Ormat Technologies, Inc. (ORA) Cash Flow Statement
Where ORA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $335.1M −18.5% vs 2024
- Capital expenditures
- $619.8M 62.6% of revenue
- Free cash flow
- −$284.7M −28.8% margin
- Returned to shareholders
- $29.1M
- Change in cash
- $75.1M cash at year-end $280.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ORA operating cash flow, capex and free cash flow
ORA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $159.3M2016 | $335.1M2025 | +8.6%/yr | |
| Capital expenditures | $151.9M2016 | $619.8M2025 | +16.9%/yr | |
| Free cash flow | $7.4M2016 | −$284.7M2025 | — | |
| Free cash flow margin | 1.1%2016 | −28.8%2025 | −29.9 pts | |
| Operating cash flow / net income | 1.572016 | 2.702025 | +1.14 | |
| Stock-based compensation | $5.2M2016 | $19.4M2025 | +15.9%/yr | |
| Dividends paid | $25.7M2016 | $29.1M2025 | +1.4%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 22.9%2016 | 62.6%2025 | +39.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ORA cash flow by activity
ORA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ORA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $123.9M | $123.7M | $124.4M | $77.8M | $76.1M | $101.8M | $93.5M | $110.1M | $170.2M | $101.5M |
| Depreciation & amortization | $292.1M | $262.9M | $224.8M | $198.8M | $183.0M | $156.6M | $148.8M | $132.2M | $115.1M | $106.0M |
| Stock-based compensation | $19.4M | $20.2M | $15.5M | $11.6M | $9.2M | $9.8M | $9.4M | $10.2M | $8.8M | $5.2M |
| Change in working capital | −$61.3M | −$1.5M | −$44.5M | −$22.0M | −$4.4M | $15.0M | −$31.9M | −$124.5M | $24.3M | −$68.7M |
| Other non-cash items | −$39.0M | $5.6M | −$10.8M | $14.7M | −$5.0M | −$18.3M | $16.8M | $17.8M | −$72.8M | $15.4M |
| Cash from operating activities | $335.1M | $410.9M | $309.4M | $281.0M | $258.8M | $265.0M | $236.5M | $145.8M | $245.6M | $159.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$619.8M | −$487.7M | −$618.4M | −$563.5M | −$419.3M | −$320.7M | −$280.0M | −$258.5M | −$260.1M | −$151.9M |
| Investments (net) | −$213,000 | −$780.3M | −$612.0M | $38.3M | −$50.2M | −$21.0M | −$10.7M | $3.8M | $46.3M | −$3.6M |
| Acquisitions & other investing | −$106.4M | $487.7M | $602.0M | $1.8M | −$168.7M | −$44.3M | $36.1M | −$87.7M | −$154.3M | −$3.0M |
| Cash from investing activities | −$726.4M | −$780.3M | −$628.3M | −$523.4M | −$638.2M | −$386.0M | −$254.5M | −$342.4M | −$368.1M | −$158.5M |
| Financing activities | ||||||||||
| Dividends paid | −$29.1M | −$29.1M | −$28.4M | −$27.1M | −$27.0M | −$22.5M | −$22.4M | −$26.8M | −$20.5M | −$25.7M |
| Share repurchases & issuance (net) | $0 | $0 | $113.2M | −$18.0M | $275.0M | $1.67B | $2.4M | $3.2M | $4.3M | $44.1M |
| Net borrowing (repayment) | $361.2M | $328.0M | $60.8M | $198.9M | −$1.3M | −$92.3M | −$32.5M | $214.7M | $14.3M | $142.5M |
| Shares issued | $0 | $0 | $341.7M | $297.1M | $311,000 | $339.5M | $0 | $0 | $0 | $0 |
| Other financing | $133.6M | −$11.0M | −$107.3M | −$324.6M | −$60.6M | −$1.39B | $46.7M | $60.1M | −$57.9M | −$117.4M |
| Cash from financing activities | $465.7M | $287.9M | $380.0M | $126.3M | $186.4M | $503.5M | −$5.8M | $251.1M | −$59.9M | $43.5M |
| Summary | ||||||||||
| Net change in cash | $75.1M | −$82.0M | $61.1M | −$116.8M | −$193.3M | $383.7M | −$24.4M | $80.9M | −$182.4M | $44.3M |
| Cash at end of period | $280.9M | $205.8M | $287.8M | $226.7M | $343.4M | $536.8M | $153.1M | $177.5M | $47.8M | $230.2M |
| Free cash flow | −$284.7M | −$76.8M | −$309.0M | −$282.5M | −$160.4M | −$55.7M | −$43.5M | −$112.7M | −$14.5M | $7.4M |
| Free cash flow margin | −28.8% | −8.7% | −37.3% | −38.5% | −24.2% | −7.9% | −5.8% | −15.7% | −2.1% | 1.1% |
| Capex / revenue | 62.6% | 55.4% | 74.6% | 76.8% | 63.2% | 45.5% | 37.5% | 35.9% | 37.5% | 22.9% |
| Operating cash flow / net income | 2.70 | 3.32 | 2.49 | 3.61 | 3.40 | 2.60 | 2.53 | 1.32 | 1.44 | 1.57 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $26.6M | $44.1M | $33.0M | $24.7M | $28.2M | $41.0M | $42.6M | $24.3M | $24.0M | $40.4M | $38.8M | $36.3M |
| Depreciation & amortization | $77.3M | $78.6M | $77.3M | $75.0M | $70.0M | $69.8M | $70.0M | $66.7M | $63.8M | $62.4M | $59.9M | $57.5M |
| Stock-based compensation | $11.0M | $4.7M | $4.9M | $4.9M | $4.6M | $4.9M | $5.3M | $5.0M | $5.1M | $4.8M | $4.2M | $3.9M |
| Change in working capital | −$43.0M | −$27.3M | −$13.2M | −$48.2M | $13.1M | −$13.1M | −$4.4M | $27.8M | −$48.1M | $23.2M | $11.4M | −$42.2M |
| Other non-cash items | −$21.3M | −$21.5M | $2.9M | −$11.3M | −$19.1M | −$14.6M | $45.1M | −$17.4M | −$14.0M | −$15.5M | $24.8M | −$15.8M |
| Cash from operating activities | $50.6M | $78.6M | $105.0M | $45.2M | $96.9M | $88.0M | $158.6M | $106.4M | $30.7M | $115.2M | $139.1M | $39.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$138.0M | −$113.8M | −$145.1M | −$147.3M | −$134.8M | −$192.6M | −$127.7M | −$109.7M | −$146.8M | −$103.4M | −$169.6M | −$182.1M |
| Investments (net) | — | — | — | −$147.4M | −$224.5M | −$207.9M | −$135.1M | −$120.2M | −$147.1M | −$377.8M | −$170.2M | −$1.5M |
| Acquisitions & other investing | −$3.2M | −$7.7M | −$2.0M | $143.2M | $134.8M | $192.6M | $127.7M | $109.7M | $146.8M | $103.4M | $169.6M | $353,000 |
| Cash from investing activities | −$141.2M | −$121.4M | −$147.1M | −$151.5M | −$224.5M | −$207.9M | −$135.1M | −$120.2M | −$147.1M | −$377.8M | −$170.2M | −$183.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$7.2M | −$7.5M | −$7.2M | −$7.3M | −$7.3M | −$7.3M | −$7.3M | −$7.3M | −$7.3M | −$7.2M | −$7.2M | −$7.2M |
| Share repurchases & issuance (net) | −$24.4M | −$24.4M | $0 | $0 | $0 | $754,000 | −$150,000 | $150,000 | — | — | −$35.0M | $35.0M |
| Net borrowing (repayment) | −$9.5M | $519.7M | $86.2M | $16.7M | $116.8M | $141.5M | $26.8M | $37.7M | — | — | — | −$26.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8,000 |
| Other financing | $27.0M | $37.8M | $38.2M | $96.8M | −$1.4M | $3.9M | −$13.5M | −$3.8M | −$11.4M | $281.2M | $174.6M | −$67.0M |
| Cash from financing activities | −$14.0M | $525.6M | $117.1M | $106.2M | $108.1M | $138.9M | $5.9M | $26.8M | −$18.8M | $273.9M | $132.4M | −$65.5M |
| Summary | ||||||||||||
| Net change in cash | −$104.8M | $482.1M | $75.1M | −$327,000 | −$18.6M | $18.9M | $29.0M | $13.0M | −$135.2M | $11.2M | $101.5M | −$209.1M |
| Cash at end of period | $658.1M | $762.9M | $280.9M | $205.7M | $206.1M | $224.7M | $205.8M | $176.8M | $163.7M | $299.0M | $287.8M | $186.3M |
| Free cash flow | −$87.4M | −$35.2M | −$40.0M | −$102.1M | −$37.9M | −$104.6M | $30.9M | −$3.3M | −$116.1M | $11.8M | −$30.4M | −$142.3M |
| Free cash flow margin | −33.8% | −8.7% | −14.5% | −40.9% | −16.2% | −45.5% | 13.4% | −1.6% | −54.5% | 5.3% | −12.6% | −68.4% |
| Capex / revenue | 53.3% | 28.2% | 52.6% | 59.0% | 57.6% | 83.8% | 55.4% | 51.8% | 69.0% | 46.1% | 70.3% | 87.5% |
| Operating cash flow / net income | 1.91 | 1.78 | 3.18 | 1.83 | 3.44 | 2.14 | 3.72 | 4.38 | 1.28 | 2.86 | 3.58 | 1.09 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ORA cash generation
In fiscal 2025 (ended December 31, 2025), Ormat Technologies generated $335.1 million of cash from operations (down 18.5%) and spent $619.8 million on capital expenditures, leaving free cash flow of -$284.7 million, −28.8% of revenue. It returned $29.1 million to shareholders through dividends ($29.1 million) and net share buybacks ($0). Cash and equivalents rose by $75.1 million over the year.
Related: ORA income statement, ORA balance sheet, ORA dividend history. See the ORA stock overview for the latest quote and news.
ORA cash flow FAQ
What is Ormat Technologies's free cash flow?
Ormat Technologies's free cash flow was -$284.7 million in fiscal 2025: $335.1 million of operating cash flow minus $619.8 million of capital expenditures It was -$76.8 million a year earlier..
How much cash does Ormat Technologies generate from operations?
Ormat Technologies generated $335.1 million of cash from operating activities in fiscal 2025, 2.70 times its net income of $123.9 million.
How much does Ormat Technologies spend on capital expenditures?
Ormat Technologies spent $619.8 million on capital expenditures in fiscal 2025, 62.6% of revenue, compared with $487.7 million the year before.
How much does Ormat Technologies pay in dividends?
Ormat Technologies paid $29.1 million in dividends in fiscal 2025.