Ormat Technologies, Inc. (ORA) 10-Year Financial Performance & Capital Metrics

ORA • • Utilities

UtilitiesRenewable EnergyRenewable Power GenerationGeothermal & Hydro Power Specialists

AboutOrmat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity. The Product segment designs, manufactures, and sells equipment for geothermal, recovered energy-based electricity generation, and remote power units, such as fossil fuel powered turbo-generators and heavy duty direct-current generators; and provides services relating to the engineering, procurement, construction, operation, and maintenance of geothermal and recovered energy-based power plants. The Product segment serves contractors; developers, owners, and operators of geothermal power plants; and owners and operators of interstate natural gas pipelines, gas processing plants, and cement plants, as well as companies in other energy-intensive industrial processes. The Energy Storage segment offers energy storage and related services, as well as services relating to the engineering, procurement, construction, operation, and maintenance of energy storage units. Ormat Technologies, Inc. was founded in 1965 and is based in Reno, Nevada.Show more

Revenue $880M +6.1%
EBITDA $435M +11.2%
Net Income $124M -0.5%
Free Cash Flow -$369M -19.5%
EBITDA Margin 49.49% +4.9%
Net Margin 14.07% -6.2%
ROE 4.94% -11.1%
Interest Coverage 1.29 -23.6%
Debt/Equity 0.96 +11.0%
Net Debt/EBITDA 5.42 +10.4%
CapEx / Revenue 88.7% +19.0%
CapEx Coverage 0.53 +5.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 80 (top 20%)

✗Weaknesses

✗Weak 3Y average ROE of 4.6%
✗Weak Piotroski F-Score: 3/9
✗High leverage: 5.6x Debt/EBITDA
✗Weak interest coverage of 1.3x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.63%

5Y3.35%

3Y9.88%

TTM6.07%

Profit (Net Income) CAGR

10Y8.61%

5Y7.03%

3Y25.84%

TTM12.41%

EPS CAGR

10Y5.63%

5Y3.47%

3Y22.86%

TTM11.22%

ROCE

10Y Avg6.27%

5Y Avg4.42%

3Y Avg3.67%

Latest3.54%

Peer Comparison

Geothermal & Hydro Power Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ORAOrmat Technologies, Inc.	7.05B	115.91	56.82	6.06%	14.12%	5.03%		0.96

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	594.64M	662.59M	692.81M	719.27M	746.04M	705.34M	663.08M	734.16M	829.42M	879.65M
Revenue Growth %	0.06%	0.11%	0.05%	0.04%	0.04%	-0.05%	-0.06%	0.11%	0.13%	0.06%
Cost of Revenue	376.37M	391.8M	424.36M	448.83M	476.72M	429.07M	398.75M	465.33M	565.41M	607.03M
Gross Profit+	218.28M	270.8M	268.45M	270.44M	269.32M	276.27M	264.34M	268.82M	264.02M	272.62M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.07%	0.24%	-0.01%	0.01%	-0%	0.03%	-0.04%	0.02%	-0.02%	0.03%
Operating Expenses+	52.64M	65.9M	61.64M	71.73M	75.53M	62.26M	94.98M	116.02M	97.43M	100.15M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	271.27M	309.51M	312.59M	313.18M	342.56M	370.63M	352.33M	351.6M	391.38M	435.33M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.11%	0.14%	0.01%	0%	0.09%	0.08%	-0.05%	-0%	0.11%	0.11%
Depreciation & Amortization+	107.21M	107.63M	107.57M	128.07M	148.76M	156.61M	182.97M	198.79M	224.8M	262.86M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	164.06M	201.88M	205.02M	185.11M	193.8M	214.01M	169.36M	152.8M	166.59M	172.47M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.14%	0.23%	0.02%	-0.1%	0.05%	0.1%	-0.21%	-0.1%	0.09%	0.04%
Interest Expense+	72.58M	67.39M	54.14M	70.92M	80.38M	77.95M	82.66M	87.74M	98.88M	134.03M
Interest Coverage	2.26x	3.00x	3.79x	2.61x	2.41x	2.75x	2.05x	1.74x	1.68x	1.29x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	113.6M	141.09M	170.73M	137.18M	137.3M	168.72M	100.93M	92.54M	139.12M	114.95M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-15.26M	31.84M	-1.41M	34.73M	45.61M	67M	24.85M	14.74M	5.98M	-16.29M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	119.57M	93.93M	170.73M	97.97M	88.09M	85.46M	62.09M	65.84M	124.4M	123.73M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.21%	-0.21%	0.82%	-0.43%	-0.1%	-0.03%	-0.27%	0.06%	0.89%	-0.01%
EPS (Diluted)+	2.45	1.77	2.61	1.92	1.72	1.65	1.10	1.17	2.08	2.04
EPS Growth %	1.08%	-0.28%	0.47%	-0.26%	-0.1%	-0.04%	-0.33%	0.06%	0.78%	-0.02%
EPS (Basic)	2.48	1.79	2.64	1.93	1.73	1.66	1.11	1.17	2.09	2.05
Diluted Shares Outstanding	49.19M	50.14M	50.77M	50.97M	51.23M	51.94M	56.4M	56.5M	59.76M	60.79M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.29B	2.46B	2.57B	3.12B	3.25B	3.89B	4.43B	4.61B	5.21B	5.67B
Asset Growth %	0.08%	0.07%	0.04%	0.22%	0.04%	0.2%	0.14%	0.04%	0.13%	0.09%
PP&E (Net)+	1.81B	1.86B	2.03B	2.22B	2.38B	2.61B	3.04B	3.41B	3.84B	4.29B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	375.14M	472.83M	321.65M	473.06M	415.66M	779.15M	601.93M	456.72M	646M	547.12M
Cash & Equivalents	185.92M	230.21M	47.82M	98.8M	71.17M	448.25M	239.28M	95.87M	195.81M	94.39M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	18.07M	12M	19.55M	45.02M	34.95M	35.32M	28.45M	22.83M	45.04M	38.09M
Other Current Assets	49.5M	34.26M	48.83M	78.69M	81.94M	88.53M	104.17M	130.8M	133.56M	170.55M
Long-Term Investments	-32.65M	-35.38M	34.08M	71.98M	81.14M	98.22M	105.89M	115.69M	125.44M	144.59M
Goodwill	0	6.65M	21.04M	19.95M	20.14M	24.57M	89.95M	90.33M	90.54M	151.02M
Intangible Assets	25.88M	52.75M	85.42M	199.87M	186.22M	194.42M	363.31M	333.85M	307.61M	301.74M
Other Assets	83.86M	66.25M	55.97M	21.45M	38.28M	66.99M	78.92M	39.76M	44.63M	75.38M
Total Liabilities	1.21B	1.29B	1.28B	1.68B	1.74B	1.94B	2.42B	2.58B	2.76B	3.11B
Total Debt+	920.47M	938.84M	913.6M	1.27B	1.27B	1.48B	1.93B	2.05B	2.12B	2.45B
Net Debt	734.55M	708.63M	865.78M	1.17B	1.2B	1.04B	1.7B	1.96B	1.92B	2.36B
Long-Term Debt	838.75M	872.87M	804.29M	1.04B	1.01B	1.38B	1.52B	1.84B	1.79B	2.09B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	31.03M	28.09M	26.17M	25.98M	26.67M	29.06M
Total Current Liabilities+	188.5M	189.25M	283.35M	361.94M	376.48M	248.65M	544.16M	343.91M	537.01M	598.08M
Accounts Payable	41.36M	48.31M	64.29M	56.3M	73.27M	75.78M	75.16M	77.55M	140.69M	124.7M
Accrued Expenses	33.1M	32.06M	41.93M	45.41M	52.12M	54.5M	55.76M	59.15M	63.45M	70.83M
Deferred Revenue	33.89M	31.63M	20.24M	18.4M	4.85M	12.38M	10.47M	9.85M	19.44M	49.2M
Other Current Liabilities	51.39M	10.71M	67.82M	33.05M	0	0	0	0	0	0
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	72.11M	139.5M	127.04M	155.22M	223.13M	201.89M	246.22M	286.63M	341.61M	327.97M
Total Equity+	1.08B	1.17B	1.28B	1.45B	1.52B	1.95B	2.01B	2.03B	2.45B	2.56B
Equity Growth %	0.38%	0.08%	0.1%	0.13%	0.05%	0.29%	0.03%	0.01%	0.21%	0.04%
Shareholders Equity	990M	1.08B	1.2B	1.32B	1.39B	1.81B	1.85B	1.87B	2.32B	2.43B
Minority Interest	93.87M	91.58M	84.32M	125.26M	122.99M	145.28M	152.79M	162.99M	136.16M	135.25M
Common Stock	49K	50K	51K	51K	51K	56K	56K	56K	60K	61K
Additional Paid-in Capital	849.22M	869.46M	888.78M	901.36M	913.15M	1.26B	1.27B	1.26B	1.61B	1.64B
Retained Earnings	148.4M	216.64M	313.88M	422.22M	487.87M	550.1M	585.21M	623.91M	719.89M	814.52M
Accumulated OCI	-7.67M	-7.73M	-4.31M	-3.8M	-8.65M	-6.62M	-2.19M	2.5M	-1.33M	-6.73M
Return on Assets (ROA)	0.05%	0.04%	0.07%	0.03%	0.03%	0.02%	0.01%	0.01%	0.03%	0.02%
Return on Equity (ROE)	0.13%	0.08%	0.14%	0.07%	0.06%	0.05%	0.03%	0.03%	0.06%	0.05%
Debt / Equity	0.85x	0.80x	0.71x	0.88x	0.84x	0.76x	0.96x	1.01x	0.86x	0.96x
Debt / Assets	0.4%	0.38%	0.36%	0.41%	0.39%	0.38%	0.44%	0.45%	0.41%	0.43%
Net Debt / EBITDA	2.71x	2.29x	2.77x	3.73x	3.50x	2.79x	4.81x	5.57x	4.90x	5.42x
Book Value per Share	22.04	23.33	25.27	28.35	29.58	37.57	35.6	35.94	41.02	42.12

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+	190.03M	159.28M	245.57M	145.82M	236.49M	265M	258.82M	280.97M	309.4M	410.92M
Operating CF Growth %	-0.11%	-0.16%	0.54%	-0.41%	0.62%	0.12%	-0.02%	0.09%	0.1%	0.33%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	123.35M	101.52M	170.18M	110.11M	93.54M	101.81M	76.08M	77.8M	124.4M	123.73M
Depreciation & Amortization	107.21M	105.98M	115.15M	132.23M	148.76M	156.61M	182.97M	198.79M	230.96M	270.61M
Deferred Taxes	-54.12M	6.86M	-72.91M	13.63M	20.69M	-19.66M	-11.56M	-31.3M	-23.46M	2.9M
Other Non-Cash Items	10.01M	8.49M	104K	4.17M	-3.91M	1.39M	6.53M	46.02M	6.52M	-5.03M
Working Capital Changes	-374K	-68.72M	24.29M	-124.54M	-31.95M	15.03M	-4.37M	-21.98M	-44.49M	-1.49M
Capital Expenditures+	-152.95M	-151.93M	-260.1M	-258.52M	-279.99M	-320.74M	-638.19M	-563.48M	-618.38M	-780.25M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-90.97M	-158.53M	-368.12M	-342.43M	-254.54M	-385.97M	-638.19M	-523.41M	-628.34M	-780.25M
Acquisitions	139.22M	-23.7M	-85.95M	-96.53M	-10.67M	-64.36M	-177.4M	-4.51M	0	-274.63M
Purchase of Investments	0	-1.86M	-108.7M	-2.19M	279.99M	0	-60.07M	-19.19M	0	0
Sale of Investments	1000K	1000K	526K	1000K	687K	845K	1000K	1000K	221K	0
Other Investing	59.14M	17.1M	86.1M	12.61M	-244.55M	-1.72M	-911K	600K	-10.18M	-17.95M
Cash from Financing+	46.63M	43.54M	-59.85M	251.13M	-5.76M	503.48M	186.38M	126.27M	379.96M	287.92M
Dividends Paid	-12.72M	-25.68M	-20.51M	-26.83M	-22.39M	-22.47M	-26.99M	-27.14M	-28.41M	-29.11M
Dividend Payout Ratio %	0.11%	0.27%	0.12%	0.27%	0.25%	0.26%	0.43%	0.41%	0.23%	0.24%
Debt Issuance (Net)	-1000K	1000K	-1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	6.08M	0	16.11M	0	2.43M	339.47M	311K	0	341.67M	0
Share Repurchases	0	0	0	0	-2.43M	0	0	-17.96M	0	0
Other Financing	119.69M	-17.14M	-8.47M	21.09M	49.17M	-3.96M	34.29M	23.7M	5.9M	-10.98M
Net Change in Cash+	145.69M	44.3M	-182.4M	80.85M	-24.39M	383.67M	-193.33M	-116.77M	61.09M	-82M
Exchange Rate Effect	0	0	0	-660K	-575K	1000K	-348K	-609K	72K	-579K
Cash at Beginning	40.23M	185.92M	230.21M	96.64M	177.5M	153.11M	536.78M	343.44M	226.68M	287.77M
Cash at End	185.92M	230.21M	47.82M	177.5M	153.11M	536.78M	343.44M	226.68M	287.77M	205.77M
Free Cash Flow+	37.08M	7.36M	-14.53M	-112.7M	-43.49M	-55.73M	-379.37M	-282.5M	-308.98M	-369.33M
FCF Growth %	-0.4%	-0.8%	-2.98%	-6.76%	0.61%	-0.28%	-5.81%	0.26%	-0.09%	-0.2%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.78%	8.33%	13.92%	7.18%	5.95%	4.93%	3.14%	3.26%	5.55%	4.94%
EBITDA Margin	45.62%	46.71%	45.12%	43.54%	45.92%	52.55%	53.13%	47.89%	47.19%	49.49%
Net Debt / EBITDA	2.71x	2.29x	2.77x	3.73x	3.50x	2.79x	4.81x	5.57x	4.90x	5.42x
Interest Coverage	2.26x	3.00x	3.79x	2.61x	2.41x	2.75x	2.05x	1.74x	1.68x	1.29x
CapEx / Revenue	25.72%	22.93%	37.54%	35.94%	37.53%	45.47%	96.25%	76.75%	74.56%	88.7%
Dividend Payout Ratio	10.63%	27.34%	12.01%	27.39%	25.41%	26.3%	43.46%	41.23%	22.84%	23.53%
Debt / Equity	0.85x	0.80x	0.71x	0.88x	0.84x	0.76x	0.96x	1.01x	0.86x	0.96x
EPS Growth	107.63%	-27.76%	47.46%	-26.44%	-10.42%	-4.07%	-33.33%	6.36%	77.78%	-1.92%

Revenue by Segment

	2013	2016	2017	2018	2019	2020	2021	2022	2023	2024
Electricity	-	436.29M	468.33M	509.88M	540.33M	541.39M	585.77M	631.73M	666.77M	702.26M
Electricity Growth	-	-	7.34%	8.87%	5.97%	0.20%	8.20%	7.85%	5.55%	5.32%
Product	-	-	-	201.74M	191.01M	148.13M	46.92M	71.41M	133.76M	139.66M
Product Growth	-	-	-	-	-5.32%	-22.45%	-68.32%	52.20%	87.31%	4.41%
Energy Storage and Management Services	-	-	-	-	14.7M	15.82M	30.39M	31.02M	28.89M	-
Energy Storage and Management Services Growth	-	-	-	-	-	7.63%	92.07%	2.06%	-6.85%	-
Other Revenue	-	-	-	7.64M	-	-	-	-	-	-
Other Revenue Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Revenues	37.25M	-	-	-	-	-	-	-	-	-
Intersegment Revenues Growth	-	-	-	-	-	-	-	-	-	-
Product	37.25M	-	-	-	-	-	-	-	-	-
Product Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2013	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	307.02M	301.13M	-	-	-	440.11M	484.06M	509.83M	557.34M
UNITED STATES Growth	-	-	-1.92%	-	-	-	-	9.99%	5.32%	9.32%
KENYA	-	109.27M	110.24M	119.09M	121.66M	115.47M	102.84M	105.84M	109.22M	114.07M
KENYA Growth	-	-	0.89%	8.03%	2.16%	-5.09%	-10.94%	2.91%	3.19%	4.44%
NEW ZEALAND	-	-	33.4M	10.45M	31.22M	34.98M	6.77M	17.13M	66.53M	78.67M
NEW ZEALAND Growth	-	-	-	-68.70%	198.75%	12.05%	-80.65%	153.03%	288.36%	18.25%
Other Foreign Countries	-	11.05M	57.02M	59.08M	37.66M	31.32M	33.45M	46.3M	52.89M	59.69M
Other Foreign Countries Growth	-	-	415.94%	3.61%	-36.26%	-16.83%	6.79%	38.43%	14.24%	12.86%
HONDURAS	-	-	-	-	34.45M	35.2M	35.23M	33.84M	31.59M	30.3M
HONDURAS Growth	-	-	-	-	-	2.18%	0.10%	-3.96%	-6.64%	-4.07%
GUATEMALA	-	30.09M	27.99M	27.98M	28.62M	27.39M	26.87M	28.83M	30.17M	28.95M
GUATEMALA Growth	-	-	-6.96%	-0.06%	2.32%	-4.31%	-1.91%	7.31%	4.66%	-4.04%
INDONESIA	-	100.86M	28.97M	4.38M	-	-	8.06M	15.63M	26.73M	7.62M
INDONESIA Growth	-	-	-71.28%	-84.88%	-	-	-	94.03%	71.02%	-71.51%
TURKEY	-	46.27M	125.17M	168.7M	88.94M	65.53M	2.72M	1.96M	-	-
TURKEY Growth	-	-	170.51%	34.78%	-47.28%	-26.31%	-95.84%	-27.98%	-	-
CHILE	-	58.03M	8.89M	980K	25.54M	32.42M	7.04M	579K	-	-
CHILE Growth	-	-	-84.67%	-88.98%	2506.12%	26.93%	-78.30%	-91.77%	-	-
North America	314.67M	-	-	-	-	-	-	-	-	-
North America Growth	-	-	-	-	-	-	-	-	-	-
Europe	97.28M	-	-	-	-	-	-	-	-	-
Europe Growth	-	-	-	-	-	-	-	-	-	-
Africa	68.75M	-	-	-	-	-	-	-	-	-
Africa Growth	-	-	-	-	-	-	-	-	-	-
Latin America	21.88M	-	-	-	-	-	-	-	-	-
Latin America Growth	-	-	-	-	-	-	-	-	-	-
Pacific Rim	20.08M	-	-	-	-	-	-	-	-	-
Pacific Rim Growth	-	-	-	-	-	-	-	-	-	-
Far East	10.58M	-	-	-	-	-	-	-	-	-
Far East Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Ormat Technologies, Inc. (ORA) has a price-to-earnings (P/E) ratio of 56.8x. This suggests investors expect higher future growth.

Growth & Financials

Ormat Technologies, Inc. (ORA) reported $944.2M in revenue for fiscal year 2024. This represents a 116% increase from $437.0M in 2011.

Ormat Technologies, Inc. (ORA) grew revenue by 6.1% over the past year. This is steady growth.

Yes, Ormat Technologies, Inc. (ORA) is profitable, generating $133.4M in net income for fiscal year 2024 (14.1% net margin).

Dividend & Returns

Yes, Ormat Technologies, Inc. (ORA) pays a dividend with a yield of 0.41%. This makes it attractive for income-focused investors.

Ormat Technologies, Inc. (ORA) has a return on equity (ROE) of 4.9%. This is below average, suggesting room for improvement.

Ormat Technologies, Inc. (ORA) had negative free cash flow of $201.3M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Ormat Technologies, Inc. (ORA) has a dividend payout ratio of 24%. This suggests the dividend is well-covered and sustainable.

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