At a glance
Ormat Technologies Inc is worth $5.64B, about 45 times its fiscal 2025 earnings. Revenue grew 12.5% to $989.5M in fiscal 2025, with 12.5% kept as profit; over 5 years it has grown 7.0% a year. It pays a 0.52% dividend yield, and returned $158.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −13.4% over the past year with dividends reinvested and +5.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.3% in the 2020 crash (S&P 500: 33.7%) and 20.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and within a month after the lows.
The business in plain English
Ormat Technologies is mainly a geothermal power company. It builds, owns and runs plants that turn the earth's underground heat into electricity, and it makes the equipment those plants use. Unlike wind or solar farms, geothermal plants can run around the clock; Ormat's averaged 84% of their maximum possible output in 2025. As of February 25, 2026, it owned and operated 35 plants and complexes with 1,340 megawatts (MW) of capacity, 81.3% of it geothermal. The rest is solar and plants that turn waste heat from industrial equipment into power.
Electricity brought in 70.1% of 2025 revenue of $989.5 million. The geothermal plants supply almost all their output under power purchase agreements (PPAs). These are long-term contracts, mostly at fixed prices, with US utilities and, abroad, mainly state-owned entities. As of December 31, 2025, these contracts had about 14 years left on average. The Product segment (21.9%) designs and makes geothermal and waste-heat power equipment and builds plants for other owners. Energy Storage (8.0%) runs large battery sites in California, Texas and the East Coast. They earn money supplying power and services that keep the grid stable, partly under contracts and partly at swinging market prices.
The US produced 59.7% of 2025 revenue, followed by New Zealand (13.0%), Kenya (11.9%) and Dominica (4.9%).
Price history
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ORA -13.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Electricity | $693.9M | 70.1% |
| Product | $216.7M | 21.9% |
| Energy storage | $79.0M | 8% |
By business segment
| Electricity | $693.9M | 70.1% |
| Product | $216.7M | 21.9% |
| Energy storage | $79.0M | 8% |
By geography
| United States | $590.3M | 59.7% |
| New Zealand | $128.8M | 13% |
| Kenya | $117.4M | 11.9% |
| Dominica | $48.9M | 4.9% |
| Other foreign countries | $40.8M | 4.1% |
| Honduras | $28.7M | 2.9% |
| Guatemala | $28.0M | 2.8% |
| Turkey | $5.1M | 0.5% |
| Indonesia | $1.5M | 0.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $258.8M, up 10.6% from a year earlier, and net income was $27.1M (-3.4%).
- For fiscal 2025, revenue was $989.5M (+12.5% year over year; +7.0% a year from FY2020 to FY2025) with a 12.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.0% good |
|---|---|
| Operating margin | 17.1% good |
| Free cash flow margin | -28.8% weak |
| Return on equity (FY2025) | 4.9% weak |
| Return on assets (FY2025) | 2% weak |
| Net cash (cash minus debt) | $-753.3M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $705.3M | $85.5M | $-55.7M |
| FY2021 | $663.1M | $62.1M | $-160.4M |
| FY2022 | $734.2M | $65.8M | $-282.5M |
| FY2023 | $829.4M | $124.4M | $-309.0M |
| FY2024 | $879.7M | $123.7M | $-76.8M |
| FY2025 | $989.5M | $123.9M | $-284.7M |
Valuation snapshot
| Market value | $5.64B |
|---|---|
| P/E ratio | 45.4 |
| Dividend yield | 0.52% |
Rank among 1514 US companies
Market value at each year end
Ormat Technologies’s market value went from $2.66B at the end of 2016 to $5.64B on Oct 28, 2026, about 2.1 times as much; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.64B | -16.1% |
| 2025 | $6.71B | +64.0% |
| 2024 | $4.10B | -10.5% |
| 2023 | $4.57B | -5.6% |
| 2022 | $4.85B | +9.1% |
| 2021 | $4.44B | -3.7% |
| 2020 | $4.61B | +21.3% |
| 2019 | $3.80B | +43.4% |
| 2018 | $2.65B | -18.1% |
| 2017 | $3.24B | +21.6% |
| 2016 | $2.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ORA price data to Oct 28, 2026 | -16.8% | -13.4% | +14.9% | +5.3% | +7.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.8% |
| 2025 | +64.1% |
| 2024 | -10.1% |
| 2023 | -11.8% |
| 2022 | +9.7% |
| 2021 | -11.6% |
| 2020 | +21.9% |
| 2019 | +43.5% |
| 2018 | -17.4% |
| 2017 | +20.5% |
| 2016 | +48.8% |
| 2015 | +35.1% |
| 2014 | +0.7% |
| 2013 | +41.6% |
| 2012 | +7.4% |
| 2011 | -38.7% |
| 2010 | -21.1% |
| 2009 | +19.6% |
| 2008 | -41.8% |
| 2007 | +50.2% |
| 2006 | +41.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53.6% over that stretch · deepest drop along the way 59.8%, back to its old high 98 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.9% over that stretch · deepest drop along the way 32.3%, back to its old high 9.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 5.4% over that stretch · deepest drop along the way 20.2%, back to its old high 0.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 14 sales ($5.8M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 14, 2026 | Assi Ginzburg Chief Financial Officer | sell | $2.1M |
| May 13, 2026 | Ofer Benyosef EVP, Energy Storage & BD | sell (plan) | $1.2M |
| May 13, 2026 | Byron G. Wong Director | sell | $604K |
| May 19, 2026 | Michal Marom Director | sell | $403K |
| May 14, 2026 | Assi Ginzburg Chief Financial Officer | sell | $341K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.5% | Jun 30, 2026 |
| Harel Insurance Investments & Financial Services Ltd. | 7.1% | Jun 30, 2026 |
| Migdal Insurance & Financial Holdings Ltd. | 5.99% | Jun 30, 2026 |
| Phoenix Financial Ltd. | 5.31% | Sep 10, 2026 |
| Vanguard Capital Management | 5.06% | Mar 31, 2026 |
| Harel Insurance Investments & Financial Services Ltd | 5% | Mar 2, 2026 |
| Migdal Insurance & Financial Holdings Ltd | 5% | Jan 20, 2026 |
| Vanguard Portfolio Management | 4.95% | Sep 30, 2026 |
ETFs with the most weight in ORA
| ACES ALPS Clean Energy ETF | 5.26% |
| RNRG Global X Renewable Energy Producers ETF | 4.77% |
| CTEX ProShares S&P Kensho Cleantech ETF | 4.06% |
| CNRG SPDR S&P Kensho Clean Power ETF | 3.51% |
| UPGR Xtrackers US Green Infrastructure Select Equity ETF | 2.97% |
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 2.89% |
| FRNW Fidelity Clean Energy ETF | 2.73% |
| ITEQ Amplify BlueStar Israel Technology ETF | 2.54% |
What could go wrong
- Underground heat sources can weaken over time. Geothermal reservoirs can cool or lose pressure. Output has fallen at the Olkaria complex in Kenya and the Sarulla complex in Indonesia, and Ormat wrote down the value of its Brawley plant in California.
- Key operations and leadership are in Israel. Most senior managers and the main Product segment factories are in Israel. Conflict or unrest there could disrupt equipment production and the support Ormat gives its power plants.
- Customers in riskier emerging-market countries. Kenya alone was 11.9% of 2025 revenue. Overseas power purchasers are mostly state-owned entities in countries rated below investment grade (weaker credit), where political or economic trouble could hurt payments and operations.
- Battery storage profits swing with power prices. Storage sites earn part of their money at volatile market prices for grid services. Rising battery costs, wider trade restrictions and fire risk could also hurt returns on this growing business.
- Heavy debt and years of negative cash flow. Free cash flow (cash left after running the business and investing in plants) was negative every year from 2020 to 2025. Debt was $1.27 billion and cash $514 million as of June 30, 2026.
- Loss of government incentives could hurt returns. Ormat's projects benefit from government incentives for renewable energy. Cuts to those incentives, trouble converting them into cash, or fewer permits for solar projects on federal land could slow growth and reduce cash flow.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Ormat pays a small dividend. The yield was 0.52% as of October 28, 2026, so returns depend mostly on the share price rather than on income. It paid $0.48 per share each year from 2021 through 2025, up from $0.44 in 2020, with no streak of annual increases. Dividends took about 23.5% of 2025 earnings. But free cash flow (cash left after running the business and building plants) was negative $284.7 million in 2025, so spare cash did not cover the dividend. Buybacks totaled about $18 million from 2021 to 2025, all in 2022. Meanwhile, the share count rose 9.8% from November 2021 to August 2026.
The shares have fallen hard in downturns. They dropped 59.8% in the 2008 financial crisis and took about 98 months to recover. They fell 32.3% in the 2020 COVID crash and took about nine months to recover. A 20.2% drop in early 2022 was regained within a month. Single stocks like Ormat carry more risk than diversified funds.
Questions investors ask
How does Ormat Technologies make money?
Mostly by generating and supplying electricity. In 2025, electricity brought in 70.1% of Ormat's $989.5 million in revenue. Most of it came from geothermal plants that run around the clock and supply power under long-term contracts, most at fixed prices. Making equipment and building plants for other owners added 21.9%. Battery storage sites in California, Texas and the East Coast added 8.0%. The US produced 59.7% of revenue, and New Zealand and Kenya were the next largest markets.
Does Ormat Technologies pay a dividend?
Yes, but it is small. Ormat paid $0.48 per share in each year from 2021 through 2025, up from $0.44 in 2020. The dividend yield was 0.52% as of October 28, 2026. It has no streak of yearly increases. Dividends took about 23.5% of 2025 earnings. But free cash flow was negative, meaning cash from operations did not cover spending on new plants and storage sites.
How much debt does Ormat Technologies have?
About $1.27 billion as of June 30, 2026, against $514 million in cash and investments. That leaves net debt (debt minus cash) of about $753 million. Shareholders' equity was about $2.6 billion. Free cash flow was negative every year from 2020 through 2025, including minus $284.7 million in 2025. Ormat's 10-K annual report says it needs additional financing to pursue its growth strategy. It also says its debt could limit its flexibility and raise its borrowing costs.
How has Ormat stock performed over the long term?
Unevenly. As of October 28, 2026, the share price was down 13.4% over one year and 16.8% year to date, after a 64.1% gain in 2025. On average, it rose about 14.9% a year over three years, 5.3% a year over five years and 7.6% a year over ten years. The swings are large. The shares fell as much as 40.2% in the year to that date, and 74% at their worst in about 21 years of price history.
Is Ormat Technologies an Israeli company?
Partly. Ormat is incorporated in Delaware and its shares trade on the New York Stock Exchange. But its 10-K annual report says most of its senior management and its main equipment factories are in Israel. The company warns that conflict in and around Israel could limit its ability to make and deliver equipment and to support its power plants. Its power plants are spread across the US, Kenya, Guatemala, Honduras, Guadeloupe and Indonesia.