Ormat Technologies (ORA)
Market Price (6/13/2026): $138.17 | Market Cap: $8.4 BilSector: Utilities | Industry: Renewable Electricity
Ormat Technologies (ORA)
Market Price (6/13/2026): $138.17Market Cap: $8.4 BilSector: UtilitiesIndustry: Renewable Electricity
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Renewable Energy Transition, and Sustainable Infrastructure. Themes include Geothermal Energy, Show more. | Trading close to highsDist 52W High is -4.8%, Dist 3Y High is -4.8% Weak multi-year price returns3Y Excs Rtn is -13% | Expensive valuation multiplesP/SPrice/Sales ratio is 7.2x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 66x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% Key risksORA key risks include [1] geological uncertainties inherent in its geothermal exploration and development and [2] execution challenges tied to its ambitious strategic plan to expand its energy storage and geothermal portfolio. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Renewable Energy Transition, and Sustainable Infrastructure. Themes include Geothermal Energy, Show more. |
| Trading close to highsDist 52W High is -4.8%, Dist 3Y High is -4.8% |
| Weak multi-year price returns3Y Excs Rtn is -13% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 7.2x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 66x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% |
| Key risksORA key risks include [1] geological uncertainties inherent in its geothermal exploration and development and [2] execution challenges tied to its ambitious strategic plan to expand its energy storage and geothermal portfolio. |
Qualitative Assessment
AI Analysis | Feedback
Ormat Technologies (ORA) stock has gained about 35% since 2/28/2026 because of the following key factors:
1. Record-breaking Fiscal Q1 2026 Financial Results.
Ormat Technologies reported exceptional financial performance for its fiscal first quarter ended March 31, 2026, significantly surpassing analyst expectations. The company announced record revenue of $403.9 million, marking a substantial 75.8% year-over-year increase. Additionally, adjusted diluted earnings per share (EPS) surged by 91.2% to $0.71, exceeding consensus estimates. This strong earnings beat and robust top-line growth served as a primary catalyst for the stock's appreciation.
2. Strong Growth in Energy Storage and Product Segments, Bolstered by Strategic Project Milestones.
The impressive fiscal Q1 2026 revenue growth was largely fueled by outstanding performance in Ormat's Energy Storage and Product segments. Energy Storage segment revenues increased by 153.1% year-over-year, while the Product segment saw a remarkable 458.4% increase, primarily driven by the $105.1 million revenue recognition from the sale of the Topp 2 facility. Furthermore, in March 2026, Ormat commenced commercial operation of the 80MW/320MWh Shirk Energy Storage Facility in California. In February 2026, the company also secured a 15-year geothermal portfolio Power Purchase Agreement (PPA) of up to 150MW to supply Google's data centers through NV Energy. These strategic expansions and project completions highlight successful diversification and strong future growth prospects.
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Stock Movement Drivers
Fundamental Drivers
The 33.5% change in ORA stock from 2/28/2026 to 6/12/2026 was primarily driven by a 29.9% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6122026 | Change |
|---|---|---|---|
| Stock Price ($) | 103.49 | 138.16 | 33.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 990 | 1,164 | 17.6% |
| Net Income Margin (%) | 12.5% | 11.0% | -12.4% |
| P/E Multiple | 50.8 | 66.0 | 29.9% |
| Shares Outstanding (Mil) | 61 | 61 | -0.2% |
| Cumulative Contribution | 33.5% |
Market Drivers
2/28/2026 to 6/12/2026| Return | Correlation | |
|---|---|---|
| ORA | 33.5% | |
| Market (SPY) | 8.4% | 18.6% |
| Sector (XLU) | -6.1% | 48.6% |
Fundamental Drivers
The 22.6% change in ORA stock from 11/30/2025 to 6/12/2026 was primarily driven by a 28.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6122026 | Change |
|---|---|---|---|
| Stock Price ($) | 112.68 | 138.16 | 22.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 944 | 1,164 | 23.2% |
| Net Income Margin (%) | 14.1% | 11.0% | -22.4% |
| P/E Multiple | 51.3 | 66.0 | 28.6% |
| Shares Outstanding (Mil) | 61 | 61 | -0.3% |
| Cumulative Contribution | 22.6% |
Market Drivers
11/30/2025 to 6/12/2026| Return | Correlation | |
|---|---|---|
| ORA | 22.6% | |
| Market (SPY) | 9.2% | 26.7% |
| Sector (XLU) | -0.3% | 30.1% |
Fundamental Drivers
The 86.7% change in ORA stock from 5/31/2025 to 6/12/2026 was primarily driven by a 84.8% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6122026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.00 | 138.16 | 86.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 885 | 1,164 | 31.5% |
| Net Income Margin (%) | 14.2% | 11.0% | -22.7% |
| P/E Multiple | 35.7 | 66.0 | 84.8% |
| Shares Outstanding (Mil) | 61 | 61 | -0.7% |
| Cumulative Contribution | 86.7% |
Market Drivers
5/31/2025 to 6/12/2026| Return | Correlation | |
|---|---|---|
| ORA | 86.7% | |
| Market (SPY) | 27.3% | 32.4% |
| Sector (XLU) | 11.8% | 33.6% |
Fundamental Drivers
The 65.3% change in ORA stock from 5/31/2023 to 6/12/2026 was primarily driven by a 58.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6122026 | Change |
|---|---|---|---|
| Stock Price ($) | 83.60 | 138.16 | 65.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 736 | 1,164 | 58.2% |
| Net Income Margin (%) | 10.4% | 11.0% | 5.5% |
| P/E Multiple | 62.0 | 66.0 | 6.4% |
| Shares Outstanding (Mil) | 57 | 61 | -7.0% |
| Cumulative Contribution | 65.3% |
Market Drivers
5/31/2023 to 6/12/2026| Return | Correlation | |
|---|---|---|
| ORA | 65.3% | |
| Market (SPY) | 84.5% | 35.0% |
| Sector (XLU) | 50.4% | 44.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ORA Return | -12% | 10% | -12% | -10% | 64% | 24% | 56% |
| Peers Return | 9% | -11% | -3% | -1% | 32% | -7% | 15% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| ORA Win Rate | 58% | 58% | 50% | 58% | 83% | 67% | |
| Peers Win Rate | 54% | 53% | 47% | 50% | 55% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ORA Max Drawdown | -49% | -21% | -37% | -21% | -11% | -20% | |
| Peers Max Drawdown | -39% | -50% | -45% | -41% | -52% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CEG, NEE, CWEN, FLNC, STEM. See ORA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)
How Low Can It Go
| Event | ORA | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.8% | -9.5% |
| % Gain to Breakeven | 40.4% | 10.5% |
| Time to Breakeven | 360 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.2% | -6.7% |
| % Gain to Breakeven | 18.0% | 7.1% |
| Time to Breakeven | 774 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.9% | -24.5% |
| % Gain to Breakeven | 24.8% | 32.4% |
| Time to Breakeven | 16 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.0% | -33.7% |
| % Gain to Breakeven | 49.2% | 50.9% |
| Time to Breakeven | 241 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.2% | -12.2% |
| % Gain to Breakeven | 12.6% | 13.9% |
| Time to Breakeven | 30 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.1% | -17.9% |
| % Gain to Breakeven | 49.6% | 21.8% |
| Time to Breakeven | 235 days | 123 days |
In The Past
Ormat Technologies's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | ORA | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.8% | -9.5% |
| % Gain to Breakeven | 40.4% | 10.5% |
| Time to Breakeven | 360 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.0% | -33.7% |
| % Gain to Breakeven | 49.2% | 50.9% |
| Time to Breakeven | 241 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.1% | -17.9% |
| % Gain to Breakeven | 49.6% | 21.8% |
| Time to Breakeven | 235 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -59.6% | -53.4% |
| % Gain to Breakeven | 147.3% | 114.4% |
| Time to Breakeven | 2981 days | 1085 days |
In The Past
Ormat Technologies's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ormat Technologies (ORA)
AI Analysis | Feedback
Here are 1-3 brief analogies for Ormat Technologies (ORA):
Think of Ormat as a specialized NextEra Energy, focusing on geothermal power generation and also manufacturing the key equipment for its plants.
They are like Siemens or GE, but entirely dedicated to geothermal power – both making the specialized equipment and operating their own power plants globally.
AI Analysis | Feedback
- Electricity Generation and Sales: Ormat develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants and sells the electricity generated from them.
- Power Generation Equipment Manufacturing: The company designs, manufactures, and sells equipment for geothermal, recovered energy-based electricity generation, and remote power units.
- EPCM Services for Power Plants: Ormat provides engineering, procurement, construction, operation, and maintenance services for geothermal and recovered energy-based power plants.
- Energy Storage Solutions: The company offers energy storage systems and related services, including engineering, procurement, construction, operation, and maintenance for these units.
AI Analysis | Feedback
Ormat Technologies (ORA) primarily sells its products and services to other companies. While specific customer company names are not provided in the background description, its major customers can be identified by the following categories:
- Contractors involved in the development and construction of energy projects.
- Developers, owners, and operators of geothermal, solar photovoltaic, and recovered energy-based power plants.
- Owners and operators of interstate natural gas pipelines, gas processing plants, and cement plants.
- Companies in other energy-intensive industrial processes requiring power generation equipment or services.
- Utilities and grid operators, which purchase electricity from Ormat's power plants and utilize its energy storage solutions.
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Doron Blachar, Chief Executive Officer
Doron Blachar became CEO of Ormat in July 2020, having previously served as the company's CFO from April 2013. Prior to joining Ormat, Mr. Blachar was the Chief Financial Officer of Shikun & Binui Ltd. from 2009 to 2013, and Vice President Finance at Teva Pharmaceutical Industries Ltd. from 2005 to 2009. He also held various finance positions, including Vice President Finance, at Amdocs Limited from 1998 to 2005. Mr. Blachar served as a director of A.D.O. Group Ltd. from 2011 to 2013. He is a Certified Public Accountant with a BA in Accounting and Economics and an MBA from Tel Aviv University.
Assaf Ginzburg, Chief Financial Officer
Assaf Ginzburg assumed the role of Chief Financial Officer of Ormat in May 2020. Before his tenure at Ormat, Mr. Ginzburg served as Executive Vice President and Chief Financial Officer of Delek US Holdings, Inc. (NYSE: DK) and Delek Logistics Partners, LP (NYSE: DKL) until May 2020. He brings over 15 years of experience in the energy industry. Mr. Ginzburg holds a BA in Economics and Accounting from Tel-Aviv University and has been a member of the Israeli Institute of Certified Public Accountants since 2001.
Jessica Woelfel, General Counsel, Chief Compliance Officer and Corporate Secretary
Jessica Woelfel has served as Ormat's Chief Compliance Officer & General Counsel since March 12, 2021. She joined Ormat in January 2019 as Vice President, U.S. Legal for the company's U.S. operations. Ms. Woelfel possesses nearly 20 years of legal experience, having previously worked as an associate and partner at prominent law firms in San Francisco, California, and Reno, Nevada. She earned a Bachelor's degree from the University of California, Berkeley, and a J.D. from the University of California, Hastings College of Law.
Ofer Ben Yosef, Executive Vice President — Energy Storage and Business Development
Ofer Ben Yosef has held the position of Executive Vice President - Business Development, Sales and Marketing since April 19, 2020. Prior to this, Mr. Ben Yosef served as Division President at Amdocs Ltd. from 2008 to 2019, and in various other operational roles at Amdocs Ltd. from 2000 to 2008. His earlier career includes serving as an IT manager at AIG Israel from 1996 to 2000. He holds a BA in Earth Science from Bar Ilan University, a BA in Software Development from Tel-Aviv University, and an MBA from Bar Ilan University.
Aron Willis, Executive Vice President, Electricity Segment
Aron Willis was appointed Executive Vice President, Electricity Segment at Ormat Technologies, effective June 4, 2025. He has over 25 years of extensive experience in the power generation industry. Mr. Willis's career includes significant leadership roles at TransAlta Corporation, where he served as Executive Vice President of Project Delivery & Construction, Executive Vice President of Growth, and Senior Vice President of Operations & Commercial Management. He also managed TransAlta's Australian operations for a decade. Prior to TransAlta, he held roles at Northwest Digital Power. He holds a Bachelor of Commerce degree with a major in Finance from the University of Calgary.
AI Analysis | Feedback
The key risks to Ormat Technologies (ORA) primarily revolve around its operational execution, the evolving regulatory and geopolitical landscape, and its financial position due to the capital-intensive nature of its business.
- Operational and Execution Risks: Ormat Technologies faces substantial operational risks inherent in its energy production sector. These include geological uncertainties associated with geothermal exploration and development, unexpected maintenance costs, equipment failures, declining well performance, and challenges related to reservoir sustainability. Furthermore, the company's Electricity segment has experienced reduced gross margins due to factors like curtailments, transmission line maintenance, and natural disasters such as California wildfires. The ambitious strategy to significantly increase generating capacity over the next few years carries inherent execution risks, including potential project delays, cost overruns, and technical challenges, especially as it expands into new geographical areas and technologies like Enhanced Geothermal Systems (EGS).
- Regulatory, Policy, and Geopolitical Risks: Changes in governmental policies, both in the U.S. and internationally, pose a significant risk to Ormat. This includes potential alterations in tariffs, trade agreements, and the reduction or elimination of government incentives and tax credits for renewable energy projects, which could adversely affect the company's financial health and growth prospects. Additionally, the concentration of Ormat's senior management and main production facilities in Israel exposes the company to geopolitical tensions and potential disruptions. Its international projects also carry political risks in various jurisdictions.
- Financial Risks and Capital Requirements: As a capital-intensive business, Ormat Technologies faces risks related to managing its debt levels and ensuring sufficient liquidity. The company has seen a slight increase in its net debt to trailing twelve months (TTM) EBITDA ratio. Concerns about liquidity have been noted, with short-term obligations potentially exceeding liquid assets, indicated by a current ratio below 1. Moreover, Ormat's energy storage segment is dependent on batteries sourced from abroad, introducing a supply chain vulnerability, and potential tightening of U.S. regulations after 2028 regarding foreign-sourced batteries could impact this segment.
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The increasing commercial viability and scaling of advanced geothermal technologies such as Enhanced Geothermal Systems (EGS) and closed-loop geothermal systems by competitors. These innovations aim to significantly reduce the cost and geological constraints of geothermal energy production, potentially disrupting Ormat's market position in traditional hydrothermal geothermal plant development and equipment supply.AI Analysis | Feedback
Ormat Technologies (ORA) operates in several addressable markets related to renewable energy and energy storage.
Geothermal Power
The global geothermal power market was valued at approximately USD 7.4 billion in 2024 and is projected to reach USD 14.5 billion by 2034, growing at a CAGR of 7.0% from 2025 to 2034. Another estimate places the global geothermal power market size at USD 8.75 billion in 2024, expected to increase to USD 12.68 billion by 2033. The U.S. geothermal electricity plant operation market size was USD 2.1 billion in 2024, with projections to reach USD 2.9 billion by 2032. As of 2024, the U.S. geothermal power installed nameplate capacity reached 3.97 gigawatts-electric (GWe).
Recovered Energy Generation (Waste Heat to Power)
The global waste heat to power market was estimated at USD 31.3 billion in 2025 and is expected to grow from USD 35.7 billion in 2026 to USD 77.9 billion by 2035, at a CAGR of 9%. Another report valued the global waste heat to power market at USD 30.9 billion in 2025, with a projected growth to USD 86.3 billion by 2035. The global Waste Heat to Power Market is estimated to be valued at USD 32.53 billion in 2026 and is expected to reach USD 66.69 billion by 2033.
Solar Photovoltaic (PV)
The global solar photovoltaic (PV) market size is calculated at USD 196.94 billion in 2025 and is predicted to reach around USD 484.85 billion by 2035, expanding at a CAGR of 9.43% from 2026 to 2035. In terms of installed capacity, the global solar photovoltaic (PV) market size in terms of installed base is projected to be 2.34 Terawatt in 2025, reaching 7.23 Terawatt by 2031. Globally, solar PV installations reached nearly 600 GW in 2024, bringing the cumulative installed capacity to 2.2 TW by the end of 2024. The global solar photovoltaic (PV) market size reached 1,585.1 TWh in 2025, with an estimated growth to 5,009.6 TWh by 2034.
Energy Storage
The global energy storage systems market was estimated at USD 668.7 billion in 2024 and is expected to reach USD 5.12 trillion by 2034. Focusing on grid-scale applications, the global grid scale stationary battery storage market size was valued at USD 228.7 billion in 2025, and is projected to grow to USD 2648.92 billion by 2034. Another source indicates the global grid scale stationary battery storage market was estimated at USD 174.1 billion in 2024 and is expected to reach USD 2.96 trillion by 2034. The U.S. grid-scale stationary battery storage market was worth over USD 43.7 billion in 2024. Additionally, North America holds 37.2% of the global grid energy storage market, valued at USD 6.8 billion in 2025.
AI Analysis | Feedback
Ormat Technologies, Inc. (ORA) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:- Expansion of the Energy Storage Segment: Ormat's Energy Storage segment is a significant growth engine, with revenues increasing by 109.3% in 2025. The company has recently commissioned new facilities, such as the 80MW/320MWh Shirk battery storage facility in California, which is backed by a 15-year Resource Adequacy Purchase and Sale Agreement. Additionally, Ormat successfully commissioned its first solar and battery energy storage project in California and acquired a solar plus storage project in Hawaii. The company projects Energy Storage revenues to increase to between $95 million and $110 million in 2026.
- Securing New Power Purchase Agreements (PPAs) with Favorable Terms: Ormat has been successful in securing new long-term PPAs, including approximately 200 MW with hyperscalers, data centers, and utility customers at elevated prices. Notable agreements include a 15-year, up-to-150 MW portfolio PPA supporting Google's data centers and a 20-year, approximately 13 MW PPA with Switch. The company also expects to realize higher energy rates starting as early as 2027 through "blend and extend" contracts totaling approximately 40 MW.
- Growth in Geothermal and Hybrid Solar-Plus-Storage Projects: Ormat continues to develop and expand its geothermal and hybrid projects. The company won a geothermal tender in Indonesia and has commenced commercial operations at Arrowleaf, its first hybrid solar-plus-storage facility (42MW solar + 35MW/140MWh storage). Furthermore, the company aims to achieve a generating capacity of 2.6 to 2.8 GW by the end of 2028.
- Advancement in Enhanced Geothermal Systems (EGS) Technology: Ormat is making progress in advancing Enhanced Geothermal Systems (EGS) towards commercialization, including a strategic partnership with Sage Geosystems. This investment and cooperation agreement aim to advance next-generation geothermal and energy storage technologies.
- Continued Strength in the Product Segment: The Product segment has shown strong performance, with revenue increasing by 55.2% in 2025. This growth was driven by improved project profitability and a more favorable geographic and contract mix. Ormat projects Product segment revenues to be between $300 million and $320 million in 2026.
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Share Issuance
- Ormat Technologies' shares outstanding increased by 5.77% in 2023, 1.72% in 2024, and 0.94% in 2025, reaching 0.061 billion shares by December 31, 2025.
- As of June 30, 2025, the company had 60,723,470 shares issued and outstanding, an increase from 60,500,580 shares as of December 31, 2024.
Inbound Investments
- In 2025, Ormat secured $548.5 million in long-term loans and obtained $152.0 million from tax monetization transactions.
- The company secured $300 million in funding for future project development since the end of the first quarter of 2025, which included $161 million from project finance and $139 million from tax equity proceeds.
- In May 2025, a $62 million hybrid tax equity partnership was announced for two energy storage facilities.
Outbound Investments
- In 2024, Ormat made an acquisition of a business, resulting in cash paid of approximately $274.6 million.
- In January 2024, Ormat acquired 100 MW of geothermal and solar PV assets, contributing to 239 MW of new capacity added through development and acquisition since the beginning of 2023.
- Subsequent to year-end 2025, in January 2026, Ormat invested $25 million in Sage Geosystems as part of its Series B financing round to advance enhanced geothermal systems (EGS) technology.
Capital Expenditures
- Ormat's capital expenditures were approximately $563.5 million in 2023, $618.4 million in 2024, and $487.7 million in 2025.
- For 2026, the company plans to invest approximately $675 million in capital expenditures for new projects, including storage projects and Enhanced Geothermal Systems (EGS) pilots.
- The expected 2026 capital expenditures include approximately $465 million for construction, exploration, drilling, and maintenance in the Electricity segment, $180 million for the construction of energy storage assets, and $10 million for an EGS pilot with SLB.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 61.73 |
| Mkt Cap | 6.5 |
| Rev LTM | 2,035 |
| Op Inc LTM | 211 |
| FCF LTM | 272 |
| FCF 3Y Avg | -113 |
| CFO LTM | 660 |
| CFO 3Y Avg | 145 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.6% |
| Rev Chg 3Y Avg | 5.3% |
| Rev Chg Q | 13.3% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | 15.2% |
| Op Inc Chg 3Y Avg | 9.6% |
| Op Mgn LTM | 15.2% |
| Op Mgn 3Y Avg | 14.9% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 21.6% |
| CFO/Rev 3Y Avg | 16.8% |
| FCF/Rev LTM | -2.8% |
| FCF/Rev 3Y Avg | -10.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.5 |
| P/S | 3.0 |
| P/Op Inc | 20.3 |
| P/EBIT | 16.4 |
| P/E | 22.8 |
| P/CFO | 9.5 |
| Total Yield | 6.0% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | -5.4% |
| D/E | 0.5 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.0% |
| 3M Rtn | -3.7% |
| 6M Rtn | 6.8% |
| 12M Rtn | 22.1% |
| 3Y Rtn | 37.7% |
| 1M Excs Rtn | -3.8% |
| 3M Excs Rtn | -15.8% |
| 6M Excs Rtn | -4.5% |
| 12M Excs Rtn | 0.8% |
| 3Y Excs Rtn | -38.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electricity | 694 | 702 | 667 | 632 | 586 |
| Product | 217 | 140 | 134 | 155 | 47 |
| Energy Storage | 79 | 38 | 29 | 31 | 30 |
| Intersegment revenues | -83 | ||||
| Total | 990 | 880 | 829 | 734 | 663 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electricity | 115 | 162 | 169 | 156 | 172 |
| Energy Storage | 31 | 0 | -6 | -2 | 1 |
| Product | 23 | 10 | 4 | -1 | -4 |
| Total | 169 | 172 | 167 | 153 | 169 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electricity | 5,338 | 4,983 | 4,652 | 4,254 | 4,142 |
| Energy Storage | 632 | 453 | 356 | 240 | 170 |
| Product | 276 | 230 | 200 | 118 | 114 |
| Total | 6,247 | 5,666 | 5,208 | 4,612 | 4,426 |
Price Behavior
| Market Price | $138.16 | |
| Market Cap ($ Bil) | 8.4 | |
| First Trading Date | 11/11/2004 | |
| Distance from 52W High | -4.8% | |
| 50 Days | 200 Days | |
| DMA Price | $124.14 | $112.91 |
| DMA Trend | up | up |
| Distance from DMA | 11.3% | 22.4% |
| 3M | 1YR | |
| Volatility | 35.6% | 30.4% |
| Downside Capture | -16.07 | 54.76 |
| Upside Capture | 68.92 | 107.08 |
| Correlation (SPY) | 20.4% | 32.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.30 | 0.28 | 0.40 | 0.75 | 0.84 | 0.66 |
| Up Beta | -0.25 | 0.29 | 0.40 | 0.36 | 0.73 | 0.53 |
| Down Beta | 2.67 | 1.95 | 0.57 | 0.56 | 0.92 | 0.58 |
| Up Capture | 147% | 72% | 86% | 113% | 118% | 54% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 22 | 37 | 70 | 142 | 393 |
| Down Capture | -241% | -134% | -29% | 88% | 63% | 93% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 19 | 26 | 54 | 108 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORA | |
|---|---|---|---|---|
| ORA | 74.5% | 30.3% | 1.84 | - |
| Sector ETF (XLU) | 13.3% | 14.7% | 0.63 | 33.3% |
| Equity (SPY) | 24.9% | 12.3% | 1.52 | 31.9% |
| Gold (GLD) | 25.5% | 27.4% | 0.81 | 17.6% |
| Commodities (DBC) | 30.1% | 19.0% | 1.25 | -0.4% |
| Real Estate (VNQ) | 13.5% | 13.5% | 0.69 | 19.2% |
| Bitcoin (BTCUSD) | -41.8% | 42.2% | -1.16 | 19.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORA | |
|---|---|---|---|---|
| ORA | 15.6% | 31.1% | 0.51 | - |
| Sector ETF (XLU) | 9.6% | 17.3% | 0.41 | 43.2% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 40.6% |
| Gold (GLD) | 16.8% | 18.2% | 0.75 | 17.8% |
| Commodities (DBC) | 8.4% | 19.4% | 0.33 | 13.9% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 44.1% |
| Bitcoin (BTCUSD) | 13.6% | 54.4% | 0.44 | 17.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORA | |
|---|---|---|---|---|
| ORA | 13.0% | 32.1% | 0.45 | - |
| Sector ETF (XLU) | 9.4% | 19.2% | 0.42 | 42.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 45.2% |
| Gold (GLD) | 12.5% | 16.1% | 0.64 | 11.5% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 17.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 42.1% |
| Bitcoin (BTCUSD) | 60.2% | 66.8% | 1.00 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 6.7% | 16.1% | 22.0% |
| 2/26/2026 | -2.6% | 1.3% | 5.3% |
| 11/3/2025 | 0.8% | 6.2% | 4.3% |
| 8/7/2025 | -0.7% | 1.2% | 3.9% |
| 5/8/2025 | 1.0% | 1.4% | 5.2% |
| 2/27/2025 | 1.3% | 0.6% | 2.5% |
| 11/6/2024 | 1.4% | -3.3% | -3.4% |
| 8/6/2024 | -2.0% | -1.7% | -0.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 16 |
| # Negative | 10 | 8 | 8 |
| Median Positive | 1.3% | 3.0% | 4.8% |
| Median Negative | -2.4% | -3.6% | -1.4% |
| Max Positive | 6.7% | 16.1% | 22.0% |
| Max Negative | -13.1% | -21.9% | -28.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Dividends | 0.12 | 0 | Affirmed | Guidance: 0.12 for Q1 2026 | |||
| 2026 Total Revenues | 1.11 Bil | 1.14 Bil | 1.16 Bil | 0 | Affirmed | Guidance: 1.14 Bil for 2026 | |
| 2026 Electricity segment revenues | 715.00 Mil | 722.50 Mil | 730.00 Mil | 0 | Affirmed | Guidance: 722.50 Mil for 2026 | |
| 2026 Product segment revenues | 300.00 Mil | 310.00 Mil | 320.00 Mil | 0 | Affirmed | Guidance: 310.00 Mil for 2026 | |
| 2026 Energy Storage revenues | 95.00 Mil | 102.50 Mil | 110.00 Mil | 0 | Affirmed | Guidance: 102.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | 615.00 Mil | 630.00 Mil | 645.00 Mil | 0 | Affirmed | Guidance: 630.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Dividends | 0.12 | ||||||
| 2026 Revenue | 1.11 Bil | 1.14 Bil | 1.16 Bil | 17.0% | Higher New | Guidance: 970.00 Mil for 2025 | |
| 2026 Electricity segment revenues | 715.00 Mil | 722.50 Mil | 730.00 Mil | 2.8% | Higher New | Guidance: 702.50 Mil for 2025 | |
| 2026 Product segment revenues | 300.00 Mil | 310.00 Mil | 320.00 Mil | 59.0% | Higher New | Guidance: 195.00 Mil for 2025 | |
| 2026 Energy Storage revenues | 95.00 Mil | 102.50 Mil | 110.00 Mil | 41.4% | Higher New | Guidance: 72.50 Mil for 2025 | |
| 2026 Adjusted EBITDA | 615.00 Mil | 630.00 Mil | 645.00 Mil | 7.9% | Higher New | Guidance: 584.00 Mil for 2025 | |
Insider Activity
Updated 6/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stern, Stanley | Direct | Sell | 5292026 | 138.42 | 250 | 34,605 | 802,836 | Form | |
| 2 | Granot, David | Direct | Sell | 5212026 | 134.43 | 1,766 | Form | |||
| 3 | Granot, David | Direct | Sell | 5212026 | 132.70 | 1,753 | 232,623 | 234,348 | Form | |
| 4 | Marom, Michal | Direct | Sell | 5212026 | 130.97 | 3,080 | 403,403 | 231,302 | Form | |
| 5 | Stern, Stanley | Direct | Sell | 5152026 | 130.17 | 577 | 75,108 | 787,528 | Form |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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