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Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, France, Indonesia, the Philippines, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity. The Product segment designs, manufactures, and sells equipment for geothermal and recovered energy-based electricity generation; and provides services relating to the engineering, procurement, and construction of geothermal and recovered energy-based power plants. The Energy Storage segment owns and operates grid-connected, stand alone In Front of the Meter (IFM) battery energy storage BESS facilities, which provide capacity, energy, and ancillary services directly to the electric grid. The company serves contractors, geothermal plant owners and operators, interstate natural gas pipeline owners and operators, gas processing plant owners and operators, cement plant owners and operators, and biomass facilities owners and operators, as well as other companies engaged in energy-intensive industrial processes. Ormat Technologies, Inc. was founded in 1965 and is headquartered in Reno, Nevada.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $990M | $540M | $124M | $-285M | 4.6% | 12.5% | 0.1% |
| 2024 | $880M | $512M | $124M | $-77M | 4.8% | 6.1% | -0.5% |
| 2023 | $829M | $463M | $124M | $-309M | 5.1% | 13.0% | 88.9% |
| 2022 | $734M | $382M | $66M | $-283M | 3.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 734.16 | 829.42 | 879.65 | 989.54 |
| Cost Of Revenue | 465.33 | 565.41 | 607.03 | 716.86 |
| Gross Profit | 268.82 | 264.02 | 272.62 | 272.69 |
| Operating Expense | 82.55 | 93.70 | 94.94 | 89.95 |
| Operating Income | 186.28 | 170.32 | 177.68 | 182.74 |
| EBITDA | 382.14 | 462.76 | 512.27 | 539.72 |
| EBIT | 183.35 | 237.97 | 249.41 | 247.60 |
| Pretax Income | 95.61 | 139.09 | 115.38 | 105.75 |
| Tax Provision | 14.74 | 5.98 | -16.29 | -20.28 |
| Net Income | 65.84 | 124.40 | 123.73 | 123.90 |
| Net Income Common Stockholders | 65.84 | 124.40 | 123.73 | 123.90 |
| Total Expenses | 547.88 | 659.11 | 701.97 | 806.81 |
| Interest Expense | 87.74 | 98.88 | 134.03 | 141.85 |
| Interest Income | 3.42 | 11.98 | 7.88 | 6.01 |
| Research And Development | 5.08 | 7.21 | 6.50 | 6.30 |
| Selling General And Administration | 77.47 | 86.48 | 97.81 | 98.49 |
| Normalized EBITDA | 421.66 | 469.77 | 521.67 | 547.99 |
| Normalized Income | 99.27 | 131.11 | 131.16 | 130.42 |
| Basic EPS | 1.17 | 2.09 | 2.05 | 0 |
| Diluted EPS | 1.17 | 2.08 | 2.04 | 0 |
| Tax Effect Of Unusual Items | -6.09 | -0.30 | -1.97 | -1.74 |
| Tax Rate For Calcs | 0.15 | 0.04 | 0.21 | 0.21 |
| Total Unusual Items | -39.52 | -7.01 | -9.40 | -8.26 |
| Total Unusual Items Excluding Goodwill | -39.52 | -7.01 | -9.40 | -8.26 |
| Net Income From Continuing Operation Net Minority Interest | 65.84 | 124.40 | 123.73 | 123.90 |
| Reconciled Depreciation | 198.79 | 224.80 | 262.86 | 292.12 |
| Reconciled Cost Of Revenue | 465.33 | 565.41 | 607.03 | 716.86 |
| Net Interest Income | -84.33 | -86.90 | -126.15 | -135.84 |
| Net Income From Continuing And Discontinued Operation | 65.84 | 124.40 | 123.73 | 123.90 |
| Total Operating Income As Reported | 152.80 | 166.59 | 172.47 | 169.22 |
| Diluted Average Shares | 56.50 | 59.76 | 60.79 | 0 |
| Basic Average Shares | 56.06 | 59.42 | 60.45 | 0 |
| Diluted NI Availto Com Stockholders | 65.84 | 124.40 | 123.73 | 123.90 |
| Minority Interests | -11.95 | -8.74 | -7.51 | -3.09 |
| Net Income Including Noncontrolling Interests | 77.80 | 133.14 | 131.24 | 126.99 |
| Net Income Continuous Operations | 77.80 | 133.14 | 131.24 | 126.99 |
| Earnings From Equity Interest Net Of Tax | -3.07 | 0.04 | -0.42 | 0.96 |
| Other Income Expense | -6.34 | 55.66 | 63.84 | 58.85 |
| Other Non Operating Income Expenses | 33.18 | 62.68 | 73.24 | 67.11 |
| Special Income Charges | -33.48 | -3.73 | -5.21 | -13.51 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Write Off | 0.83 | 3.73 | 0 | 0 |
| Impairment Of Capital Assets | 33.48 | 3.73 | 5.21 | 13.51 |
| Gain On Sale Of Security | -6.04 | -3.28 | -4.19 | 5.25 |
| Net Non Operating Interest Income Expense | -84.33 | -86.90 | -126.15 | -135.84 |
| Interest Expense Non Operating | 87.74 | 98.88 | 134.03 | 141.85 |
| Interest Income Non Operating | 3.42 | 11.98 | 7.88 | 6.01 |
| Other Operating Expenses | 0 | 0 | -9.38 | -14.84 |
| Selling And Marketing Expense | 16.19 | 18.31 | 17.69 | 18.90 |
| General And Administrative Expense | 61.27 | 68.18 | 80.12 | 79.59 |
| Other Gand A | 61.27 | 68.18 | 80.12 | 79.59 |
| Operating Revenue | 734.16 | 829.42 | 879.65 | 989.54 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ormat Technologies, Inc.this co. | ORA | $6.8B | 54.61↑ premium | 2.64 | 4.6% | 20.43 |
| Southwest Gas Holdings, Inc. | SWX | $6.7B | 28.28 | 1.68 | 11.1% | 11.64 |
| TXNM Energy, Inc. | TXNM | $6.5B | 39.77 | 1.88 | 4.4% | 14.10 |
| Portland General Electric Company | POR | $5.9B | 18.43 | 1.43 | 7.4% | 9.72 |
| Black Hills Corporation | BKH | $5.7B |
| 18.67 |
| 1.47 |
| 7.5% |
| 12.50 |
| New Jersey Resources Corporation | NJR | $5.6B | 17.15 | 2.26 | 14.0% | 13.89 |
| ONE Gas, Inc. | OGS | $5.5B | 20.05 | 1.60 | 7.7% | 11.43 |
| Spire Inc. | SR | $5.3B | 19.63 | 1.66 | 8.0% | 12.48 |
| Brookfield Infrastructure Corporation | BIPC | $4.3B | - | -3.28 | -12.0% | 7.01 |
| Peer Median | - | 19.63 | 1.63 | 7.6% | 12.06 | |