Kenon Holdings Ltd. (KEN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 22	—	$4.65	—	—	$163M	—
Q2 22	—	$4.92	—	—	$121M	—
Q1 22	—	$11.9	—	—	$146M	—
Q4 21	—	$7.28	—	—	$134.8M	—
Q3 21	—	$3.45	—	—	$133M	—
Q2 21	—	$3.2	—	—	$105M	—
Q1 21	—	$3.34	—	—	$115M	—
Q3 20	—	$1.09	—	—	$117M	—
Q2 20	—	$0.02	—	—	$76M	—
Q1 20	—	$0.28	—	—	$89M	—
Q3 19	—	$0.05	—	—	$102M	—
Q1 19	—	-$0.23	—	—	$97M	—
Q3 18	—	-$0.31	—	—	$94M	—
Q2 18	—	-$0.53	—	—	$84M	—
Q1 18	—	$0.98	—	—	$101M	—
Q3 17	—	-$0.43	—	—	$97M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.27	—	—	$871.9M	—
FY24	—	$11.3	—	—	$751.3M	—
FY23	—	-$4.42	—	—	$691.8M	—
FY22	—	$5.8	—	—	$574M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$324.3M	$365.7M	$364M	$373.5M	$386.5M	$487.8M	$574M	$691.8M	$751.3M	$871.9M
YoY change	-0.51%	+12.8%	-0.46%	+2.6%	+3.48%	+26.2%	+17.7%	+20.5%	+8.6%	+16.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	324.3M	365.7M	364M	373.5M	386.5M	487.8M	574M	691.8M	751.3M	871.9M
Cost of revenue	278.4M	297.2M	289.3M	287.2M	315.2M	389.4M	474.1M	572.3M	607.5M	725.1M
Gross profit	45.9M	68.5M	74.7M	86.3M	71.2M	98.3M	99.8M	119.5M	143.8M	146.8M
Gross margin	14.2%	18.7%	20.5%	23.1%	18.4%	20.2%	17.4%	17.3%	19.1%	16.8%
Research & development	—	—	999K	1.9M	2M	1.6M	15.2M	15.6M	—	—
Selling, general & administrative	46.5M	55.6M	33M	33.5M	33.8M	67.8M	76.9M	58.4M	84.1M	105.9M
Operating expenses	176.9M	55.7M	-28.5M	29.4M	34M	69.4M	89.2M	66.2M	84.5M	69.9M
Operating income	-131.6M	12.1M	102.6M	56M	35.2M	23.3M	2.8M	42.6M	47.5M	62.3M
Operating margin	-40.6%	3.31%	28.2%	15%	9.12%	4.78%	0.49%	6.15%	6.32%	7.15%
Non-operating income, net	-250.3M	-79.4M	362.3M	-56M	488.6M	994.3M	422M	-202.4M	115.9M	140.3M
Pretax income	-426.9M	-135.6M	462M	-5.5M	500.4M	879.6M	387.6M	-185.7M	93.3M	176.5M
Income tax	2.3M	72.8M	11.5M	16.7M	4.7M	4.3M	38M	25.2M	40.6M	28.2M
Net income	-394M	268.1M	444.8M	2.4M	504.2M	875.3M	349.7M	-210.9M	634.1M	148.3M
Net margin	-121.5%	73.3%	122.2%	0.65%	130.5%	179.5%	60.9%	-30.5%	84.4%	17%
EBITDA	-142.4M	72.5M	561.4M	63.5M	231.3M	1.2B	1.2B	-40.6M	201.4M	330.3M
EPS	-7.67	4.4	8.07	-0.25	9.41	17.3	5.8	-4.42	11.3	1.27
Diluted EPS	-7.67	4.4	8.07	-0.25	9.41	17.3	5.8	-4.42	11.3	1.27

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	265M	227.9M	317M	379M
Cost of revenue	—	—	—	—	—	—	—	—	196M	206.1M	270M	295M
Gross profit	53M	17.5M	37M	30M	56M	20.8M	27M	29M	69M	21.8M	47M	84M
Gross margin	—	—	—	—	—	—	—	—	26%	9.57%	14.8%	22.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	45M	12.9M	26M	27M
Operating expenses	—	—	—	—	—	—	—	—	35M	-14.1M	43M	48M
Operating income	—	—	—	—	—	—	—	—	34M	21.3M	4M	36M
Operating margin	—	—	—	—	—	—	—	—	12.8%	9.37%	1.26%	9.5%
Non-operating income, net	—	—	—	—	—	—	—	—	61M	20.3M	34M	4M
Pretax income	—	—	—	—	—	—	—	—	82M	51.5M	43M	67M
Income tax	—	—	—	—	—	—	—	—	15M	3.2M	9M	13M
Net income	—	—	—	—	—	—	—	—	67M	48.3M	34M	54M
Net margin	—	—	—	—	—	—	—	—	25.3%	21.2%	10.7%	14.2%
EBITDA	—	—	—	—	—	—	—	—	128M	66.9M	100M	130M
EPS	-3.83	—	0.15	2.13	0.81	—	0.22	0.1	0.45	—	0.49	0.85
Diluted EPS	-3.83	—	0.15	2.13	0.81	—	0.22	0.1	0.45	—	0.49	0.85

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	625.6M	1.2B	793.9M	1.1B	1.6B	2.8B	1.8B	1.3B	1.8B	3.4B	3.3B
Enterprise value	3.5B	778.1M	1.2B	1.6B	1.7B	3.6B	2.1B	2B	1.9B	3.6B	6.5B
Shares outstanding	53.7M	53.9M	53.8M	53.9M	53.9M	53.9M	54M	53.4M	52.7M	52M	52M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	4.35	1.78	464.1	3.22	3.23	5.09	—	2.83	23.2	27.8
P/S	1.93	3.19	2.18	3.03	4.2	5.8	3.1	1.88	2.39	3.95	3.83
P/B	0.7	1.11	1.11	1.59	1.27	1.24	0.78	0.63	0.67	1.08	2.12
EV/EBITDA	-24.7	10.7	2.18	24.9	7.38	2.89	1.73	-48.8	9.5	11	35.9
EV/Sales	10.9	2.13	3.36	4.23	4.42	7.38	3.6	2.86	2.55	4.17	5.48
Earnings yield	—	23%	56%	0.22%	31.1%	30.9%	19.6%	—	35.4%	4.3%	3.59%
FCF yield	-20.5%	13.2%	-2.15%	4.5%	1.07%	0.03%	27.5%	-4.26%	-4.22%	4.86%	-8.51%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	14.2%	18.7%	20.5%	23.1%	18.4%	20.2%	17.4%	17.3%	19.1%	16.8%	22.2%
Operating margin	-40.6%	3.31%	28.2%	15%	9.12%	4.78%	0.49%	6.15%	6.32%	7.15%	9.5%
Net margin	-121.5%	73.3%	122.2%	0.65%	130.5%	179.5%	60.9%	-30.5%	84.4%	17%	10%
ROE	-44.1%	25.5%	62.2%	0.34%	39.5%	38.4%	15.2%	-10.2%	23.8%	4.66%	6.78%
ROA	-7.67%	10.6%	30.6%	0.16%	20.3%	21.7%	9.27%	-5.13%	15%	2.76%	1.03%
ROIC	-3.47%	1.83%	8.75%	4.83%	2.56%	0.76%	0.1%	1.55%	0.97%	1.55%	1.67%
Return on tangible assets	-8.99%	10.6%	30.6%	0.16%	20.3%	24.4%	10.5%	-6.09%	15.6%	2.84%	2.84%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.82	1.87	3.64	3.14	4.04	1.3	5.5	3.05	6.91	4.94	3.22
Quick ratio	0.73	1.87	3.64	3.14	4.04	1.3	5.49	3.05	6.91	4.94	3.22
Debt / equity	3.7	0.99	0.82	0.88	0.73	0.55	0.52	0.77	0.48	0.56	0.93
Debt / assets	0.64	0.41	0.4	0.42	0.38	0.31	0.32	0.39	0.3	0.33	0.44
Net debt / EBITDA	-20.3	-5.35	0.76	7.05	0.37	0.62	0.24	-16.7	0.6	0.59	3.25
Interest coverage	-8.42	-1.28	16.2	0.75	21.5	17.9	9.15	-2.55	2.09	3.52	3.6
Effective tax rate	0%	0%	2.49%	0%	0.94%	0.49%	9.8%	0%	43.5%	16%	16.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.04	6.79	6.76	6.93	7.17	9.05	10.6	13	14.3	16.8	23
EPS (basic)	-7.67	4.4	8.07	-0.25	9.41	17.3	5.8	-4.42	11.3	1.27	1.27
EPS (diluted)	-7.67	4.4	8.07	-0.25	9.41	17.3	5.8	-4.42	11.3	1.27	2.29
Book value per share	16.6	19.5	13.3	13.2	23.7	42.3	42.5	38.8	50.5	61.3	30.1
FCF per share	-2.39	2.86	-0.32	0.95	0.32	0.02	9.08	-1.04	-1.43	3.22	-4.88
Cash per share	7.75	26.4	2.96	3.36	15.8	8.81	17	17.1	22	30.5	34.3
Capex per share	5.22	4.14	1.29	0.63	1.37	4.36	5.21	6.22	6.46	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	86.5%	60.9%	19%	9.14%	19.1%	48.1%	49%	48%	45.3%	—	—
Capex / operating cash flow	-200%	23.6%	13.7%	76.4%	13.1%	21.4%	63%	-489.4%	40.4%	—	—
Payout ratio	0%	0%	171.9%	2.7K%	23.8%	11.4%	211.9%	-71.3%	31.6%	180.7%	168.1%
Dividend yield	0%	0%	96.3%	5.75%	7.41%	3.54%	41.6%	11.6%	11.2%	7.78%	23.8%

Yield

23.8%

trailing twelve months

Frequency

Annual

Last dividend

$3.85

ex-dividend Apr 13, 2026

Payout ratio

168%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 13, 2026	$3.85
Apr 14, 2025	$4.80
Apr 8, 2024	$3.80
Apr 10, 2023	$2.79
Jun 27, 2022	$10.25
Jan 19, 2022	$3.50
Apr 29, 2021	$1.86
Nov 3, 2020	$2.23

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$265M	$227.9M	$317M	$379M
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	416.2M	1.4B	159.1M	180.7M	850.4M	474.8M	915.6M	912.6M	1.2B	1.6B
Receivables	284.5M	44.1M	35.5M	39.3M	47.9M	62.6M	73.9M	68M	80.4M	137M
Inventory	91.7M	0	—	—	0	1.7M	1.9M	—	—	—
Total current assets	853.6M	1.5B	327.7M	329.5M	919.8M	581.6M	1.1B	1.1B	1.3B	1.8B
Property, plant & equipment	8.5B	1.2B	1.2B	1.2B	1.8B	2.2B	1.3B	1.6B	1.3B	1.6B
Goodwill & intangibles	753.6M	3.3M	2.6M	2.5M	2.9M	448.6M	441.6M	642.6M	143.6M	166.9M
Total assets	5.1B	2.5B	1.5B	1.5B	2.5B	4B	3.8B	4.1B	4.2B	5.4B
Accounts payable	264.7M	37M	25.1M	36M	92.5M	136.5M	95M	70.7M	58.3M	126.8M
Short-term debt	482.8M	448M	23.2M	46.5M	60.6M	57.3M	56.7M	174.6M	88.5M	120M
Total current liabilities	1B	806.3M	89.9M	105M	227.9M	447.3M	193M	358.8M	182.8M	365.2M
Long-term debt	2.8B	588.5M	563.2M	581.8M	876.3M	1.2B	1.1B	1.4B	1.2B	1.7B
Total liabilities	4.2B	1.5B	739.4M	796.6M	1.2B	1.8B	1.5B	2B	1.6B	2.2B
Shareholders' equity	894.2M	1.1B	715.7M	711.8M	1.3B	2.3B	2.3B	2.1B	2.7B	3.2B
Total debt	3.3B	1B	586.5M	628.3M	936.8M	1.2B	1.2B	1.6B	1.3B	1.8B
Net debt	3B	-380.9M	455.3M	481.1M	650.7M	769.5M	665.5M	894.7M	264.3M	301M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	885M	912.6M	870M	751M	773M	1.2B	1.1B	1B	1.3B	1.6B	1.9B	1.8B
Receivables	80M	68M	67M	96M	97M	80.4M	77M	121M	127M	137M	122M	186M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1B	1.1B	1B	948M	911M	1.3B	1.2B	1.2B	1.4B	1.8B	2B	2B
Property, plant & equipment	1.8B	1.6B	1.9B	1.9B	2.1B	1.3B	1.3B	1.4B	1.5B	1.6B	2.7B	3.8B
Goodwill & intangibles	285M	642.6M	311M	311M	307M	143.6M	71M	79M	80M	166.9M	84M	89M
Total assets	3.9B	4.1B	4.1B	4B	4.1B	4.2B	4.2B	4.3B	4.7B	5.4B	6.4B	7.2B
Accounts payable	231M	70.7M	179M	198M	129M	58.3M	132M	169M	203M	126.8M	353M	318M
Short-term debt	130M	174.6M	114M	108M	110M	88.5M	92M	104M	103M	120M	162M	221M
Total current liabilities	362M	358.8M	496M	308M	241M	182.8M	224M	273M	306M	365.2M	543M	626M
Long-term debt	1.3B	1.4B	1.4B	1.4B	1.4B	1.2B	1.2B	1.3B	1.3B	1.7B	2.3B	2.9B
Total liabilities	1.8B	2B	2.2B	2B	2B	1.6B	1.5B	1.7B	1.8B	2.2B	3.1B	3.8B
Shareholders' equity	2.1B	2.1B	1.9B	2B	2.1B	2.7B	2.7B	2.6B	2.9B	3.2B	3.3B	3.4B
Total debt	1.4B	1.6B	1.6B	1.5B	1.5B	1.3B	1.3B	1.4B	1.4B	1.8B	2.5B	3.2B
Net debt	806M	894.7M	873M	934M	916M	264.3M	272M	500M	226M	301M	689M	1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-394M	268.1M	444.8M	2.4M	504.2M	875.3M	349.7M	-210.9M	634.1M	148.3M
Depreciation & amortization	172.4M	178.5M	30.4M	32.1M	34.2M	57.6M	62.9M	90.9M	93.4M	72.4M
Stock-based compensation	832K	957K	1.8M	1.5M	1.1M	18.4M	18.9M	-1.5M	9.7M	43.3M
Change in working capital	-150M	-59.1M	9.2M	4.3M	-9.7M	-1.2M	-28.8M	-2.9M	-17M	-67.5M
Operating cash flow	-140.3M	942.7M	504.3M	44.7M	562.9M	1.1B	446.3M	-67.9M	844.1M	283.8M
Capital expenditure	-280.5M	-222.9M	-69.2M	-34.1M	-73.9M	-234.8M	-281.3M	-332.1M	-340.7M	—
Investing cash flow	-396.2M	588.1M	-139.4M	-7.2M	-221.9M	-252.4M	-214M	-463.2M	82.8M	-334.9M
Dividends paid	0	0	-764.8M	-65.2M	-120.1M	-100.2M	-740.9M	-150.4M	-200.6M	-267.9M
Share repurchases	—	—	—	—	—	0	0	-28.1M	-10.7M	-9.6M
Financing cash flow	325.8M	377.8M	-1.2B	24.2M	280.8M	178.1M	-468.2M	365.7M	-22.5M	558.5M
Net change in cash	-210.7M	1.9B	-827.8M	61.7M	621.8M	1B	-235.9M	-165.3M	904.4M	507.5M
Free cash flow	-128.2M	153.8M	-17.1M	51M	17.4M	866K	490.1M	-55.3M	-75.6M	167.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-191M	12.1M	10M	107M	54M	463.1M	27M	6M	67M	48.3M	34M	54M
Depreciation & amortization	28M	24.9M	22M	24M	28M	21.4M	19M	17M	19M	17.4M	26M	31M
Stock-based compensation	2M	-8.5M	2M	-4M	4M	2.7M	0	11M	24M	8.3M	5M	-65M
Change in working capital	26M	-32.9M	11M	-39M	-20M	31M	3M	-40M	-11M	-19.5M	26M	-73M
Operating cash flow	-119M	18.1M	76M	109M	105M	554.1M	72M	19M	100M	102.8M	-18M	59M
Capital expenditure	-60M	-133.1M	-69M	-68M	-188M	-15.7M	-13M	—	—	—	—	—
Investing cash flow	-49M	-133.2M	-43M	67M	-175M	233.8M	-76M	-9M	-23M	-240.9M	64M	-8M
Dividends paid	0	-362K	0	-201M	0	449K	0	-253M	-8M	-6.9M	0	-201M
Share repurchases	-11M	-3.1M	—	—	-2M	-8.7M	-10M	0	0	394K	0	0
Financing cash flow	42M	179.7M	-92M	-166M	121M	114.5M	-6M	-212M	326M	450.5M	376M	-123M
Net change in cash	-126M	64.7M	-59M	10M	51M	902.4M	-10M	-202M	403M	312.5M	422M	-72M
Free cash flow	14M	-114.3M	1M	-51M	-62M	36.4M	49M	-6M	71M	53.4M	-144M	-233M

Kenon Holdings Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement