Free cash flow was negative in eight of the last ten quarters, with a cumulative deficit of $882.7M, and CAPEX averaged $231.2M per quarter, far exceeding depreciation, though dividend coverage remained comfortable at 12.2x OCF.
Ormat Technologies, Inc. (ORA) cash flow statement — 24-year operating, investing & financing cash flows
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 357.96M | 335.1M | 410.92M | 309.4M | 280.97M | 258.82M | 265M | 236.49M | 145.82M | 245.57M | 159.28M | 190.03M | 213.24M | 86.76M | 89.47M | 132.73M | 101.4M | 110.77M | 116.95M | 58.73M | 73.03M | 134.94M | 63.46M | 46.02M | 11.54M |
| Operating CF Growth % | -68.73% | -18.45% | 32.81% | 10.12% | 8.56% | -2.33% | 12.06% | 62.18% | -40.62% | 54.17% | -16.18% | -10.88% | 145.78% | -3.03% | -32.59% | 30.9% | -8.46% | -5.28% | 99.15% | -19.59% | -45.88% | 112.64% | 37.9% | 298.61% | - |
| Operating CF / Revenue % | 30.12% | 33.86% | 46.71% | 37.3% | 38.27% | 39.03% | 37.57% | 31.7% | 20.27% | 35.45% | 24.04% | 31.96% | 38.11% | 16.27% | 17.39% | 30.37% | 27.17% | 26.68% | 33.91% | 19.84% | 27.16% | 56.7% | 28.95% | 38.53% | 13.48% |
| Net Income | 126.64M | 123.9M | 123.73M | 124.4M | 77.8M | 76.08M | 101.81M | 93.54M | 110.11M | 170.18M | 101.52M | 123.35M | 55.02M | 42.03M | -206.02M | -42.72M | 37.23M | 68.55M | 49.83M | 27.38M | 34.45M | 15.18M | 17.79M | 15.45M | -1.04M |
| Depreciation & Amortization | 530.15M | 292.12M | 270.61M | 230.96M | 198.79M | 182.97M | 156.61M | 148.76M | 132.23M | 115.15M | 105.98M | 107.21M | 100.8M | 92.93M | 102.34M | 96.4M | 86.76M | 61.69M | 57.44M | 47.8M | 40.75M | 34.58M | 37.11M | 16.62M | 14.48M |
| Deferred Taxes | -91.85M | -33.17M | 2.9M | -23.46M | -31.3M | -11.56M | -19.66M | 20.69M | 13.63M | -72.91M | 6.86M | -54.12M | 1.87M | -1.08M | -13.93M | 38.06M | -10.14M | 3.96M | 6.84M | -4.93M | -1.53M | -2.18M | 3.79M | 2.06M | 5.88M |
| Other Non-Cash Items | -114.58M | -5.79M | -5.03M | 6.52M | 46.02M | 6.53M | 1.39M | -3.91M | 4.17M | 104K | 8.49M | 10.01M | 2.96M | 5M | 239.48M | -1.13M | -41.38M | -15.27M | -5.21M | 5.34M | 1.6M | 3.89M | -308K | -69K | 7.07M |
| Working Capital Changes | -159.04M | -61.35M | -1.49M | -44.49M | -21.98M | -4.37M | 15.03M | -31.95M | -124.54M | 24.29M | -68.72M | -374K | 47.02M | -58.38M | -38.8M | 35.46M | 21.55M | -13.91M | 3.6M | -20.62M | -3.95M | 83.48M | 5.08M | 11.96M | -14.84M |
| Capital Expenditures | -657.94M | -619.78M | -780.25M | -618.38M | -563.48M | -638.19M | -320.74M | -279.99M | -258.52M | -260.1M | -151.93M | -152.95M | -151.15M | -204.63M | -233.02M | -271.46M | -284.79M | -270.62M | -416.61M | -217.51M | -249.15M | -116.75M | -310.58M | -285.18M | -60.52M |
| CapEx / Revenue % | 95.3% | 62.63% | 88.7% | 74.56% | 76.75% | 96.25% | 45.47% | 37.53% | 35.94% | 37.54% | 22.93% | 25.72% | 27.01% | 38.37% | 45.3% | 62.12% | 76.3% | 65.17% | 120.81% | 73.5% | 92.64% | 49.06% | 141.67% | 238.76% | 70.68% |
| CapEx / D&A | 2.14x | 2.12x | 2.88x | 2.68x | 2.83x | 3.49x | 2.05x | 1.88x | 1.96x | 2.26x | 1.43x | 1.43x | 1.50x | 2.20x | 2.28x | 2.82x | 3.28x | 4.39x | 7.25x | 4.55x | 6.11x | 3.38x | 8.37x | 17.16x | 4.18x |
| CapEx Coverage (OCF/CapEx) | 0.32x | 0.54x | 0.53x | 0.50x | 0.50x | 0.41x | 0.83x | 0.84x | 0.56x | 0.94x | 1.05x | 1.24x | 1.41x | 0.42x | 0.38x | 0.49x | 0.36x | 0.41x | 0.28x | 0.27x | 0.29x | 1.16x | 0.20x | 0.16x | 0.19x |
| Cash from Investing | -682.61M | -726.43M | -780.25M | -628.34M | -523.41M | -638.19M | -385.97M | -254.54M | -342.43M | -368.12M | -158.53M | -90.97M | -129.16M | -157.15M | -100.79M | -341M | -203.82M | -286.04M | -398.99M | -116.31M | -249.15M | -83.41M | -310.58M | -285.18M | -60.52M |
| Acquisitions | -261.54M | -88.65M | -274.63M | 0 | -4.51M | -177.4M | -64.36M | -10.67M | -96.53M | -85.95M | -23.7M | 139.22M | 34.62M | 3.06M | -1.39M | -672K | -45.02M | -261K | 0 | 0 | -22.76M | 0 | -175.95M | -257.83M | -39.66M |
| Purchase of Investments | -51.07M | 0 | 0 | 0 | -19.19M | -60.07M | 0 | 279.99M | -2.19M | -108.7M | -1.86M | 0 | 0 | 0 | -3.33M | -18.25M | -3.35M | 269.24M | 0 | 0 | -52.65M | 0 | -90.92M | 0 | 0 |
| Sale of Investments | 93.14M | 0 | 0 | 221K | 63.17M | 19.46M | 845K | 687K | 2.19M | 526K | 1.86M | 2.84M | 0 | 3.01M | 18.76M | -1.79M | -1.47M | 1.64M | 12.59M | 78.72M | 0 | 45.61M | 0 | 0 | 0 |
| Other Investing | 669.5M | -18.01M | -17.95M | -10.18M | 600K | -911K | -1.72M | -244.55M | 12.61M | 86.1M | 17.1M | 59.14M | -12.63M | 41.4M | 118.18M | -48.83M | 130.81M | -286.04M | 5.02M | 22.48M | -14.24M | -12.27M | -5.59M | -2.06M | 1.85M |
| Cash from Financing | 1.26B | 465.75M | 287.92M | 379.96M | 126.27M | 186.38M | 503.48M | -5.76M | 251.13M | -59.85M | 43.54M | 46.63M | -101.2M | 61.12M | -21.94M | 225.34M | 138.93M | 187.04M | 269.29M | 84.56M | 169.39M | -61.3M | 275M | 211.35M | 72.51M |
| Dividends Paid | -36.74M | -29.07M | -29.11M | -28.41M | -27.14M | -26.99M | -22.47M | -22.39M | -26.83M | -20.51M | -25.68M | -12.72M | -9.55M | -3.64M | -3.64M | -5.92M | -12.26M | -11.35M | -8.91M | -8.56M | -5.22M | -6.29M | -2.5M | 0 | 0 |
| Dividend Payout Ratio % | - | 23.46% | 23.53% | 22.84% | 41.23% | 43.46% | 26.3% | 25.41% | 27.39% | 12.01% | 27.34% | 10.63% | 17.64% | 8.82% | - | - | 32.86% | 16.48% | 17.88% | 31.25% | 15.15% | 41.47% | 14.05% | - | - |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 277K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 341.67M | 0 | 311K | 339.47M | 2.43M | 0 | 16.11M | 0 | 6.08M | 0 | 0 | 0 | 0 | 0 | 0 | 183.57M | 155.49M | 227.68M | 0 | 0 | 0 | 0 |
| Share Repurchases | -48.79M | 0 | 0 | 0 | -17.96M | 0 | 0 | -2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 233.63M | 154.43M | -10.98M | 5.9M | 23.7M | 34.29M | -3.96M | 49.17M | 21.09M | -8.47M | -17.14M | 119.69M | -11.1M | -14.77M | -18.58M | -16.62M | -4.44M | -22.82M | -691K | -12.84M | -32.34M | -40.03M | 88.68M | -14.67M | 8.67M |
| Net Change in Cash | 934.16M | 75.09M | -82M | 61.09M | -116.77M | -193.33M | 383.67M | -24.39M | 80.85M | -182.4M | 44.3M | 145.69M | -17.12M | -9.27M | -33.26M | 17.07M | 36.51M | 11.77M | -12.83M | 26.97M | -6.72M | -9.77M | 27.88M | -27.81M | 23.48M |
| Exchange Rate Effect | -1.71M | 682K | -579K | 72K | -609K | -348K | 1.15M | -575K | -660K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 142K | -78K | 0 | 0 | 0 | 0 | 0 | -51K |
| Cash at Beginning | 280.87M | 205.77M | 287.77M | 226.68M | 343.44M | 536.78M | 153.11M | 177.5M | 96.64M | 230.21M | 185.92M | 40.23M | 57.35M | 66.63M | 99.89M | 82.81M | 46.31M | 34.39M | 47.23M | 20.25M | 26.98M | 36.75M | 8.87M | 36.68M | 13.2M |
| Cash at End | 658.15M | 280.87M | 205.77M | 287.77M | 226.68M | 343.44M | 536.78M | 153.11M | 177.5M | 47.82M | 230.21M | 185.92M | 40.23M | 57.35M | 66.63M | 99.89M | 82.81M | 46.16M | 34.39M | 47.23M | 20.25M | 26.98M | 36.75M | 8.87M | 36.68M |
| Free Cash Flow | -299.98M | -284.68M | -369.33M | -308.98M | -282.5M | -379.37M | -55.73M | -43.49M | -112.7M | -14.53M | 7.36M | 37.08M | 62.08M | -117.87M | -143.55M | -138.73M | -183.38M | -159.85M | -299.66M | -158.78M | -176.11M | 18.19M | -247.13M | -239.16M | -48.98M |
| FCF Growth % | -46.61% | 22.92% | -19.53% | -9.37% | 25.53% | -580.69% | -28.14% | 61.41% | -675.79% | -297.51% | -80.16% | -40.28% | 152.67% | 17.89% | -3.47% | 24.35% | -14.72% | 46.66% | -88.72% | 9.84% | -1068.23% | 107.36% | -3.33% | -388.32% | - |
| FCF Margin % | -25.24% | -28.77% | -41.99% | -37.25% | -38.48% | -57.21% | -7.9% | -5.83% | -15.67% | -2.1% | 1.11% | 6.23% | 11.1% | -22.1% | -27.91% | -31.75% | -49.13% | -38.5% | -86.9% | -53.66% | -65.48% | 7.64% | -112.72% | -200.24% | -57.2% |
| FCF / Net Income % | -236.87% | -229.77% | -298.49% | -248.38% | -429.07% | -610.98% | -65.22% | -49.37% | -115.04% | -8.51% | 7.83% | 31.01% | 114.58% | -285.82% | 69.32% | 322.21% | -491.4% | -232.17% | -601.33% | -580.01% | -511.25% | 119.85% | -1389.05% | -1547.57% | 4691.19% |
Quick answers to the most common questions about buying ORA stock.
Ormat Technologies, Inc. (ORA) generated $335.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ormat Technologies, Inc. (ORA) reported negative free cash flow of $284.7M in 2025, indicating capital requirements exceeded cash from operations.
Ormat Technologies, Inc. (ORA) spent $619.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ormat Technologies, Inc. (ORA) returned $29.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Regulatory lag and project timing
Metrics are mathematically derived from official filings.
OCF Volatility Masks Underlying Stability
Operating cash flow swung from $30.7M in 2024Q2 to $158.6M in 2024Q4, as per financial statements, indicating quarter-to-quarter volatility but a 10-quarter average of $95.4M, suggesting a stable core.
The wide range in OCF, from $30.7M to $158.6M, reflects timing of collections and project milestones rather than a deterioration in regulated cash generation. The average OCF of $95.4M over the period provides a more reliable baseline for covering fixed obligations, though investors should monitor quarterly swings that could strain liquidity in low quarters.
CAPEX Surge Outpaces Depreciation
CAPEX averaged $231.2M per quarter over the last ten quarters, far exceeding depreciation, as reported in SEC filings, indicating aggressive rate base expansion that may pressure near-term cash flows.
With CAPEX consistently above $100M and peaking at $619.8M in 2025Q4, ORA is investing heavily in new geothermal and solar projects. This investment is expected to drive future rate base growth, but the current cash outflow is not yet matched by incremental OCF, as evidenced by the CAPEX/OCF ratio exceeding 100% in most quarters. The sustainability of this pace depends on continued access to external capital and successful project execution.
External Capital Needed to Fund Deficit
Free cash flow was negative in eight of the last ten quarters, with a cumulative deficit of $882.7M, as per financial statements, requiring substantial external financing to bridge the gap.
The persistent FCF deficit, averaging -$88.3M per quarter, underscores ORA's reliance on debt and equity issuance to fund its CAPEX program. The company has issued $1.0M in long-term debt each quarter, but this appears nominal relative to the deficit, suggesting that larger financing transactions may occur less frequently. Investors should assess ORA's ability to access capital markets on favorable terms, especially given the elevated leverage implied by the balance sheet signal.
Dividend Coverage Remains Comfortable
OCF-to-dividend coverage averaged 12.2 times over the last ten quarters, as reported in financial statements, indicating that dividends are well covered by operating cash flow despite heavy CAPEX.
Even in the weakest quarter (2024Q2), OCF covered dividends 4.2 times, providing a substantial cushion. The dividend payout appears sustainable from a cash perspective, but the company's commitment to growth CAPEX may limit dividend increases. The stable dividend yield relative to peers suggests management prioritizes maintaining the payout while funding expansion.
Non-Cash Accruals Skew Earnings
Net income exceeded OCF in several quarters, such as 2026Q1 where net income was $44.1M versus OCF of $78.6M, as per financial statements, indicating significant non-cash items like AFUDC.
The divergence between net income and OCF suggests that AFUDC and other non-cash accruals are inflating reported earnings relative to cash generation. For instance, in 2025Q3, net income of $24.1M was reported despite an operating loss, implying that non-operating gains or accruals boosted earnings. Investors should focus on cash-based metrics to assess the true earning power of the regulated operations.
What the Cash Flow Statement Hides
The cash flow statement does not disclose potential environmental cleanup or decommissioning obligations, as per available data, which could represent future cash outflows not captured in current OCF.
While ORA's cash flow statement shows robust OCF and heavy CAPEX, it does not reveal the full extent of future obligations such as geothermal well field maintenance or plant decommissioning costs. These could emerge as significant cash demands, especially as the asset base ages. Investors should monitor regulatory proceedings and management commentary for indications of such liabilities.