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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 | 4.9% | 12.5% | 0.1% |
| 2024 | $880M | $512M | $124M | $-77M | 5.1% | 6.1% | -0.5% |
| 2023 | $829M | $463M | $124M | $-309M | 5.4% | 13.0% | 88.9% |
| 2022 | $734M | $382M | $66M | $-283M | 3.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 734.16 | 829.42 | 879.65 | 989.54 |
| Operating Revenue | - | 734.16 | 829.42 | 879.65 | 989.54 |
| Cost Of Revenue | - | 465.34 | 565.41 | 607.04 | 716.86 |
| Gross Profit | - | 268.82 | 264.02 | 272.62 | 272.68 |
| Operating Expense | - | 82.54 | 93.70 | 94.94 | 89.95 |
| Research And Development | - | 5.08 | 7.22 | 6.50 | 6.30 |
| Selling General And Administration | - | 77.47 | 86.48 | 97.81 | 98.49 |
| Total Expenses | - | 547.88 | 659.11 | 701.97 | 806.81 |
| Operating Income | - | 186.28 | 170.32 | 177.68 | 182.74 |
| Total Operating Income As Reported | - | 152.80 | 166.58 | 172.47 | 169.22 |
| EBITDA | - | 382.14 | 462.76 | 512.27 | 539.72 |
| Normalized EBITDA | - | 421.66 | 469.77 | 521.67 | 547.98 |
| EBIT | - | 183.35 | 237.97 | 249.41 | 247.60 |
| Interest Income | - | 3.42 | 11.98 | 7.88 | 6.02 |
| Interest Expense | - | 87.74 | 98.88 | 134.03 | 141.85 |
| Net Interest Income | - | -84.33 | -86.90 | -126.15 | -135.84 |
| Other Non Operating Income Expenses | - | 33.18 | 62.68 | 73.24 | 67.11 |
| Other Income Expense | - | -6.34 | 55.66 | 63.84 | 58.85 |
| Interest Income Non Operating | - | 3.42 | 11.98 | 7.88 | 6.02 |
| Interest Expense Non Operating | - | 87.74 | 98.88 | 134.03 | 141.85 |
| Net Non Operating Interest Income Expense | - | -84.33 | -86.90 | -126.15 | -135.84 |
| Pretax Income | - | 95.61 | 139.08 | 115.38 | 105.75 |
| Tax Provision | - | 14.74 | 5.98 | -16.29 | -20.28 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -6.09 | -0.30 | -1.97 | -1.74 |
| Net Income Continuous Operations | - | 77.80 | 133.14 | 131.24 | 126.99 |
| Net Income From Continuing And Discontinued Operation | - | 65.84 | 124.40 | 123.73 | 123.90 |
| Net Income From Continuing Operation Net Minority Interest | - | 65.84 | 124.40 | 123.73 | 123.90 |
| Net Income | - | 65.84 | 124.40 | 123.73 | 123.90 |
| Net Income Common Stockholders | - | 65.84 | 124.40 | 123.73 | 123.90 |
| Net Income Including Noncontrolling Interests | - | 77.80 | 133.14 | 131.24 | 126.99 |
| Normalized Income | - | 99.27 | 131.11 | 131.16 | 130.42 |
| Diluted NI Availto Com Stockholders | - | 65.84 | 124.40 | 123.73 | 123.90 |
| Basic Average Shares | - | 56.06 | 59.42 | 60.46 | 60.70 |
| Diluted Average Shares | - | 56.50 | 59.76 | 60.79 | 61.36 |
| Reconciled Depreciation | - | 198.79 | 224.80 | 262.86 | 292.12 |
| Reconciled Cost Of Revenue | - | 465.34 | 565.41 | 607.04 | 716.86 |
| Total Unusual Items | - | -39.52 | -7.01 | -9.40 | -8.26 |
| Total Unusual Items Excluding Goodwill | - | -39.52 | -7.01 | -9.40 | -8.26 |
| Minority Interests | - | -11.95 | -8.74 | -7.51 | -3.09 |
| Earnings From Equity Interest Net Of Tax | - | -3.07 | 0.04 | -0.42 | 0.96 |
| Special Income Charges | - | -33.48 | -3.73 | -5.21 | -13.51 |
| Other Special Charges | -0.25 | - | - | - | - |
| Write Off | 0 | 0.83 | 3.73 | - | - |
| 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 |
| General And Administrative Expense | - | 61.27 | 68.18 | 80.12 | 79.59 |
| Other Gand A | - | 61.27 | 68.18 | 80.12 | 79.59 |
| Other Operating Expenses | - | - | - | -9.38 | -14.84 |
| Selling And Marketing Expense | - | 16.19 | 18.31 | 17.69 | 18.90 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ormat Technologies, Inc.this co. | ORA | $8.8B | 70.66↑ premium | 3.44 | 4.9% | 21.24 |
| Oklo Inc. | OKLO | $11.4B | -107.68 | 7.71 | -7.2% | -76.31 |
| TXNM Energy, Inc. | TXNM | $6.6B | 43.21 | 1.93 | 4.5% | 13.10 |
| Southwest Gas Holdings, Inc. | SWX | $6.3B | 14.34 | 1.59 | 11.1% | 10.69 |
| Portland General Electric Company | POR | $5.7B |
| - |
| - |
| - |
| - |
| - |
| - |
| 18.79 |
| 1.39 |
| 7.4% |
| 9.09 |
| New Jersey Resources Corporation | NJR | $5.5B | 16.42 | 2.30 | 14.0% | 12.47 |
| Black Hills Corporation | BKH | $5.5B | 18.77 | 1.43 | 7.6% | 11.98 |
| Brookfield Infrastructure Corporation | BIPC | $5.1B | - | - | 18.6% | 6.17 |
| Fluence Energy, Inc. | FLNC | $5.0B | -103.57 | 11.65 | -11.2% | -276.81 |
| Peer Median | - | 16.42 | 1.93 | 7.5% | 9.89 | |