Latest Ratios: P/E Ratio 47.4x · EV/EBITDA 18.0x · ROE 4.7%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.9B | $6.8B | $4.1B | $4.5B | $4.9B | $4.5B | $4.7B | $3.8B | $2.7B | $3.2B | $2.7B |
| Enterprise Value | $8.5B | $9.4B | $6.5B | $6.4B | $6.8B | $6.2B | $5.7B | $5.0B | $3.8B | $4.1B | $3.4B |
| P/E Ratio → | 47.44 | 54.69 | 33.20 | 36.44 | 73.91 | 72.09 | 54.72 | 43.33 | 27.24 | 24.51 | 30.29 |
| P/S Ratio | 5.95 | 6.85 | 4.68 | 5.46 | 6.66 | 6.75 | 6.65 | 5.12 | 3.71 | 4.69 | 4.06 |
| P/B Ratio | 2.19 | 2.52 | 1.61 | 1.85 | 2.41 | 2.23 | 2.40 | 2.52 | 1.84 | 2.53 | 2.30 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 365.53 |
| P/OCF | 17.57 | 20.23 | 10.02 | 14.64 | 17.39 | 17.28 | 17.69 | 16.14 | 18.28 | 13.51 | 16.88 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.45 | 7.36 | 7.77 | 9.32 | 9.30 | 8.12 | 6.72 | 5.33 | 5.94 | 5.13 |
| EV / EBITDA | 18.00 | 19.89 | 14.87 | 16.48 | 19.46 | 17.51 | 15.45 | 14.64 | 12.24 | 13.16 | 10.98 |
| EV / EBIT | 46.32 | 37.64 | 25.96 | 27.10 | 37.32 | 33.12 | 23.21 | 23.04 | 18.43 | 18.29 | 17.07 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 461.88 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.6% | 27.6% | 31.0% | 31.8% | 36.6% | 39.9% | 39.2% | 36.1% | 37.6% | 38.7% | 40.9% |
| Operating Margin | 18.5% | 18.5% | 19.6% | 20.1% | 20.8% | 25.5% | 30.3% | 26.0% | 25.7% | 29.6% | 30.5% |
| Net Profit Margin | 12.5% | 12.5% | 14.1% | 15.0% | 9.0% | 9.4% | 12.1% | 11.8% | 13.6% | 24.6% | 14.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.7% | 4.7% | 4.9% | 5.6% | 3.3% | 3.1% | 4.9% | 6.0% | 7.2% | 13.9% | 8.3% |
| ROA | 2.1% | 2.1% | 2.3% | 2.5% | 1.5% | 1.5% | 2.4% | 2.8% | 3.4% | 6.8% | 4.0% |
| ROIC | 2.7% | 2.7% | 2.8% | 3.0% | 3.0% | 3.8% | 5.6% | 5.5% | 5.8% | 7.6% | 8.2% |
| ROCE | 3.5% | 3.5% | 3.5% | 3.7% | 3.8% | 4.5% | 6.6% | 6.9% | 7.3% | 9.0% | 9.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.06 | 1.06 | 0.96 | 0.86 | 1.01 | 0.96 | 0.76 | 0.84 | 0.88 | 0.71 | 0.80 |
| Debt / EBITDA | 6.08 | 6.08 | 5.63 | 5.40 | 5.84 | 5.49 | 4.00 | 3.70 | 4.05 | 2.92 | 3.03 |
| Net Debt / Equity | — | 0.96 | 0.92 | 0.78 | 0.96 | 0.84 | 0.53 | 0.79 | 0.81 | 0.67 | 0.61 |
| Net Debt / EBITDA | 5.48 | 5.48 | 5.42 | 4.90 | 5.57 | 4.81 | 2.79 | 3.50 | 3.73 | 2.77 | 2.29 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | 96.35 |
| Interest Coverage | 1.75 | 1.75 | 1.86 | 2.41 | 2.09 | 2.25 | 3.16 | 2.71 | 2.93 | 4.15 | 2.95 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.81 | 0.81 | 0.91 | 1.20 | 1.33 | 1.11 | 3.13 | 1.10 | 1.31 | 1.14 | 2.50 |
| Quick Ratio | 0.75 | 0.75 | 0.85 | 1.12 | 1.26 | 1.05 | 2.99 | 1.01 | 1.18 | 1.07 | 2.44 |
| Cash Ratio | 0.38 | 0.38 | 0.16 | 0.36 | 0.28 | 0.52 | 1.80 | 0.19 | 0.27 | 0.17 | 1.22 |
| Asset Turnover | — | 0.16 | 0.16 | 0.16 | 0.16 | 0.15 | 0.18 | 0.23 | 0.23 | 0.27 | 0.27 |
| Inventory Turnover | 15.84 | 15.84 | 15.94 | 12.55 | 20.38 | 14.02 | 12.15 | 13.64 | 9.97 | 21.71 | 32.65 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.4% | 0.7% | 0.6% | 0.6% | 0.6% | 0.5% | 0.6% | 1.0% | 0.6% | 1.0% |
| Payout Ratio | 23.5% | 23.5% | 23.5% | 22.8% | 41.2% | 43.5% | 26.3% | 25.4% | 27.4% | 12.0% | 27.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 1.8% | 3.0% | 2.7% | 1.4% | 1.4% | 1.8% | 2.3% | 3.7% | 4.1% | 3.3% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 0.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.5% | 0.4% | 0.7% | 0.6% | 0.9% | 0.6% | 0.5% | 0.7% | 1.0% | 0.6% | 1.0% |
| Shares Outstanding | — | $61M | $61M | $60M | $57M | $56M | $52M | $51M | $51M | $51M | $50M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying ORA stock.
Ormat Technologies, Inc.'s current P/E ratio is 47.4x. The historical average is 40.2x. This places it at the 70th percentile of its historical range.
Ormat Technologies, Inc.'s current EV/EBITDA is 18.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
Ormat Technologies, Inc.'s return on equity (ROE) is 4.7%. The historical average is 6.5%.
Based on historical data, Ormat Technologies, Inc. is trading at a P/E of 47.4x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ormat Technologies, Inc.'s current dividend yield is 0.49% with a payout ratio of 23.5%.
Ormat Technologies, Inc. has 27.6% gross margin and 18.5% operating margin. Operating margin between 10-20% is typical for established companies.
Ormat Technologies, Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory lag and project timing
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Growth Hopes
ORA trades at 55.3x trailing earnings and 48.7x forward, with a 0.4% dividend yield, per recent market data, implying investors price in substantial growth despite modest current returns.
The P/E multiple is far above the peer average (BEP at -484.6x, CWEN at 23.3x) and even the forward multiple suggests expectations of significant earnings acceleration. The dividend yield of 0.4% is negligible, indicating that total return is expected to come from capital appreciation, not income. This valuation appears to rely on the successful execution of the CAPEX program and regulatory outcomes, which have been uneven as seen in the volatile operating margins.
Earned ROE Lags Authorized Levels
ORA's quarterly ROE has ranged from 0.9% to 1.6% over the past ten quarters, as per financial statements, far below typical authorized ROEs of 9-10%, suggesting significant regulatory lag or project underperformance.
The earned ROE is consistently in the low single digits, which is well below the allowed return for regulated utilities. This gap may indicate that the company is not yet earning its authorized return due to construction delays, cost overruns, or regulatory mechanisms that defer recovery. Investors should monitor whether the gap narrows as new projects come online and rate cases are settled.
Operating Margins Swing with Project Mix
Operating margin swung from -1.3% in 2025Q3 to 22.6% in 2026Q1, as reported in SEC filings, indicating that cost recovery is uneven and sensitive to project timing and revenue recognition.
The wide fluctuation in operating margin suggests that ORA's cost recovery mechanisms are not providing stable profitability. The negative margin in 2025Q3 implies that operating costs exceeded revenue, possibly due to unrecovered fuel or purchased-power costs. This volatility complicates the assessment of the company's core earnings power and may indicate that the regulatory framework does not fully shield the company from cost shocks.
Leverage Creeps Toward Limits
Debt-to-capital rose from 0.49 in 2024Q1 to 0.55 in 2026Q2, as per financial statements, while interest coverage fell to 0.17 in 2026Q2, indicating increased financial risk and potential strain on credit metrics.
The debt-to-capital ratio is approaching the upper end of typical utility leverage, and the interest coverage ratio of 0.17 in 2026Q2 is alarmingly low, though this may be distorted by timing. The prior balance sheet analysis noted that debt increased from $2.4B to $3.4B in two years, outpacing equity growth. This suggests that the aggressive CAPEX program is increasingly debt-funded, which could pressure credit ratings and raise financing costs if not managed.
Dividend Coverage Comfortable Despite Low Yield
Dividend payout averaged 27% over the last ten quarters, as per financial statements, and OCF-to-dividend coverage averaged 12.2x, indicating that the dividend is well covered despite the low yield.
The dividend yield of 0.4% is minimal, but the payout ratio is conservative, leaving ample room for internal funding of the CAPEX program. However, given the negative free cash flow and heavy external financing needs, the dividend is not a significant source of return for investors. The coverage suggests that the dividend is safe, but the low yield means it is not a primary investment driver.
Misapplied Ratio: P/E on Volatile Earnings
The most misapplied ratio for ORA is the P/E, as earnings are volatile and include non-operating items, making the multiple misleading; investors should focus on EV/EBITDA and cash flow metrics.
ORA's P/E is distorted by significant non-operating items, such as AFUDC and one-time gains, which have caused net income to swing independently of operating performance. For example, in 2025Q3, net income was positive despite an operating loss. Comparing ORA's P/E to industrial companies or even other utilities is inappropriate because the earnings base is not stable. Instead, EV/EBITDA (20.1x) and cash flow-based metrics provide a clearer picture of valuation, as they are less affected by accounting accruals and better reflect the company's ability to service debt and fund CAPEX.