Kenon Holdings Ltd. key statistics and ratios

In fiscal 2025, Kenon Holdings Ltd. had return on equity of 4.1%, an operating margin of 7.2%, debt equal to 111.4% of equity and a current ratio of 4.94. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Kenon Holdings Ltd.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	17.1%	14.2%	18.7%	20.5%	23.1%	18.4%	20.2%	17.4%	17.3%	19.1%	16.8%
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%
Return on equity	5.8%	−42.4%	28.4%	53.2%	−2.1%	60.0%	65.0%	18.4%	−16.8%	42.5%	4.1%
Return on assets	—	−8.0%	6.2%	21.8%	−0.9%	25.4%	28.5%	8.0%	−6.0%	14.4%	1.4%
Asset turnover	—	0.06	0.10	0.18	0.25	0.19	0.15	0.15	0.18	0.18	0.18
Current ratio	—	0.82	1.87	3.64	3.14	4.04	1.30	5.50	3.05	6.91	4.94
Debt to equity	0.0%	486.2%	105.4%	90.4%	99.8%	86.1%	67.5%	72.8%	127.2%	78.8%	111.4%
Interest cover (operating income ÷ interest)	—	—	—	—	—	154.4x	41.0x	4.9x	61.8x	54.5x	105.0x
Effective tax rate	28.1%	—	—	2.5%	—	0.9%	0.5%	46.2%	31.0%	43.5%	16.0%
R&D as % of revenue	—	—	—	0.3%	0.5%	0.5%	0.3%	2.6%	2.3%	1.6%	0.5%
Capital spending as % of revenue	158.3%	86.6%	62.2%	19.0%	9.1%	19.3%	49.1%	49.0%	48.0%	45.3%	13.4%
Free cash flow ÷ net income	−309.2%	—	69.4%	−3.9%	—	3.5%	0.1%	156.8%	—	−12.6%	252.6%
Dividends ÷ net income	—	—	—	23.0%	—	23.7%	10.8%	237.0%	—	33.6%	404.3%
Dividends and buybacks ÷ free cash flow	—	—	—	—	127.2%	677.1%	>999%	151.2%	—	—	160.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · December 31, 2025

What it owns · $5.4bn

Short-term assets $1.8bnLonger-term assets $3.6bn

What it owes, and who funded it · $3.8bn

Short-term liabilities $365mLonger-term liabilities $1.8bnShareholders' equity $1.6bn

Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $365m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.8bn short-term assets against $1.8bn of longer-dated liabilities.
More cash than debt $1.5bn of cash against $1.7bn of debt.
Debt below 40% of shareholders' equity Debt is 104% of equity.
Debt burden no higher than five years ago Debt to equity moved from 82% to 104% over five years.
A year's operating cash flow covers at least 20% of debt $284m of operating cash flow against $1.7bn of debt.
Operating profit covers interest at least five times over Operating income of $62m against $594,000 of interest.

From Kenon Holdings Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Kenon Holdings Ltd.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Kenon Holdings Ltd.