18.8 | 23.3 | 30.4 | 27.5 | 25.4 | 42.0 | 31.5 |
| Price/Book | 1.5 | 1.7 | 2.3 | 2.5 | 1.9 | 2.6 | 2.4 | 2.2 | 2.6 | 2.0 | 1.7 | 2.7 | 2.4 |
| Price/Sales | 2.1 | 2.7 | 3.1 | 4.1 | 3.8 | 4.3 | 4.9 | 6.5 | 6.2 | 5.6 | 4.9 | 5.3 | 5.2 |
| FCF Yield | 4.6% | 2.2% | 0.3% | -0.4% | -4.4% | -1.2% | -1.3% | -3.9% | -5.9% | -6.8% | -1.9% | -4.1% | -3.5% |
| Market Cap | 1.2B | 1.7B | 2.5B | 3.1B | 2.6B | 3.7B | 4.4B | 4.2B | 4.8B | 4.6B | 4.1B | 6.9B | 6.1B |
| Avg. Price | 25.26 | 32.91 | 41.07 | 55.50 | 53.02 | 62.30 | 66.67 | 76.46 | 80.93 | 78.25 | 71.38 | 85.23 | 99.40 |
| Year-End Price | 25.54 | 34.40 | 50.15 | 60.86 | 50.00 | 71.79 | 84.89 | 73.73 | 84.79 | 76.13 | 67.52 | 112.94 | 99.40 |
ORMAT TECHNOLOGIES, INC. passes 1 of 9 quality checks, indicating weak fundamentals.
ORMAT TECHNOLOGIES, INC. trades at 49.2x trailing earnings, compared to its 15-year median P/E of 39.2x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 3.7% with a gross margin of 38.8%. Total shareholder yield (dividends) is 0.5%. At current prices, the estimated annualized return to fair value is +2.7%.
ORMAT TECHNOLOGIES, INC. (ORA) has a net profit margin of 12.5%. This is a healthy margin.
ORMAT TECHNOLOGIES, INC. (ORA) generated $-285 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
ORMAT TECHNOLOGIES, INC. (ORA) has a debt-to-equity ratio of 1.09. This indicates moderate leverage.
ORMAT TECHNOLOGIES, INC. (ORA) reported earnings per share (EPS) of $2.02 in its most recent fiscal year.
ORMAT TECHNOLOGIES, INC. (ORA) has a return on equity (ROE) of 5.0%. This indicates moderate shareholder returns.
ORMAT TECHNOLOGIES, INC. (ORA) has a 5-year average gross margin of 38.8%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for ORMAT TECHNOLOGIES, INC. (ORA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ORMAT TECHNOLOGIES, INC. (ORA) has a book value per share of $41.48, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to achieve portfolio capacity targets of 2.6–2.8 GW by end of 2028, supported by strong momentum in geothermal development and intensified exploration efforts, with 216 MW of geothermal and hybrid solar PV projects anticipated to come online by that date. The electricity segment is expected to benefit from improved pricing dynamics, with new power purchase agreements anticipated to improve revenues at two facilities by approximately $20–$30 per MWh beginning in 2027, and curtailment impacts expected to lessen significantly in 2026 with only $4–5 million anticipated versus higher levels in 2025. Energy storage segment performance is projected to normalize from elevated 2025 merchant prices, with gross margins expected to range 35–40% for full year 2026 after achieving 59.1% in Q1 2026, while the product segment is expected to deliver gross margins of 18–20% in 2026 reflecting project sales mix. The company is advancing EGS pilot projects with SLB and Sage Geosystems, planning to commence drilling at one site by end of 2026 with full operational status expected by 2030, positioning geothermal as a scalable solution for data center and hyperscaler demand.
Based on recent SEC filings and earnings calls, ORMAT TECHNOLOGIES, INC. (ORA) has provided the following forward guidance: Revenue: $1,110 million to $1,160 million (FY2026); Electricity segment revenue: $715 million to $730 million (FY2026); Product segment revenue: $300 million to $320 million (FY2026); Energy Storage segment revenue: $95 million to $110 million (FY2026); Adjusted EBITDA: $615 million to $645 million (FY2026), plus 8 additional metrics.
| Energy Storage segment CapEx |
| $111 million |
| FY2026 |
| EGS pilot CapEx | approximately $20 million | FY2026 |
| Quarterly dividend | $0.12 per share | Q2, Q3, Q4 2026 |
Revenue (FY2026): “For 2026, we expect revenue to increase by 14.6% year-over-year at the midpoint, ranging between $1,110 million and $1,160 million.”
Electricity segment revenue (FY2026): “Electricity segment revenues are projected to be between $715 million and $730 million.”
Product segment revenue (FY2026): “Product segment revenues are expected to range between $300 million and $320 million.”
Energy Storage segment revenue (FY2026): “energy storage revenues are expected to range between $95 million and $110 million.”
Adjusted EBITDA (FY2026): “Adjusted EBITDA is expected to increase by approximately 8.2% at the midpoint, ranging between $615 million and $645 million.”
Product segment gross margin (FY2026): “For the full year 2026, we expect product segment gross margin to be between 18% and 20%, reflecting the segment sales mix.”
Energy Storage segment gross margin (FY2026): “For the full year 2026, we expect the storage segment gross margin to be approximately 35%-40%, reflecting the fact that we currently do not forecast similar merchant prices condition during the remainder of the year.”
Tax rate (FY2026): “in 2026, we expect to record a tax benefit driven by higher ITC level that will result in a negative tax rate of 15%-20%.”