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Utilities - Regulated electric · Utilities · Fiscal year ends Dec 31
Ormat Technologies reported revenue of $990M in the fiscal year ended Dec 2025, up 12.5% from the year before. Operating income was $169M, an operating margin of 17.1%, and net income was $124M. Operating cash flow of $335M less capital expenditure of $620M left free cash flow of −$285M. Net debt was $2.6B.
Ranks among the 36 utilities - regulated electric companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 663 | 734 | 829 | 880 | 990 |
| Cost of revenue | 399 | 465 | 565 | 607 | 717 |
| Gross profit | 264 | 269 | 264 | 273 | 273 |
| Research & development | 4.1 | 5.1 | 7.2 | 6.5 | 6.3 |
| Selling, general & admin | 91.1 | 77.5 | 86.5 | 97.8 | 98.5 |
| Operating income | 169 | 153 | 167 | 172 | 169 |
| Interest expense | 82.7 | 87.7 | 98.9 | 134 | 142 |
| Pre-tax income | 104 | 95.6 | 139 | 115 | 106 |
| Income tax | 24.9 | 14.7 | 6.0 | −16.3 | −20.3 |
| Net income | 62.1 | 65.8 | 124 | 124 | 124 |
| Diluted EPS | 1.10 | 1.17 | 2.08 | 2.04 | 2.02 |
| Diluted shares | 56.4 | 56.5 | 59.8 | 60.8 | 61.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 239 | 95.9 | 196 | 94.4 | 147 |
| Receivables | 123 | 129 | 209 | 164 | 165 |
| Inventory | 28.4 | 22.8 | 45.0 | 38.1 | 45.3 |
| Current assets | 602 | 457 | 646 | 547 | 598 |
| Net PP&E | 2,295 | 2,493 | 2,999 | 3,502 | 3,673 |
| Goodwill | 90.0 | 90.3 | 90.5 | 151 | 168 |
| Total assets | 4,426 | 4,612 | 5,208 | 5,666 | 6,247 |
| Payables | 75.2 | 77.6 | 141 | 125 | 124 |
| Deferred revenue | 9.2 | 8.8 | 18.7 | 23.1 | 13.2 |
| Current liabilities | 544 | 344 | 537 | 598 | 738 |
| Short-term debt | – | 0.0 | 100.0 | 100.0 | 100.0 |
| Long-term debt | 1,926 | 2,053 | 1,990 | 2,345 | 2,661 |
| DepositsBanks | – | – | – | – | 11.4 |
| Total liabilities | 2,418 | 2,581 | 2,757 | 3,106 | 3,555 |
| Shareholders' equity | 1,855 | 1,868 | 2,315 | 2,425 | 2,544 |
| Backlog (remaining obligations) | 53.0 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 259 | 281 | 309 | 411 | 335 |
| Capital expenditure | 419 | 563 | 618 | 488 | 620 |
| Free cash flow | −160 | −283 | −309 | −76.8 | −285 |
| Depreciation & amortisation | 183 | 199 | 225 | 263 | 292 |
| Stock-based compensation | 9.2 | 11.6 | 15.5 | 20.2 | 19.4 |
| Acquisitions | 171 | 0.0 | 0.0 | 275 | 88.7 |
| Share buybacks | 0.0 | 18.0 | 0.0 | 0.0 | – |
| Dividends paid | 27.0 | 27.1 | 28.4 | 29.1 | 29.1 |
| Dividend per share | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.7% | 13.0% | 6.1% | 12.5% |
| Operating income growth (YoY) | – | −9.8% | 9.0% | 3.5% | −1.9% |
| EPS growth (YoY) | – | 6.4% | 77.8% | −1.9% | −1.0% |
| Gross margin | 39.9% | 36.6% | 31.8% | 31.0% | 27.6% |
| Operating margin | 25.5% | 20.8% | 20.1% | 19.6% | 17.1% |
| Net margin | 9.4% | 9.0% | 15.0% | 14.1% | 12.5% |
| Return on equityBlank when equity is negative | 3.3% | 3.5% | 5.4% | 5.1% | 4.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.4% | 3.6% | 3.6% | 3.4% | 3.1% |
| Free cash flow margin | −24.2% | −38.5% | −37.3% | −8.7% | −28.8% |
| Cash conversion (CFO ÷ net income) | 4.17x | 4.27x | 2.49x | 3.32x | 2.70x |
| Receivable days | 68 | 64 | 92 | 68 | 61 |
| Inventory days | 26 | 18 | 29 | 23 | 23 |
| Payable days | 69 | 61 | 91 | 75 | 63 |
| Interest cover | 2.05x | 1.74x | 1.68x | 1.29x | 1.19x |
| Debt ÷ equity | 1.04x | 1.10x | 0.90x | 1.01x | 1.09x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,686 | 1,957 | 1,894 | 2,350 | 2,613 |
| Current ratio | 1.11x | 1.33x | 1.20x | 0.91x | 0.81x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.