ORMAT TECHNOLOGIES, INC. ORA

Utilities SIC 4911 - Electric Services NAICS Utilities › Electric Power Generation, Transmission and Distribution derived NYSE

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.

Last close 87.09 2026-10-23
Market cap $5.36B 2026-06-30 share count
52-week range 85.77 - 146.39

Valuation FY2025 figures against the last close

P/S5.4x
P/E43.1x
P/FCF—
EV/EBITDA17.1x
Dividend yield0.5%
Diluted EPS2.02

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • New Zealand
  • Kenya
  • Dominica
  • Other foreign countries
  • Honduras
  • Guatemala
  • Other
Revenue by geography, 8 categories over 1 years. The same figures are in the table below. FY2025 United States, FY2025: 590.3M (59.7%) 60% United States New Zealand, FY2025: 128.8M (13.0%) 13% New Zealand Kenya, FY2025: 117.4M (11.9%) 12% Kenya Dominica, FY2025: 48.9M (4.9%) 5% Other foreign countries, FY2025: 40.8M (4.1%) 4% Honduras, FY2025: 28.7M (2.9%) Guatemala, FY2025: 28M (2.8%) Other, FY2025: 6.6M (0.7%)
Region FY2025
United States $590.3M
New Zealand $128.8M
Kenya $117.4M
Dominica $48.9M
Other foreign countries $40.8M
Honduras $28.7M
Guatemala $28.0M
Other $6.6M

As the company reported it, from the “BUSINESS SEGMENTS - Schedule of Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 2.042.052.091.171.111.661.731.932.641.79
EPS, diluted 2.022.042.081.171.101.651.721.922.611.77
Shares, diluted (wtd. avg.) 61.4M60.8M59.8M56.5M56.4M51.9M51.2M51.0M50.8M50.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 250M 500M 750M 1B Revenue, FY2016: 662.6M Gross profit, FY2016: 270.8M Net income, FY2016: 88.7M Revenue, FY2017: 692.8M Gross profit, FY2017: 268.5M Net income, FY2017: 132.4M Revenue, FY2018: 719.3M Gross profit, FY2018: 270.4M Net income, FY2018: 98M Revenue, FY2019: 746M Gross profit, FY2019: 269.3M Net income, FY2019: 88.1M Revenue, FY2020: 705.3M Gross profit, FY2020: 276.3M Net income, FY2020: 85.5M Revenue, FY2021: 663.1M Gross profit, FY2021: 264.3M Net income, FY2021: 76.1M Revenue, FY2022: 734.2M Gross profit, FY2022: 268.8M Net income, FY2022: 77.8M Revenue, FY2023: 829.4M Gross profit, FY2023: 264M Net income, FY2023: 133.1M Revenue, FY2024: 879.7M Gross profit, FY2024: 272.6M Net income, FY2024: 131.2M Revenue, FY2025: 989.5M Gross profit, FY2025: 272.7M Net income, FY2025: 127M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $662.6M $692.8M $719.3M $746.0M $705.3M $663.1M $734.2M $829.4M $879.7M $989.5M
Gross profit $270.8M $268.5M $270.4M $269.3M $276.3M $264.3M $268.8M $264.0M $272.6M $272.7M
Net income $88.7M $132.4M $98.0M $88.1M $85.5M $76.1M $77.8M $133.1M $131.2M $127.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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