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

ORA • • Utilities

UtilitiesRenewable EnergyRenewable Developers and IPPs

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 $990M +12.5%
EBITDA $470M +8.0%
Net Income $124M +0.1%
Free Cash Flow -$285M +22.9%
EBITDA Margin 47.52% -4.0%
Net Margin 12.52% -11.0%
ROE 3.28% -33.6%
Interest Coverage 1.29 +0.1%
Debt/Equity 0.14 -85.6%
Net Debt/EBITDA 0.87 -83.9%
CapEx / Revenue 62.63% -29.4%
CapEx Coverage 0.54 +2.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.3x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.6%
✗Weak interest coverage of 1.3x

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.22%

5Y7.01%

3Y10.46%

TTM12.49%

Profit (Net Income) CAGR

10Y0.36%

5Y7.71%

3Y23.46%

TTM0.13%

EPS CAGR

10Y-1.91%

5Y4.13%

3Y19.97%

TTM-1.47%

ROCE

10Y Avg5.8%

5Y Avg3.8%

3Y Avg3.57%

Latest3.46%

Peer Comparison

Renewable Developers and IPPs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ENLTEnlight Renewable Energy Ltd	8.89B	67.24	61.80	320.57%	21.4%	2.63%		2.73
ORAOrmat Technologies, Inc.	6.27B	103.70	51.34	12.49%	12.52%	2.48%		0.14
RNWReNew Energy Global Plc	1.36B	5.52	46.02	19.36%	9.23%	8.42%		5.59
RNWWWReNew Energy Global plc		0.01	0.06	19.36%	9.23%	8.42%		5.59
SUUNPowerBank Corporation	34.5M	0.78	-1.10	-28.86%	-7.46%	-14.99%		3.81
WAVEEco Wave Power Global AB (publ)	29.09M	4.99	-13.49	-45.1%	-17.6%	-42.79%	3.81%	0.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	662.59M	692.81M	719.27M	746.04M	705.34M	663.08M	734.16M	829.42M	879.65M	989.54M
Revenue Growth %	11.43%	4.56%	3.82%	3.72%	-5.46%	-5.99%	10.72%	12.98%	6.06%	12.49%
Cost of Revenue	391.8M	424.36M	448.83M	476.72M	429.07M	398.75M	465.33M	565.41M	607.03M	716.86M
Gross Profit+	270.8M	268.45M	270.44M	269.32M	276.27M	264.34M	268.82M	264.02M	272.62M	272.69M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	24.06%	-0.87%	0.74%	-0.41%	2.58%	-4.32%	1.7%	-1.79%	3.26%	0.02%
Operating Expenses+	65.9M	61.64M	71.73M	75.53M	62.26M	94.98M	116.02M	97.43M	100.15M	89.95M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	309.51M	312.59M	313.18M	342.56M	370.63M	352.33M	351.6M	391.38M	435.33M	470.24M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	14.1%	1%	0.19%	9.38%	8.19%	-4.94%	-0.21%	11.32%	11.23%	8.02%
Depreciation & Amortization+	107.63M	107.57M	128.07M	148.76M	156.61M	182.97M	198.79M	224.8M	262.86M	287.5M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	201.88M	205.02M	185.11M	193.8M	214.01M	169.36M	152.8M	166.59M	172.47M	182.74M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	23.05%	1.55%	-9.71%	4.69%	10.43%	-20.87%	-9.77%	9.02%	3.53%	5.95%
Interest Expense+	67.39M	54.14M	70.92M	80.38M	77.95M	82.66M	87.74M	98.88M	134.03M	141.85M
Interest Coverage	3.00x	3.79x	2.61x	2.41x	2.75x	2.05x	1.74x	1.68x	1.29x	1.29x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	141.09M	170.73M	137.18M	137.3M	168.72M	100.93M	92.54M	139.12M	114.95M	106.71M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	31.84M	-1.41M	34.73M	45.61M	67M	24.85M	14.74M	5.98M	-16.29M	-20.28M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	93.93M	170.73M	97.97M	88.09M	85.46M	62.09M	65.84M	124.4M	123.73M	123.9M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-21.45%	81.76%	-42.62%	-10.08%	-3%	-27.34%	6.04%	88.94%	-0.54%	0.13%
EPS (Diluted)+	1.77	2.61	1.92	1.72	1.65	1.10	1.17	2.08	2.04	2.02
EPS Growth %	-27.76%	47.46%	-26.44%	-10.42%	-4.07%	-33.33%	6.36%	77.78%	-1.92%	-0.98%
EPS (Basic)	1.79	2.64	1.93	1.73	1.66	1.11	1.17	2.09	2.05	2.04
Diluted Shares Outstanding	50.14M	50.77M	50.97M	51.23M	51.94M	56.4M	56.5M	59.76M	60.79M	61.36M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	2.46B	2.57B	3.12B	3.25B	3.89B	4.43B	4.61B	5.21B	5.67B	6.25B
Asset Growth %	7.35%	4.26%	21.62%	4.14%	19.64%	13.8%	4.2%	12.94%	8.79%	10.24%
PP&E (Net)+	1.86B	2.03B	2.22B	2.38B	2.61B	3.04B	3.41B	3.84B	4.29B	3.71B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	472.83M	321.65M	473.06M	415.66M	779.15M	601.93M	456.72M	646M	547.12M	597.77M
Cash & Equivalents	230.21M	47.82M	98.8M	71.17M	448.25M	239.28M	95.87M	195.81M	94.39M	280.87M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Inventory	12M	19.55M	45.02M	34.95M	35.32M	28.45M	22.83M	45.04M	38.09M	45.27M
Other Current Assets	34.26M	48.83M	78.69M	81.94M	88.53M	104.17M	130.8M	133.56M	170.55M	271.63M
Long-Term Investments	-35.38M	34.08M	71.98M	81.14M	98.22M	105.89M	115.69M	125.44M	144.59M	0
Goodwill	6.65M	21.04M	19.95M	20.14M	24.57M	89.95M	90.33M	90.54M	151.02M	168.24M
Intangible Assets	52.75M	85.42M	199.87M	186.22M	194.42M	363.31M	333.85M	307.61M	301.74M	274.55M
Other Assets	66.25M	55.97M	21.45M	38.28M	66.99M	78.92M	39.76M	44.63M	75.38M	1.35B
Total Liabilities	1.29B	1.28B	1.68B	1.74B	1.94B	2.42B	2.58B	2.76B	3.11B	1.24B
Total Debt+	938.84M	913.6M	1.27B	1.27B	1.48B	1.93B	2.05B	2.12B	2.45B	691.58M
Net Debt	708.63M	865.78M	1.17B	1.2B	1.04B	1.7B	1.96B	1.92B	2.36B	410.71M
Long-Term Debt	872.87M	804.29M	1.04B	1.01B	1.38B	1.52B	1.84B	1.79B	2.09B	504.94M
Short-Term Borrowings	65.97M	109.31M	227.18M	226.05M	78.61M	386.38M	181.77M	299.18M	335.64M	186.63M
Capital Lease Obligations	0	0	0	31.03M	28.09M	26.17M	25.98M	26.67M	29.06M	0
Total Current Liabilities+	189.25M	283.35M	361.94M	376.48M	248.65M	544.16M	343.91M	537.01M	598.08M	738.39M
Accounts Payable	48.31M	64.29M	56.3M	73.27M	75.78M	75.16M	77.55M	140.69M	124.7M	0
Accrued Expenses	32.06M	41.93M	45.41M	52.12M	54.5M	55.76M	59.15M	63.45M	70.83M	0
Deferred Revenue	31.63M	20.24M	18.4M	4.85M	12.38M	10.47M	9.85M	19.44M	49.2M	0
Other Current Liabilities	10.71M	67.82M	33.05M	0	0	0	0	0	0	551.76M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Liabilities	139.5M	127.04M	155.22M	223.13M	201.89M	246.22M	286.63M	341.61M	327.97M	0
Total Equity+	1.17B	1.28B	1.45B	1.52B	1.95B	2.01B	2.03B	2.45B	2.56B	5B
Equity Growth %	7.95%	9.63%	12.66%	4.87%	28.76%	2.9%	1.13%	20.73%	4.44%	95.41%
Shareholders Equity	1.08B	1.2B	1.32B	1.39B	1.81B	1.85B	1.87B	2.32B	2.43B	5B
Minority Interest	91.58M	84.32M	125.26M	122.99M	145.28M	152.79M	162.99M	136.16M	135.25M	0
Common Stock	50K	51K	51K	51K	56K	56K	56K	60K	61K	0
Additional Paid-in Capital	869.46M	888.78M	901.36M	913.15M	1.26B	1.27B	1.26B	1.61B	1.64B	0
Retained Earnings	216.64M	313.88M	422.22M	487.87M	550.1M	585.21M	623.91M	719.89M	814.52M	0
Accumulated OCI	-7.73M	-4.31M	-3.8M	-8.65M	-6.62M	-2.19M	2.5M	-1.33M	-6.73M	0
Return on Assets (ROA)	3.95%	6.79%	3.44%	2.77%	2.39%	1.49%	1.46%	2.53%	2.28%	2.08%
Return on Equity (ROE)	8.33%	13.92%	7.18%	5.95%	4.93%	3.14%	3.26%	5.55%	4.94%	3.28%
Debt / Equity	0.80x	0.71x	0.88x	0.84x	0.76x	0.96x	1.01x	0.86x	0.96x	0.14x
Debt / Assets	38.14%	35.6%	40.62%	39.04%	38.16%	43.71%	44.51%	40.61%	43.27%	11.07%
Net Debt / EBITDA	2.29x	2.77x	3.73x	3.50x	2.79x	4.81x	5.57x	4.90x	5.42x	0.87x
Book Value per Share	23.33	25.27	28.35	29.58	37.57	35.6	35.94	41.02	42.12	81.54

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	159.28M	245.57M	145.82M	236.49M	265M	258.82M	280.97M	309.4M	410.92M	335.1M
Operating CF Growth %	-16.18%	54.17%	-40.62%	62.18%	12.06%	-2.33%	8.56%	10.12%	32.81%	-18.45%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	101.52M	170.18M	110.11M	93.54M	101.81M	76.08M	77.8M	124.4M	123.73M	123.9M
Depreciation & Amortization	105.98M	115.15M	132.23M	148.76M	156.61M	182.97M	198.79M	230.96M	270.61M	292.12M
Deferred Taxes	6.86M	-72.91M	13.63M	20.69M	-19.66M	-11.56M	-31.3M	-23.46M	2.9M	-33.17M
Other Non-Cash Items	8.49M	104K	4.17M	-3.91M	1.39M	6.53M	46.02M	6.52M	-5.03M	-67.14M
Working Capital Changes	-68.72M	24.29M	-124.54M	-31.95M	15.03M	-4.37M	-21.98M	-44.49M	-1.49M	0
Capital Expenditures+	-151.93M	-260.1M	-258.52M	-279.99M	-320.74M	-638.19M	-563.48M	-618.38M	-780.25M	-619.78M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-158.53M	-368.12M	-342.43M	-254.54M	-385.97M	-638.19M	-523.41M	-628.34M	-780.25M	-726.43M
Acquisitions	-23.7M	-85.95M	-96.53M	-10.67M	-64.36M	-177.4M	-4.51M	0	-274.63M	-88.65M
Purchase of Investments	-1.86M	-108.7M	-2.19M	279.99M	0	-60.07M	-19.19M	0	0	0
Sale of Investments	1000K	526K	1000K	687K	845K	1000K	1000K	221K	0	0
Other Investing	17.1M	86.1M	12.61M	-244.55M	-1.72M	-911K	600K	-10.18M	-17.95M	-18.01M
Cash from Financing+	43.54M	-59.85M	251.13M	-5.76M	503.48M	186.38M	126.27M	379.96M	287.92M	465.75M
Dividends Paid	-25.68M	-20.51M	-26.83M	-22.39M	-22.47M	-26.99M	-27.14M	-28.41M	-29.11M	-29.07M
Dividend Payout Ratio %	27.34%	12.01%	27.39%	25.41%	26.3%	43.46%	41.23%	22.84%	23.53%	-
Debt Issuance (Net)	1000K	-1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	0
Stock Issued	0	16.11M	0	2.43M	339.47M	311K	0	341.67M	0	0
Share Repurchases	0	0	0	-2.43M	0	0	-17.96M	0	0	0
Other Financing	-17.14M	-8.47M	21.09M	49.17M	-3.96M	34.29M	23.7M	5.9M	-10.98M	494.82M
Net Change in Cash+	44.3M	-182.4M	80.85M	-24.39M	383.67M	-193.33M	-116.77M	61.09M	-82M	75.09M
Exchange Rate Effect	0	0	-660K	-575K	1000K	-348K	-609K	72K	-579K	682K
Cash at Beginning	185.92M	230.21M	96.64M	177.5M	153.11M	536.78M	343.44M	226.68M	287.77M	205.77M
Cash at End	230.21M	47.82M	177.5M	153.11M	536.78M	343.44M	226.68M	287.77M	205.77M	280.87M
Free Cash Flow+	7.36M	-14.53M	-112.7M	-43.49M	-55.73M	-379.37M	-282.5M	-308.98M	-369.33M	-284.68M
FCF Growth %	-80.16%	-297.51%	-675.79%	61.41%	-28.14%	-580.69%	25.53%	-9.37%	-19.53%	22.92%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.33%	13.92%	7.18%	5.95%	4.93%	3.14%	3.26%	5.55%	4.94%	3.28%
EBITDA Margin	46.71%	45.12%	43.54%	45.92%	52.55%	53.13%	47.89%	47.19%	49.49%	47.52%
Net Debt / EBITDA	2.29x	2.77x	3.73x	3.50x	2.79x	4.81x	5.57x	4.90x	5.42x	0.87x
Interest Coverage	3.00x	3.79x	2.61x	2.41x	2.75x	2.05x	1.74x	1.68x	1.29x	1.29x
CapEx / Revenue	22.93%	37.54%	35.94%	37.53%	45.47%	96.25%	76.75%	74.56%	88.7%	62.63%
Dividend Payout Ratio	27.34%	12.01%	27.39%	25.41%	26.3%	43.46%	41.23%	22.84%	23.53%	-
Debt / Equity	0.80x	0.71x	0.88x	0.84x	0.76x	0.96x	1.01x	0.86x	0.96x	0.14x
EPS Growth	-27.76%	47.46%	-26.44%	-10.42%	-4.07%	-33.33%	6.36%	77.78%	-1.92%	-0.98%

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

ORA • • Utilities

UtilitiesRenewable EnergyRenewable Developers and IPPs

Revenue $990M +12.5%
EBITDA $470M +8.0%
Net Income $124M +0.1%
Free Cash Flow -$285M +22.9%
EBITDA Margin 47.52% -4.0%
Net Margin 12.52% -11.0%
ROE 3.28% -33.6%
Interest Coverage 1.29 +0.1%
Debt/Equity 0.14 -85.6%
Net Debt/EBITDA 0.87 -83.9%
CapEx / Revenue 62.63% -29.4%
CapEx Coverage 0.54 +2.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.3x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.6%
✗Weak interest coverage of 1.3x

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.22%

5Y7.01%

3Y10.46%

TTM12.49%

Profit (Net Income) CAGR

10Y0.36%

5Y7.71%

3Y23.46%

TTM0.13%

EPS CAGR

10Y-1.91%

5Y4.13%

3Y19.97%

TTM-1.47%

ROCE

10Y Avg5.8%

5Y Avg3.8%

3Y Avg3.57%

Latest3.46%

Peer Comparison

Renewable Developers and IPPs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ENLTEnlight Renewable Energy Ltd	8.89B	67.24	61.80	320.57%	21.4%	2.63%		2.73
ORAOrmat Technologies, Inc.	6.27B	103.70	51.34	12.49%	12.52%	2.48%		0.14
RNWReNew Energy Global Plc	1.36B	5.52	46.02	19.36%	9.23%	8.42%		5.59
RNWWWReNew Energy Global plc		0.01	0.06	19.36%	9.23%	8.42%		5.59
SUUNPowerBank Corporation	34.5M	0.78	-1.10	-28.86%	-7.46%	-14.99%		3.81
WAVEEco Wave Power Global AB (publ)	29.09M	4.99	-13.49	-45.1%	-17.6%	-42.79%	3.81%	0.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	662.59M	692.81M	719.27M	746.04M	705.34M	663.08M	734.16M	829.42M	879.65M	989.54M
Revenue Growth %	11.43%	4.56%	3.82%	3.72%	-5.46%	-5.99%	10.72%	12.98%	6.06%	12.49%
Cost of Revenue	391.8M	424.36M	448.83M	476.72M	429.07M	398.75M	465.33M	565.41M	607.03M	716.86M
Gross Profit+	270.8M	268.45M	270.44M	269.32M	276.27M	264.34M	268.82M	264.02M	272.62M	272.69M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	24.06%	-0.87%	0.74%	-0.41%	2.58%	-4.32%	1.7%	-1.79%	3.26%	0.02%
Operating Expenses+	65.9M	61.64M	71.73M	75.53M	62.26M	94.98M	116.02M	97.43M	100.15M	89.95M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	309.51M	312.59M	313.18M	342.56M	370.63M	352.33M	351.6M	391.38M	435.33M	470.24M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	14.1%	1%	0.19%	9.38%	8.19%	-4.94%	-0.21%	11.32%	11.23%	8.02%
Depreciation & Amortization+	107.63M	107.57M	128.07M	148.76M	156.61M	182.97M	198.79M	224.8M	262.86M	287.5M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	201.88M	205.02M	185.11M	193.8M	214.01M	169.36M	152.8M	166.59M	172.47M	182.74M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	23.05%	1.55%	-9.71%	4.69%	10.43%	-20.87%	-9.77%	9.02%	3.53%	5.95%
Interest Expense+	67.39M	54.14M	70.92M	80.38M	77.95M	82.66M	87.74M	98.88M	134.03M	141.85M
Interest Coverage	3.00x	3.79x	2.61x	2.41x	2.75x	2.05x	1.74x	1.68x	1.29x	1.29x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	141.09M	170.73M	137.18M	137.3M	168.72M	100.93M	92.54M	139.12M	114.95M	106.71M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	31.84M	-1.41M	34.73M	45.61M	67M	24.85M	14.74M	5.98M	-16.29M	-20.28M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	93.93M	170.73M	97.97M	88.09M	85.46M	62.09M	65.84M	124.4M	123.73M	123.9M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-21.45%	81.76%	-42.62%	-10.08%	-3%	-27.34%	6.04%	88.94%	-0.54%	0.13%
EPS (Diluted)+	1.77	2.61	1.92	1.72	1.65	1.10	1.17	2.08	2.04	2.02
EPS Growth %	-27.76%	47.46%	-26.44%	-10.42%	-4.07%	-33.33%	6.36%	77.78%	-1.92%	-0.98%
EPS (Basic)	1.79	2.64	1.93	1.73	1.66	1.11	1.17	2.09	2.05	2.04
Diluted Shares Outstanding	50.14M	50.77M	50.97M	51.23M	51.94M	56.4M	56.5M	59.76M	60.79M	61.36M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	2.46B	2.57B	3.12B	3.25B	3.89B	4.43B	4.61B	5.21B	5.67B	6.25B
Asset Growth %	7.35%	4.26%	21.62%	4.14%	19.64%	13.8%	4.2%	12.94%	8.79%	10.24%
PP&E (Net)+	1.86B	2.03B	2.22B	2.38B	2.61B	3.04B	3.41B	3.84B	4.29B	3.71B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	472.83M	321.65M	473.06M	415.66M	779.15M	601.93M	456.72M	646M	547.12M	597.77M
Cash & Equivalents	230.21M	47.82M	98.8M	71.17M	448.25M	239.28M	95.87M	195.81M	94.39M	280.87M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Inventory	12M	19.55M	45.02M	34.95M	35.32M	28.45M	22.83M	45.04M	38.09M	45.27M
Other Current Assets	34.26M	48.83M	78.69M	81.94M	88.53M	104.17M	130.8M	133.56M	170.55M	271.63M
Long-Term Investments	-35.38M	34.08M	71.98M	81.14M	98.22M	105.89M	115.69M	125.44M	144.59M	0
Goodwill	6.65M	21.04M	19.95M	20.14M	24.57M	89.95M	90.33M	90.54M	151.02M	168.24M
Intangible Assets	52.75M	85.42M	199.87M	186.22M	194.42M	363.31M	333.85M	307.61M	301.74M	274.55M
Other Assets	66.25M	55.97M	21.45M	38.28M	66.99M	78.92M	39.76M	44.63M	75.38M	1.35B
Total Liabilities	1.29B	1.28B	1.68B	1.74B	1.94B	2.42B	2.58B	2.76B	3.11B	1.24B
Total Debt+	938.84M	913.6M	1.27B	1.27B	1.48B	1.93B	2.05B	2.12B	2.45B	691.58M
Net Debt	708.63M	865.78M	1.17B	1.2B	1.04B	1.7B	1.96B	1.92B	2.36B	410.71M
Long-Term Debt	872.87M	804.29M	1.04B	1.01B	1.38B	1.52B	1.84B	1.79B	2.09B	504.94M
Short-Term Borrowings	65.97M	109.31M	227.18M	226.05M	78.61M	386.38M	181.77M	299.18M	335.64M	186.63M
Capital Lease Obligations	0	0	0	31.03M	28.09M	26.17M	25.98M	26.67M	29.06M	0
Total Current Liabilities+	189.25M	283.35M	361.94M	376.48M	248.65M	544.16M	343.91M	537.01M	598.08M	738.39M
Accounts Payable	48.31M	64.29M	56.3M	73.27M	75.78M	75.16M	77.55M	140.69M	124.7M	0
Accrued Expenses	32.06M	41.93M	45.41M	52.12M	54.5M	55.76M	59.15M	63.45M	70.83M	0
Deferred Revenue	31.63M	20.24M	18.4M	4.85M	12.38M	10.47M	9.85M	19.44M	49.2M	0
Other Current Liabilities	10.71M	67.82M	33.05M	0	0	0	0	0	0	551.76M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Liabilities	139.5M	127.04M	155.22M	223.13M	201.89M	246.22M	286.63M	341.61M	327.97M	0
Total Equity+	1.17B	1.28B	1.45B	1.52B	1.95B	2.01B	2.03B	2.45B	2.56B	5B
Equity Growth %	7.95%	9.63%	12.66%	4.87%	28.76%	2.9%	1.13%	20.73%	4.44%	95.41%
Shareholders Equity	1.08B	1.2B	1.32B	1.39B	1.81B	1.85B	1.87B	2.32B	2.43B	5B
Minority Interest	91.58M	84.32M	125.26M	122.99M	145.28M	152.79M	162.99M	136.16M	135.25M	0
Common Stock	50K	51K	51K	51K	56K	56K	56K	60K	61K	0
Additional Paid-in Capital	869.46M	888.78M	901.36M	913.15M	1.26B	1.27B	1.26B	1.61B	1.64B	0
Retained Earnings	216.64M	313.88M	422.22M	487.87M	550.1M	585.21M	623.91M	719.89M	814.52M	0
Accumulated OCI	-7.73M	-4.31M	-3.8M	-8.65M	-6.62M	-2.19M	2.5M	-1.33M	-6.73M	0
Return on Assets (ROA)	3.95%	6.79%	3.44%	2.77%	2.39%	1.49%	1.46%	2.53%	2.28%	2.08%
Return on Equity (ROE)	8.33%	13.92%	7.18%	5.95%	4.93%	3.14%	3.26%	5.55%	4.94%	3.28%
Debt / Equity	0.80x	0.71x	0.88x	0.84x	0.76x	0.96x	1.01x	0.86x	0.96x	0.14x
Debt / Assets	38.14%	35.6%	40.62%	39.04%	38.16%	43.71%	44.51%	40.61%	43.27%	11.07%
Net Debt / EBITDA	2.29x	2.77x	3.73x	3.50x	2.79x	4.81x	5.57x	4.90x	5.42x	0.87x
Book Value per Share	23.33	25.27	28.35	29.58	37.57	35.6	35.94	41.02	42.12	81.54

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	159.28M	245.57M	145.82M	236.49M	265M	258.82M	280.97M	309.4M	410.92M	335.1M
Operating CF Growth %	-16.18%	54.17%	-40.62%	62.18%	12.06%	-2.33%	8.56%	10.12%	32.81%	-18.45%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	101.52M	170.18M	110.11M	93.54M	101.81M	76.08M	77.8M	124.4M	123.73M	123.9M
Depreciation & Amortization	105.98M	115.15M	132.23M	148.76M	156.61M	182.97M	198.79M	230.96M	270.61M	292.12M
Deferred Taxes	6.86M	-72.91M	13.63M	20.69M	-19.66M	-11.56M	-31.3M	-23.46M	2.9M	-33.17M
Other Non-Cash Items	8.49M	104K	4.17M	-3.91M	1.39M	6.53M	46.02M	6.52M	-5.03M	-67.14M
Working Capital Changes	-68.72M	24.29M	-124.54M	-31.95M	15.03M	-4.37M	-21.98M	-44.49M	-1.49M	0
Capital Expenditures+	-151.93M	-260.1M	-258.52M	-279.99M	-320.74M	-638.19M	-563.48M	-618.38M	-780.25M	-619.78M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-158.53M	-368.12M	-342.43M	-254.54M	-385.97M	-638.19M	-523.41M	-628.34M	-780.25M	-726.43M
Acquisitions	-23.7M	-85.95M	-96.53M	-10.67M	-64.36M	-177.4M	-4.51M	0	-274.63M	-88.65M
Purchase of Investments	-1.86M	-108.7M	-2.19M	279.99M	0	-60.07M	-19.19M	0	0	0
Sale of Investments	1000K	526K	1000K	687K	845K	1000K	1000K	221K	0	0
Other Investing	17.1M	86.1M	12.61M	-244.55M	-1.72M	-911K	600K	-10.18M	-17.95M	-18.01M
Cash from Financing+	43.54M	-59.85M	251.13M	-5.76M	503.48M	186.38M	126.27M	379.96M	287.92M	465.75M
Dividends Paid	-25.68M	-20.51M	-26.83M	-22.39M	-22.47M	-26.99M	-27.14M	-28.41M	-29.11M	-29.07M
Dividend Payout Ratio %	27.34%	12.01%	27.39%	25.41%	26.3%	43.46%	41.23%	22.84%	23.53%	-
Debt Issuance (Net)	1000K	-1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	0
Stock Issued	0	16.11M	0	2.43M	339.47M	311K	0	341.67M	0	0
Share Repurchases	0	0	0	-2.43M	0	0	-17.96M	0	0	0
Other Financing	-17.14M	-8.47M	21.09M	49.17M	-3.96M	34.29M	23.7M	5.9M	-10.98M	494.82M
Net Change in Cash+	44.3M	-182.4M	80.85M	-24.39M	383.67M	-193.33M	-116.77M	61.09M	-82M	75.09M
Exchange Rate Effect	0	0	-660K	-575K	1000K	-348K	-609K	72K	-579K	682K
Cash at Beginning	185.92M	230.21M	96.64M	177.5M	153.11M	536.78M	343.44M	226.68M	287.77M	205.77M
Cash at End	230.21M	47.82M	177.5M	153.11M	536.78M	343.44M	226.68M	287.77M	205.77M	280.87M
Free Cash Flow+	7.36M	-14.53M	-112.7M	-43.49M	-55.73M	-379.37M	-282.5M	-308.98M	-369.33M	-284.68M
FCF Growth %	-80.16%	-297.51%	-675.79%	61.41%	-28.14%	-580.69%	25.53%	-9.37%	-19.53%	22.92%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.33%	13.92%	7.18%	5.95%	4.93%	3.14%	3.26%	5.55%	4.94%	3.28%
EBITDA Margin	46.71%	45.12%	43.54%	45.92%	52.55%	53.13%	47.89%	47.19%	49.49%	47.52%
Net Debt / EBITDA	2.29x	2.77x	3.73x	3.50x	2.79x	4.81x	5.57x	4.90x	5.42x	0.87x
Interest Coverage	3.00x	3.79x	2.61x	2.41x	2.75x	2.05x	1.74x	1.68x	1.29x	1.29x
CapEx / Revenue	22.93%	37.54%	35.94%	37.53%	45.47%	96.25%	76.75%	74.56%	88.7%	62.63%
Dividend Payout Ratio	27.34%	12.01%	27.39%	25.41%	26.3%	43.46%	41.23%	22.84%	23.53%	-
Debt / Equity	0.80x	0.71x	0.88x	0.84x	0.76x	0.96x	1.01x	0.86x	0.96x	0.14x
EPS Growth	-27.76%	47.46%	-26.44%	-10.42%	-4.07%	-33.33%	6.36%	77.78%	-1.92%	-0.98%

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

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ORA vs Peers

vs ENLT

vs RNW

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Deep Dive Analysis

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