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KEN

Kenon Holdings Ltd.

KEN

Kenon Holdings Ltd. • NYSE
$59.68 ▲ 1.43% (+0.84)
Market Cap $3.15 B
52w High $59.91
52w Low $27.10
Dividend Yield 4.80%
P/E -36.17
Volume 5.56K
Outstanding Shares 52.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $196M ▲ $31M ▲ $5M ▼ 2.551% ▼ $0.1 ▼ $45M ▼
Q1-2025 $183M ▲ $18M ▼ $12M ▼ 6.557% ▼ $0.22 ▼ $78M ▲
Q4-2024 $159.304M ▼ $26.282M ▲ $434.673M ▲ 272.858% ▲ $8.25 ▲ $-88.578M ▼
Q3-2024 $237M ▲ $19M ▼ $43M ▼ 18.143% ▼ $0.81 ▼ $138M ▼
Q2-2024 $181M $21M $112M 61.878% $2.13 $162M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $1.03B ▼ $4.336B ▲ $1.74B ▲ $1.389B ▼
Q1-2025 $1.119B ▼ $4.203B ▼ $1.544B ▼ $1.602B ▼
Q4-2024 $1.158B ▲ $4.213B ▲ $1.554B ▼ $1.608B ▲
Q3-2024 $773M ▲ $4.111B ▲ $1.978B ▼ $1.164B ▲
Q2-2024 $751M $3.994B $2.018B $1.117B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $6M ▼ $19M ▼ $-26M ▲ $-77M ▼ $-72M ▼ $-6M ▼
Q1-2025 $27M ▼ $62M ▲ $-65M ▼ $-22M ▼ $-29M ▼ $49M ▲
Q4-2024 $463.087M ▲ $52.081M ▼ $240.852M ▲ $105.915M ▲ $400.851M ▲ $36.414M ▲
Q3-2024 $54M ▼ $126M ▲ $-142M ▼ $44M ▲ $29M ▲ $-62M ▼
Q2-2024 $107M $17M $72M $-178M $-91M $-51M

Five-Year Company Overview

Income Statement

Income Statement Kenon’s income statement shows a business with steadily growing revenue and gross profit over the past five years, but with very volatile earnings. Operating results swung sharply, with unusually strong profits in 2021–2022, a setback in 2023, and a rebound in 2024. Net income and earnings per share move around much more than the underlying revenue trend, suggesting large one‑off items, market swings from the shipping business, and possibly changes in asset values. Overall, the core operations appear profitable, but investors should recognize that reported earnings can jump up or down meaningfully from year to year.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid and has improved recently. Total assets have gradually expanded, and cash holdings have risen, giving the company a better liquidity cushion than a few years ago. Debt increased into 2023 but then pulled back in 2024, easing leverage and improving financial flexibility. Shareholders’ equity dipped during the weaker year but has since recovered and now stands well above earlier levels. In simple terms, Kenon appears to have a healthier mix of cash, debt, and equity today than it did at the start of the period, though it still carries a meaningful level of debt that needs to be managed carefully.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive, with one standout year of especially strong inflows. However, free cash flow has often been slightly negative because the company continues to invest heavily in projects and assets. Capital spending has grown over time, reflecting expansion in energy and possibly fleet‑related commitments at the subsidiary level. This pattern—good operating cash but tight free cash—suggests a business that is reinvesting a lot for future growth, but with less surplus cash left over after those investments in most years.

Competitive Edge

Competitive Edge Kenon’s competitive position is really the sum of its two main holdings: OPC Energy and ZIM Integrated Shipping Services. OPC Energy benefits from a balanced model that mixes efficient natural‑gas power plants with a growing base of renewable projects. This combination gives it both reliability and exposure to the energy transition. Long‑term power contracts help support more stable cash flows, and the expansion into the U.S. through CPV adds scale, modern technology, and geographic diversification. ZIM operates in a highly cyclical and competitive shipping market but differentiates itself with an asset‑light model, niche trade lanes, and strong digital capabilities. By chartering rather than owning most of its ships, it can adjust capacity more quickly to demand. Its modern, increasingly LNG‑powered fleet and specialized cargo services provide both cost and service advantages. The flip side is that Kenon remains exposed to shipping rate cycles and global trade swings, as well as regulatory and policy shifts in power markets.

Innovation and R&D

Innovation and R&D Kenon’s innovation story is driven by how OPC and ZIM are positioning for the future rather than by traditional lab‑style R&D. OPC is pushing further into renewables, advanced gas plants, and potential energy‑storage solutions. Its U.S. projects and new low‑carbon developments are designed to meet tightening environmental standards while keeping power reliable. These investments can deepen its role in the energy transition but also require large up‑front spending and are subject to permitting, policy, and construction risks. ZIM is a clear digital innovator in shipping. It offers advanced cargo tracking, refrigerated‑goods monitoring, and blockchain‑based documentation, all wrapped into user‑friendly online platforms. The company also invests in a more efficient, cleaner fleet, especially LNG‑powered vessels. Continued partnerships with technology firms suggest an ongoing pipeline of new tools and services, which could strengthen customer loyalty and operational efficiency over time.

Summary

Overall, Kenon combines steady underlying business activity with highly volatile reported earnings, reflecting exposure to cyclical shipping markets and significant one‑off items. The balance sheet has become stronger, with higher cash and somewhat reduced debt, giving it better resilience than a few years ago. Cash flows from operations are healthy, but heavy investment means free cash is often tight, underlining its growth‑and‑build phase rather than a pure cash‑harvest profile. On the strategic side, Kenon’s value rests on two differentiated platforms: an energy business aligned with the global shift toward cleaner, more efficient power, and a shipping business that competes on agility, digital solutions, and a modern fleet. Key uncertainties include shipping cycles, energy regulation, project execution, and the concentration risk that comes from relying heavily on a small number of core holdings. In simple terms, this is a company with meaningful strengths and clear growth initiatives, but also with earnings swings and sector risks that require careful attention over time.