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ORA

Ormat Technologies, Inc.

ORA

Ormat Technologies, Inc. • NYSE
$112.91 ▲ 0.22% (+0.25)
Market Cap $6.86 B
52w High $115.72
52w Low $61.58
Dividend Yield 0.48%
P/E 51.79
Volume 233.03K
Outstanding Shares 60.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $249.727M ▲ $67.162M ▲ $24.137M ▼ 9.665% ▼ $0.4 ▼ $137.907M ▲
Q2-2025 $234.018M ▲ $21.577M ▼ $28.046M ▼ 11.985% ▼ $0.46 ▼ $128.673M ▼
Q1-2025 $229.762M ▼ $22.014M ▼ $40.362M ▼ 17.567% ▼ $0.67 $141.856M ▲
Q4-2024 $230.741M ▲ $24.476M ▲ $40.821M ▲ 17.691% ▲ $0.67 ▲ $136.291M ▲
Q3-2024 $211.784M $23.187M $22.082M 10.427% $0.37 $126.215M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $79.555M ▼ $6.093B ▲ $3.44B ▲ $2.51B ▲
Q2-2025 $88.492M ▼ $6.016B ▲ $3.386B ▲ $2.493B ▲
Q1-2025 $112.704M ▲ $5.839B ▲ $3.244B ▲ $2.461B ▲
Q4-2024 $94.395M ▲ $5.666B ▲ $3.106B ▲ $2.425B ▲
Q3-2024 $88.129M $5.59B $3.066B $2.389B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.137M ▼ $0 ▼ $0 ▲ $0 ▼ $-327K ▲ $0 ▲
Q2-2025 $28.199M ▼ $96.897M ▲ $-224.478M ▼ $108.077M ▼ $-18.641M ▼ $-37.927M ▲
Q1-2025 $41.034M ▼ $88.01M ▼ $-207.948M ▼ $138.853M ▲ $18.933M ▼ $-104.592M ▼
Q4-2024 $42.625M ▲ $158.619M ▲ $-135.139M ▼ $5.886M ▼ $28.997M ▲ $30.882M ▲
Q3-2024 $24.301M $106.396M $-120.153M $26.837M $13.033M $-3.32M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electricity
Electricity
 $350.00M ▲$180.00M ▼$160.00M ▼$170.00M ▲
Product
Product
 $0 ▲$310.00M ▲$260.00M ▼$210.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past few years, showing that demand for Ormat’s geothermal and energy solutions is moving in the right direction. Profitability dipped earlier in the period but has clearly recovered, with operating profit and earnings improving meaningfully more recently. Margins look healthier than they were a few years ago, but they are not immune to cost pressure and project timing, so results can still be lumpy from year to year. Overall, the income statement reflects a capital‑intensive business that is now translating its project pipeline into more consistent earnings, though not without some volatility.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been expanding its asset base steadily as it builds and owns more power plants and energy assets. Equity has grown, which is a positive sign of value being built over time. At the same time, debt levels have risen noticeably, reflecting the heavy upfront financing needed in utility-scale renewable projects. Cash on hand is relatively modest compared with the size of the business and its debt, which means careful funding and refinancing management remain important. In short, Ormat has a solid but increasingly leveraged balance sheet typical of a growing infrastructure-heavy utility.

Cash Flow

Cash Flow Operating cash flow has strengthened over time, which indicates the underlying projects are generating more cash as they mature. However, free cash flow has stayed negative because Ormat continues to spend heavily on new plants and storage projects. This pattern suggests a deliberate strategy: reinvest most of the cash coming in, plus additional borrowing, back into growth. The trade-off is that near-term cash is tight and the business depends on continued access to capital markets, but with the potential for higher cash generation once current projects are fully online.

Competitive Edge

Competitive Edge Ormat holds a distinctive position as one of the few global specialists in geothermal power, with deep expertise from exploration through long-term operation. Its vertical integration, proprietary technology, and global project track record create meaningful barriers to entry for new competitors. Long-term power purchase contracts add revenue visibility and help smooth cash flows over time. On the other hand, the company is still concentrated in a relatively niche segment of renewables, and faces competition from cheaper solar and wind in many markets, as well as from other storage providers. Its strength lies in reliable baseload renewable power and specialized know-how rather than lowest-cost energy alone.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of Ormat’s strategy. Its proprietary power conversion technology and air-cooled systems let it tap geothermal and waste-heat resources that others may not be able to use profitably. The company is also pushing into newer areas such as battery energy storage, hybrid projects that mix geothermal with other renewables, and early-stage enhanced geothermal systems that could widen its resource base over time. Use of digital tools, including AI for maintenance and optimization, aims to squeeze more efficiency out of existing assets. The opportunity is significant, but many of these efforts—especially enhanced geothermal and scaling storage—carry technical, regulatory, and execution risks.

Summary

Overall, Ormat looks like a mature niche leader in geothermal that is now in an investment-heavy growth phase. The business has moved from a period of softer profitability to stronger earnings and healthier operating cash flow, while the balance sheet shows a growing asset base funded partly by rising debt. Its competitive edge comes from specialized technology, vertical integration, and long-term contracts, supported by ongoing innovation in geothermal and energy storage. The main trade-offs are higher leverage, consistently negative free cash flow due to large capital spending, and exposure to project, policy, and technology risks as it expands. The long-term picture depends on how effectively current investments convert into durable, high-quality cash flows in the years ahead.

NEWS

November 3, 2025 · 4:05 PM UTC

Ormat Technologies Reports Third Quarter 2025 Financial Results

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October 27, 2025 · 9:00 AM UTC

SLB and Ormat Partner to Accelerate Integrated Geothermal Asset Development and Enhanced Geothermal Systems

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October 27, 2025 · 9:00 AM UTC

SLB and Ormat Partner to Accelerate Integrated Geothermal Asset Development and Enhanced Geothermal Systems

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October 6, 2025 · 7:30 AM UTC

Ormat Technologies, Inc. to Host Conference Call Announcing Third Quarter 2025 Financial Results

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September 2, 2025 · 4:10 PM UTC

Ormat Publishes 2024 Sustainability Report, Marking 60 Years of Innovation and Impact

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