Ormat Technologies (ORA) Financials

$115.32 +0.63 (+0.54%)

Closing price 05/5/2026 03:59 PM Eastern

Extended Trading

$115.32 -0.01 (-0.01%)

As of 05/5/2026 07:56 PM Eastern

Annual Income Statements for Ormat Technologies

This table shows Ormat Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	120	89	132	98	88	85	62	66	124	124	124
Consolidated Net Income / (Loss)	124	96	147	110	94	102	76	78	133	131	127
Net Income / (Loss) Continuing Operations	124	96	147	110	94	102	76	78	133	131	127
Total Pre-Tax Income	114	141	171	137	137	169	104	96	139	115	106
Total Operating Income	164	202	205	185	194	214	169	153	167	172	169
Total Gross Profit	218	271	268	270	269	276	264	269	264	273	273
Total Revenue	595	663	693	719	746	705	663	734	829	880	990
Operating Revenue	595	663	693	719	746	705	663	734	829	880	990
Total Cost of Revenue	376	392	424	449	477	429	399	465	565	607	717
Total Operating Expenses	54	69	63	85	76	62	95	116	97	100	103
Selling, General & Admin Expense	35	47	43	48	56	60	76	61	68	80	80
Marketing Expense	16	16	16	20	15	17	15	16	18	18	19
Research & Development Expense	1.78	2.76	3.16	4.18	4.65	5.40	4.13	5.08	7.22	6.50	6.30
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	0.00	0.00	-9.38	-15
Impairment Charge	1.58	3.02	1.80	14	-	0.00	0.00	33	3.73	5.21	14
Total Other Income / (Expense), net	-50	-61	-34	-48	-56	-45	-66	-57	-28	-57	-63
Interest Expense	73	67	54	71	80	78	83	88	99	134	142
Interest & Investment Income	26	17	19	20	22	27	32	37	73	81	73
Other Income / (Expense), net	-3.61	-11	0.99	3.02	1.50	5.22	-15	-6.75	-1.76	-4.00	5.63
Income Tax Expense	-16	37	22	35	46	67	25	15	5.98	-16	-20
Other Gains / (Losses), net	-5.51	-7.74	-1.96	7.66	1.85	0.09	-2.62	-3.07	0.04	-0.43	0.96
Net Income / (Loss) Attributable to Noncontrolling Interest	3.78	7.59	15	12	5.45	16	14	12	8.74	7.51	3.09
Basic Earnings per Share	$2.48	$1.79	$2.64	$1.93	$1.73	$1.66	$1.11	$1.17	$2.09	$2.05	$2.04
Weighted Average Basic Shares Outstanding	48.56M	49.47M	50.11M	50.64M	50.87M	51.57M	56.00M	56.06M	59.42M	60.46M	60.71M
Diluted Earnings per Share	$2.45	$1.77	$2.61	$1.92	$1.72	$1.65	$1.10	$1.17	$2.08	$2.04	$2.02
Weighted Average Diluted Shares Outstanding	49.19M	50.14M	50.77M	50.97M	51.23M	51.94M	56.40M	56.50M	59.76M	60.79M	61.36M
Weighted Average Basic & Diluted Shares Outstanding	48.60M	49.47M	50.11M	50.80M	51.03M	55.98M	56.06M	56.10M	60.36M	60.50M	60.85M
Cash Dividends to Common per Share	$0.26	$0.52	$0.41	$0.53	$0.44	$0.44	$0.48	$0.48	$0.48	$0.48	$0.48

This table shows Ormat Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	24	35	36	39	22	22	41	40	28	24	31
Consolidated Net Income / (Loss)	25	36	39	40	24	24	43	41	28	25	33
Net Income / (Loss) Continuing Operations	25	36	39	40	24	24	43	41	28	25	33
Total Pre-Tax Income	19	30	49	39	20	25	32	38	22	20	26
Total Operating Income	24	38	52	53	35	36	49	51	35	40	43
Total Gross Profit	49	60	78	79	61	59	74	73	57	64	79
Total Revenue	195	208	241	224	213	212	231	230	234	250	276
Operating Revenue	195	208	241	224	213	212	231	230	234	250	276
Total Cost of Revenue	145	148	163	145	152	153	157	157	177	186	197
Total Operating Expenses	25	22	27	26	26	23	24	22	22	24	36
Selling, General & Admin Expense	18	14	19	20	18	23	20	18	20	20	22
Marketing Expense	5.37	4.68	4.31	5.13	4.17	4.25	4.15	4.17	4.37	4.90	5.46
Research & Development Expense	2.08	1.39	2.45	1.56	1.73	1.82	1.39	2.54	1.44	1.28	1.04
Other Operating Expenses / (Income)	-	0.00	-	0.00	0.00	-6.25	-	-3.13	-4.27	-3.13	-4.33
Impairment Charge	0.00	2.32	-	0.00	2.34	0.40	-	0.52	0.25	0.38	12
Total Other Income / (Expense), net	-5.67	-7.96	-2.78	-13	-16	-11	-17	-13	-13	-20	-16
Interest Expense	24	25	26	31	34	35	35	34	37	36	35
Interest & Investment Income	20	18	21	19	18	22	21	19	18	16	20
Other Income / (Expense), net	-1.19	-0.67	1.98	-1.56	-0.26	2.07	-4.25	2.28	5.14	-0.77	-1.03
Income Tax Expense	-3.96	-7.13	8.19	-0.15	-3.18	-1.19	-12	-3.80	-5.47	-4.28	-6.74
Other Gains / (Losses), net	2.00	-0.41	-1.83	0.83	1.23	-1.62	-0.86	-0.37	0.77	0.46	0.10
Net Income / (Loss) Attributable to Noncontrolling Interest	0.32	0.88	3.11	1.76	1.72	2.22	1.80	0.67	0.15	0.57	1.70
Basic Earnings per Share	$0.40	$0.59	$0.59	$0.64	$0.37	$0.37	$0.67	$0.67	$0.46	$0.40	$0.51
Weighted Average Basic Shares Outstanding	60.25M	60.30M	59.42M	60.39M	60.45M	60.48M	60.46M	60.56M	60.69M	60.75M	60.71M
Diluted Earnings per Share	$0.40	$0.59	$0.58	$0.64	$0.37	$0.36	$0.67	$0.66	$0.46	$0.39	$0.51
Weighted Average Diluted Shares Outstanding	60.63M	60.57M	59.76M	60.54M	60.76M	60.77M	60.79M	60.84M	61.02M	61.25M	61.36M
Weighted Average Basic & Diluted Shares Outstanding	60.26M	60.35M	60.36M	60.42M	60.45M	60.48M	60.50M	60.66M	60.72M	60.78M	60.85M

This table details how cash moves in and out of Ormat Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	146	29	-168	54	-24	384	-193	-117	61	-82	75
Net Cash From Operating Activities	190	159	246	146	236	265	259	281	309	411	335
Net Cash From Continuing Operating Activities	190	159	246	146	236	265	259	281	309	411	335
Net Income / (Loss) Continuing Operations	124	96	147	110	94	102	76	78	133	131	127
Consolidated Net Income / (Loss)	124	96	147	110	94	102	76	78	133	131	127
Depreciation Expense	107	106	115	132	149	157	183	199	225	263	292
Non-Cash Adjustments To Reconcile Net Income	-4.41	-19	1.29	3.81	-3.69	26	19	35	14	-13	-56
Changes in Operating Assets and Liabilities, net	-37	-21	-15	-98	0.56	-20	-19	-30	-62	30	-28
Net Cash From Investing Activities	-91	-174	-346	-342	-255	-386	-638	-523	-628	-780	-726
Net Cash From Continuing Investing Activities	-91	-174	-346	-342	-255	-386	-638	-523	-628	-780	-726
Purchase of Property, Plant & Equipment	-152	-152	-259	-259	-280	-321	-419	-563	-618	-488	-620
Acquisitions	-0.50	-24	-82	-99	-11	-64	-177	-4.51	-10	-294	-106
Other Investing Activities, net	62	1.86	-3.81	15	36	-0.87	2.28	1.77	0.22	1.02	-0.21
Net Cash From Financing Activities	47	44	-68	251	-5.77	503	186	126	380	288	466
Net Cash From Continuing Financing Activities	47	44	-68	251	-5.77	503	186	126	380	288	466
Repayment of Debt	-727	-635	-1,132	-4,058	-1,668	-1,477	177	-406	-43	-422	-2,180
Payment of Dividends	-32	-90	-42	-40	-32	-32	-34	-33	-38	-35	-37
Issuance of Debt	641	655	1,098	4,097	1,501	1,249	0.00	420	100	230	1,974
Issuance of Common Equity	158	106	2.02	4.13	3.35	347	5.70	5.44	349	12	10
Other Financing Activities, net	6.09	7.25	6.21	247	190	416	37	158	13	503	699
Other Net Changes in Cash	-	-	-	-	-	-	-	-0.61	-	-	0.68
Cash Interest Paid	55	55	40	54	62	61	67	69	72	103	112
Cash Income Taxes Paid	10	18	22	18	1.65	65	34	29	26	26	9.85

This table details how cash moves in and out of Ormat Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-127	-209	102	11	-135	13	29	19	-19	-0.33	75
Net Cash From Operating Activities	74	40	139	115	31	106	159	88	97	45	105
Net Cash From Continuing Operating Activities	74	40	139	115	31	106	159	88	97	45	105
Net Income / (Loss) Continuing Operations	25	36	39	40	24	24	43	41	28	25	33
Consolidated Net Income / (Loss)	25	36	39	40	24	24	43	41	28	25	33
Depreciation Expense	54	57	60	62	64	67	70	70	70	75	77
Non-Cash Adjustments To Reconcile Net Income	-15	-8.66	25	-4.87	-14	-19	25	22	-28	-24	-26
Changes in Operating Assets and Liabilities, net	10	-45	15	17	-43	35	21	-45	26	-31	21
Net Cash From Investing Activities	-164	-183	-170	-378	-147	-120	-135	-208	-224	-147	-147
Net Cash From Continuing Investing Activities	-164	-183	-170	-378	-147	-120	-135	-208	-224	-147	-147
Purchase of Property, Plant & Equipment	-160	-182	-170	-103	-147	-110	-128	-193	-135	-147	-145
Acquisitions	-3.87	-1.50	-0.58	-275	-0.62	-0.59	-17	-15	-90	0.00	-1.50
Other Investing Activities, net	-0.06	0.35	-0.00	0.79	0.33	-9.85	9.75	-0.05	-0.00	-0.11	-0.06
Net Cash From Financing Activities	-37	-66	132	274	-19	27	5.89	139	108	102	117
Net Cash From Continuing Financing Activities	-37	-66	132	274	-19	27	5.89	139	108	102	117
Repayment of Debt	-74	73	0.78	-99	321	-545	-99	-391	-41	-1,202	-546
Payment of Dividends	-7.83	-38	17	-10	-8.18	-9.33	-7.56	-10	-7.59	-11	-7.69
Issuance of Debt	-	-	100	40	-	139	51	330	352	767	525
Other Financing Activities, net	-0.39	-100	14	331	-332	442	62	200	-196	549	146

This table presents Ormat Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,274	2,462	2,624	3,121	3,250	3,889	4,426	4,612	5,208	5,666	6,247
Total Current Assets	375	473	322	473	416	779	602	457	646	547	598
Cash & Equivalents	186	230	48	99	71	448	239	96	196	94	147
Restricted Cash	50	34	49	79	82	89	104	131	92	111	133
Accounts Receivable	88	150	124	199	177	167	141	161	253	215	201
Inventories, net	18	12	20	45	35	35	28	23	45	38	45
Prepaid Expenses	33	46	40	51	13	15	36	30	42	59	40
Other Current Assets	-	-	41	-	38	25	9.69	16	18	29	30
Plant, Property, & Equipment, net	1,559	1,556	1,735	1,960	1,971	2,099	3,016	2,493	815	756	1,048
Plant, Property & Equipment, gross	-	-	-	-	-	-	3,016	-	815	756	1,048
Total Noncurrent Assets	340	432	568	689	863	1,011	807	1,661	3,747	4,364	4,601
Long-Term Investments	-	0.00	34	72	81	98	106	116	125	145	162
Noncurrent Note & Lease Receivables	4.02	3.92	4.67	3.24	14	12	26	3.81	3.51	2.84	4.69
Goodwill	0.00	6.65	21	20	20	25	90	90	91	151	168
Intangible Assets	26	53	85	200	186	194	363	334	308	302	275
Noncurrent Deferred & Refundable Income Taxes	-	0.00	57	114	130	119	143	161	153	154	139
Other Noncurrent Operating Assets	310	369	365	280	432	563	79	956	3,068	3,609	3,852
Total Liabilities & Shareholders' Equity	2,274	2,462	2,624	3,121	3,250	3,889	4,426	4,612	5,208	5,666	6,247
Total Liabilities	1,190	1,289	1,322	1,668	1,726	1,938	2,418	2,581	2,757	3,106	3,555
Total Current Liabilities	189	189	283	362	376	249	544	344	537	598	738
Short-Term Debt	30	32	85	192	115	-	-	0.00	120	100	180
Accounts Payable	92	92	154	116	142	153	143	149	215	234	235
Other Current Liabilities	33	34	25	35	117	85	401	186	203	264	324
Total Noncurrent Liabilities	1,002	1,093	1,038	1,306	1,349	1,689	1,874	2,237	2,220	2,508	2,817
Long-Term Debt	839	873	804	1,041	1,012	-	-	421	423	470	472
Asset Retirement Reserve & Litigation Obligation	40	42	48	57	69	82	101	110	114	130	136
Noncurrent Deferred & Payable Income Tax Liabilities	43	43	71	73	112	90	90	90	75	75	79
Other Noncurrent Operating Liabilities	22	81	63	86	157	1,517	1,683	1,616	1,607	1,834	2,130
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	11	6.42	8.60	9.25	9.83	9.33	9.59	11	9.45	10
Total Equity & Noncontrolling Interests	1,084	1,168	1,296	1,445	1,515	1,941	1,998	2,021	2,441	2,551	2,681
Total Preferred & Common Equity	990	1,077	1,211	1,320	1,392	1,806	1,855	1,868	2,315	2,425	2,544
Total Common Equity	990	1,077	1,211	1,320	1,392	1,806	1,855	1,868	2,315	2,425	2,544
Common Stock	849	870	889	901	913	1,263	1,272	1,259	1,615	1,635	1,655
Retained Earnings	148	215	327	422	488	550	585	624	720	815	909
Treasury Stock	-	-	-	-	-	-	-	-18	-18	-18	-18
Accumulated Other Comprehensive Income / (Loss)	-7.67	-8.18	-4.71	-3.80	-8.65	-6.62	-2.19	2.50	-1.33	-6.73	-2.13
Noncontrolling Interest	94	92	84	125	123	135	143	153	126	126	137

This table presents Ormat Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	4,525	5,015	5,011	5,011	5,517	5,507	5,590	5,839	6,016	6,093
Total Current Assets	475	811	686	516	609	517	537	601	509	505
Cash & Equivalents	155	415	275	78	202	66	88	113	88	80
Restricted Cash	98	107	120	108	97	97	89	112	118	126
Accounts Receivable	138	198	205	228	188	192	200	219	194	189
Inventories, net	30	45	38	45	54	45	47	42	45	45
Prepaid Expenses	37	45	47	56	44	87	82	94	52	42
Other Current Assets	17	-	-	-	24	30	31	21	13	23
Plant, Property, & Equipment, net	2,510	2,542	2,836	2,883	3,220	0.00	0.00	845	0.00	0.00
Total Noncurrent Assets	1,540	1,663	1,489	1,612	1,687	4,990	5,053	4,393	5,507	5,588
Long-Term Investments	117	119	126	128	127	130	127	159	160	160
Noncurrent Note & Lease Receivables	3.97	4.28	4.37	3.90	3.22	-	2.84	-	3.65	4.47
Goodwill	90	90	90	90	151	151	151	151	170	168
Intangible Assets	339	328	321	314	324	317	310	295	289	282
Noncurrent Deferred & Refundable Income Taxes	135	156	166	166	174	186	199	166	177	160
Other Noncurrent Operating Assets	855	965	780	910	908	4,206	4,263	3,622	4,707	4,814
Total Liabilities & Shareholders' Equity	4,525	5,015	5,011	5,011	5,517	5,507	5,590	5,839	6,016	6,093
Total Liabilities	2,524	2,669	2,594	2,596	3,030	3,000	3,066	3,244	3,386	3,440
Total Current Liabilities	372	391	383	540	546	531	566	619	731	655
Short-Term Debt	-	-	-	35	100	100	100	100	196	135
Accounts Payable	160	173	175	228	197	183	218	201	213	190
Current Deferred Revenue	14	25	19	11	21	16	10	-	38	33
Other Current Liabilities	198	194	190	267	228	231	238	318	284	297
Total Noncurrent Liabilities	2,152	2,278	2,210	2,056	2,484	2,469	2,499	2,624	2,655	2,785
Long-Term Debt	420	421	422	423	424	424	469	470	471	472
Asset Retirement Reserve & Litigation Obligation	106	112	114	115	134	125	127	131	137	139
Noncurrent Deferred & Payable Income Tax Liabilities	84	85	81	67	84	86	85	78	80	82
Other Noncurrent Operating Liabilities	1,541	1,660	1,593	1,451	1,842	1,833	1,818	1,945	1,967	2,093
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	8.43	9.36	10	9.95	10	9.99	11	9.57	11	9.90
Total Equity & Noncontrolling Interests	1,992	2,337	2,407	2,405	2,477	2,497	2,514	2,586	2,619	2,643
Total Preferred & Common Equity	1,847	2,185	2,254	2,279	2,352	2,371	2,389	2,461	2,493	2,510
Total Common Equity	1,847	2,185	2,254	2,279	2,352	2,371	2,389	2,461	2,493	2,510
Common Stock	1,256	1,561	1,609	1,611	1,620	1,625	1,630	1,641	1,645	1,650
Retained Earnings	613	646	663	691	751	766	781	848	868	885
Treasury Stock	-18	-18	-18	-18	-18	-18	-18	-18	-18	-18
Accumulated Other Comprehensive Income / (Loss)	-4.48	-4.21	-0.17	-5.23	-0.84	-1.75	-4.59	-9.41	-2.30	-7.25
Noncontrolling Interest	146	152	153	126	124	126	125	125	126	133

This table displays calculated financial ratios and metrics derived from Ormat Technologies' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.28%	11.43%	4.56%	3.82%	3.72%	-5.46%	-5.99%	10.72%	12.98%	6.06%	12.49%
EBITDA Growth	8.45%	9.89%	8.40%	-0.25%	7.46%	10.10%	-10.21%	2.18%	12.99%	10.71%	8.26%
EBIT Growth	9.87%	19.04%	7.85%	-8.68%	3.81%	12.25%	-29.53%	-5.47%	12.86%	2.21%	3.79%
NOPAT Growth	92.37%	-20.51%	20.25%	-22.77%	-6.38%	-0.30%	-0.24%	0.41%	23.35%	23.46%	2.47%
Net Income Growth	125.66%	-22.44%	52.77%	-25.15%	-15.05%	8.83%	-25.27%	2.26%	71.14%	-1.42%	-3.24%
EPS Growth	107.63%	-27.76%	47.46%	-26.44%	-10.42%	-4.07%	-33.33%	6.36%	77.78%	-1.92%	-0.98%
Operating Cash Flow Growth	-10.88%	-16.18%	54.17%	-40.62%	62.18%	12.06%	-2.33%	8.56%	10.12%	32.81%	-18.45%
Free Cash Flow Firm Growth	-36.48%	-47.54%	-233.52%	-288.78%	162.61%	722.83%	-105.70%	-562.54%	32.63%	-348.00%	6,096.15%
Invested Capital Growth	6.16%	5.99%	13.21%	18.30%	-0.82%	-45.55%	15.11%	39.20%	22.40%	61.95%	4.35%
Revenue Q/Q Growth	3.81%	-0.68%	0.00%	0.00%	0.27%	-1.82%	1.78%	2.01%	4.52%	-1.19%	4.80%
EBITDA Q/Q Growth	6.24%	-0.11%	191.04%	139.74%	-2.39%	1.23%	2.82%	-6.96%	9.61%	0.32%	0.86%
EBIT Q/Q Growth	10.26%	0.32%	0.00%	0.00%	-5.76%	0.48%	1.04%	-16.34%	18.38%	-4.95%	-1.85%
NOPAT Q/Q Growth	6.45%	4.96%	0.00%	0.00%	-2.98%	5.00%	8.43%	5.97%	-0.76%	15.66%	-6.52%
Net Income Q/Q Growth	16.74%	1.91%	0.00%	0.00%	-8.74%	10.18%	-1.63%	-2.56%	16.24%	2.98%	-7.01%
EPS Q/Q Growth	19.51%	-4.32%	0.00%	0.00%	-6.01%	8.55%	-3.51%	-1.68%	14.29%	4.62%	-7.34%
Operating Cash Flow Q/Q Growth	20.70%	-29.23%	46.36%	-19.97%	-3.12%	-3.26%	51.44%	-12.27%	26.29%	4.97%	-13.78%
Free Cash Flow Firm Q/Q Growth	95.78%	-53.46%	68.50%	45.52%	-12.62%	1,368.86%	7.01%	-153.70%	9.70%	-2,154.73%	-28.42%
Invested Capital Q/Q Growth	-1.40%	1.99%	4.09%	0.81%	1.57%	-49.37%	-45.77%	2.84%	0.92%	49.82%	0.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.71%	40.87%	38.75%	37.60%	36.10%	39.17%	39.86%	36.62%	31.83%	30.99%	27.56%
EBITDA Margin	44.96%	44.34%	45.97%	44.17%	45.76%	53.29%	50.89%	46.97%	46.98%	49.03%	47.19%
Operating Margin	27.59%	30.47%	29.59%	25.74%	25.98%	30.34%	25.54%	20.81%	20.08%	19.61%	17.10%
EBIT Margin	26.98%	28.83%	29.73%	26.16%	26.18%	31.08%	23.30%	19.89%	19.87%	19.15%	17.67%
Profit (Net Income) Margin	20.88%	14.53%	21.23%	15.31%	12.54%	14.43%	11.47%	10.60%	16.05%	14.92%	12.83%
Tax Burden Percent	109.29%	68.25%	86.16%	80.27%	68.13%	60.34%	73.47%	81.37%	95.72%	113.75%	120.09%
Interest Burden Percent	70.80%	73.87%	82.88%	72.92%	70.30%	76.96%	67.02%	65.46%	84.38%	68.48%	60.48%
Effective Tax Rate	-14.13%	26.27%	12.69%	25.32%	33.22%	39.71%	24.00%	15.42%	4.30%	-14.12%	-19.18%
Return on Invested Capital (ROIC)	11.23%	8.42%	9.23%	6.15%	5.33%	6.91%	9.09%	7.13%	6.80%	5.82%	7.10%
ROIC Less NNEP Spread (ROIC-NNEP)	2.61%	0.16%	4.67%	2.92%	1.51%	-14.21%	18.43%	31.97%	-18.44%	-1.67%	-27.75%
Return on Net Nonoperating Assets (RNNOA)	2.04%	0.09%	2.63%	1.84%	0.95%	-1.05%	-5.25%	-3.28%	-0.86%	-0.58%	-2.27%
Return on Equity (ROE)	13.27%	8.51%	11.86%	7.99%	6.28%	5.86%	3.84%	3.85%	5.94%	5.24%	4.84%
Cash Return on Invested Capital (CROIC)	5.26%	2.60%	-3.17%	-10.62%	6.16%	65.89%	-4.95%	-25.64%	-13.35%	-41.48%	2.84%
Operating Return on Assets (OROA)	7.30%	8.07%	8.10%	6.55%	6.13%	6.14%	3.72%	3.23%	3.36%	3.10%	2.94%
Return on Assets (ROA)	5.65%	4.07%	5.79%	3.83%	2.94%	2.85%	1.83%	1.72%	2.71%	2.41%	2.13%
Return on Common Equity (ROCE)	12.52%	7.77%	10.93%	7.34%	5.72%	5.39%	3.55%	3.55%	5.54%	4.95%	4.58%
Return on Equity Simple (ROE_SIMPLE)	12.54%	8.94%	12.14%	8.34%	6.72%	5.64%	4.10%	4.17%	5.75%	5.41%	0.00%
Net Operating Profit after Tax (NOPAT)	187	149	179	138	129	129	129	129	159	197	202
NOPAT Margin	31.49%	22.47%	25.84%	19.22%	17.35%	18.29%	19.41%	17.60%	19.22%	22.37%	20.38%
Net Nonoperating Expense Percent (NNEP)	8.62%	8.25%	4.56%	3.23%	3.82%	21.12%	-9.34%	-24.84%	25.23%	7.49%	34.86%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.29%	5.34%	4.35%	6.05%
Cost of Revenue to Revenue	63.29%	59.13%	61.25%	62.40%	63.90%	60.83%	60.14%	63.38%	68.17%	69.01%	72.44%
SG&A Expenses to Revenue	5.85%	7.05%	6.19%	6.64%	7.48%	8.54%	11.45%	8.35%	8.22%	9.11%	8.04%
R&D to Revenue	0.30%	0.42%	0.46%	0.58%	0.62%	0.76%	0.62%	0.69%	0.87%	0.74%	0.64%
Operating Expenses to Revenue	9.12%	10.40%	9.16%	11.86%	10.12%	8.83%	14.32%	15.80%	11.75%	11.39%	10.46%
Earnings before Interest and Taxes (EBIT)	160	191	206	188	195	219	155	146	165	168	175
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	267	294	318	318	341	376	337	345	390	431	467
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.69	2.34	2.55	1.94	2.65	2.49	2.35	2.56	1.96	1.69	2.64
Price to Tangible Book Value (P/TBV)	1.74	2.48	2.80	2.32	3.11	2.84	3.11	3.32	2.37	2.08	3.20
Price to Revenue (P/Rev)	2.82	3.81	4.46	3.55	4.94	6.38	6.58	6.52	5.48	4.66	6.79
Price to Earnings (P/E)	13.91	28.43	23.33	26.08	41.86	52.69	70.31	72.68	36.53	33.10	54.19
Dividend Yield	0.76%	1.02%	0.67%	1.05%	0.61%	0.50%	0.62%	0.56%	0.64%	0.71%	0.43%
Earnings Yield	7.19%	3.52%	4.29%	3.83%	2.39%	1.90%	1.42%	1.38%	2.74%	3.02%	1.85%
Enterprise Value to Invested Capital (EV/IC)	1.40	1.79	1.91	1.51	1.95	3.05	2.66	2.38	1.86	1.40	2.44
Enterprise Value to Revenue (EV/Rev)	4.04	4.93	5.68	5.11	6.32	5.69	6.07	6.85	5.80	6.65	7.15
Enterprise Value to EBITDA (EV/EBITDA)	8.98	11.12	12.37	11.56	13.81	10.68	11.93	14.58	12.35	13.56	15.14
Enterprise Value to EBIT (EV/EBIT)	14.97	17.10	19.12	19.52	24.13	18.31	26.06	34.42	29.18	34.73	40.44
Enterprise Value to NOPAT (EV/NOPAT)	12.82	21.94	22.00	26.56	36.42	31.11	31.28	38.89	30.17	29.73	35.06
Enterprise Value to Operating Cash Flow (EV/OCF)	12.64	20.50	16.04	25.18	19.93	15.14	15.55	17.89	15.55	14.24	21.10
Enterprise Value to Free Cash Flow (EV/FCFF)	27.39	70.99	0.00	0.00	31.52	3.26	0.00	0.00	0.00	0.00	87.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.77	0.68	0.85	0.74	0.00	0.00	0.21	0.22	0.77	0.24
Long-Term Debt to Equity	0.77	0.74	0.62	0.72	0.66	0.00	0.00	0.21	0.17	0.73	0.18
Financial Leverage	0.78	0.56	0.56	0.63	0.63	0.07	-0.28	-0.10	0.05	0.35	0.08
Leverage Ratio	2.35	2.09	2.05	2.08	2.14	2.05	2.10	2.24	2.19	2.17	2.27
Compound Leverage Factor	1.66	1.55	1.70	1.52	1.50	1.58	1.41	1.47	1.85	1.49	1.37
Debt to Total Capital	44.49%	43.42%	40.57%	45.90%	42.50%	0.00%	0.00%	17.17%	18.13%	43.49%	19.51%
Short-Term Debt to Total Capital	1.53%	1.55%	3.87%	7.16%	4.34%	0.00%	0.00%	0.00%	4.01%	2.21%	5.38%
Long-Term Debt to Total Capital	42.96%	41.88%	36.71%	38.73%	38.16%	0.00%	0.00%	17.17%	14.13%	41.29%	14.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.81%	4.93%	4.14%	4.98%	4.99%	7.45%	7.61%	6.65%	4.55%	2.99%	4.41%
Common Equity to Total Capital	50.70%	51.65%	55.29%	49.12%	52.51%	92.55%	92.39%	76.18%	77.32%	53.52%	76.08%
Debt to EBITDA	3.25	3.08	2.79	3.88	3.30	0.00	0.00	1.22	1.39	4.57	1.40
Net Debt to EBITDA	2.37	2.18	2.38	3.10	2.62	0.00	0.00	0.23	0.33	3.76	0.45
Long-Term Debt to EBITDA	3.14	2.97	2.53	3.28	2.96	0.00	0.00	1.22	1.09	4.34	1.01
Debt to NOPAT	4.64	6.08	4.97	8.92	8.71	0.00	0.00	3.26	3.41	10.01	3.23
Net Debt to NOPAT	3.38	4.30	4.24	7.12	6.90	0.00	0.00	0.61	0.81	8.23	1.04
Long-Term Debt to NOPAT	4.48	5.86	4.49	7.53	7.82	0.00	0.00	3.26	2.65	9.50	2.34
Altman Z-Score	1.53	1.96	2.12	1.58	1.93	2.12	1.55	1.59	1.47	1.24	1.56
Noncontrolling Interest Sharing Ratio	5.65%	8.68%	7.79%	8.15%	8.93%	7.98%	7.53%	7.82%	6.67%	5.42%	5.38%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.99	2.50	1.14	1.31	1.10	3.13	1.11	1.33	1.20	0.91	0.81
Quick Ratio	1.45	2.01	0.61	0.82	0.66	2.48	0.78	0.75	0.84	0.52	0.47
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	88	46	-61	-239	149	1,230	-70	-465	-313	-1,402	81
Operating Cash Flow to CapEx	124.65%	104.84%	94.73%	56.41%	84.47%	82.62%	61.73%	49.86%	50.03%	84.26%	54.07%
Free Cash Flow to Firm to Interest Expense	1.21	0.68	-1.13	-3.37	1.86	15.78	-0.85	-5.30	-3.17	-10.46	0.57
Operating Cash Flow to Interest Expense	2.62	2.36	4.54	2.06	2.94	3.40	3.13	3.20	3.13	3.07	2.36
Operating Cash Flow Less CapEx to Interest Expense	0.52	0.11	-0.25	-1.59	-0.54	-0.72	-1.94	-3.22	-3.12	-0.57	-2.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.28	0.27	0.25	0.23	0.20	0.16	0.16	0.17	0.16	0.17
Accounts Receivable Turnover	6.78	5.55	5.04	4.45	3.97	4.10	4.30	4.86	4.00	3.76	4.75
Inventory Turnover	21.50	26.06	26.90	13.90	11.92	12.21	12.51	18.15	16.66	14.60	17.20
Fixed Asset Turnover	0.40	0.43	0.42	0.39	0.38	0.35	0.26	0.27	0.50	0.00	1.10
Accounts Payable Turnover	4.18	4.27	3.46	3.32	3.69	2.91	2.69	3.18	3.11	2.70	3.06
Days Sales Outstanding (DSO)	53.80	65.77	72.37	82.04	91.90	88.94	84.84	75.15	91.20	97.11	76.78
Days Inventory Outstanding (DIO)	16.97	14.01	13.57	26.26	30.62	29.89	29.18	20.11	21.91	24.99	21.22
Days Payable Outstanding (DPO)	87.39	85.52	105.56	109.85	98.85	125.31	135.45	114.76	117.47	134.94	119.42
Cash Conversion Cycle (CCC)	-16.62	-5.74	-19.62	-1.55	23.66	-6.49	-21.43	-19.50	-4.37	-12.84	-21.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,717	1,820	2,060	2,437	2,417	1,316	1,515	2,109	2,581	4,181	2,901
Invested Capital Turnover	0.36	0.37	0.36	0.32	0.31	0.38	0.47	0.41	0.35	0.26	0.35
Increase / (Decrease) in Invested Capital	100	103	240	377	-20	-1,101	199	594	472	1,599	121
Enterprise Value (EV)	2,401	3,266	3,938	3,672	4,713	4,013	4,026	5,027	4,810	5,851	7,071
Market Capitalization	1,674	2,522	3,089	2,555	3,688	4,503	4,366	4,785	4,544	4,095	6,715
Book Value per Share	$20.19	$21.69	$23.94	$26.05	$27.31	$35.36	$33.12	$33.32	$38.36	$40.10	$41.85
Tangible Book Value per Share	$19.66	$20.50	$21.84	$21.71	$23.26	$31.08	$25.03	$25.75	$31.77	$32.61	$34.57
Total Capital	1,953	2,084	2,191	2,687	2,652	1,951	2,008	2,451	2,995	4,531	3,344
Total Debt	869	905	889	1,233	1,127	0.00	0.00	421	543	1,971	652
Total Long-Term Debt	839	873	804	1,041	1,012	0.00	0.00	421	423	1,871	472
Net Debt	633	641	758	984	893	-635	-493	78	130	1,620	209
Capital Expenditures (CapEx)	152	152	259	259	280	321	419	563	618	488	620
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-19	51	26	126	1.10	-6.27	-329	-114	-59	-157	-242
Debt-free Net Working Capital (DFNWC)	217	316	123	304	154	531	58	113	229	49	39
Net Working Capital (NWC)	187	284	38	111	39	531	58	113	109	-51	-141
Net Nonoperating Expense (NNE)	63	53	32	28	36	27	53	51	26	66	75
Net Nonoperating Obligations (NNO)	633	641	758	984	893	-635	-493	78	130	1,620	209
Total Depreciation and Amortization (D&A)	107	103	112	130	146	157	183	199	225	263	292
Debt-free, Cash-free Net Working Capital to Revenue	-3.17%	7.75%	3.81%	17.53%	0.15%	-0.89%	-49.62%	-15.51%	-7.09%	-17.82%	-24.41%
Debt-free Net Working Capital to Revenue	36.42%	47.66%	17.76%	42.21%	20.67%	75.21%	8.71%	15.37%	27.60%	5.57%	3.98%
Net Working Capital to Revenue	31.39%	42.80%	5.53%	15.45%	5.25%	75.21%	8.71%	15.37%	13.14%	-5.79%	-14.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.11	$1.17	$2.09	$2.05	$2.04
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	56.00M	56.06M	59.42M	60.46M	60.71M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.10	$1.17	$2.08	$2.04	$2.02
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	56.40M	56.50M	59.76M	60.79M	61.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	56.06M	56.10M	60.36M	60.50M	60.85M
Normalized Net Operating Profit after Tax (NOPAT)	116	151	181	148	129	117	129	158	163	124	128
Normalized NOPAT Margin	19.50%	22.80%	26.06%	20.63%	17.35%	16.52%	19.38%	21.46%	19.65%	14.14%	12.93%
Pre Tax Income Margin	19.10%	21.29%	24.64%	19.07%	18.40%	23.92%	15.62%	13.02%	16.77%	13.12%	10.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.21	2.83	3.80	2.65	2.43	2.81	1.87	1.66	1.67	1.26	1.23
NOPAT to Interest Expense	2.58	2.21	3.31	1.95	1.61	1.66	1.56	1.47	1.61	1.47	1.42
EBIT Less CapEx to Interest Expense	0.11	0.58	-0.98	-0.99	-1.05	-1.30	-3.20	-4.76	-4.59	-2.38	-3.14
NOPAT Less CapEx to Interest Expense	0.48	-0.05	-1.48	-1.70	-1.87	-2.46	-3.52	-4.95	-4.64	-2.17	-2.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.60%	93.20%	28.43%	36.27%	34.33%	31.64%	44.55%	42.45%	28.74%	27.04%	29.06%
Augmented Payout Ratio	25.60%	93.20%	28.43%	36.27%	34.33%	31.64%	44.55%	65.54%	28.74%	27.04%	29.06%

This table displays calculated financial ratios and metrics derived from Ormat Technologies' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.21%	18.29%	17.45%	21.02%	9.33%	1.79%	-4.39%	2.50%	9.89%	17.92%	19.63%
EBITDA Growth	-6.03%	5.19%	43.04%	8.55%	27.67%	10.62%	1.21%	8.46%	11.98%	9.81%	3.47%
EBIT Growth	-30.94%	-6.06%	91.37%	-0.51%	51.40%	2.30%	-16.38%	4.25%	16.04%	5.09%	-7.35%
NOPAT Growth	4.39%	62.30%	-15.26%	25.85%	38.96%	-19.79%	56.61%	6.20%	8.02%	31.31%	-20.50%
Net Income Growth	64.01%	83.25%	91.95%	20.59%	-2.23%	-33.11%	9.76%	1.70%	17.67%	1.67%	-22.47%
EPS Growth	100.00%	84.38%	81.25%	25.49%	-7.50%	-38.98%	15.52%	3.13%	24.32%	8.33%	-23.88%
Operating Cash Flow Growth	120.95%	-56.30%	86.20%	104.07%	-58.55%	167.66%	14.00%	-23.61%	215.68%	-57.56%	-33.78%
Free Cash Flow Firm Growth	-138.74%	-159.67%	20.93%	11.33%	-8.54%	57.68%	-256.69%	64.85%	60.85%	72.35%	48.42%
Invested Capital Growth	19.59%	24.74%	22.40%	21.53%	18.16%	9.08%	61.95%	7.68%	7.05%	3.69%	4.35%
Revenue Q/Q Growth	5.16%	6.81%	16.00%	-7.12%	-5.00%	-0.55%	8.95%	-0.42%	1.85%	6.71%	10.54%
EBITDA Q/Q Growth	-26.01%	22.12%	20.26%	-0.11%	-12.97%	5.81%	10.04%	7.04%	-10.15%	3.76%	3.69%
EBIT Q/Q Growth	-55.10%	60.19%	45.31%	-4.82%	-31.67%	8.24%	18.78%	18.65%	-23.94%	-1.97%	4.72%
NOPAT Q/Q Growth	-29.93%	58.64%	-7.82%	22.82%	-22.63%	-8.42%	79.97%	-16.72%	-21.31%	11.32%	8.96%
Net Income Q/Q Growth	-26.75%	48.23%	6.88%	3.91%	-40.61%	1.40%	75.40%	-3.73%	-31.28%	-12.38%	33.76%
EPS Q/Q Growth	-21.57%	47.50%	-1.69%	10.34%	-42.19%	-2.70%	86.11%	-1.49%	-30.30%	-15.22%	30.77%
Operating Cash Flow Q/Q Growth	31.16%	-46.32%	250.04%	-17.20%	-73.36%	246.62%	49.08%	-44.51%	10.10%	-53.40%	132.63%
Free Cash Flow Firm Q/Q Growth	23.32%	-31.56%	6.77%	5.72%	6.13%	48.70%	-685.72%	90.71%	-4.56%	63.77%	-25.20%
Invested Capital Q/Q Growth	8.98%	10.39%	0.92%	0.10%	5.97%	1.91%	49.82%	-33.45%	5.34%	-1.28%	0.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.41%	28.84%	32.51%	35.16%	28.82%	27.79%	31.88%	31.74%	24.31%	25.64%	28.56%
EBITDA Margin	39.68%	45.36%	47.03%	50.58%	46.33%	49.30%	49.79%	53.52%	47.22%	45.91%	43.06%
Operating Margin	12.44%	18.06%	21.39%	23.46%	16.49%	16.85%	21.27%	22.16%	15.09%	16.19%	15.42%
EBIT Margin	11.82%	17.73%	22.21%	22.76%	16.37%	17.82%	19.43%	23.15%	17.29%	15.88%	15.05%
Profit (Net Income) Margin	12.58%	17.46%	16.09%	18.00%	11.25%	11.47%	18.47%	17.86%	12.05%	9.89%	11.97%
Tax Burden Percent	132.07%	122.73%	79.50%	102.48%	122.55%	98.26%	134.40%	109.12%	128.41%	123.73%	126.08%
Interest Burden Percent	80.58%	80.24%	91.11%	77.16%	56.08%	65.53%	70.74%	70.69%	54.27%	50.35%	63.11%
Effective Tax Rate	-21.32%	-24.10%	16.76%	-0.37%	-16.25%	-4.82%	-37.11%	-10.09%	-24.89%	-21.45%	-25.71%
Return on Invested Capital (ROIC)	5.40%	7.72%	6.30%	8.68%	6.73%	5.88%	7.59%	8.05%	6.03%	6.53%	6.75%
ROIC Less NNEP Spread (ROIC-NNEP)	11.88%	-2.94%	2.32%	28.92%	-19.04%	-0.53%	4.77%	-2.52%	0.05%	-3.11%	-2.79%
Return on Net Nonoperating Assets (RNNOA)	-0.41%	-0.13%	0.11%	-0.74%	-0.51%	-0.04%	1.67%	-0.14%	0.00%	-0.30%	-0.23%
Return on Equity (ROE)	4.99%	7.59%	6.41%	7.95%	6.22%	5.83%	9.25%	7.91%	6.03%	6.23%	6.53%
Cash Return on Invested Capital (CROIC)	-11.18%	-15.04%	-13.35%	-12.23%	-9.54%	-2.33%	-41.48%	0.09%	0.38%	3.97%	2.84%
Operating Return on Assets (OROA)	1.88%	2.95%	3.75%	3.75%	2.76%	2.99%	3.14%	3.61%	2.72%	2.57%	2.50%
Return on Assets (ROA)	2.01%	2.91%	2.72%	2.97%	1.90%	1.93%	2.99%	2.78%	1.90%	1.60%	1.99%
Return on Common Equity (ROCE)	4.63%	7.09%	5.98%	7.46%	5.84%	5.51%	8.75%	7.49%	5.71%	5.89%	6.17%
Return on Equity Simple (ROE_SIMPLE)	4.35%	5.03%	0.00%	5.95%	5.88%	5.34%	0.00%	5.36%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	29	47	43	53	41	37	67	56	44	49	54
NOPAT Margin	15.09%	22.41%	17.81%	23.54%	19.18%	17.66%	29.17%	24.40%	18.85%	19.66%	19.38%
Net Nonoperating Expense Percent (NNEP)	-6.48%	10.66%	3.98%	-20.24%	25.76%	6.41%	2.82%	10.57%	5.98%	9.64%	9.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.44%	-	-	-	1.49%	1.78%	1.34%	1.51%	1.61%
Cost of Revenue to Revenue	74.59%	71.16%	67.49%	64.84%	71.18%	72.21%	68.12%	68.26%	75.69%	74.36%	71.44%
SG&A Expenses to Revenue	9.15%	6.75%	7.73%	8.72%	8.46%	10.85%	8.49%	7.79%	8.45%	8.08%	7.87%
R&D to Revenue	1.07%	0.67%	1.02%	0.70%	0.81%	0.86%	0.60%	1.11%	0.61%	0.51%	0.38%
Operating Expenses to Revenue	12.97%	10.78%	11.12%	11.70%	12.33%	10.95%	10.61%	9.58%	9.22%	9.45%	13.14%
Earnings before Interest and Taxes (EBIT)	23	37	54	51	35	38	45	53	40	40	42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	77	94	114	113	99	104	115	123	110	115	119
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.11	1.84	1.96	1.69	1.82	1.95	1.69	1.74	2.04	2.33	2.64
Price to Tangible Book Value (P/TBV)	2.58	2.23	2.37	2.12	2.27	2.41	2.08	2.13	2.50	2.84	3.20
Price to Revenue (P/Rev)	6.26	5.27	5.48	4.59	4.88	5.22	4.66	4.84	5.61	6.19	6.79
Price to Earnings (P/E)	53.30	39.21	36.53	29.72	32.76	39.21	33.10	34.11	38.70	43.82	54.19
Dividend Yield	0.60%	0.69%	0.64%	0.73%	0.67%	0.62%	0.71%	0.68%	0.57%	0.50%	0.43%
Earnings Yield	1.88%	2.55%	2.74%	3.36%	3.05%	2.55%	3.02%	2.93%	2.58%	2.28%	1.85%
Enterprise Value to Invested Capital (EV/IC)	2.08	1.74	1.86	1.63	1.71	1.81	1.40	1.65	1.88	2.15	2.44
Enterprise Value to Revenue (EV/Rev)	6.34	5.62	5.80	4.85	5.29	5.68	6.65	5.20	6.09	6.60	7.15
Enterprise Value to EBITDA (EV/EBITDA)	13.76	12.56	12.35	10.57	11.17	11.75	13.56	10.44	12.19	13.45	15.14
Enterprise Value to EBIT (EV/EBIT)	34.08	32.06	29.18	25.60	26.60	28.51	34.73	26.97	31.32	34.96	40.44
Enterprise Value to NOPAT (EV/NOPAT)	34.08	27.79	30.17	24.83	26.09	29.69	29.73	22.93	27.09	28.87	35.06
Enterprise Value to Operating Cash Flow (EV/OCF)	16.29	18.22	15.55	11.45	14.45	12.91	14.24	12.00	12.27	16.02	21.10
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,905.63	509.14	55.25	87.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.17	0.19	0.22	0.21	0.21	0.23	0.77	0.22	0.25	0.23	0.24
Long-Term Debt to Equity	0.17	0.18	0.17	0.17	0.17	0.19	0.73	0.18	0.18	0.18	0.18
Financial Leverage	-0.03	0.04	0.05	-0.03	0.03	0.08	0.35	0.06	0.10	0.10	0.08
Leverage Ratio	2.17	2.16	2.19	2.18	2.14	2.15	2.17	2.23	2.24	2.26	2.27
Compound Leverage Factor	1.75	1.73	2.00	1.68	1.20	1.41	1.53	1.58	1.22	1.14	1.43
Debt to Total Capital	14.86%	15.93%	18.13%	17.40%	17.29%	18.39%	43.49%	18.01%	20.24%	18.61%	19.51%
Short-Term Debt to Total Capital	0.00%	1.22%	4.01%	3.32%	3.30%	3.23%	2.21%	3.16%	5.96%	4.14%	5.38%
Long-Term Debt to Total Capital	14.86%	14.71%	14.13%	14.07%	14.00%	15.16%	41.29%	14.86%	14.28%	14.47%	14.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.73%	4.74%	4.55%	4.47%	4.49%	4.40%	2.99%	4.24%	4.15%	4.39%	4.41%
Common Equity to Total Capital	79.41%	79.33%	77.32%	78.13%	78.22%	77.21%	53.52%	77.75%	75.61%	77.00%	76.08%
Debt to EBITDA	1.20	1.29	1.39	1.31	1.25	1.32	4.57	1.29	1.47	1.31	1.40
Net Debt to EBITDA	-0.28	0.40	0.33	0.24	0.55	0.62	3.76	0.42	0.67	0.52	0.45
Long-Term Debt to EBITDA	1.20	1.19	1.09	1.06	1.01	1.09	4.34	1.07	1.04	1.02	1.01
Debt to NOPAT	2.98	2.85	3.41	3.09	2.92	3.34	10.01	2.84	3.28	2.81	3.23
Net Debt to NOPAT	-0.71	0.89	0.81	0.57	1.28	1.56	8.23	0.93	1.48	1.11	1.04
Long-Term Debt to NOPAT	2.98	2.63	2.65	2.50	2.36	2.76	9.50	2.34	2.31	2.19	2.34
Altman Z-Score	1.53	1.34	1.40	1.18	1.24	1.28	1.16	1.17	1.23	1.37	1.49
Noncontrolling Interest Sharing Ratio	7.23%	6.58%	6.67%	6.13%	6.07%	5.51%	5.42%	5.29%	5.31%	5.39%	5.38%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.79	0.95	1.20	1.12	0.97	0.95	0.91	0.97	0.70	0.77	0.81
Quick Ratio	1.25	0.57	0.84	0.71	0.49	0.51	0.52	0.54	0.39	0.41	0.47
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-350	-461	-429	-405	-380	-195	-1,532	-142	-149	-54	-67
Operating Cash Flow to CapEx	46.33%	21.83%	82.05%	111.44%	20.90%	96.97%	124.18%	45.70%	71.87%	30.66%	72.40%
Free Cash Flow to Firm to Interest Expense	-14.35	-18.39	-16.64	-13.07	-11.27	-5.60	-44.37	-4.13	-4.06	-1.51	-1.93
Operating Cash Flow to Interest Expense	3.04	1.59	5.39	3.72	0.91	3.06	4.59	2.55	2.64	1.27	3.00
Operating Cash Flow Less CapEx to Interest Expense	-3.52	-5.68	-1.18	0.38	-3.44	-0.10	0.89	-3.03	-1.03	-2.86	-1.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.17	0.17	0.16	0.17	0.17	0.16	0.16	0.16	0.16	0.17
Accounts Receivable Turnover	4.38	4.33	4.00	4.50	4.46	4.15	3.76	4.34	4.70	4.85	4.75
Inventory Turnover	14.11	14.14	16.66	12.11	14.73	13.28	14.60	12.89	14.38	14.71	17.20
Fixed Asset Turnover	0.30	0.29	0.50	0.30	0.00	0.00	0.00	0.44	0.00	0.00	1.10
Accounts Payable Turnover	3.10	2.73	3.11	3.25	3.40	2.75	2.70	3.11	3.25	3.32	3.06
Days Sales Outstanding (DSO)	83.34	84.26	91.20	81.17	81.78	87.91	97.11	84.02	77.61	75.21	76.78
Days Inventory Outstanding (DIO)	25.87	25.81	21.91	30.13	24.78	27.48	24.99	28.32	25.38	24.81	21.22
Days Payable Outstanding (DPO)	117.81	133.87	117.47	112.18	107.51	132.67	134.94	117.55	112.21	110.01	119.42
Cash Conversion Cycle (CCC)	-8.60	-23.79	-4.37	-0.88	-0.95	-17.29	-12.84	-5.21	-9.23	-9.99	-21.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,317	2,558	2,581	2,584	2,738	2,790	4,181	2,782	2,931	2,893	2,901
Invested Capital Turnover	0.36	0.34	0.35	0.37	0.35	0.33	0.26	0.33	0.32	0.33	0.35
Increase / (Decrease) in Invested Capital	380	507	472	458	421	232	1,599	198	193	103	121
Enterprise Value (EV)	4,826	4,463	4,810	4,214	4,692	5,053	5,851	4,603	5,519	6,228	7,071
Market Capitalization	4,763	4,184	4,544	3,982	4,325	4,651	4,095	4,282	5,081	5,845	6,715
Book Value per Share	$37.76	$37.82	$38.36	$38.95	$39.24	$39.51	$40.10	$40.68	$41.10	$41.33	$41.85
Tangible Book Value per Share	$30.87	$31.11	$31.77	$31.09	$31.51	$31.89	$32.61	$33.30	$33.52	$33.93	$34.57
Total Capital	2,839	2,873	2,995	3,010	3,031	3,094	4,531	3,166	3,297	3,260	3,344
Total Debt	422	458	543	524	524	569	1,971	570	667	607	652
Total Long-Term Debt	422	423	423	424	424	469	1,871	470	471	472	472
Net Debt	-100	143	130	97	231	266	1,620	187	301	241	209
Capital Expenditures (CapEx)	160	182	170	103	147	110	128	193	135	147	145
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-93	-176	-59	-136	-78	-106	-157	-143	-231	-221	-242
Debt-free Net Working Capital (DFNWC)	303	11	229	163	86	71	49	82	-25	-15	39
Net Working Capital (NWC)	303	-24	109	63	-14	-29	-51	-18	-222	-150	-141
Net Nonoperating Expense (NNE)	4.88	10	4.14	12	17	13	25	15	16	24	20
Net Nonoperating Obligations (NNO)	-100	143	130	97	231	266	1,620	187	301	241	209
Total Depreciation and Amortization (D&A)	54	57	60	62	64	67	70	70	70	75	77
Debt-free, Cash-free Net Working Capital to Revenue	-12.16%	-22.13%	-7.09%	-15.66%	-8.74%	-11.87%	-17.82%	-16.16%	-25.53%	-23.39%	-24.41%
Debt-free Net Working Capital to Revenue	39.77%	1.34%	27.60%	18.77%	9.73%	7.99%	5.57%	9.22%	-2.79%	-1.60%	3.98%
Net Working Capital to Revenue	39.77%	-3.07%	13.14%	7.25%	-1.55%	-3.24%	-5.79%	-2.08%	-24.47%	-15.90%	-14.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.40	$0.59	$0.59	$0.64	$0.37	$0.37	$0.67	$0.67	$0.46	$0.40	$0.51
Adjusted Weighted Average Basic Shares Outstanding	60.25M	60.30M	59.42M	60.39M	60.45M	60.48M	60.46M	60.56M	60.69M	60.75M	60.71M
Adjusted Diluted Earnings per Share	$0.40	$0.59	$0.58	$0.64	$0.37	$0.36	$0.67	$0.66	$0.46	$0.39	$0.51
Adjusted Weighted Average Diluted Shares Outstanding	60.63M	60.57M	59.76M	60.54M	60.76M	60.77M	60.79M	60.84M	61.02M	61.25M	61.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.26M	60.35M	60.36M	60.42M	60.45M	60.48M	60.50M	60.66M	60.72M	60.78M	60.85M
Normalized Net Operating Profit after Tax (NOPAT)	17	28	43	37	26	25	34	36	25	29	38
Normalized NOPAT Margin	8.70%	13.42%	17.81%	16.42%	12.31%	11.92%	14.89%	15.67%	10.64%	11.44%	13.93%
Pre Tax Income Margin	9.53%	14.23%	20.24%	17.56%	9.18%	11.68%	13.75%	16.37%	9.38%	8.00%	9.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.94	1.47	2.08	1.65	1.03	1.08	1.30	1.54	1.10	1.11	1.19
NOPAT to Interest Expense	1.20	1.86	1.67	1.70	1.21	1.07	1.95	1.63	1.20	1.38	1.53
EBIT Less CapEx to Interest Expense	-5.61	-5.79	-4.49	-1.69	-3.32	-2.07	-2.40	-4.04	-2.57	-3.02	-2.96
NOPAT Less CapEx to Interest Expense	-5.35	-5.41	-4.91	-1.63	-3.14	-2.08	-1.75	-3.96	-2.47	-2.75	-2.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.92%	54.67%	28.74%	27.82%	28.19%	8.22%	27.04%	26.79%	25.52%	26.93%	29.06%
Augmented Payout Ratio	33.92%	54.67%	28.74%	27.82%	28.19%	8.22%	27.04%	26.79%	25.52%	26.93%	29.06%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for ORMAT TECHNOLOGIES, INC. (NYSE: ORA) based on the quarterly statements from 2022 through 2025, focusing on the last four years of data provided.

Revenue growth in 2025: ORA’s quarterly operating revenue rose through 2025, culminating in Q4 2025 with 276.0 million, up from about 229.8–249.7 million in earlier 2025 quarters and above 2024 levels (Q4 2024: 230.7 million).
Consistently positive quarterly net income to shareholders in 2025: Net income attributable to common shareholders was positive in all 2025 quarters (Q1: ~40.3M; Q2: ~28.2M; Q3: ~24.7M; Q4: ~31.4M), with diluted EPS around 0.51 in Q4 2025.
Debt financing supported expansion in late 2025: ORA issued 525.0 million in debt in Q4 2025, contributing to stronger financing activity and cash inflows in that period.
Balance sheet growth in assets (scale-up): Total assets increased to about 6.092B by Q3 2025, up from roughly 5.59B a year earlier, reflecting a larger asset base to support growth.
Steady dividend per share: ORA continued returning value to shareholders with cash dividends per share of 0.12, a consistent level across recent quarters.
Operating cash flow volatility in 2025: Net cash from continuing operating activities was positive each quarter but dipped from Q4 2024 levels (Q4 2025: 105.0M vs Q4 2024: 158.6M), indicating a more variable cash generation trajectory.
Elevated capital expenditure pressures cash flow: Quarterly purchases of property, plant & equipment remained sizable (roughly 134–192M per quarter in 2025, with Q1 2025 near 192.6M and Q4 2025 around 145.1M), weighing on free cash flow in the period.
Rising leverage and liability load: Total liabilities were around 3.44B in late 2025 as debt was issued, signaling increased leverage to finance growth and expansions.
Margins and impairment variability: Gross margin showed volatility (Q4 2025 gross profit ~78.8M on 276.0M revenue; about 28.6% gross margin, down from some 2024 levels), and impairment charges appeared in some quarters (e.g., 12.37M in Q4 2025), contributing to earnings variability.

05/05/26 11:44 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Ormat Technologies' Financials

When does Ormat Technologies' fiscal year end?

According to the most recent income statement we have on file, Ormat Technologies' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Ormat Technologies' net income changed over the last 10 years?

Ormat Technologies' net income were at $126.99 million at the end of 2025, a 3.2% decrease from 2024, and a 2.3% increase since 2015. View Ormat Technologies' forecast to see where analysts expect Ormat Technologies to go next.

What is Ormat Technologies' operating income?

Ormat Technologies' total operating income in 2025 was $169.23 million, based on the following breakdown:

Total Gross Profit: $272.69 million
Total Operating Expenses: $103.46 million

How has Ormat Technologies' revenue changed over the last 10 years?

Over the last 10 years, Ormat Technologies' total revenue changed from $594.64 million in 2015 to $989.54 million in 2025, a change of 66.4%.

How much debt does Ormat Technologies have?

Ormat Technologies' total liabilities were at $3.56 billion at the end of 2025, a 14.5% increase from 2024, and a 198.7% increase since 2015.

How much cash does Ormat Technologies have?

In the past 10 years, Ormat Technologies' cash and equivalents has ranged from $47.82 million in 2017 to $448.25 million in 2020, and is currently $147.45 million as of their latest financial filing in 2025.

How has Ormat Technologies' book value per share changed over the last 10 years?

Over the last 10 years, Ormat Technologies' book value per share changed from 20.19 in 2015 to 41.85 in 2025, a change of 107.3%.

Related Companies

Financial statements for NYSE:ORA last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Ormat Technologies (ORA) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Ormat Technologies' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Ormat Technologies (ORA) Financials

Annual Income Statements for Ormat Technologies

Quarterly Income Statements for Ormat Technologies

Annual Cash Flow Statements for Ormat Technologies

Quarterly Cash Flow Statements for Ormat Technologies

Annual Balance Sheets for Ormat Technologies

Quarterly Balance Sheets for Ormat Technologies

Annual Metrics And Ratios for Ormat Technologies

Quarterly Metrics And Ratios for Ormat Technologies

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Ormat Technologies' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools