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Ormat Technologies

ORA
45
Renewable Utilities · Utilities
Also trades as: 0KDH.L GBP 0.87 (-1.14%)
Price
$87.09
-1.01 (-1.15%)
Market Cap
$5.36B
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
11/30
Growth
Good
10/20
Cash Flow
Good
6/10
Stability
Mixed
3/10
Valuation
Good
6/10
Ownership
Good
8/15
Dividends
Weak
1/5

45 of 100 counted points = Winston Score 45.

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Share count rising — dilution

+8.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 56.4M (2021) → 61.4M (2025)

§Winston Score History

The full picture

Ormat Technologies builds and operates geothermal power plants, which generate electricity by tapping heat from deep inside the Earth. The company sells this electricity to utility companies and grid operators, mostly under long-term contracts. Ormat also designs and manufactures the specialized equipment used in geothermal plants, selling those systems to other energy developers around the world.

Ormat earns money in two main ways: selling electricity from the plants it owns and operates, and selling geothermal equipment and services to outside customers. It operates primarily in the United States, with additional plants in Kenya, Guatemala, Honduras, and other countries. Its competitive edge comes from decades of proprietary engineering know-how and long-term power purchase agreements that provide steady, predictable revenue. The key growth driver is rising global demand for clean, always-on renewable energy, since geothermal power runs continuously unlike solar or wind — but high upfront construction costs and limited suitable land sites remain the main constraints on faster expansion.

Growth Profile

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

Revenue Growth

+10.6% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

-4.3% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.46

30 Jun 2026: $0.44

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$6M/ year

→ Flat (-3% vs prior year)

0.6% of revenue

Below sector average (1%)

Steady R&D investment year-over-year

Insider Activity

5.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$718M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$718M cash & investments at current burn rate

Growth context

Ormat Technologies is growing revenue at 11% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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Quality

Profit per sale
Gross Margin
26.5%
Modest — 26.5% gross margin
Profit after running costs
Operating Margin
13.2%
Healthy — 13.2% operating margin
Return on the money invested
ROCE
2.9%
Weak — 2.9% 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
+31.1%
Fast-growing sales (+31.1% YoY)
Profit growth
EPS YoY
-4.1%
Earnings shrinking (-4.1% YoY)

Slight earnings drop. Typical near a cyclical low.

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
221%
Turns 221% of profit into real cash
Spare cash per sale
FCF Margin
-22.3%
Burning cash (-22.3%)

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
1.31
Elevated debt (1.31)
Covers its interest
Interest Cover
1.11x
Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
41.9x
Pricey — P/E 41.9

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

Cheaper or dearer next year
P/E vs Forward
+12.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (41.9 → 29.2)

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Dividends

Dividend
Dividend Yield
0.52%
Small dividend — 0.52% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
23%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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