Revenue surged 73.2% in 2026Q1, yet operating margins remain compressed at 1.3%, suggesting that core utility profitability is frequently obscured by the cyclical nature of minority investments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 1.01B | 871.93M | 751.3M | 691.8M | 573.96M | 487.76M | 386.47M | 373.47M | 364.01M | 365.7M | 324.25M | 325.9M | 1.37B | 873.39M | 577.27M |
| Revenue Growth % | 32.31% | 16.06% | 8.6% | 20.53% | 17.67% | 26.21% | 3.48% | 2.6% | -0.46% | 12.78% | -0.51% | -76.25% | 57.11% | 51.3% | - |
| Cost of Revenue | 839.11M | 725.11M | 607.52M | 572.34M | 474.11M | 389.41M | 315.22M | 287.18M | 289.32M | 297.24M | 278.36M | 270.25M | 1.08B | 664.21M | 446.37M |
| Gross Profit | 166.82M | 146.82M | 143.79M | 119.46M | 99.84M | 98.35M | 71.25M | 86.3M | 74.69M | 68.47M | 45.89M | 55.65M | 290.65M | 209.19M | 130.9M |
| Gross Margin % | 16.58% | 16.84% | 19.14% | 17.27% | 17.4% | 20.16% | 18.44% | 23.11% | 20.52% | 18.72% | 14.15% | 17.08% | 21.18% | 23.95% | 22.68% |
| Gross Profit Growth % | - | 2.11% | 20.37% | 19.65% | 1.52% | 38.04% | -17.44% | 15.54% | 9.09% | 49.2% | -17.54% | -80.85% | 38.94% | 59.81% | - |
| Operating Expenses | 109.47M | 84.47M | 96.28M | 76.9M | 97.02M | 75.06M | 48.24M | 30.32M | 32.5M | 26.18M | -106.34M | -189.21M | -83.45M | 72.65M | 52.01M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 136.76M | 134.76M | 140.94M | 133.5M | 65.7M | 80.93M | 57.18M | 88.07M | 72.61M | 220.75M | 324.62M | 364.91M | 562.28M | 375.16M | 313.61M |
| EBITDA Margin % | 13.6% | 15.46% | 18.76% | 19.3% | 11.45% | 16.59% | 14.8% | 23.58% | 19.95% | 60.36% | 100.11% | 111.97% | 40.98% | 42.95% | 54.33% |
| EBITDA Growth % | -0.13% | -4.38% | 5.57% | 103.2% | -18.82% | 41.53% | -35.07% | 21.29% | -67.11% | -32% | -11.04% | -35.1% | 49.88% | 19.63% | - |
| Depreciation & Amortization | 79.42M | 72.42M | 93.44M | 90.94M | 62.88M | 57.64M | 34.17M | 32.09M | 30.42M | 178.46M | 172.38M | 120.05M | 188.17M | 238.62M | 234.72M |
| D&A / Revenue % | 7.89% | 8.31% | 12.44% | 13.15% | 10.95% | 11.82% | 8.84% | 8.59% | 8.36% | 48.8% | 53.16% | 36.84% | 13.71% | 27.32% | 40.66% |
| Operating Income (EBIT) | 57.35M | 62.35M | 47.51M | 42.56M | 2.83M | 23.29M | 23.01M | 55.97M | 42.19M | 42.29M | 152.24M | 244.86M | 374.11M | 136.54M | 78.89M |
| Operating Margin % | 5.7% | 7.15% | 6.32% | 6.15% | 0.49% | 4.78% | 5.95% | 14.99% | 11.59% | 11.56% | 46.95% | 75.13% | 27.26% | 15.63% | 13.67% |
| Operating Income Growth % | - | 31.25% | 11.61% | 1406.65% | -87.87% | 1.22% | -58.89% | 32.67% | -0.24% | -72.22% | -37.83% | -34.55% | 173.99% | 73.09% | - |
| Interest Expense | 2.03M | 70.03M | 92.03M | 64.13M | 47.54M | 136.12M | 37.66M | 23.22M | 30.38M | 69M | 47.28M | 111.67M | 109.59M | 241M | 198M |
| Interest Coverage | - | 3.52x | 1.94x | 2.08x | 2.73x | 6.84x | 13.94x | 0.73x | 16.21x | -1.10x | -8.07x | 0.60x | 1.98x | 0.06x | 0.13x |
| Interest / Revenue % | 0.2% | 8.03% | 12.25% | 9.27% | 8.28% | 27.91% | 9.74% | 6.22% | 8.35% | 18.87% | 14.58% | 34.27% | 7.99% | 27.59% | 34.3% |
| Non-Operating Income | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 183.51M | 176.51M | 93.32M | 81.16M | 82.26M | 879.64M | 500.45M | -5.54M | 461.97M | -135.64M | -426.9M | 32.15M | 109.27M | -54.14M | -9.26M |
| Pretax Margin % | 18.24% | 20.24% | 12.42% | 11.73% | 14.33% | 180.34% | 129.49% | -1.48% | 126.91% | -37.09% | -131.66% | 9.87% | 7.96% | -6.2% | -1.6% |
| Income Tax | 28.24M | 28.24M | 40.55M | 25.2M | 37.98M | 4.33M | 4.7M | 16.68M | 11.5M | 72.81M | 2.25M | 9.04M | 103.34M | 49.29M | 21.83M |
| Effective Tax Rate % | 15.39% | 16% | 43.45% | 31.05% | 46.17% | 0.49% | 0.94% | -301.21% | 2.49% | -53.68% | -0.53% | 28.12% | 94.57% | -91.05% | -235.72% |
| Net Income | 81.27M | 66.27M | 597.67M | -235.98M | 312.65M | 930.27M | 507.11M | -13.36M | 434.21M | 236.59M | -411.94M | 72.99M | 458.16M | -631.14M | -452.38M |
| Net Margin % | 8.08% | 7.6% | 79.55% | -34.11% | 54.47% | 190.72% | 131.21% | -3.58% | 119.29% | 64.69% | -127.04% | 22.4% | 33.39% | -72.26% | -78.37% |
| Net Income Growth % | -86.49% | -88.91% | 353.27% | -175.48% | -66.39% | 83.45% | 3895.99% | -103.08% | 83.53% | 157.43% | -664.36% | -84.07% | 172.59% | -39.52% | - |
| EPS (Diluted) | 1.53 | 1.27 | 11.34 | -4.42 | 5.80 | 17.27 | 9.41 | -0.41 | 8.07 | 4.40 | -7.67 | 1.36 | 8.58 | -11.82 | -8.47 |
| EPS Growth % | -86.77% | -88.8% | 356.56% | -176.21% | -66.42% | 83.53% | 2395.12% | -105.08% | 83.41% | 157.37% | -663.97% | -84.15% | 172.59% | -39.55% | - |
| EPS (Basic) | - | 1.27 | 11.34 | -4.42 | 5.80 | 17.27 | 9.41 | -0.41 | 8.07 | 4.40 | -7.67 | 1.36 | 8.58 | -11.82 | -8.47 |
| Diluted Shares Outstanding | 53.06M | 52.15M | 52.71M | 53.36M | 53.88M | 53.88M | 53.87M | 53.86M | 53.83M | 53.86M | 53.72M | 53.69M | 53.4M | 53.38M | 53.38M |
Elevated due to geopolitical exposure and reliance on equity-method investment volatility.
As reported in recent financial statements, Kenon Holdings experienced a 73.2% revenue surge in 2026Q1, yet this figure remains heavily distorted by equity-method accounting and the cyclical nature of minority investments rather than reflecting consistent growth in the core Israeli power generation rate base.
The reported revenue trajectory appears disconnected from the underlying utility operations, as the equity method obscures the true economic activity of the CPV and ZIM segments. Investors should monitor whether the recent revenue spike represents a sustainable shift in power demand or merely a temporary accounting artifact from non-utility holdings.
Based on the company's reported figures, operating margins have fluctuated significantly, reaching a low of -3.4% in 2024Q4, which suggests that the utility's ability to pass through fuel cost volatility is not as seamless as the regulatory framework might theoretically imply for independent power producers.
The high sensitivity of gross margins to natural gas procurement costs indicates that Kenon faces meaningful exposure to commodity price fluctuations. This suggests that the regulatory pass-through mechanisms may be subject to lag, potentially creating working capital strain during periods of rapid fuel price inflation.
According to quarterly filings, Kenon's net income has exhibited extreme volatility, including a notable $434.7M profit in 2024Q4, which highlights that reported EPS is frequently driven by one-time revaluations of the ZIM stake rather than sustainable, regulated earnings power from the core utility assets.
The reliance on equity-method accounting for major assets makes it difficult to isolate the core regulated earnings growth rate. Analysts should treat reported net income with caution, as the earnings profile appears heavily dependent on the cyclical shipping sector rather than the stable infrastructure floor of the Israeli power business.
Financial disclosures reveal a massive $1.47B cash balance that, while providing a fortress-like balance sheet, may obscure the lack of immediate, high-return deployment opportunities, potentially signaling that the company is struggling to find accretive utility investments in the current high-rate, geopolitically sensitive environment.
The income statement fails to capture the opportunity cost of holding such significant cash reserves, which may be dragging on overall return on invested capital. Investors should investigate whether this capital accumulation is a strategic buffer against regional instability or a sign of limited growth prospects within the existing regulatory jurisdiction.
Quick answers to the most common questions about buying KEN stock.
For fiscal year 2025, Kenon Holdings Ltd. (KEN) reported total revenue of $871.9M. This represents a 51.0% increase compared to $577.3M in 2012.
Kenon Holdings Ltd. (KEN) is profitable, generating $66.3M in net income for the fiscal year ending 2025 with a net profit margin of 7.6%.
Kenon Holdings Ltd. (KEN) reported an operating income of $62.3M, resulting in an operating profit margin of 7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Kenon Holdings Ltd. (KEN) generated $146.8M in gross profit for the year, representing a gross profit margin of 16.8%. This demonstrates the company's core pricing power and production efficiency.