ORMAT TECHNOLOGIES, INC. ORA
We are a leading vertically integrated company primarily engaged in the geothermal power business. We leverage our core capabilities, proprietary technologies, and global presence to expand our activities in conventional geothermal development, recovered energy generation and emerging geothermal technologies, including piloting of new EGS technologies. In addition, we are expanding into different complementary energy solutions, including stand alone utility scale energy storage services and solar PV generation (including hybrid geothermal and solar PV as well as solar plus energy storage). Our objective is to become a leading global provider of renewable energy and to help mitigate climate change by providing reliable base-load and flexible alternatives to carbon-intensive energy sources. To support this objective, we have adopted a strategic plan focused on several key initiatives to expand our business, including advancing EGS through collaborations and pilot projects, diversifying our renewable energy offerings, and leveraging our operational expertise to drive long-term growth.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $989.5M | $879.7M | $829.4M | $734.2M | $663.1M | $705.3M | $746.0M | $719.3M | $692.8M | $662.6M |
| Cost of revenue | $716.9M | $607.0M | $565.4M | $465.3M | $398.7M | $429.1M | $476.7M | $448.8M | $424.4M | $391.8M |
| Gross profit | $272.7M | $272.6M | $264.0M | $268.8M | $264.3M | $276.3M | $269.3M | $270.4M | $268.5M | $270.8M |
| R&D | $6.3M | $6.5M | $7.2M | $5.1M | $4.1M | $5.4M | $4.6M | $4.2M | $3.2M | $2.8M |
| SG&A | $79.6M | $80.1M | $68.2M | $61.3M | $75.9M | $60.2M | $55.8M | $47.8M | $42.9M | $46.7M |
| Operating income | $169.2M | $172.5M | $166.6M | $152.8M | $169.4M | $214.0M | $193.8M | $185.1M | $205.0M | $201.9M |
| Interest expense | $141.9M | $134.0M | $98.9M | $87.7M | $82.7M | $78.0M | $80.4M | $70.9M | $54.1M | $67.4M |
| Pre-tax income | $105.7M | $115.4M | $139.1M | $95.6M | $103.6M | $168.7M | $137.3M | $137.2M | $170.7M | $141.1M |
| Income tax | $20.3M | $16.3M | $6.0M | $14.7M | $24.9M | $67.0M | $45.6M | $34.7M | $21.7M | $37.1M |
| Net income | $127.0M | $131.2M | $133.1M | $77.8M | $76.1M | $85.5M | $88.1M | $98.0M | $132.4M | $88.7M |
| EPS, basic | 2.04 | 2.05 | 2.09 | 1.17 | 1.11 | 1.66 | 1.73 | 1.93 | 2.64 | 1.79 |
| EPS, diluted | 2.02 | 2.04 | 2.08 | 1.17 | 1.10 | 1.65 | 1.72 | 1.92 | 2.61 | 1.77 |
| Shares, diluted (wtd. avg.) | $61.4M | $60.8M | $59.8M | $56.5M | $56.4M | $51.9M | $51.2M | $51.0M | $50.8M | $50.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $147.4M | $94.4M | $195.8M | $95.9M | $239.3M | $448.3M | $71.2M | $98.8M | $47.8M | $230.2M |
| Receivables | $164.8M | $164.1M | $208.7M | $128.8M | $122.9M | $149.2M | $154.5M | $137.6M | $110.4M | $80.8M |
| Inventory | $45.3M | $38.1M | $45.0M | $22.8M | $28.4M | $35.3M | $34.9M | $45.0M | $19.6M | $12.0M |
| Total current assets | $597.8M | $547.1M | $646.0M | $456.7M | $601.9M | $779.2M | $415.7M | $473.1M | $321.6M | $472.8M |
| Property, plant and equipment | $3.67B | $3.50B | $3.00B | $2.49B | $2.29B | $2.10B | $1.97B | $1.96B | $1.73B | $1.56B |
| Goodwill | $168.2M | $151.0M | $90.5M | $90.3M | $90.0M | $24.6M | $20.1M | $19.9M | $21.0M | $6.7M |
| Other intangibles | $274.5M | $301.7M | $307.6M | $333.8M | $363.3M | $194.4M | $186.2M | $199.9M | $85.4M | $52.8M |
| Total assets | $6.25B | $5.67B | $5.21B | $4.61B | $4.43B | $3.89B | $3.25B | $3.12B | $2.62B | $2.46B |
| Accounts payable | $234.8M | $234.3M | $214.5M | $149.4M | $143.2M | $152.8M | $141.9M | $116.4M | $153.8M | $91.7M |
| Short-term debt | — | — | — | — | — | — | — | $159.0M | $51.5M | — |
| Total current liabilities | $738.4M | $598.1M | $537.0M | $343.9M | $544.2M | $248.6M | $376.5M | $361.9M | $283.3M | $189.3M |
| Long-term debt | $2.66B | $2.34B | $1.99B | $2.05B | $1.93B | $1.47B | $1.17B | $1.13B | $877.1M | $956.5M |
| Total liabilities | $3.56B | $3.11B | $2.76B | $2.58B | $2.42B | $1.94B | $1.73B | $1.67B | $1.32B | $1.29B |
| Retained earnings | $909.3M | $814.5M | $719.9M | $623.9M | $585.2M | $550.1M | $487.9M | $422.2M | $327.3M | $215.4M |
| Total equity | $2.54B | $2.43B | $2.44B | $2.02B | $2.00B | $1.94B | $1.52B | $1.45B | $1.32B | $1.17B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $335.1M | $410.9M | $309.4M | $281.0M | $258.8M | $265.0M | $236.5M | $145.8M | $245.6M | $159.3M |
| Depreciation and amortisation | $292.1M | $262.9M | $224.8M | $198.8M | $183.0M | $156.6M | $148.8M | $132.2M | $115.1M | $106.0M |
| Stock-based compensation | $19.4M | $20.2M | $15.5M | $11.6M | $9.2M | $9.8M | $9.4M | $10.2M | $8.8M | $5.2M |
| Capital expenditure | $619.8M | $487.7M | $618.4M | $563.5M | $419.3M | $320.7M | $280.0M | $258.5M | $259.2M | $151.9M |
| Investing cash flow | -$726.4M | -$780.3M | -$628.3M | -$523.4M | -$638.2M | -$386.0M | -$254.5M | -$342.4M | -$345.5M | -$173.8M |
| Financing cash flow | $465.7M | $287.9M | $380.0M | $126.3M | $186.4M | $503.5M | -$5.8M | $251.1M | -$67.9M | $43.5M |
| Dividends paid | $29.1M | $29.1M | $28.4M | $27.1M | $27.0M | $22.5M | $22.4M | $26.8M | $20.5M | $25.7M |
| Buybacks | — | $0 | $0 | $18.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-166752.
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| D | DOMINION ENERGY, INC | $57.90B | 19.1x | 16.5% |
| VST | Vistra Corp. | $50.11B | 68.5x | 19.1% |
| DTE | DTE ENERGY CO | $28.31B | 19.4x | — |
| FE | FIRSTENERGY CORP | $27.05B | 26.6x | 12.0% |
| ES | EVERSOURCE ENERGY | $26.76B | 15.6x | 14.3% |