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Ormat Technologies, Inc. key statistics and ratios

In fiscal 2025, Ormat Technologies, Inc. had return on equity of 5.0%, an operating margin of 17.1%, debt equal to 108.5% of equity and a current ratio of 0.81. 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.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin29.2%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%
Operating margin16.2%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 margin16.7%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%
Return on equity7.3%4.0%−4.7%−26.6%5.8%7.2%13.6%8.6%11.6%7.7%6.5%5.3%3.4%3.5%5.9%5.2%5.0%4.9%
Return on assets3.7%1.9%−2.0%−9.7%1.9%2.5%5.5%3.7%5.2%3.4%2.8%2.4%1.5%1.5%2.5%2.3%2.1%1.9%
Asset turnover0.220.190.200.230.250.260.270.280.270.250.230.200.160.160.170.160.170.18
Current ratio1.401.491.511.301.551.331.992.501.141.311.103.131.111.331.200.910.811.05
Debt to equity14.2%20.2%89.4%137.6%131.8%131.4%92.7%88.8%76.7%97.6%87.5%81.6%103.8%109.9%90.2%100.8%108.5%48.8%
Interest cover (operating income ÷ interest)4.1x0.6x0.9xn/m1.3x1.7x2.3x3.0x3.8x2.6x2.4x2.7x2.0x1.7x1.7x1.3x1.2x1.2x
Effective tax rate19.7%−3.6%——26.5%32.2%−14.1%26.3%12.7%25.3%33.2%39.7%24.0%15.4%4.3%−14.1%−19.2%−39.3%
R&D as % of revenue2.5%2.7%2.1%1.2%0.9%0.1%0.3%0.4%0.5%0.6%0.6%0.8%0.6%0.7%0.9%0.7%0.6%0.4%
Capital spending as % of revenue65.7%75.9%63.4%46.4%38.4%28.4%25.6%22.9%37.4%35.9%37.5%45.5%63.2%76.8%74.6%55.4%62.6%45.8%
Free cash flow ÷ net income−232.2%−487.8%——−285.8%100.5%31.2%8.3%−10.3%−115.0%−49.4%−65.2%−258.4%−429.1%−248.4%−62.0%−229.8%−209.1%
Dividends ÷ net income16.5%32.9%——8.7%17.6%10.6%29.0%15.5%27.4%25.4%26.3%43.5%41.2%22.8%23.5%23.5%23.1%
Dividends and buybacks ÷ free cash flow—————17.5%33.8%349.4%——————————

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

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.

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.

Compare with peers

Head to head: ORA vs RNWCWEN vs ORAENLT vs ORA

More: Renewable Electricity stocks compared, Utilities sector, rankings of US companies

Figures from Ormat Technologies, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ormat Technologies, Inc.