ORMAT TECHNOLOGIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ORMAT TECHNOLOGIES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	663	693	719	746	705	663	734	829	880	990
Cost of revenue	392	424	449	477	429	399	465	565	607	717
Gross profit	271	268	270	269	276	264	269	264	273	273
Research and development	2.76	3.16	4.18	4.65	5.4	4.13	5.08	7.22	6.5	6.3
Selling and marketing	16.4	15.6	19.8	15	17.4	15.2	16.2	18.3	17.7	18.9
General and administrative	46.7	42.9	47.8	55.8	60.2	75.9	61.3	68.2	80.1	79.6
Operating income	202	205	185	194	214	169	153	167	172	169
Interest expense	67.4	54.1	70.9	80.4	78	82.7	87.7	98.9	134	142
Interest income	0.97	0.99	0.97	1.52	1.72	2.12	3.42	12	7.88	6.02
Other non-operating income	-5.35	-1.67	7.78	0.88	1.42	-0.13	-0.71	1.52	0.19	0.39
Pre-tax income	141	171	137	137	169	104	95.6	139	115	106
Income tax	37.1	21.7	34.7	45.6	67	24.9	14.7	5.98	-16.3	-20.3
Net income to minority interests	7.59	14.7	12.1	5.45	16.4	14	12	8.74	7.51	3.09
Net income	88.7	132	98	88.1	85.5	62.1	65.8	124	124	124
EBITDA	308	320	317	343	371	352	352	391	435	461
EPS, basic	1.79	2.64	1.93	1.73	1.66	1.11	1.17	2.09	2.05	2.04
EPS, diluted	1.77	2.61	1.92	1.72	1.65	1.10	1.17	2.08	2.04	2.02
Shares, basic (weighted)	49.5	50.1	50.6	50.9	51.6	56	56.1	59.4	60.5	60.7
Shares, diluted (weighted)	50.1	50.8	51	51.2	51.9	56.4	56.5	59.8	60.8	61.4
Dividend per share	0.52	0.44	0.53	0.44	0.44	0.48	0.48	0.48	0.48	0.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	230	47.8	98.8	71.2	448	239	95.9	196	94.4	147
Receivables	80.8	110	138	155	149	123	129	209	164	165
Inventory	12	19.6	45	34.9	35.3	28.4	22.8	45	38.1	45.3
Other current assets	45.9	40.3	51.4	12.7	15.4	35.9	29.6	41.6	59.2	40.1
Total current assets	473	322	473	416	779	602	457	646	547	598
Property, plant and equipment	1,556	1,735	1,960	1,971	2,099	2,295	2,493	2,999	3,502	3,673
Lease right-of-use assets			0	17.4	16.3	19.4	23.4	24.1	32.1	41.8
Goodwill	6.65	21	20	20.1	24.6	90	90.3	90.5	151	168
Intangible assets	52.8	85.4	200	186	194	363	334	308	302	275
Total assets	2,462	2,624	3,121	3,250	3,889	4,426	4,612	5,208	5,666	6,247
Accounts payable	48.3	64.3	56.3	73.3	75.8	75.2	77.6	141	125	124
Accrued liabilities	18	19.9	20.2	24.4	29.3	25.5	24.2	28.3	30.2	31.4
Deferred revenue		20.2	18.4	2.76	11.2	9.25	8.79	18.7	23.1	13.2
Short-term debt		51.5	159	50	0		0	100	100	100
Total current liabilities	189	283	362	376	249	544	344	537	598	738
Long-term debt	350	312	375	339	315
Lease liabilities			0	14	12.9	16.5	19.8	19.8	22.5	29.8
Other non-current liabilities	21.3	18.9	16.1	8.04	6.24	4.95	3.32	22.1	29.3	33.6
Total liabilities	1,289	1,322	1,668	1,726	1,938	2,418	2,581	2,757	3,106	3,555
Total debt	957	877	1,129	1,168	1,474	1,926	2,053	1,990	2,345	2,661
Paid-in capital	869	889	901	913	1,262	1,272	1,259	1,615	1,635	1,655
Retained earnings	215	327	422	488	550	585	624	720	815	909
Treasury stock						0	-18	-18	-18	-18
Other comprehensive income	-8.18	-4.71	-3.8	-8.65	-6.62	-2.19	2.5	-1.33	-6.73	-2.13
Shareholders' equity	1,077	1,211	1,320	1,392	1,806	1,855	1,868	2,315	2,425	2,544
Minority interests	91.6	84.3	125	123	135	143	153	126	126	137
Total equity	1,168	1,320	1,445	1,515	1,941	1,998	2,021	2,441	2,551	2,681
Total liabilities and equity	2,462	2,624	3,121	3,250	3,889	4,426	4,612	5,208	5,666	6,247
Shares outstanding	49.7	50.6	50.7	51	56	56.1	56.1	60.4	60.5	60.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	96.3	147	110	93.5	102	76.1	77.8	133	131	127
Depreciation and amortization	106	115	132	149	157	183	199	225	263	292
Stock-based compensation	5.16	8.76	10.2	9.36	9.83	9.17	11.6	15.5	20.2	19.4
Deferred income tax	23.8	-33.5	19.4	28.5	5.07	-0.65	-17.5	-28.3	-40.8	-43.2
Change in receivables	-33.3	-24	-29.9	-15.1	3.52	26.7	-19.9	-97.6	27.2	4.47
Change in inventory	6.3	-1.07	-9.32	5.5	0.18	4.13	5.61	-22.2	6.95	-7.18
Change in payables	-1.38	51.6	-56.7	8.74	-5.37	-21.9	-2.05	68.6	11.4	-1.78
Cash from operations	159	246	146	236	265	259	281	309	411	335
Capital expenditures	-152	-259	-259	-280	-321	-419	-563	-618	-488	-620
Acquisitions	-20.1	-35.3	-95.1	0	-43.4	-171	0	0	-275	-88.7
Purchases of investments				0	0	-60.1	-19.2	0	0
Sales and maturities of investments				0	0	16.3	32.6	0	0
Cash from investing	-174	-346	-342	-255	-386	-638	-523	-628	-780	-726
Debt issued	143		215
Debt repaid	-62.1	-66.2	-62.8					-207	-209	-265
Stock issued	7.25	16.1	0	0	339	0.31	0	342	0	0
Share buybacks					0	0	-18	0	0
Dividends paid	-25.7	-20.5	-26.8	-22.4	-22.5	-27	-27.1	-28.4	-29.1	-29.1
Cash from financing	43.5	-67.9	251	-5.77	503	186	126	380	288	466
Exchange rate effect		0	-0.66	-0.58	1.15	-0.35
Net change in cash	29.1	-168	53.9	-24.4	384	-193	-117	61.1	-82	75.1
Free cash flow	7.36	-13.7	-113	-43.5	-55.7	-160	-283	-309	-76.8	-285
Interest paid	55.4	40.5	53.9	61.6	60.8	66.6	69.1	72.2	103	112
Income taxes paid	18.5	21.9	18	1.65	64.8	34.4	29	26.3	26.2	9.85

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $93.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.9%	Gross profit / revenue.
Operating margin	16.6%	Operating income / revenue.
EBITDA margin	42.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.7%	Pre-tax income / revenue.
Net margin	10.7%	Net income / revenue.
FCF margin	-22.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.5%	Cash from operations / revenue.
Effective tax rate	-39.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	7.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.4%	Research and development expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	45.8%	Capital expenditures / revenue.
D&A / revenue	25.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-0.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-4.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	0.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	20.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-18.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.05x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.53x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	59.6%	Total liabilities / total assets.
Interest coverage	1.24x	Operating income / interest expense.
Working capital	$44.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.17B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Inventory turnover	18.1x	Cost of revenue / average inventory.
Days inventory	20 days	365 x average inventory / cost of revenue.
Receivables turnover	6.89x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	78 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-4 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-209.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	194.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.00	Revenue / diluted weighted shares.
FCF per share	-$4.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.47	Cash from operations / diluted weighted shares.
Book value per share	$42.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$35.28	Tangible book value / shares outstanding.
Cash per share	$8.35	(Cash + short-term investments) / shares outstanding.
Payout ratio	23.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.76B	Share price x shares outstanding.
Enterprise value	$5.24B	Market cap + total debt - cash - short-term investments.
P/E	45.5x	Market cap / net income. Only when net income is positive.
P/S	4.84x	Market cap / revenue.
P/B	2.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.65x	Market cap / tangible book value, when positive.
P/OCF	20.6x	Market cap / cash from operations, when positive.
EV/Sales	4.41x	Enterprise value / revenue.
EV/EBIT	26.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.4x	Enterprise value / EBITDA, when both are positive.
FCF yield	-4.6%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.
PEG	2.28x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ORMAT TECHNOLOGIES, INC.'s revenue in fiscal 2025?

ORMAT TECHNOLOGIES, INC. reported revenue of $989.5M for fiscal 2025, 12.5% higher than the year before.

Was ORMAT TECHNOLOGIES, INC. profitable in fiscal 2025?

Yes. Net income was $123.9M, a net margin of 12.5%.

How much free cash flow did ORMAT TECHNOLOGIES, INC. generate in fiscal 2025?

Cash from operations of $335.1M minus capital expenditures of $619.8M left free cash flow of -$284.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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