Kenon Holdings Ltd. is a US-listed company in the independent power producers & energy traders industry. Its financial year ends in December.
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~$120
Valuation models combined (3)
Base case. Range ~$90–$140. Weighted average of 3 models (justified price-to-book, residual income, dividend discount (two-stage)).
Undervalued
The price is below our entire value range; our base value is 89% above it.
Price used: $65.10, November 2, 2026
Kenon Holdings Ltd. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $872m, up 16.1% on a year earlier, faster than the 8.6% growth a quarter earlier. Free-cash-flow margin rose to 19.2% from 0.2% a year earlier. Operating margin widened to 7.2% from 4.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades A. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $126 a share, against a share price of $64.11.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Kenon Holdings Ltd.'s trailing-twelve-month revenue grew 16.1% year on year, with a free-cash-flow margin of 19.2%. Where it stands out: change in growth rate of +7.5pp ranks 1 of 5 independent power producers & energy traders companies we cover.
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 161% in the quarter to 2015-12-31.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for KEN from the sources we follow. See filings →
We value Kenon Holdings Ltd. as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.48 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. | ~$26 ~$22–$33 | Left out: far from the other models (more than 3x away from their median) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$22 ~$22–$29 | Left out: far from the other models (more than 3x away from their median) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$140 ~$120–$190 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$90 ~$71–$120 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$140 ~$110–$180 | Included |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$120 ~$90–$140 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Kenon Holdings Ltd. with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: December 3, 2026, after the close.
No analyst estimates are published for Kenon Holdings Ltd.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Dec 2015 | −$0.42 | −$1.10 | −160.7% |
| Sept 2015 | −$0.60 | −$0.62 | −3.6% |
| Jun 2015 | −$0.41 | $0.24 | +158.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY15 Q4 | $325.9M |
| FY16 Q4 | $324.3M |
| FY17 Q4 | $365.7M |
| FY18 Q4 | $364M |
| FY19 Q4 | $373.5M |
| FY20 Q4 | $386.5M |
| FY21 Q4 | $487.8M |
| FY22 Q4 | $574M |
| FY23 Q4 | $691.8M |
| FY24 Q4 | $751.3M |
| FY25 Q4 | $871.9M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY16 Q4 | -0.5% |
| FY17 Q4 | 12.8% |
| FY18 Q4 | -0.5% |
| FY19 Q4 | 2.6% |
| FY20 Q4 | 3.5% |
| FY21 Q4 | 26.2% |
| FY22 Q4 | 17.7% |
| FY23 Q4 | 20.5% |
| FY24 Q4 | 8.6% |
| FY25 Q4 | 16.1% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY15 Q4 | 75.1% |
| FY16 Q4 | -21.9% |
| FY17 Q4 | 11.6% |
| FY18 Q4 | 11.6% |
| FY19 Q4 | 15.0% |
| FY20 Q4 | 6.0% |
| FY21 Q4 | 4.6% |
| FY22 Q4 | 0.5% |
| FY23 Q4 | 6.2% |
| FY24 Q4 | 6.3% |
| FY25 Q4 | 7.2% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY15 Q4 | -69.2% |
| FY16 Q4 | -36.6% |
| FY17 Q4 | 44.9% |
| FY18 Q4 | -4.7% |
| FY19 Q4 | 13.7% |
| FY20 Q4 | 4.6% |
| FY21 Q4 | 0.2% |
| FY22 Q4 | 85.4% |
| FY23 Q4 | -8.0% |
| FY24 Q4 | -10.1% |
| FY25 Q4 | 19.2% |
| Fiscal year | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 326 | 324 | 366 | 364 | 373 | 386 | 488 | 574 | 692 | 751 | 872 |
| Gross profit | 56 | 46 | 68 | 75 | 86 | 71 | 98 | 100 | 119 | 144 | 147 |
| EBITDA | 270 | −44 | 72 | 72 | 87 | 56 | 76 | 60 | 121 | 133 | 130 |
| Operating income | 245 | −71 | 42 | 42 | 56 | 23 | 23 | 3 | 43 | 48 | 62 |
| Net income | 73 | −412 | 237 | 434 | −13 | 507 | 930 | 313 | −236 | 598 | 66 |
| Diluted EPS | — | — | — | — | — | $9.41 | $17.27 | $5.80 | −$4.42 | $11.34 | $1.27 |
| Growth (year on year) | |||||||||||
| Revenue | — | −0.5% | +12.8% | −0.5% | +2.6% | +3.5% | +26.2% | +17.7% | +20.5% | +8.6% | +16.1% |
| EBITDA | — | −116.4% | — | −0.5% | +21.0% | −35.5% | +34.7% | −21.1% | +102.1% | +10.4% | −2.6% |
| Operating income | — | −129.0% | — | −0.2% | +32.7% | −58.9% | −2.1% | −87.5% | — | +11.6% | +31.2% |
| Net income | — | −664.4% | — | +83.5% | −103.1% | — | +83.4% | −66.4% | −175.5% | — | −88.9% |
| Diluted EPS | — | — | — | — | — | — | +83.5% | −66.4% | −176.2% | — | −88.8% |
| Margins | |||||||||||
| Gross margin | 17.1% | 14.2% | 18.7% | 20.5% | 23.1% | 18.4% | 20.2% | 17.4% | 17.3% | 19.1% | 16.8% |
| EBITDA margin | 82.9% | −13.6% | 19.8% | 19.8% | 23.3% | 14.5% | 15.5% | 10.4% | 17.4% | 17.7% | 14.9% |
| Operating margin | 75.1% | −21.9% | 11.6% | 11.6% | 15.0% | 6.0% | 4.6% | 0.5% | 6.2% | 6.3% | 7.2% |
| Net margin | 22.4% | −127.0% | 64.7% | 119.3% | −3.6% | 131.2% | 190.7% | 54.5% | −34.1% | 79.6% | 7.6% |
| Free-cash-flow margin | −69.2% | −36.6% | 44.9% | −4.7% | 13.7% | 4.6% | 0.2% | 85.4% | −8.0% | −10.1% | 19.2% |
| Cash flow | |||||||||||
| Cash from operations | 290 | 162 | 392 | 52 | 85 | 92 | 241 | 771 | 277 | 265 | 284 |
| Capital spending | 516 | 281 | 228 | 69 | 34 | 74 | 240 | 281 | 332 | 341 | 116 |
| Free cash flow | −226 | −119 | 164 | −17 | 51 | 18 | 1 | 490 | −55 | −76 | 167 |
| Stock-based pay | 1 | 1 | 1 | 2 | 2 | 1 | 18 | 19 | −2 | 10 | 43 |
| Free cash flow after stock pay | −227 | −119 | 163 | −19 | 50 | 17 | −18 | 471 | −54 | −85 | 124 |
| Balance sheet | |||||||||||
| Cash | 384 | 327 | 1,417 | 131 | 147 | 286 | 475 | 535 | 697 | 1,016 | 1,478 |
| Total debt | 0 | 3,312 | 1,036 | 586 | 622 | 918 | 1,210 | 1,163 | 1,530 | 1,267 | 1,769 |
| Net debt (negative = net cash) | −384 | 2,986 | −381 | 455 | 475 | 632 | 736 | 628 | 833 | 251 | 291 |
| Diluted shares | 54m | 54m | 54m | 54m | 54m | 54m | 54m | 54m | 53m | 53m | 52m |
| Returned to shareholders | |||||||||||
| Dividends | — | — | — | 100 | 65 | 120 | 100 | 741 | 150 | 201 | 268 |
| Total returned | — | — | — | 100 | 65 | 120 | 100 | 741 | 150 | 201 | 268 |
| Last 12 months unless stated | KEN | HNRG | TAC | TLN | NRG | Median |
|---|---|---|---|---|---|---|
| Revenue, last 12 months | $872m | $452m | $1.7bn | $3.4bn | $33.1bn | $1.7bn |
| Revenue growth, last 12 months | 16.1% | 7.9% | −17.1% | 60.8% | 12.8% | 12.8% |
| Revenue growth, 3-year average | — | −8.3% | — | −8.5% | 2.9% | −8.3% |
| Revenue growth, latest quarter | — | −1.3% | — | 18.6% | 11.0% | 11.0% |
| Gross margin | 16.8% | 23.9% | 59.0% | — | 25.9% | 24.9% |
| Operating margin | 7.2% | 3.7% | 5.8% | 2.6% | 6.1% | 5.8% |
| Operating margin, 3-year average | 7.8% | −13.1% | 1.0% | 5.5% | 7.7% | 5.5% |
| Net margin | 7.6% | −0.2% | −5.7% | −5.4% | 2.6% | −0.2% |
| Cash from operations / revenue | 32.5% | 6.2% | 26.9% | 23.2% | 4.7% | 23.2% |
| Free-cash-flow margin | 19.2% | −11.2% | 16.0% | 16.5% | 1.1% | 16.0% |
| Free-cash-flow margin, 3-year average | 21.4% | −2.9% | 15.0% | 11.5% | 3.9% | 11.5% |
| Stock pay / revenue | 5.0% | 1.0% | — | 16.5% | 0.4% | 3.0% |
| Change in share count | −1.1% | 5.3% | −1.7% | −8.5% | −0.2% | −1.1% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 16.1% | 12.8% | 2 of 5 |
| Change in growth rate Growth | +7.5pp | -0.7pp | 1 of 5 |
| Operating margin Profitability | 7.2% | 5.8% | 1 of 5 |
| Net margin Profitability | 7.6% | -0.2% | 1 of 5 |
| Free-cash-flow margin Cash generation | 19.2% | 16.0% | 1 of 5 |
| Long-term debt as % of assets Balance sheet | 30.7% | 39.5% | 2 of 5 |
| Change in share count Balance sheet | -1.1% | -1.1% | 3 of 5 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Clal Insurance Enterprises Holdings Ltd | $262M | 3.9M | 53.7% | ▼ 3.9% |
| Vanguard Capital Management LLC | $37.7M | 558K | 7.7% | ▲ 0.6% |
| Assenagon Asset Management S.A. | $26.8M | 396K | 5.5% | New |
| Goldman Sachs Group Inc | $21.8M | 327K | 4.5% | ▲ 128.6% |
| Altshuler Shaham Ltd | $19.6M | 290K | 4.0% | ▲ 53.2% |
| UBS Group AG | $16.9M | 253K | 3.5% | ▲ 101.9% |
| Arrowstreet Capital, Limited Partnership | $13.2M | 196K | 2.7% | ▼ 21.3% |
| Vanguard Fiduciary Trust Co | $11.7M | 174K | 2.4% | ▲ 0.2% |
| Blackrock, Inc. | $10.3M | 154K | 2.1% | ▲ 22.5% |
| Jpmorgan Chase & Co | $9.5M | 141K | 1.9% | ▲ 351.8% |
| Y.D. More Investments Ltd | $5.5M | 81K | 1.1% | ▼ 61.8% |
| Canada Pension Plan Investment Board | $4.2M | 63K | 0.9% | ▼ 1.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Kenon Holdings Ltd.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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