Capital intensity remains elevated, with a CAPEX-to-OCF ratio of 144.8% in 2026Q1, forcing the company to rely on external financing to bridge its persistent free cash flow deficits.
| 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 | 325.67M | 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 % | 113.62% | -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 % | 27.99% | 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 | 127.6M | 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 | 444.24M | 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 | -72.45M | -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 | -115.02M | -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 | -75.6M | -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 | -630.62M | -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 % | 94.98% | 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 | 2.49x | 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) | 0.29x | 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 | -644.46M | -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 | -272.91M | -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 | -25.5M | 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 | 0 | 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 | 669.61M | -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 | 857.03M | 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 | -29.3M | -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 | -24.39M | 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 | 191.76M | 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 | 538.24M | 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 | -3K | 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 | 762.94M | 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 | -304.94M | -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 % | -57.86% | 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 % | -26.2% | -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 % | -238.98% | -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% |
Geothermal resource degradation risk
As reported in quarterly financial statements, Ormat's operating cash flow has demonstrated significant volatility, fluctuating from a high of $158.6M in 2024Q4 to a low of $30.7M in 2024Q2, which suggests that the underlying cash generation is highly sensitive to project-based revenue cycles and operational performance.
The inconsistency in operating cash flow suggests that the company's reliance on the transactional Product segment may be undermining the stability typically expected from a utility-scale power producer. Investors should monitor whether the shift toward energy storage will provide the consistent cash flow coverage required to support the company's ongoing capital requirements.
Based on the provided cash flow data, Ormat consistently exhibits a negative free cash flow profile, with CAPEX-to-OCF ratios reaching as high as 144.8% in 2026Q1, indicating that the company is aggressively reinvesting in its geothermal and storage infrastructure to sustain long-term growth.
This level of capital intensity is characteristic of a growth-oriented utility, yet the persistent FCF deficit warrants scrutiny regarding the efficiency of these investments. The high CAPEX-to-OCF ratio suggests that the company is currently in a heavy build-out phase, which may continue to pressure liquidity until these projects reach full operational maturity.
According to the historical cash flow tables, Ormat has frequently relied on external financing to bridge its free cash flow deficits, as evidenced by the recurring issuance of long-term debt and occasional net stock issuance to fund its substantial capital expenditure programs across multiple quarters.
The company's ability to access capital markets on reasonable terms appears critical to its business model, given the structural FCF burn. Any tightening in credit conditions or a decline in equity market appetite could potentially constrain the company's ability to execute its planned geothermal and storage project pipeline.
As indicated by the reported figures, Ormat maintains a dividend payout that appears covered by operating cash flow, with OCF-to-dividend ratios ranging from 4.2x to 21.8x, suggesting that the current dividend policy is not immediately threatened by the company's broader negative free cash flow position.
While the dividend appears safe relative to operating cash flow, the divergence between cash generation and capital investment needs suggests that the dividend is a secondary priority compared to the funding of growth projects. Investors should remain cautious, as any sustained deterioration in operating cash flow could eventually force a re-evaluation of the current payout strategy.
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.