Ormat Technologies Inc. (ORA) 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 %
Q2 26	$0.26	$0.5	+92.3%	—	$258.8M	—
Q1 26	$0.9	$1.3	+44.4%	—	$403.9M	—
Q4 25	$0.64	$0.67	+4.7%	—	$276M	—
Q2 25	$0.38	$0.48	+26.3%	—	$234M	—
Q1 25	$0.59	$0.68	+15.3%	—	$229.8M	—
Q4 24	$0.5	$0.72	+44.0%	—	$230.7M	—
Q3 24	$0.31	$0.42	+35.5%	—	$211.8M	—
Q2 24	$0.38	$0.4	+5.3%	—	$213M	—
Q1 24	$0.61	$0.65	+6.6%	—	$224.2M	—
Q4 23	$0.56	$0.67	+19.6%	—	$241.3M	—
Q3 23	$0.35	$0.59	+68.6%	—	$208.1M	—
Q2 23	$0.34	$0.4	+17.6%	—	$194.8M	—
Q1 23	$0.5	$0.51	+2.0%	—	$185.2M	—
Q4 22	$0.48	$0.73	+52.1%	—	$205.5M	—
Q3 22	$0.26	$0.33	+26.9%	—	$175.9M	—
Q2 22	$0.2	$0.22	+10.0%	—	$169.1M	—

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	—	$2.04	—	—	$989.5M	—
FY24	—	$2.05	—	—	$879.7M	—
FY23	—	$2.09	—	—	$829.4M	—
FY22	—	$1.17	—	—	$734.2M

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	$662.6M	$692.8M	$719.3M	$746M	$705.3M	$663.1M	$734.2M	$829.4M	$879.7M	$989.5M
YoY change	+11.4%	+4.56%	+3.82%	+3.72%	-5.46%	-5.99%	+10.7%	+13%	+6.06%	+12.5%

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	662.6M	692.8M	719.3M	746M	705.3M	663.1M	734.2M	829.4M	879.7M	989.5M
Cost of revenue	391.8M	424.4M	448.8M	476.7M	429.1M	398.7M	465.3M	565.4M	607M	716.9M
Gross profit	270.8M	268.5M	270.4M	269.3M	276.3M	264.3M	268.8M	264M	272.6M	272.7M
Gross margin	40.9%	38.7%	37.6%	36.1%	39.2%	39.9%	36.6%	31.8%	31%	27.6%
Research & development	2.8M	3.2M	4.2M	4.6M	5.4M	4.1M	5.1M	7.2M	6.5M	6.3M
Selling, general & administrative	63.1M	58.5M	67.6M	70.9M	77.6M	91.1M	77.5M	86.5M	97.8M	98.5M
Operating expenses	65.9M	61.6M	71.7M	75.5M	83M	95.2M	82.5M	93.7M	94.9M	90M
Operating income	204.9M	206.8M	198.7M	193.8M	193.3M	169.1M	186.3M	170.3M	177.7M	182.7M
Operating margin	30.9%	29.9%	27.6%	26%	27.4%	25.5%	25.4%	20.5%	20.2%	18.5%
Non-operating income, net	2.6M	17.1M	8.4M	22.4M	51.7M	15M	-6.3M	55.7M	63.8M	58.8M
Pretax income	141.1M	170.7M	137.2M	137.3M	168.7M	103.6M	95.6M	139.1M	115.4M	105.7M
Income tax	37.1M	21.7M	34.7M	45.6M	67M	24.9M	14.7M	6M	-16.3M	-20.3M
Net income	96.3M	147.1M	110.1M	93.5M	101.8M	76.1M	77.8M	133.1M	131.2M	127M
Net margin	14.5%	21.2%	15.3%	12.5%	14.4%	11.5%	10.6%	16.1%	14.9%	12.8%
EBITDA	323M	339.2M	358.7M	365.8M	378.7M	383.7M	421.7M	469.8M	521.7M	548M
EPS	1.9	3.37	1.93	1.73	1.66	1.11	1.17	2.09	2.05	2.04
Diluted EPS	1.87	3.37	1.92	1.72	1.65	1.1	1.17	2.08	2.04	2.02

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	208.1M	241.3M	224.2M	213M	211.8M	230.7M	229.8M	234M	249.7M	276M	403.9M	258.8M
Cost of revenue	148.1M	162.9M	145.4M	151.6M	152.9M	157.2M	156.8M	177.1M	185.7M	197.2M	283.5M	190.1M
Gross profit	60M	78.5M	78.8M	61.4M	58.9M	73.6M	72.9M	56.9M	64M	78.8M	120.4M	68.7M
Gross margin	28.8%	32.5%	35.2%	28.8%	27.8%	31.9%	31.7%	24.3%	25.6%	28.6%	29.8%	26.5%
Research & development	1.4M	2.5M	1.6M	1.7M	1.8M	1.4M	2.5M	1.4M	1.3M	1M	1.1M	1.5M
Selling, general & administrative	18.7M	23M	24.7M	22.2M	27.2M	23.7M	22.1M	24.2M	25.1M	27.2M	32.9M	27.1M
Operating expenses	20.1M	25.4M	26.2M	23.9M	22.8M	22M	21.5M	21.3M	23.2M	23.9M	29.9M	27.6M
Operating income	39.9M	53M	52.6M	37.5M	36.1M	51.6M	51.4M	35.6M	40.8M	54.9M	90.4M	41.1M
Operating margin	19.2%	22%	23.5%	17.6%	17%	22.3%	22.4%	15.2%	16.3%	19.9%	22.4%	15.9%
Non-operating income, net	11.9M	19.2M	15.9M	13.2M	21.4M	13.3M	19.3M	21.1M	13.2M	5.2M	-18.3M	12.9M
Pretax income	29.6M	48.8M	39.4M	19.6M	24.7M	31.7M	37.6M	22M	20M	26.2M	28.6M	17.2M
Income tax	-7.1M	8.2M	-147K	-3.2M	-1.2M	-11.8M	-3.8M	-5.5M	-4.3M	-6.7M	-15.5M	-9.7M
Net income	36.3M	38.8M	40.4M	24M	24.3M	42.6M	41M	28.2M	24.7M	33M	44.6M	26M
Net margin	17.5%	16.1%	18%	11.3%	11.5%	18.5%	17.9%	12%	9.89%	12%	11%	10.1%
EBITDA	115.2M	135.2M	134.3M	119.7M	124.6M	143.1M	140.3M	123.9M	131.9M	151.9M	161.7M	147.3M
EPS	0.59	0.59	0.64	0.37	0.37	0.67	0.67	0.46	0.4	0.52	0.72	0.44
Diluted EPS	0.59	0.59	0.64	0.37	0.36	0.67	0.66	0.46	0.39	0.5	0.71	0.43

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	2.7B	3.2B	2.6B	3.8B	4.7B	4.4B	4.8B	4.5B	4.1B	6.7B	5.6B
Enterprise value	3.4B	4.1B	3.8B	5B	5.7B	6.1B	6.8B	6.4B	6.5B	9.4B	8.8B
Shares outstanding	49.5M	50.6M	50.6M	50.9M	51.6M	56M	56.1M	59.4M	60.5M	60.7M	60.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	27.5	22	24.1	40.5	45.7	58.4	62.3	33.8	31.2	52.8	45.9
P/S	4	4.67	3.68	5.08	6.6	6.7	6.6	5.43	4.65	6.78	4.84
P/B	2.27	2.5	1.83	2.5	2.39	2.21	2.39	1.84	1.6	2.49	2.22
EV/EBITDA	10.4	12.1	10.6	13.6	15	15.9	16.1	13.7	12.4	17.2	16.7
EV/Sales	5.07	5.92	5.31	6.69	8.07	9.19	9.27	7.74	7.33	9.52	7.41
Earnings yield	3.63%	4.54%	4.16%	2.47%	2.19%	1.71%	1.6%	2.96%	3.21%	1.89%	2.18%
FCF yield	0.28%	-0.45%	-4.25%	-1.15%	-1.2%	-3.61%	-5.83%	-6.86%	-1.87%	-4.25%	-5.72%
PEG	—	—	—	—	—	—	—	—	—	—	-10.6

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	40.9%	38.7%	37.6%	36.1%	39.2%	39.9%	36.6%	31.8%	31%	27.6%	26.5%
Operating margin	30.9%	29.9%	27.6%	26%	27.4%	25.5%	25.4%	20.5%	20.2%	18.5%	13.6%
Net margin	14.5%	21.2%	15.3%	12.5%	14.4%	11.5%	10.6%	16.1%	14.9%	12.8%	10.7%
ROE	8.24%	11.4%	7.62%	6.17%	5.22%	3.79%	3.83%	5.43%	5.13%	4.72%	4.78%
ROA	3.91%	5.61%	3.53%	2.88%	2.62%	1.72%	1.69%	2.56%	2.32%	2.03%	2.04%
ROIC	8.05%	8.35%	5.68%	4.77%	3.9%	3.51%	3.95%	3.73%	3.61%	3.38%	4.03%
Return on tangible assets	4.11%	6.1%	4.11%	3.3%	2.95%	2.16%	2.07%	3.02%	2.76%	2.37%	2.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.5	1.14	1.31	1.1	3.13	1.11	1.33	1.2	0.91	0.81	1.05
Quick ratio	2.44	1.07	1.18	1.01	2.99	1.05	1.26	1.12	0.85	0.75	1
Debt / equity	0.8	0.71	0.88	0.84	0.76	0.96	1.01	0.86	0.96	1.06	1.24
Debt / assets	0.38	0.35	0.41	0.39	0.38	0.44	0.45	0.41	0.43	0.46	0.5
Net debt / EBITDA	2.19	2.55	3.26	3.27	2.73	4.31	4.64	4.09	4.52	4.94	4.89
Interest coverage	3.09	4.15	2.93	2.71	3.16	2.25	2.09	2.41	1.86	1.75	1.58
Effective tax rate	26.3%	12.7%	25.3%	33.2%	39.7%	24%	15.4%	4.3%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.4	13.7	14.2	14.7	13.7	11.8	13.1	14	14.6	16.3	19.5
EPS (basic)	1.9	3.37	1.93	1.73	1.66	1.11	1.17	2.09	2.05	2.04	2.04
EPS (diluted)	1.87	3.37	1.92	1.72	1.65	1.1	1.17	2.08	2.04	2.02	2.04
Book value per share	23.6	25.6	28.5	29.8	37.8	35.9	36.2	41.3	42.4	44.3	42.2
FCF per share	0.15	-0.29	-2.23	-0.86	-1.08	-2.86	-5.04	-5.2	-1.27	-4.69	-4.23
Cash per share	4.65	0.94	1.95	1.4	8.69	5.05	1.71	3.3	1.56	2.43	8.35
Capex per share	—	—	—	—	—	—	—	—	—	10.2	8.7

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	62.6%	45.8%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	185%	194.8%
Payout ratio	26.7%	13.9%	24.4%	23.9%	22.1%	35.5%	34.9%	21.3%	22.2%	22.9%	23.5%
Dividend yield	0.97%	0.63%	1.01%	0.59%	0.48%	0.61%	0.56%	0.63%	0.71%	0.43%	0.53%

Yield

0.53%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.12

ex-dividend Aug 19, 2026

Payout ratio

24%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$0.12
May 20, 2026	$0.12
Mar 10, 2026	$0.12

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	$208.1M	$241.3M	$224.2M	$213M	$211.8M	$230.7M	$229.8M	$234M	$249.7M	$276M	$403.9M	$258.8M
YoY change	+18.3%	+17.4%	+21%	+9.33%	+1.79%	-4.39%	+2.5%	+9.89%	+17.9%	+19.6%	+75.8%	+10.6%

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	230.2M	47.8M	98.8M	71.2M	448.3M	282.6M	95.9M	195.8M	94.4M	147.4M
Receivables	80.8M	110.4M	137.6M	154.5M	149.2M	122.9M	128.8M	208.7M	164.1M	164.8M
Inventory	12M	19.6M	45M	34.9M	35.3M	28.4M	22.8M	45M	38.1M	45.3M
Total current assets	472.8M	321.6M	473.1M	415.7M	779.2M	601.9M	456.7M	646M	547.1M	597.8M
Property, plant & equipment	1.9B	2B	2.2B	2.4B	2.6B	3B	3.4B	3.8B	4.3B	4.8B
Goodwill & intangibles	118.8M	212.9M	439.6M	412.7M	438M	906.5M	848.3M	796.3M	905.5M	885.6M
Total assets	2.5B	2.6B	3.1B	3.3B	3.9B	4.4B	4.6B	5.2B	5.7B	6.2B
Accounts payable	48.3M	64.3M	56.3M	73.3M	75.8M	75.2M	77.6M	140.7M	124.7M	124M
Short-term debt	66M	109.3M	227.2M	231.9M	84.7M	391.7M	185.7M	303.8M	340.7M	490.5M
Total current liabilities	189.3M	283.3M	361.9M	376.5M	248.6M	544.2M	343.9M	537M	598.1M	738.4M
Long-term debt	872.9M	804.3M	1B	1B	1.4B	1.5B	1.9B	1.8B	2.1B	2.4B
Total liabilities	1.3B	1.3B	1.7B	1.7B	1.9B	2.4B	2.6B	2.8B	3.1B	3.6B
Shareholders' equity	1.2B	1.3B	1.4B	1.5B	2B	2B	2B	2.5B	2.6B	2.7B
Total debt	938.8M	913.6M	1.3B	1.3B	1.5B	1.9B	2.1B	2.1B	2.5B	2.9B
Net debt	708.6M	865.8M	1.2B	1.2B	1B	1.7B	2B	1.9B	2.4B	2.7B

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	78.1M	195.8M	201.5M	66.3M	88.1M	94.4M	112.7M	88.5M	79.6M	147.4M	654.6M	513.7M
Receivables	164.7M	208.7M	154.6M	147.3M	153.1M	164.1M	173.6M	154.3M	150.1M	164.8M	170.9M	172.6M
Inventory	44.8M	45M	53.9M	44.6M	47.4M	38.1M	42.1M	44.9M	44.6M	45.3M	45.6M	47.3M
Total current assets	515.7M	646M	609.2M	517M	537.5M	547.1M	600.9M	508.9M	504.7M	597.8M	1.1B	1B
Property, plant & equipment	3.8B	3.8B	4.1B	4.2B	4.2B	4.3B	4.4B	4.6B	4.7B	4.8B	4.8B	4.8B
Goodwill & intangibles	807.9M	796.3M	949.6M	935.2M	922.4M	905.5M	893M	918.9M	899.4M	885.6M	870.6M	856.1M
Total assets	5B	5.2B	5.5B	5.5B	5.6B	5.7B	5.8B	6B	6.1B	6.2B	6.8B	6.8B
Accounts payable	—	140.7M	—	—	—	124.7M	—	—	—	124M	—	—
Short-term debt	301.9M	303.8M	327.8M	331.1M	338.4M	340.7M	365.7M	480.4M	432.1M	490.5M	816.7M	781.4M
Total current liabilities	540M	537M	546.3M	530.7M	566.3M	598.1M	619.2M	730.7M	654.8M	738.4M	1B	975.9M
Long-term debt	1.7B	1.8B	2.1B	2B	2.1B	2.1B	2.2B	2.3B	2.3B	2.4B	2.6B	2.6B
Total liabilities	2.6B	2.8B	3B	3B	3.1B	3.1B	3.2B	3.4B	3.4B	3.6B	4.1B	4B
Shareholders' equity	2.4B	2.5B	2.5B	2.5B	2.5B	2.6B	2.6B	2.6B	2.7B	2.7B	2.7B	2.7B
Total debt	2B	2.1B	2.4B	2.4B	2.4B	2.5B	2.6B	2.7B	2.8B	2.9B	3.4B	3.4B
Net debt	1.9B	1.9B	2.2B	2.3B	2.3B	2.4B	2.5B	2.6B	2.7B	2.7B	2.8B	2.9B

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	96.3M	147.1M	110.1M	93.5M	101.8M	76.1M	77.8M	133.1M	131.2M	127M
Depreciation & amortization	106M	115.1M	132.2M	148.8M	156.6M	183M	198.8M	224.8M	262.9M	292.1M
Stock-based compensation	5.2M	8.8M	10.2M	9.4M	9.8M	9.2M	11.6M	15.5M	20.2M	19.4M
Change in working capital	-53.8M	-25M	-56.7M	-21.6M	24M	40.8M	-27.4M	-101.9M	85K	-66.1M
Operating cash flow	163.4M	195.8M	204.6M	251.1M	276.1M	302M	235.4M	250.3M	402.9M	335.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	-619.8M
Investing cash flow	-20M	-84.9M	-83.9M	25.4M	-65.2M	-218.9M	40.1M	-10M	-292.6M	-726.2M
Dividends paid	-25.7M	-20.5M	-26.8M	-22.4M	-22.5M	-27M	-27.1M	-28.4M	-29.1M	-29.1M
Share repurchases	—	—	—	—	0	0	-18M	0	0	—
Financing cash flow	-333M	-1.1B	-3.7B	-1.6B	-836.5M	186.4M	-92.9M	344.6M	82.4M	-1.4B
Net change in cash	-189.5M	-1B	-3.6B	-1.3B	-625.6M	269.5M	182.5M	585M	192.7M	-1.8B
Free cash flow	7.4M	-14.5M	-112.7M	-43.5M	-55.7M	-160.4M	-282.5M	-309M	-76.8M	-284.7M

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	36.3M	38.8M	40.4M	24M	24.3M	42.6M	41M	28.2M	24.7M	33M	44.6M	26M
Depreciation & amortization	57.5M	59.9M	62.4M	63.8M	66.7M	70M	69.8M	70M	75M	77.3M	76.4M	79.6M
Stock-based compensation	3.9M	4.2M	4.8M	5.1M	5M	5.3M	4.9M	4.6M	4.9M	4.9M	4.7M	6.2M
Change in working capital	-39.7M	-33M	43M	-11.4M	-21.4M	-10.1M	1M	10.2M	-25.7M	-51.7M	-21.9M	-18M
Operating cash flow	39.6M	94.4M	134.7M	65.2M	56.7M	146.3M	103M	96.9M	45.2M	105M	78.6M	50.6M
Capital expenditure	—	—	—	—	—	—	—	-134.8M	-147.3M	-145.1M	-113.8M	-138M
Investing cash flow	-1.1M	-360K	-274.4M	-289K	-10.4M	-7.4M	-15.3M	-224.5M	-147.4M	-146.6M	-217.6M	-138.1M
Dividends paid	-7.2M	-7.2M	-7.2M	-7.3M	-7.3M	-7.3M	-7.3M	-7.3M	-7.3M	-7.2M	-7.5M	-7.2M
Share repurchases	0	0	—	—	—	—	—	—	—	—	-24.4M	0
Financing cash flow	-65.5M	97.1M	213.9M	-18.8M	-67.7M	-45M	-191.9M	-146.7M	-725.8M	-363.3M	34.7M	-17.1M
Net change in cash	-27M	191.1M	74.1M	46.1M	-21.4M	94M	-104.2M	-274.3M	-828.1M	-404.9M	-104.4M	-104.6M
Free cash flow	-142.3M	-30.4M	11.8M	-116.1M	-3.3M	30.9M	-104.6M	-37.9M	-102.1M	-40M	-35.2M	-87.4M

Ormat Technologies Inc. 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