NYSE : ORA
Ormat Technologies, Inc. — Financial statements
Utilities · Utilities - Renewable · United States
Last price 92.22 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.67B
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Financial statements
Ormat Technologies, Inc. (ORA) reported revenue of 1.19B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.19B | 989.54M | 879.65M | 829.42M | 734.16M | 663.08M |
| Selling, General & Admin | 109.38M | 97.06M | 92.16M | 85.39M | 79.18M | 83.42M |
| Other Operating Expenses | 855.58M | 716.86M | 607.03M | 565.41M | 479.13M | 398.75M |
| Total Operating Expenses | 979.28M | 821.67M | 709.62M | 661.74M | 564.22M | 486.30M |
| Operating Income | 209.16M | 167.87M | 170.03M | 167.69M | 169.94M | 176.79M |
| Interest Expense | -159.63M | -141.85M | -134.03M | -98.88M | -87.74M | -82.66M |
| Interest Income | 11.27M | 6.01M | 7.88M | 11.98M | 3.42M | 2.12M |
| Net Interest Expense | -148.35M | -135.84M | -126.15M | -86.90M | -84.33M | -80.53M |
| Income (Loss) on Equity Investments | 255.00K | 960.00K | -425.00K | 35.00K | -3.07M | -2.62M |
| Currency Exchange Gain (Loss) | 20.84M | 29.45M | 776.00K | -8.39M | -42.27M | 11.87M |
| Other Non-Operating Income (Expenses) | 42.50M | 42.90M | 68.28M | 67.79M | 69.40M | 11.99M |
| EBT Excluding Unusual Items | 124.40M | 105.36M | 112.51M | 140.22M | 109.67M | 117.49M |
| Total Merger & Restructuring Charges | -2.63M | -1.20M | -1.30M | -1.10M | -4.70M | |
| Asset Writedown | -20.49M | -12.06M | -1.28M | -32.65M | ||
| Insurance Settlements | 13.80M | 248.00K | ||||
| Legal Settlements | -4.00M | |||||
| Other Unusual Items | -13.38M | 14.62M | 9.02M | 1.71M | -12.11M | |
| Pretax Income | 92.23M | 106.71M | 114.95M | 139.12M | 92.54M | 100.93M |
| Income Tax Expense | -36.16M | -20.28M | -16.29M | 5.98M | 14.74M | 24.85M |
| Earnings From Continuing Ops. | 128.38M | 126.99M | 131.24M | 133.14M | 77.80M | 76.08M |
| Minority Interest in Earnings | -1.74M | -3.09M | -7.51M | -8.74M | -11.95M | -13.98M |
| Net Income | 126.64M | 123.90M | 123.73M | 124.40M | 65.84M | 62.09M |
| Net Income to Common | 126.64M | 123.90M | 123.73M | 124.40M | 65.84M | 62.09M |
| Shares Outstanding (Basic) | 61.01M | 60.70M | 60.45M | 59.42M | 56.06M | 56.00M |
| Shares Outstanding (Diluted) | 62.16M | 61.36M | 60.79M | 59.76M | 56.50M | 56.40M |
| EPS (Basic) | 2.08 | 2.04 | 2.05 | 2.09 | 1.17 | 1.11 |
| EPS (Diluted) | 2.04 | 2.02 | 2.04 | 2.08 | 1.17 | 1.10 |
| Free Cash Flow | -264.77M | -284.68M | -76.76M | -308.98M | -282.50M | -160.45M |
| Free Cash Flow Per Share | -4.26 | -4.64 | -1.26 | -5.17 | -5.00 | -2.85 |
| Dividend Per Share | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| Profit Margin | 10.66% | 12.52% | 14.07% | 15.00% | 8.97% | 9.36% |
| Free Cash Flow Margin | -22.28% | -28.77% | -8.73% | -37.25% | -38.48% | -24.20% |
| EBITDA | 526.01M | 468.33M | 440.64M | 398.65M | 373.99M | 363.74M |
| EBITDA Margin | 44.26% | 47.33% | 50.09% | 48.06% | 50.94% | 54.85% |
| D&A For EBITDA | 316.86M | 300.45M | 270.61M | 230.96M | 204.05M | 186.95M |
| EBIT | 209.16M | 167.87M | 170.03M | 167.69M | 169.94M | 176.79M |
| EBIT Margin | 17.60% | 16.96% | 19.33% | 20.22% | 23.15% | 26.66% |
| Effective Tax Rate | 4.30% | 15.93% | 24.62% | |||
| Revenue as Reported | 1.19B | 989.54M | 879.65M | 829.42M | 734.16M | 663.08M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 513.75M | 147.45M | 94.39M | 195.81M | 95.87M | 239.28M |
| Short-Term Investments | 43.34M | |||||
| Trading Asset Securities | 180.00K | 180.00K | 1.46M | |||
| Accounts Receivable | 219.56M | 194.78M | 193.29M | 227.07M | 145.22M | 132.64M |
| Other Receivables | 38.21M | 35.98M | 50.06M | 43.12M | 31.61M | 17.33M |
| Inventory | 47.29M | 45.27M | 38.09M | 45.04M | 22.83M | 28.45M |
| Prepaid Expenses | 52.55M | 40.14M | 59.17M | 41.59M | 29.57M | 34.46M |
| Restricted Cash | 144.40M | 133.42M | 111.38M | 91.96M | 130.80M | 104.17M |
| Other Current Assets | 5.02M | 550.00K | 550.00K | 1.41M | 800.00K | 813.00K |
| Total Current Assets | 1.02B | 597.77M | 547.12M | 646.00M | 456.72M | 601.93M |
| Property, Plant & Equipment | 4.82B | 4.71B | 4.23B | 3.78B | 3.37B | 3.00B |
| Goodwill | 168.02M | 168.24M | 151.02M | 90.54M | 90.33M | 89.95M |
| Other Intangible Assets | 260.04M | 274.55M | 301.75M | 307.61M | 333.85M | 363.31M |
| Long-Term Investments | 204.91M | 162.11M | 144.59M | 125.44M | 118.72M | 143.77M |
| Long-Term Deferred Tax Assets | 137.89M | 138.90M | 153.94M | 152.57M | 161.37M | 143.45M |
| Long-Term Accounts Receivable | 80.30M | 75.00M | 26.00M | |||
| Other Long-Term Assets | 96.22M | 116.75M | 109.21M | 103.75M | 85.31M | 82.19M |
| Total Assets | 6.79B | 6.25B | 5.67B | 5.21B | 4.61B | 4.43B |
| Accounts Payable | 182.11M | 123.99M | 124.70M | 140.69M | 77.55M | 75.16M |
| Accrued Expenses | 66.51M | 66.07M | 56.07M | 52.36M | 49.36M | |
| Short-Term Debt | 99.99M | 179.98M | 99.98M | 119.97M | ||
| Current Portion of Long-Term Debt | 674.48M | 303.84M | 235.67M | 179.21M | 181.77M | 386.38M |
| Current Unearned Revenue | 12.27M | 34.28M | 45.59M | 18.67M | 8.79M | 9.25M |
| Current Portion of Leases | 7.05M | 6.65M | 5.01M | 4.64M | 3.93M | 5.35M |
| Current Income Taxes Payable | 11.47M | 8.88M | 7.00M | 8.39M | 8.14M | |
| Other Current Liabilities | 11.67M | 12.18M | 10.76M | 11.12M | 10.53M | |
| Total Current Liabilities | 975.89M | 738.39M | 598.08M | 537.01M | 343.91M | 544.16M |
| Long-Term Debt | 2.59B | 2.33B | 2.09B | 1.79B | 1.84B | 1.52B |
| Long-Term Leases | 39.66M | 32.61M | 24.05M | 22.03M | 22.05M | 20.82M |
| Pension & Post-Retirement Benefits | 13.11M | 11.94M | 10.49M | 11.84M | 12.83M | 15.69M |
| Long-Term Deferred Tax Liabilities | 73.34M | 68.66M | 68.62M | 66.75M | 83.47M | 84.66M |
| Other Long-Term Liabilities | 351.67M | 369.76M | 317.49M | 329.76M | 273.80M | 230.53M |
| Total Liabilities | 4.04B | 3.56B | 3.11B | 2.76B | 2.58B | 2.42B |
| Common Stock | 62.00K | 61.00K | 61.00K | 60.00K | 56.00K | 56.00K |
| Additional Paid-In Capital | 1.67B | 1.65B | 1.64B | 1.61B | 1.26B | 1.27B |
| Retained Earnings | 965.78M | 909.34M | 814.52M | 719.89M | 623.91M | 585.21M |
| Treasury Stock | -42.36M | -17.96M | -17.96M | -17.96M | -17.96M | |
| Comprehensive Income & Other | 1.79M | -2.13M | -6.73M | -1.33M | 2.50M | -2.19M |
| Total Common Equity | 2.60B | 2.54B | 2.43B | 2.32B | 1.87B | 1.85B |
| Minority Interest | 146.41M | 147.33M | 135.25M | 136.16M | 162.99M | 152.79M |
| Shareholders' Equity | 2.74B | 2.69B | 2.56B | 2.45B | 2.03B | 2.01B |
| Total Liabilities & Equity | 6.79B | 6.25B | 5.67B | 5.21B | 4.61B | 4.43B |
| Total Debt | 3.41B | 2.86B | 2.45B | 2.12B | 2.05B | 1.93B |
| Net Cash (Debt) | -2.90B | -2.71B | -2.36B | -1.92B | -1.96B | -1.65B |
| Net Cash Per Share | -46.62 | -44.15 | -38.78 | -32.12 | -34.63 | -29.26 |
| Filing Date Shares Outstanding | 61.50M | 60.85M | 60.50M | 60.36M | 56.10M | 56.06M |
| Total Common Shares Outstanding | 61.50M | 60.85M | 60.50M | 60.36M | 56.10M | 56.06M |
| Working Capital | 44.89M | -140.62M | -50.96M | 108.99M | 112.81M | 57.78M |
| Book Value Per Share | 42.24 | 41.81 | 40.08 | 38.36 | 33.29 | 33.09 |
| Tangible Book Value | 2.17B | 2.10B | 1.97B | 1.92B | 1.44B | 1.40B |
| Tangible Book Value Per Share | 35.28 | 34.53 | 32.60 | 31.76 | 25.73 | 25.01 |
| Land | 56.07M | 51.50M | 175.58M | 94.56M | 88.82M | |
| Buildings | 157.53M | 145.27M | ||||
| Machinery | 5.73B | 5.34B | 4.64B | 4.03B | 3.70B | |
| Construction In Progress | 1.05B | 755.59M | 814.97M | 893.20M | 721.48M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 126.64M | 123.90M | 123.73M | 124.40M | 65.84M | 62.09M |
| Depreciation & Amortization | 316.86M | 300.45M | 270.61M | 230.96M | 204.05M | 186.95M |
| Loss (Gain) on Sale of Assets | -24.67M | -303.00K | 101.00K | 35.00K | -89.00K | |
| Loss (Gain) on Equity Investments | -255.00K | -960.00K | 425.00K | -35.00K | 3.07M | 2.62M |
| Asset Writedown | 20.49M | 12.06M | 1.28M | 32.65M | ||
| Stock-Based Compensation | 20.82M | 19.39M | 20.20M | 15.48M | 11.65M | 9.17M |
| Change in Accounts Receivable | -83.34M | -44.67M | -10.47M | -99.60M | -26.64M | 41.59M |
| Change in Inventory | -980.00K | -7.18M | 6.95M | -22.20M | 5.61M | 4.13M |
| Change in Accounts Payable | -5.00M | -1.78M | 11.43M | 68.59M | -2.04M | -21.94M |
| Change in Unearned Revenue | -25.36M | -11.32M | 5.33M | 9.88M | -463.00K | -1.93M |
| Change in Other Net Operating Assets | -17.05M | 3.60M | -14.72M | -1.16M | 1.56M | -26.22M |
| Other Operating Activities | -44.45M | -58.09M | -3.94M | -16.95M | -14.21M | 2.36M |
| Operating Cash Flow | 279.39M | 335.10M | 410.92M | 309.40M | 280.97M | 258.82M |
| Capital Expenditures | -544.15M | -619.78M | -487.68M | -618.38M | -563.48M | -419.27M |
| Cash Acquisitions | -78.28M | -88.65M | -274.63M | -171.00M | ||
| Investment in Securities | -27.07M | -17.80M | -18.97M | -10.18M | 38.30M | -50.20M |
| Other Investing Activities | -277.00K | -213.00K | 1.02M | 221.00K | 1.77M | 2.28M |
| Investing Cash Flow | -556.64M | -726.43M | -780.25M | -628.34M | -523.41M | -638.19M |
| Short-Term Debt Issued | 1.97B | 185.50M | 154.97M | |||
| Long-Term Debt Issued | 548.50M | 558.67M | 149.84M | 554.96M | 275.00M | |
| Total Debt Issued | 3.01B | 2.52B | 744.17M | 304.81M | 554.96M | 275.00M |
| Short-Term Debt Repaid | -1.89B | -205.50M | -35.00M | |||
| Long-Term Debt Repaid | -267.30M | -210.66M | -209.00M | -407.27M | -96.23M | |
| Total Debt Repaid | -2.40B | -2.16B | -416.16M | -244.00M | -407.27M | -96.23M |
| Net Debt Issued (Repaid) | 613.17M | 361.20M | 328.01M | 60.81M | 147.69M | 178.77M |
| Issuance of Common Stock | 341.99M | 39.00K | 311.00K | |||
| Repurchase of Common Stock | -24.39M | -17.96M | ||||
| Common Dividends Paid | -29.23M | -29.07M | -29.11M | -28.41M | -27.14M | -26.99M |
| Other Financing Activities | 170.84M | 133.62M | -10.98M | 5.58M | 23.66M | 34.29M |
| Financing Cash Flow | 730.38M | 465.75M | 287.92M | 379.96M | 126.27M | 186.38M |
| Foreign Exchange Rate Adjustments | -1.04M | 682.00K | -579.00K | 72.00K | -609.00K | -348.00K |
| Net Cash Flow | 452.08M | 75.09M | -82.00M | 61.09M | -116.77M | -193.33M |
| Free Cash Flow | -264.77M | -284.68M | -76.76M | -308.98M | -282.50M | -160.45M |
| Free Cash Flow Margin | -22.28% | -28.77% | -8.73% | -37.25% | -38.48% | -24.20% |
| Free Cash Flow Per Share | -4.26 | -4.64 | -1.26 | -5.17 | -5.00 | -2.85 |
| Levered Free Cash Flow | -318.10M | -290.77M | -152.49M | -343.31M | -333.63M | -160.50M |
| Unlevered Free Cash Flow | -218.33M | -202.11M | -68.72M | -281.51M | -278.79M | -108.83M |
| Cash Interest Paid | 111.70M | 111.70M | 102.61M | 72.24M | 69.13M | 66.63M |
| Cash Income Tax Paid | 9.85M | 9.85M | 26.18M | 26.25M | 29.00M | 34.36M |
| Change in Working Capital | -131.72M | -61.35M | -1.49M | -44.49M | -21.98M | -4.37M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.62B | 6.71B | 4.10B | 4.57B | 4.85B | 4.44B |
| Enterprise Value | 8.52B | 9.53B | 6.57B | 6.65B | 6.89B | 6.23B |
| PE Ratio | 44.74 | 54.19 | 33.11 | 36.77 | 73.67 | 71.52 |
| PS Ratio | 4.72 | 6.79 | 4.66 | 5.51 | 6.61 | 6.70 |
| PB Ratio | 2.12 | 2.50 | 1.60 | 1.87 | 2.39 | 2.21 |
| P/OCF Ratio | 20.07 | 20.04 | 9.97 | 14.78 | 17.26 | 17.16 |
| EV/Sales Ratio | 7.16 | 9.63 | 7.46 | 8.02 | 9.38 | 9.39 |
| EV/EBITDA Ratio | 16.17 | 20.36 | 14.90 | 16.69 | 18.41 | 17.12 |
| EV/EBIT Ratio | 40.67 | 56.80 | 38.62 | 39.67 | 40.53 | 35.23 |
| Debt / Equity Ratio | 1.24 | 1.06 | 0.96 | 0.86 | 1.01 | 0.96 |
| Debt / EBITDA Ratio | 6.26 | 5.89 | 5.41 | 5.16 | 5.33 | 5.19 |
| Net Debt / Equity Ratio | 1.06 | 1.01 | 0.92 | 0.78 | 0.96 | 0.82 |
| Net Debt / EBITDA Ratio | 5.51 | 5.79 | 5.35 | 4.82 | 5.23 | 4.54 |
| Net Debt / FCF Ratio | -10.95 | -9.52 | -30.71 | -6.21 | -6.93 | -10.29 |
| Quick Ratio | 0.79 | 0.51 | 0.56 | 0.87 | 0.79 | 0.80 |
| Current Ratio | 1.05 | 0.81 | 0.92 | 1.20 | 1.33 | 1.11 |
| Asset Turnover | 0.19 | 0.17 | 0.16 | 0.17 | 0.16 | 0.16 |
| Return on Equity (ROE) | 4.78% | 4.84% | 5.24% | 5.94% | 3.85% | 3.84% |
| Return on Assets (ROA) | 2.04% | 1.76% | 1.95% | 2.14% | 2.35% | 2.66% |
| Return on Capital Employed (ROCE) | 3.60% | 3.00% | 3.40% | 3.60% | 4.00% | 4.60% |
| Earnings Yield | 2.23% | 1.85% | 3.02% | 2.72% | 1.36% | 1.40% |
| FCF Yield | -4.72% | -4.24% | -1.87% | -6.75% | -5.82% | -3.61% |
| Dividend Yield | 0.53% | 0.43% | 0.71% | 0.63% | 0.56% | 0.61% |
| Payout Ratio | 23.50% | 23.46% | 23.53% | 22.84% | 41.23% | 43.46% |
| Buyback Yield / Dilution | -1.98% | -0.94% | -1.72% | -5.77% | -0.18% | -8.60% |
| Total Shareholder Return | -1.46% | -0.51% | -1.01% | -5.13% | 0.38% | -7.99% |