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Ormat Technologies, Inc. (ORA) stock

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NYSE: ORA NYSE Renewable Electricity Next results ~November 4, 2026

B Fundamentals grade

Ormat Technologies, Inc. is a US-listed company in the renewable electricity industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$35

Valuation models combined (4)

Base case. Range ~$22–$42. Weighted average of 4 models (utility earnings model, forward price-to-earnings vs peers, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 62% below it.

Price used: $91.87, November 2, 2026

Ormat Technologies, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 11 selling0 purchases and 24 sales by directors and officers, last 12 monthsInsider trades
  • Funds242 adding, 162 cuttingOf 45 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ormat Technologies files

Where Ormat Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.19bn, up 31.1% on a year earlier, about the same pace as a quarter earlier. That growth ranks 2 of 56 among the utilities companies we cover. Free-cash-flow margin fell to -22.3% from -12.7% a year earlier. Operating margin narrowed to 16.6% from 18.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $32.97 a share, against a share price of $91.64.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

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.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Ormat Technologies, Inc.'s trailing-twelve-month revenue grew 31.1% year on year, with a free-cash-flow margin of -22.3%. Where it stands out: revenue growth of 31.1% ranks 2 of 10 renewable electricity companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 130.3% while net income fell 3.6%: a 127pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 31.1% over the last 12 months, against a median of 10.6% for renewable electricity companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $91.87 is 62% above our value per share of $35.
  • Burning cash. Free cash flow was -22.3% of revenue over the last 12 months.
  • High earnings multiple. The shares trade at 45 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 11 insiders sold $12M of stock over the past 365 days and none bought (27% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was -209% of net income over the last 12 months.
  • Heavily shorted. 11.2% of the shares available to trade are sold short (6.7 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.50 against an average estimate of $0.26: beat by 92.7%
Revenue
$259m, up 10.6% on a year earlier
Share reaction
+7.3% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 4, 2026; average EPS estimate $0.35

Ormat Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.4%
  • 1 week+5.4%
  • 1 month-1.1%
  • This year-16.6%
  • 1 year-13.3%
  • 5 years+27.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
16.6%
Net margin
10.7%
EPS (TTM, diluted)
$2.04

Growth

Revenue growth
+31.1%
Change in growth rate
−0.3 pts
Share count change
+1.8%

Cash

Free cash flow (TTM)
-$265M
FCF margin
-22.3%
Stock pay % of revenue
1.8%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ormat Technologies, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$35
Price used
$93.34close November 3, 2026
Implied change
▼ 63%
Uncertainty
Medium

How we got here: the combined value of 4 valuation models built for a business like Ormat Technologies, Inc. (see the models table below and how they are combined) , with a 7.52% cost of equity. The models span ~$22–~$42; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Ormat Technologies, Inc. as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.57 times a 4.5% equity risk premium.

Value per share by model
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. ~$42 ~$35–$53 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$39 ~$39–$49 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$17 ~$14–$21 Left out: out of range vs price (0.18x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$27 ~$17–$44 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$22 ~$17–$29 Included
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. ~$35 ~$22–$42 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ormat Technologies, Inc. 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$33.79$50.30$60.42$49.90$71.58$87.27$77.16$84.63$74.63$67.13$110.13$91.87
Market value$1.7bn$2.5bn$3.1bn$2.5bn$3.7bn$4.5bn$4.4bn$4.8bn$4.5bn$4.1bn$6.8bn$5.7bn
+ Net debt (− = net cash)$735m$726m$881m$1.2bn$1.1bn$1.0bn$1.7bn$2.0bn$1.9bn$2.4bn$2.6bn$753m
Enterprise value$2.4bn$3.2bn$3.9bn$3.7bn$4.8bn$5.6bn$6.0bn$6.7bn$6.4bn$6.4bn$9.4bn$6.5bn
Multiples
Price / sales 2.8x3.8x4.4x3.5x4.9x6.4x6.6x6.5x5.4x4.6x6.8x4.8x
Price / earnings 13.8x28.4x23.2x26.0x41.6x53.0x70.1x72.6x35.9x33.0x54.5x45.0x
Price / free cash flow 44.2xn/m——————————
EV / EBITDA 8.8x10.6x12.3x11.8x14.1x15.0x17.1x19.2x16.2x14.8x20.3x12.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard Ormat Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.6% of total assets over 10 years.

  • Pricing power 11 / 20

    Gross margin has been a median 37.4%, moving by 4.1 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 25.6%; its worst year was 16.6%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 9 years, at a median -25.8% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 13.9% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (45 before it).

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

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $249m and EPS of $0.35 (range $0.07 to $0.51) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.70 +21% $1.2bn +19%
Next $2.55 −6% $1.1bn −3%

Next year's EPS estimate has moved −0.1% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +16.9% on 90 days ago. In the last 30 days, 2 analysts raised Ormat Technologies, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Ormat Technologies, Inc., last 90 days
$2.30 $2.40 $2.50 $2.60 $2.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.31 Current fiscal year, 60 days ago: $2.62 Current fiscal year, 30 days ago: $2.63 Current fiscal year, 7 days ago: $2.68 Current fiscal year, Now: $2.70 $2.70 Next fiscal year, 90 days ago: $2.55 Next fiscal year, 60 days ago: $2.65 Next fiscal year, 30 days ago: $2.57 Next fiscal year, 7 days ago: $2.57 Next fiscal year, Now: $2.55 $2.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.31$2.55
60 days ago $2.62$2.65
30 days ago $2.63$2.57
7 days ago $2.68$2.57
Now $2.70$2.55

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.26 $0.50 +92.7%
Mar 2026 $0.90 $1.30 +44.3%
Dec 2025 $0.64 $0.67 +4.7%
Sept 2025 $0.38 $0.41 +6.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

14 analysts, Oct 2026
Buy857%
Hold643%
Sell00%

Monthly trend

  1. Oct 202644614
  2. Sep 202635513
  3. Aug 2026354113
  4. Jul 2026354113

Counts of recommendations published by analysts covering Ormat Technologies, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.2%
of tradable shares
Days to cover
6.73
at average volume
Short interest, 1 month
−2%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
0.4%
of shares
Employees
1,648
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −13.3%

$105.92 on October 31, 2025 to $91.87

ThenNowEffect
Revenue (last 12 months) $906m $1.2bn +31.1%
Net margin 14.5% 10.7% −26.5%
P/E multiple 49.2x 45.0x −8.5%
Share count 61m 62m −1.8%

Biggest factor: net margin.

Last 3 years +42.6%

$64.45 on November 3, 2023 to $91.87

ThenNowEffect
Revenue (last 12 months) $761m $1.2bn +56.1%
Net margin 11.7% 10.7% −9.2%
P/E multiple 41.6x 45.0x +8.1%
Share count 58m 62m −6.9%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ORA−12%+10%−12%−10%+64%−17%
Industry peers (median)+4%−30%−29%−33%−44%−22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ORA58%58%50%58%83%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ORA−49%−21%−37%−21%−11%−40%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 52% from February 10, 2021 to November 13, 2023. Getting back needed a 110% gain, reached on January 22, 2026, 801 days after the low.

Price behaviour

52-week range
$86.64 – $144.94
From 52-week high
−36.6%
vs 50-day average
−2.9%
vs 200-day average
−17.4%
Volatility (1 year)
38%
Beta vs S&P 500
0.91

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±3.7%
After a week
8 up, 4 down
typical move ±5.7%
After a month
9 up, 3 down
typical move ±6.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +7.3% −0.4% +13.3% +4.2%
May 6, 2026 +6.2% +1.1% +15.6% +21.5%
February 26, 2026 −11.4% −1.0% −7.9% −4.2%
November 3, 2025 +2.1% −1.0% +7.6% +4.9%
August 7, 2025 +1.7% +0.7% +3.7% +6.5%
May 8, 2025 +3.5% +0.6% +3.9% +7.8%
February 27, 2025 +2.3% −0.1% +1.6% +3.5%
November 6, 2024 +1.5% +3.3% −3.2% −3.4%
August 6, 2024 −0.4% +0.2% −0.1% +1.4%
May 8, 2024 +1.3% +0.6% +7.5% +8.9%
February 22, 2024 −4.2% +2.1% −3.1% −1.2%
November 8, 2023 −2.9% −0.7% +1.0% +9.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Ormat Technologies, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.15× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ORA Ormat Technologies, Inc. Grade B $91.39

Own 100 shares, sell the $100 call expiring December 18, 2026 (46 days) for $2.40 a share — $240 per contract.

Previous session · Bid $2.40, ask $3.10, quoted Mon 2 Nov, 17:32 New York time with ORA at $91.39. Option prices move with the shares: check the live chain at your broker before trading.

  • If ORA ends below $100: you keep your shares and the $240 — 2.6% extra on the position, 20.8% a year at that pace.
  • If it ends above $100: your shares are sold at $100, a total return of 12.0% including the premium — at or above our value of ~$35.
$1.1k $0 −$1.8k Break-even $88.99 Price $91.39 ← Our value ~$35
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$240
Annualised
20.8%
Break-even
$88.99
Max gain
$1,101
Chance of selling
~33%

Results are expected around November 2, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $90.00 put and sell the $100 call, both expiring December 18, 2026 (46 days).

  • Net cost of $2.70 a share ($270 per contract of 100 shares).
  • Worst case at expiry: -4.5%, if the shares fall below $90.00 (-1.5% from today).
  • Best case at expiry: +6.5%, if the shares rise above $100 (+9.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $35.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ormat Technologies, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ormat Technologies, Inc.
$700M $800M $900M $1B $1.1B $1.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $793.6M Revenue (TTM), FY23 Q4: $829.4M Revenue (TTM), FY24 Q1: $868.4M Revenue (TTM), FY24 Q2: $886.5M Revenue (TTM), FY24 Q3: $890.3M Revenue (TTM), FY24 Q4: $879.7M Revenue (TTM), FY25 Q1: $885.3M Revenue (TTM), FY25 Q2: $906.3M Revenue (TTM), FY25 Q3: $944.2M Revenue (TTM), FY25 Q4: $989.5M Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $793.6M
FY23 Q4 $829.4M
FY24 Q1 $868.4M
FY24 Q2 $886.5M
FY24 Q3 $890.3M
FY24 Q4 $879.7M
FY25 Q1 $885.3M
FY25 Q2 $906.3M
FY25 Q3 $944.2M
FY25 Q4 $989.5M
FY26 Q1 $1.2B
FY26 Q2 $1.2B
Revenue growth, TTM YoY Ormat Technologies, Inc.
0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 10.3% Revenue growth, TTM YoY, FY23 Q4: 13.0% Revenue growth, TTM YoY, FY24 Q1: 18.0% Revenue growth, TTM YoY, FY24 Q2: 16.4% Revenue growth, TTM YoY, FY24 Q3: 12.2% Revenue growth, TTM YoY, FY24 Q4: 6.1% Revenue growth, TTM YoY, FY25 Q1: 1.9% Revenue growth, TTM YoY, FY25 Q2: 2.2% Revenue growth, TTM YoY, FY25 Q3: 6.1% Revenue growth, TTM YoY, FY25 Q4: 12.5% Revenue growth, TTM YoY, FY26 Q1: 31.5% Revenue growth, TTM YoY, FY26 Q2: 31.1% 31.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 10.3%
FY23 Q4 13.0%
FY24 Q1 18.0%
FY24 Q2 16.4%
FY24 Q3 12.2%
FY24 Q4 6.1%
FY25 Q1 1.9%
FY25 Q2 2.2%
FY25 Q3 6.1%
FY25 Q4 12.5%
FY26 Q1 31.5%
FY26 Q2 31.1%
Operating margin (TTM) Ormat Technologies, Inc.
16% 17% 18% 19% 20% 21% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 18.3% Operating margin (TTM), FY23 Q4: 20.1% Operating margin (TTM), FY24 Q1: 19.1% Operating margin (TTM), FY24 Q2: 20.0% Operating margin (TTM), FY24 Q3: 19.7% Operating margin (TTM), FY24 Q4: 19.6% Operating margin (TTM), FY25 Q1: 19.3% Operating margin (TTM), FY25 Q2: 18.9% Operating margin (TTM), FY25 Q3: 18.6% Operating margin (TTM), FY25 Q4: 17.1% Operating margin (TTM), FY26 Q1: 17.1% Operating margin (TTM), FY26 Q2: 16.6% 16.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 18.3%
FY23 Q4 20.1%
FY24 Q1 19.1%
FY24 Q2 20.0%
FY24 Q3 19.7%
FY24 Q4 19.6%
FY25 Q1 19.3%
FY25 Q2 18.9%
FY25 Q3 18.6%
FY25 Q4 17.1%
FY26 Q1 17.1%
FY26 Q2 16.6%
FCF margin (TTM) Ormat Technologies, Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -45.2% FCF margin (TTM), FY23 Q4: -37.3% FCF margin (TTM), FY24 Q1: -28.4% FCF margin (TTM), FY24 Q2: -31.3% FCF margin (TTM), FY24 Q3: -15.5% FCF margin (TTM), FY24 Q4: -8.7% FCF margin (TTM), FY25 Q1: -21.8% FCF margin (TTM), FY25 Q2: -12.7% FCF margin (TTM), FY25 Q3: -22.6% FCF margin (TTM), FY25 Q4: -28.8% FCF margin (TTM), FY26 Q1: -18.5% FCF margin (TTM), FY26 Q2: -22.3% -22.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -45.2%
FY23 Q4 -37.3%
FY24 Q1 -28.4%
FY24 Q2 -31.3%
FY24 Q3 -15.5%
FY24 Q4 -8.7%
FY25 Q1 -21.8%
FY25 Q2 -12.7%
FY25 Q3 -22.6%
FY25 Q4 -28.8%
FY26 Q1 -18.5%
FY26 Q2 -22.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Ormat Technologies took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $990M
  2. Cost of revenue $717M · 72.4%
  3. Gross profit $273M · 27.6%
  4. Research and development $6.3M · 0.6%
  5. Selling, general and admin $98.5M · 10.0%
  6. Operating income $169M · 17.1%
  7. Interest and other $45.3M · 4.6%
  8. Net income $124M · 12.5%

Shares of revenue. Source: Ormat Technologies's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 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 LTM Jun 2026
Income
Revenue 412 373 425 502 533 560 595 663 693 719 746 705 663 734 829 880 990 1,188
Gross profit 120 78 114 129 160 204 218 271 268 270 269 276 264 269 264 273 273 332
EBITDA 131 110 155 −60 190 244 271 308 320 317 343 371 352 352 391 435 461 506
Operating income 67 24 62 −160 97 143 164 202 205 185 194 214 169 153 167 172 169 197
Net income 69 37 −43 −213 41 54 120 89 132 98 88 85 62 66 124 124 124 127
Diluted EPS $1.51 $0.82 −$0.95 −$4.69 $0.91 $1.18 $2.45 $1.77 $2.61 $1.92 $1.72 $1.65 $1.10 $1.17 $2.08 $2.04 $2.02 $2.04
Growth (year on year)
Revenue +19.8% −9.4% +14.0% +17.9% +6.3% +4.9% +6.3% +11.4% +4.6% +3.8% +3.7% −5.5% −6.0% +10.7% +13.0% +6.1% +12.5% +31.1%
EBITDA +18.2% −15.8% +40.6% −139.0% — +28.6% +11.0% +13.5% +4.0% −0.9% +7.9% +8.2% −4.9% −0.2% +11.3% +11.2% +6.0% +13.0%
Operating income +31.5% −64.6% +161.2% −359.8% — +48.0% +14.3% +23.1% +1.6% −9.7% +4.7% +10.4% −20.9% −9.8% +9.0% +3.5% −1.9% +15.5%
Net income +57.9% −45.8% −215.4% — — +31.4% +122.2% −26.3% +49.3% −26.0% −10.1% −3.0% −27.3% +6.0% +88.9% −0.5% +0.1% −3.6%
Diluted EPS +54.1% −45.7% −215.9% — — +29.7% +107.6% −27.8% +47.5% −26.4% −10.4% −4.1% −33.3% +6.4% +77.8% −1.9% −1.0% −5.3%
Margins
Gross margin 29.2% 20.8% 26.7% 25.7% 30.0% 36.4% 36.7% 40.9% 38.7% 37.6% 36.1% 39.2% 39.9% 36.6% 31.8% 31.0% 27.6% 27.9%
EBITDA margin 31.8% 29.6% 36.5% −12.0% 35.6% 43.7% 45.6% 46.5% 46.2% 44.1% 45.9% 52.5% 53.1% 47.9% 47.2% 49.5% 46.6% 42.6%
Operating margin 16.2% 6.3% 14.5% −31.9% 18.2% 25.6% 27.6% 30.5% 29.6% 25.7% 26.0% 30.3% 25.5% 20.8% 20.1% 19.6% 17.1% 16.6%
Net margin 16.7% 10.0% −10.1% −42.5% 7.7% 9.7% 20.2% 13.4% 19.1% 13.6% 11.8% 12.1% 9.4% 9.0% 15.0% 14.1% 12.5% 10.7%
Free-cash-flow margin −38.8% −48.8% −32.2% −28.6% −22.1% 9.7% 6.3% 1.1% −2.0% −15.7% −5.8% −7.9% −24.2% −38.5% −37.3% −8.7% −28.8% −22.3%
Cash flow
Cash from operations 111 101 133 89 87 213 190 159 246 146 236 265 259 281 309 411 335 279
Capital spending 271 283 270 233 205 159 152 152 259 259 280 321 419 563 618 488 620 544
Free cash flow −160 −182 −137 −144 −118 54 38 7 −14 −113 −43 −56 −160 −283 −309 −77 −285 −265
Stock-based pay 6 7 7 6 6 6 4 5 9 10 9 10 9 12 15 20 19 21
Free cash flow after stock pay −166 −189 −144 −150 −124 49 34 2 −22 −123 −53 −66 −170 −294 −324 −97 −304 −286
Balance sheet
Cash 46 83 100 67 57 40 186 230 48 99 71 448 239 96 196 94 147 514
Total debt 134 189 811 957 966 1,022 920 957 929 1,288 1,218 1,474 1,926 2,053 2,090 2,445 2,761 1,267
Net debt (negative = net cash) 88 107 711 891 908 981 735 726 881 1,189 1,147 1,026 1,686 1,957 1,894 2,350 2,613 753
Diluted shares 46m 45m 45m 45m 45m 46m 49m 50m 51m 51m 51m 52m 56m 57m 60m 61m 61m 62m
Returned to shareholders
Dividends 11 12 6 4 4 10 13 26 21 27 22 23 27 27 28 29 29 29
Buybacks — — — — — — — — — — — 0 0 18 0 0 — —
Total returned 11 12 6 4 4 10 13 26 21 27 22 23 27 45 28 29 29 29

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $6.8bn
Short-term assets $1.0bnLonger-term assets $5.8bn
What it owes, and who funded it · $6.6bn
Short-term liabilities $976mLonger-term liabilities $3.1bnShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $1.0bn of assets due within a year against $976m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.0bn short-term assets against $3.1bn of longer-dated liabilities.
  • More cash than debt $514m of cash against $806m of debt.
  • Debt below 40% of shareholders' equity Debt is 31% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 104% to 31% over five years.
  • A year's operating cash flow covers at least 20% of debt $279m of operating cash flow against $806m of debt.
  • Operating profit covers interest at least five times over Operating income of $197m against $160m of interest.

From Ormat Technologies, Inc.'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.

Dividends, buybacks and capital spending

Dividends (TTM)
$29.2M
Returned to shareholders
-11%
of free cash flow
Diluted share count
+1.8%
year over year
Total shareholder yield
0.5%
dividends 0.5% + buybacks 0.0% of market value
Dividend payout ratio
23%
of net income paid out
R&D spending
0.4%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in renewable electricity
Last 12 months unless stated ORA RNW CWEN ENLT MNTK SPRU Median
Revenue, last 12 months $1.2bn $1.5bn $1.6bn $489m $189m $109m $149m
Revenue growth, last 12 months 31.1% 30.4% 9.9% 29.3% 4.3% 10.0% 10.5%
Revenue growth, 3-year average 16.0% — 6.5% — 2.1% 24.4% 7.8%
Revenue growth, latest quarter 10.6% — 22.7% — 19.7% −8.7% 15.1%
Gross margin 27.9% — 64.4% 72.5% 29.5% 48.3% 29.5%
Operating margin 16.6% 10.6% 13.4% 68.0% 0.6% 22.4% 12.0%
Operating margin, 3-year average 18.5% — 13.1% — 7.2% −21.5% 7.2%
Net margin 10.7% 7.4% 6.4% 27.0% 4.2% −6.8% −0.4%
Cash from operations / revenue 23.5% 61.6% 64.6% 57.8% 23.0% 1.9% 14.3%
Free-cash-flow margin −22.3% 48.3% 42.6% −313.1% −44.1% 1.8% −33.2%
Free-cash-flow margin, 3-year average −22.1% — 39.7% — −22.9% −26.4% −22.9%
Stock pay / revenue 1.8% 0.7% — 2.1% 1.0% 3.3% 1.8%
Change in share count 1.8% −73.7% — 7.5% 0.5% 6.5% 6.5%

Median of all 10 companies we cover in renewable electricity. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

10 renewable electricity companies
Measure Company Peer median Rank
Revenue growth Growth 31.1% 10.6% 2 of 10
Change in growth rate Growth -0.3pp +4.3pp 7 of 10
Gross margin Profitability 27.9% 29.0% 5 of 7
Operating margin Profitability 16.6% 13.4% 4 of 10
Net margin Profitability 10.7% 4.2% 2 of 10
Free-cash-flow margin Cash generation -22.3% -22.3% 5 of 10
Stock pay as % of revenue Cash generation 1.8% 1.8% 5 of 9
Long-term debt as % of assets Balance sheet 11.9% 25.6% 4 of 9
Change in share count Balance sheet 1.8% 6.5% 2 of 6
Days sales outstanding Balance sheet 53 days 64 days 3 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Electricity $694M 70.1% ▼ 1.2%
Product $217M 21.9% ▲ 55.2%
Energy Storage $79M 8.0% ▲ 109.3%
Products and services
Line of business Revenue Share YoY
Electricity $694M 70.1% ▼ 1.2%
Products $217M 21.9% ▲ 55.2%
Energy Storage $79M 8.0% ▲ 109.3%
Geography
Region Revenue YoY
United States $590M ▲ 5.9%
Outside the US $399M ▲ 23.9%
NZ $129M ▲ 63.8%
KE $117M ▲ 2.9%
DM $48.9M —
Other Foreign Countries $40.8M ▼ 31.7%
HN $28.7M ▼ 5.4%
GT $28M ▼ 3.2%
TR $5.1M ▲ 70.8%
ID $1.5M ▼ 80.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From Ormat Technologies, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.9B
Institutions reporting
432
Shares held vs prior quarter
▲ 2.8%
Positions opened / closed
66 / 51

Top buyers and sellers, Q2 2026: 242 institutions bought and 162 sold ; the biggest buyer was Meitav Investment House Ltd (+624K shares) and the biggest seller Blackrock, Inc (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $896M 8.2M 15.2% ▼ 13.9%
Vanguard Portfolio Management LLC $333M 3.1M 5.7% ▲ 2.1%
Vanguard Capital Management LLC $290M 2.7M 4.9% ▲ 1.5%
State Street Corp $274M 2.5M 4.6% ▲ 3.1%
Clal Insurance Enterprises Holdings Ltd $260M 2.4M 4.4% ▲ 23.8%
Dimensional Fund Advisors LP $211M 1.9M 3.6% ▲ 1.1%
Geode Capital Management, LLC $195M 1.8M 3.3% ▼ 1.7%
Canada Pension Plan Investment Board $174M 1.6M 2.9% 0.0%
Neuberger Berman Group LLC $153M 1.4M 2.6% ▲ 7.0%
Global Alpha Capital Management Ltd. $148M 1.4M 2.5% ▼ 24.1%
Harel Insurance Investments & Financial Services Ltd. $141M 1.3M 2.4% ▲ 13.1%
Migdal Insurance & Financial Holdings Ltd. $131M 1.2M 2.2% ▲ 3.4%

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 Ormat Technologies, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $12M 24 trades by 11 insiders · 27% under pre-set plans
Net ▼ $12M net selling
Insider Date Trade Shares Price Value
Willis Aron John EVP, Electricity Segment July 1, 2026 Sell 451 $106.64 $48,095
Stern Stanley Director May 27, 2026 Sell 250 $138.42 $34,605
Granot David Director May 21, 2026 Sell 1,766 $134.43 $237,403
Granot David Director May 20, 2026 Sell 1,753 $132.70 $232,623
Marom Michal Director May 19, 2026 Sell 3,080 $130.98 $403,418
Stern Stanley Director May 15, 2026 Sell 577 $130.17 $75,108
Ginzburg Assi Chief Financial Officer May 14, 2026 Sell 15,217 $135.02 $2.1M
Ginzburg Assi Chief Financial Officer May 14, 2026 Sell 2,559 $133.12 $340,654
Wong Byron G. Director May 13, 2026 Sell 4,500 $134.32 $604,440
Benyosef Ofer EVP, Energy Storage & BD May 13, 2026 Sell pre-set plan 9,429 $131.02 $1.2M
Sharir Dafna Director May 11, 2026 Sell pre-set plan 883 $122.44 $108,115
Woelfel Jessica GC, CCO, and CS March 26, 2026 Sell pre-set plan 2,666 $110.39 $294,300

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.

Trades by members of Congress

All 1 trade and filings

No trades in Ormat Technologies, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Sara Jacobs(D-CA 53):Sale (full), $15,001 - $50,000, traded April 9, 2021, filed May 28, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 26, 2026
  • November 3, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Ormat Technologies, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ormat Technologies, Inc. in brief

What does Ormat Technologies, Inc. do?
Ormat Technologies, Inc. is a US-listed company in the renewable electricity industry. Its financial year ends in December.
What is Ormat Technologies, Inc.'s stock ticker?
Ormat Technologies, Inc. trades under the ticker ORA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ormat Technologies, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ormat Technologies, Inc. reported revenue of $1.2B, 31.1% higher than a year earlier, according to its SEC filings.
What is Ormat Technologies, Inc.'s free cash flow?
Ormat Technologies, Inc.'s free-cash-flow margin is -22.3% of revenue over the trailing twelve months, ranking 5 of the 10 renewable electricity companies we cover.
Who are Ormat Technologies, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ormat Technologies, Inc.'s market cap?
On November 2, 2026, Ormat Technologies, Inc.'s market capitalisation was about $5.7B, with a price-to-earnings ratio of 45.0 and net debt of $753M. Market figures come from third-party market data and may be delayed.
Does Ormat Technologies, Inc. pay a dividend?
Yes: Ormat Technologies, Inc. paid $29.2M in dividends over the trailing twelve months, a dividend yield of 0.52% and a payout ratio of 23.1%.
How much debt does Ormat Technologies, Inc. have?
Ormat Technologies, Inc.'s debt-to-equity ratio is 31.0%, from its latest balance sheet (103.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ormat Technologies, Inc.'s competitors?
In our Renewable Electricity peer group, the companies closest to Ormat Technologies, Inc. are Renew Energy Global plc, Clearway Energy, Inc., Enlight Renewable Energy Ltd., Montauk Renewables, Inc. and Spruce Power Holding Corp. The side-by-side comparison below sets their revenue, margins and growth against Ormat Technologies, Inc.'s.
Are insiders buying or selling Ormat Technologies, Inc. stock?
Over the last 12 months, Ormat Technologies, Inc.'s directors and officers reported 0 open-market purchases and 24 sales on Form 4. The insider trading page charts every trade.
When is Ormat Technologies, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ormat Technologies, Inc. announces its own schedule.