Kenon Holdings Ltd. (KEN) 10-Year Financial Performance & Capital Metrics

KEN • • Utilities

UtilitiesIndependent PowerDiversified Energy HoldingsDiversified Global Holdings

AboutKenon Holdings Ltd., through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel, the United States, and internationally. It operates in four segments: OPC Israel, CPV Group, ZIM, and Quantum. The company engages in the generation and supply of electricity and energy; development, construction, and management of renewable energy and conventional natural gas-fired power plants; manufacture of automobiles; and provision of container liner shipping services. As of December 31, 2021, the company had an installed capacity of approximately 610 MW; and operated a fleet of 118 vessels. The company was incorporated in 2014 and is based in Singapore. Kenon Holdings Ltd. is a subsidiary of Ansonia Holdings Singapore B.V.Show more

Revenue $751M +8.6%
EBITDA $141M +5.6%
Net Income $598M +353.3%
Free Cash Flow -$76M -36.6%
EBITDA Margin 18.76% -2.8%
Net Margin 79.55% +333.2%
ROE 25.27% +333.8%
Interest Coverage 0.52 -22.2%
Debt/Equity 0.48 -37.4%
Net Debt/EBITDA 1.88 -72.0%
CapEx / Revenue 45.34% -5.6%
CapEx Coverage 0.78 -6.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Momentum leader: RS Rating 90 (top 10%)
✓Healthy dividend yield of 5.5%
✓Trading near 52-week high
✓Trading at only 1.4x book value

✗Weaknesses

✗High leverage: 9.1x Debt/EBITDA
✗Weak interest coverage of 0.5x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-5.85%

5Y15%

3Y15.49%

TTM5.51%

Profit (Net Income) CAGR

10Y2.49%

5Y-

3Y-13.71%

TTM734.38%

EPS CAGR

10Y2.83%

5Y-

3Y-13.08%

TTM774.82%

ROCE

10Y Avg12.48%

5Y Avg17.2%

3Y Avg11.59%

Latest1.22%

Peer Comparison

Diversified Global Holdings

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PAMPampa Energía S.A.	4.24B	78.84	6.96	8.31%	18.36%	10.79%		0.64
KENKenon Holdings Ltd.	3.61B	69.17	6.10	8.6%	63.8%	19.06%		0.48

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.29B	1.87B	366M	364.01M	373.47M	386M	487.76M	574M	691.8M	751.3M
Revenue Growth %	-0.06%	0.45%	-0.8%	-0.01%	0.03%	0.03%	0.26%	0.18%	0.21%	0.09%
Cost of Revenue	973.77M	1.52B	298M	289.32M	287.18M	315M	389.41M	474M	572.34M	607.52M
Gross Profit+	315.3M	355M	68M	74.69M	86.3M	71M	98.35M	100M	119.46M	143.79M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.08%	0.13%	-0.81%	0.1%	0.16%	-0.18%	0.39%	0.02%	0.19%	0.2%
Operating Expenses+	110.9M	282M	56M	-27.92M	25.29M	48M	75.06M	97M	76.9M	96.28M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	575.89M	179.29M	72.79M	133.02M	74.66M	232.17M	1.25B	1.23B	133.5M	140.94M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.02%	-0.69%	-0.59%	0.83%	-0.44%	2.11%	4.36%	-0.01%	-0.89%	0.06%
Depreciation & Amortization+	120.05M	27.29M	30.79M	30.42M	32.09M	34.17M	57.64M	62.88M	90.94M	93.44M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	455.85M	152M	42M	102.61M	42.57M	198M	1.19B	1.17B	42.56M	47.51M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.22%	-0.67%	-0.72%	1.44%	-0.59%	3.65%	5%	-0.02%	-0.96%	0.12%
Interest Expense+	124.23M	47.28M	69M	30.38M	23.22M	37.66M	136.12M	47.54M	64.13M	92.03M
Interest Coverage	3.67x	3.22x	0.61x	3.38x	1.83x	5.26x	8.72x	24.53x	0.66x	0.52x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K
Pretax Income+	158.27M	-335M	-136M	461.97M	-5.54M	501M	879.64M	388M	-185.75M	93.32M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	62.38M	59M	73M	11.5M	16.68M	5M	4.33M	38M	25.2M	40.55M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	72.99M	-412M	237M	434.21M	-22.21M	507.11M	930.27M	312.65M	-235.98M	597.67M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.84%	-6.64%	1.58%	0.83%	-1.05%	23.83%	0.83%	-0.66%	-1.75%	3.53%
EPS (Diluted)+	1.36	-7.67	4.40	8.07	-0.41	9.41	17.27	5.80	-4.42	11.34
EPS Growth %	-0.84%	-6.64%	1.57%	0.83%	-1.05%	23.95%	0.84%	-0.66%	-1.76%	3.57%
EPS (Basic)	1.36	-7.67	4.40	8.07	-0.41	9.41	17.27	5.80	-4.42	11.34
Diluted Shares Outstanding	53.69M	53.72M	53.86M	53.83M	53.86M	53.87M	53.88M	53.88M	53.36M	52.71M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.48B	5.14B	2.53B	1.46B	1.51B	2.48B	4.07B	3.77B	4.11B	4.21B
Asset Growth %	5905.16%	0.15%	-0.51%	-0.42%	0.04%	0.65%	0.64%	-0.07%	0.09%	0.03%
PP&E (Net)+	2.96B	3.5B	616M	635.09M	684.76M	905M	1.22B	1.32B	1.89B	1.33B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	915.47M	854M	1.5B	327.71M	329.54M	920M	581.59M	1.06B	1.1B	1.26B
Cash & Equivalents	383.95M	327M	1.42B	131.12M	147.15M	286M	474.54M	535M	696.84M	1.02B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	50.35M	92M	0	97.32M	0	564M	1.71M	1.93M	532K	0
Other Current Assets	23.27M	236.33M	41.24M	131.42M	91.05M	369.5M	4.9M	18.92M	19.16M	1.55M
Long-Term Investments	369.02M	208M	122M	161.19M	197.07M	604M	1.9B	1.08B	703.16M	1.46B
Goodwill	58.13M	96.09M	459K	335K	131K	141K	118.76M	117.16M	192.28M	60.58M
Intangible Assets	89.12M	280.68M	1.18M	971K	1.1M	1.31M	105.53M	103.64M	129M	11.23M
Other Assets	88.47M	177M	76.46M	329.19M	294.25M	45M	90.37M	82M	82.76M	85.72M
Total Liabilities	3.22B	4.24B	1.48B	739.4M	796.59M	1.21B	1.79B	1.48B	2.04B	1.55B
Total Debt+	2.72B	3.31B	1.04B	586.47M	628.25M	937M	1.24B	1.2B	1.59B	1.28B
Net Debt	2.33B	2.99B	-380M	455.35M	481.1M	651M	769.51M	664M	894.7M	264.29M
Long-Term Debt	2.26B	2.83B	588.54M	563.24M	576.65M	871.83M	1.17B	1.12B	1.36B	1.18B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	25.73M	6.98M	0	0	6M	18M	33.94M	37M	61.51M	13.04M
Total Current Liabilities+	653.39M	1.04B	806M	89.92M	105M	228M	447.29M	193M	358.8M	182.84M
Accounts Payable	145.44M	264.72M	36.99M	25.08M	36.01M	92.54M	136.5M	95.04M	70.66M	58.29M
Accrued Expenses	83.55M	67.49M	38.22M	33.49M	14.07M	33.27M	30.78M	31.88M	14.57M	11.04M
Deferred Revenue	1.48M	944K	298.49M	6.94M	28.55M	0	244.79M	0	0	0
Other Current Liabilities	45.99M	181.73M	283.15M	8.12M	8.46M	41.57M	222.7M	9.33M	98.97M	17.67M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	27.22M	62.68M	26.89M	27.18M	30.23M	102.11M	154.35M	139.2M	125.88M	31.54M
Total Equity+	1.26B	894M	1.05B	715.72M	711.79M	1.28B	2.28B	2.3B	2.07B	2.66B
Equity Growth %	4.96%	-0.29%	0.18%	-0.32%	-0.01%	0.79%	0.79%	0.01%	-0.1%	0.28%
Shareholders Equity	1.06B	681M	983M	649.02M	623.35M	1.07B	1.79B	1.6B	1.2B	1.61B
Minority Interest	202.34M	213M	68M	66.69M	88.44M	209M	486.6M	698M	866.91M	1.05B
Common Stock	1.27B	1.27B	1.27B	602.45M	602.45M	602M	602.45M	50M	50.13M	50.13M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-191.29M	-603M	-305M	28.92M	-10.95M	460M	1.14B	1.5B	1.09B	1.49B
Accumulated OCI	-14.7M	17M	21M	17.66M	31.85M	5M	51.46M	43M	66.13M	66.57M
Return on Assets (ROA)	0.03%	-0.09%	0.06%	0.22%	-0.01%	0.25%	0.28%	0.08%	-0.06%	0.14%
Return on Equity (ROE)	0.1%	-0.38%	0.24%	0.49%	-0.03%	0.51%	0.52%	0.14%	-0.11%	0.25%
Debt / Equity	2.15x	3.71x	0.99x	0.82x	0.88x	0.73x	0.55x	0.52x	0.77x	0.48x
Debt / Assets	0.61%	0.64%	0.41%	0.4%	0.42%	0.38%	0.31%	0.32%	0.39%	0.3%
Net Debt / EBITDA	4.05x	16.65x	-5.22x	3.42x	6.44x	2.80x	0.62x	0.54x	6.70x	1.88x
Book Value per Share	23.53	16.64	19.51	13.3	13.22	23.69	42.32	42.61	38.8	50.45

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	290.17M	162M	392M	52.38M	85.39M	92M	240.53M	771M	276.79M	265.08M
Operating CF Growth %	-0.29%	-0.44%	1.42%	-0.87%	0.63%	0.08%	1.61%	2.21%	-0.64%	-0.04%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	95.89M	-394M	269M	444.84M	2.44M	504M	875.32M	350M	-235.98M	634.09M
Depreciation & Amortization	120.05M	172M	178M	30.42M	32.09M	34M	57.64M	63M	90.94M	93.44M
Deferred Taxes	62.38M	59M	278M	16.24M	22.02M	7M	4.33M	38M	25.2M	40.55M
Other Non-Cash Items	34.35M	452M	294M	-414.81M	28.92M	-489M	-713.52M	340M	410.62M	-500.42M
Working Capital Changes	-23.37M	-128M	-628M	-26.12M	-1.63M	35M	-1.6M	-40M	-12.45M	-12.27M
Capital Expenditures+	-532.68M	-290M	585M	-113.38M	-34.4M	-222M	-232.69M	-270M	-332.12M	-340.67M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-736.89M	-400M	585M	-113.38M	-4.98M	-222M	-205.45M	-203M	-432.24M	135.85M
Acquisitions	-138.68M	-317M	803M	120.84M	880K	206M	-553.92M	461M	-327.11M	338.16M
Purchase of Investments	-129.24M	-4M	2M	-13.56M	-4.07M	-4M	-5.63M	-670M	-50M	-2.21M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	50.5M	194M	13M	-169.72M	30.39M	-351M	519.7M	-47M	51.23M	56.67M
Cash from Financing+	232.51M	174.56M	97.12M	-1.22B	-73.65M	256M	146.58M	-494M	324.58M	-84.08M
Dividends Paid	0	-743K	-382K	-764.78M	-65.17M	-120.11M	-100.21M	-740.92M	-150.36M	-200.55M
Dividend Payout Ratio %	-	-	-	1.76%	-	0.24%	0.11%	2.37%	-	0.34%
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	-1000K
Stock Issued	6.11M	9.47M	100.48M	0	76.4M	217M	142.33M	193.15M	0	0
Share Repurchases	0	0	0	-664.7M	0	329M	0	-193.15M	-28.13M	-10.71M
Other Financing	31.13M	-183.94M	-309.39M	-33.75M	-56.78M	163.55M	202.93M	200.68M	236.71M	129.14M
Net Change in Cash+	-226.1M	-57M	1.09B	-1.29B	16.03M	139M	188.36M	60M	161.67M	319.01M
Exchange Rate Effect	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	-1000K	1000K
Cash at Beginning	610.06M	384M	327M	1.42B	131.12M	147M	286.18M	475M	535.17M	696.84M
Cash at End	383.95M	327M	1.42B	131.12M	147.15M	286M	474.54M	535M	696.84M	1.02B
Free Cash Flow+	-242.51M	-128M	977M	-61M	50.99M	-130M	7.84M	501M	-55.33M	-75.59M
FCF Growth %	0.49%	0.47%	8.63%	-1.06%	1.84%	-3.55%	1.06%	62.89%	-1.11%	-0.37%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.89%	-38.19%	24.37%	49.15%	-3.11%	51.02%	52.32%	13.66%	-10.81%	25.27%
EBITDA Margin	44.68%	9.57%	19.89%	36.54%	19.99%	60.15%	255.26%	214.09%	19.3%	18.76%
Net Debt / EBITDA	4.05x	16.65x	-5.22x	3.42x	6.44x	2.80x	0.62x	0.54x	6.70x	1.88x
Interest Coverage	3.67x	3.22x	0.61x	3.38x	1.83x	5.26x	8.72x	24.53x	0.66x	0.52x
CapEx / Revenue	41.32%	15.47%	159.84%	31.15%	9.21%	57.51%	47.7%	47.04%	48.01%	45.34%
Dividend Payout Ratio	-	-	-	176.13%	-	23.69%	10.77%	236.98%	-	33.56%
Debt / Equity	2.15x	3.71x	0.99x	0.82x	0.88x	0.73x	0.55x	0.52x	0.77x	0.48x
EPS Growth	-84.15%	-663.97%	157.37%	83.41%	-105.08%	2395.12%	83.53%	-66.42%	-176.21%	356.56%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
ISRAEL	-	-	373.14M	385.63M	437.04M	516.67M	618.83M	624.96M
ISRAEL Growth	-	-	-	3.35%	13.33%	18.22%	19.77%	0.99%
UNITED STATES	-	-	-	-	50.72M	57.29M	72.97M	126.35M
UNITED STATES Growth	-	-	-	-	-	12.95%	27.36%	73.16%
OtherCountryMember	309K	750K	331K	845K	-	-	-	-
OtherCountryMember Growth	-	142.72%	-55.87%	155.29%	-	-	-	-
Israel	365.39M	363.26M	-	-	-	-	-	-
Israel Growth	-	-0.58%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Kenon Holdings Ltd. (KEN) has a price-to-earnings (P/E) ratio of 6.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Kenon Holdings Ltd. (KEN) reported $775.3M in revenue for fiscal year 2024. This represents a 34% increase from $577.3M in 2012.

Kenon Holdings Ltd. (KEN) grew revenue by 8.6% over the past year. This is steady growth.

Yes, Kenon Holdings Ltd. (KEN) is profitable, generating $494.7M in net income for fiscal year 2024 (79.6% net margin).

Dividend & Returns

Yes, Kenon Holdings Ltd. (KEN) pays a dividend with a yield of 5.50%. This makes it attractive for income-focused investors.

Kenon Holdings Ltd. (KEN) has a return on equity (ROE) of 25.3%. This is excellent, indicating efficient use of shareholder capital.

Kenon Holdings Ltd. (KEN) generated $221.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Kenon Holdings Ltd. (KEN) has a dividend payout ratio of 34%. This suggests the dividend is well-covered and sustainable.

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