Deep Value: cash covers more than 100% of the stock price

This company holds roughly $3.4B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Kenon Holdings

KEN

Independent Power Producers · Utilities

Price

$66.25

+1.05 (+1.61%)

Market Cap

$3.45B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Good

Stability

Weak

Valuation

Weak

Dividends

Good

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Share count falling — buybacks

−3.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 53.9M (2021) → 52.1M (2025)

Winston Score History

The full picture

Kenon Holdings is a holding company based in Singapore that owns stakes in several businesses across different industries. Its most important asset is a large ownership stake in OPC Energy, an Israeli power company that builds and operates power plants. OPC sells electricity to businesses and utilities in Israel and is expanding into renewable energy like solar and wind.

Kenon makes money mainly through the earnings and dividends generated by its subsidiaries, particularly OPC Energy. The company operates primarily in Israel, with some exposure to other markets through its other holdings. Because Kenon's value is tied closely to OPC's performance, its financial results depend heavily on electricity prices, fuel costs, and regulatory conditions in Israel. The key growth driver is OPC's ongoing push to add more renewable energy capacity, but rising construction costs and changes in Israeli energy regulations remain meaningful risks to that expansion.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+73.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+122.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

67.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 years

$3.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$3.4B cash & investments at current burn rate

Revenue accelerating

Kenon Holdings grew revenue 73% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

14.8%

Thin — 14.8% gross margin

Profit after running costs

Operating Margin

1.3%

Thin — 1.3% operating margin

Return on the money invested

ROCE

1.5%

Weak — 1.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+32.3%

Fast-growing sales (+32.3% YoY)

Profit growth

EPS YoY

-86.8%

Earnings shrinking (-86.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

251%

Turns 251% of profit into real cash

Spare cash per sale

FCF Margin

-2.5%

Burning cash (-2.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.52

Elevated debt (1.52)

Covers its interest

Interest Cover

0.73x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

43.9x

Pricey — P/E 43.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

5.81%

Healthy income — 5.81% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-13.5%

Dividend cut (-13.5% YoY) — warning sign

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