Ormat Technologies, Inc. (ORA) Key Metrics
ORA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.49B
- Enterprise value
- $8.88B
- P/E (TTM)
- 43.8 10-yr median 39.9
- Forward P/E
- 35.8
- PEG ratio
- 3.59
- Price / sales
- 4.6 10-yr median 5.3
- Price / book
- 2.3 10-yr median 2.5
- EV / EBITDA
- 15.7 10-yr median 13.8
- Dividend yield
- 0.54% $0.48 a year
- Beta
- 0.90
ORA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsORA valuation Price multiples at each fiscal year-end price.
ORA returns How much profit the business earns on the capital it uses.
ORA per-share figures Results divided by the shares outstanding at year-end.
ORA financial health Debt, liquidity and how easily interest is covered.
ORA efficiency & capital use Working capital cycle and where the cash goes.
ORA valuation history
ORA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ORA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ORA cash returned to shareholders
ORA price vs earnings per share
ORA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.78B | $4.12B | $4.53B | $4.89B | $4.47B | $4.69B | $3.82B | $2.67B | $3.25B | $2.69B |
| Enterprise value | $9.35B | $6.47B | $6.45B | $6.84B | $6.12B | $5.72B | $5.02B | $3.83B | $4.11B | $3.40B |
| P/E ratio | 54.7 | 33.3 | 36.4 | 74.2 | 72.0 | 54.9 | 43.3 | 27.2 | 19.0 | 28.6 |
| Price / sales | 6.9 | 4.7 | 5.5 | 6.7 | 6.7 | 6.6 | 5.1 | 3.7 | 4.7 | 4.1 |
| Price / book | 2.7 | 1.7 | 2.0 | 2.6 | 2.4 | 2.6 | 2.7 | 2.0 | 2.7 | 2.5 |
| Price / free cash flow | — | — | — | — | — | — | — | — | — | 365.5 |
| Price / operating cash flow | 20.2 | 10.0 | 14.6 | 17.4 | 17.3 | 17.7 | 16.1 | 18.3 | 13.2 | 16.9 |
| EV / sales | 9.5 | 7.4 | 7.8 | 9.3 | 9.2 | 8.1 | 6.7 | 5.3 | 5.9 | 5.1 |
| EV / EBITDA | 17.3 | 12.6 | 13.9 | 17.9 | 16.6 | 14.2 | 13.7 | 11.4 | 12.4 | 11.1 |
| EV / free cash flow | — | — | — | — | — | — | — | — | — | 461.9 |
| Earnings yield | 1.8% | 3.0% | 2.7% | 1.3% | 1.4% | 1.8% | 2.3% | 3.7% | 5.3% | 3.5% |
| Free cash flow yield | −4.2% | −1.9% | −6.8% | −5.8% | −3.6% | −1.2% | −1.1% | −4.2% | −0.4% | 0.3% |
| Dividend yield | 0.4% | 0.7% | 0.6% | 0.6% | 0.6% | 0.5% | 0.6% | 1.0% | 0.6% | 1.0% |
| Shareholder yield (dividends + buybacks) | 0.4% | 0.7% | 0.6% | 0.9% | 0.6% | 0.5% | 0.6% | 1.0% | 0.6% | 1.0% |
| Share price at fiscal year-end | $110.47 | $67.72 | $75.79 | $86.48 | $79.30 | $90.28 | $74.52 | $52.30 | $63.96 | $53.62 |
| Per share | ||||||||||
| Revenue per share | $16.13 | $14.47 | $13.88 | $12.99 | $11.76 | $13.58 | $14.56 | $14.11 | $13.65 | $13.21 |
| Earnings per share | $2.02 | $2.04 | $2.08 | $1.17 | $1.10 | $1.65 | $1.72 | $1.92 | $3.36 | $1.87 |
| Operating cash flow per share | $5.46 | $6.76 | $5.18 | $4.97 | $4.59 | $5.10 | $4.62 | $2.86 | $4.84 | $3.18 |
| Free cash flow per share | −$4.64 | −$1.26 | −$5.17 | −$5.00 | −$2.84 | −$1.07 | −$0.85 | −$2.21 | −$0.29 | $0.15 |
| Cash per share | $4.58 | $1.55 | $3.28 | $1.70 | $5.01 | $8.63 | $1.39 | $1.94 | $0.94 | $4.59 |
| Book value per share | $41.46 | $39.89 | $38.74 | $33.05 | $32.89 | $34.77 | $27.18 | $25.89 | $23.60 | $21.51 |
| Tangible book value per share | $34.24 | $32.45 | $32.08 | $25.55 | $24.85 | $30.56 | $23.15 | $21.58 | $21.51 | $20.32 |
| Dividends per share | $0.47 | $0.48 | $0.48 | $0.48 | $0.48 | $0.43 | $0.44 | $0.53 | $0.40 | $0.51 |
| Capex per share | $10.10 | $8.02 | $10.35 | $9.97 | $7.43 | $6.18 | $5.47 | $5.07 | $5.12 | $3.03 |
| Debt per share | $46.56 | $40.33 | $35.39 | $36.33 | $34.30 | $28.57 | $24.77 | $24.88 | $18.00 | $18.72 |
| Shares outstanding | 61.4M | 60.8M | 59.8M | 56.5M | 56.4M | 51.9M | 51.2M | 51.0M | 50.8M | 50.1M |
| Change in shares outstanding | +0.9% | +1.7% | +5.8% | +0.2% | +8.6% | +1.4% | +0.5% | +0.4% | +1.3% | +1.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 5.0% | 5.2% | 5.9% | 3.5% | 3.4% | 5.3% | 6.5% | 7.8% | 15.0% | 9.1% |
| Return on invested capital (ROIC) | 3.7% | 3.8% | 4.0% | 3.5% | 4.0% | 4.8% | 5.1% | 6.1% | 10.6% | 8.9% |
| Return on assets (ROA) | 2.1% | 2.3% | 2.5% | 1.5% | 1.5% | 2.4% | 2.8% | 3.4% | 6.8% | 4.0% |
| Return on tangible assets | 2.1% | 2.4% | 2.6% | 1.6% | 1.6% | 2.3% | 2.9% | 3.4% | 6.9% | 3.9% |
| Free cash flow margin | −28.8% | −8.7% | −37.3% | −38.5% | −24.2% | −7.9% | −5.8% | −15.7% | −2.1% | 1.1% |
| Income quality (OCF / net income) | 2.70 | 3.32 | 2.49 | 4.27 | 4.17 | 3.10 | 2.68 | 1.49 | 1.44 | 1.70 |
| Financial health | ||||||||||
| Total debt | $2.86B | $2.45B | $2.12B | $2.05B | $1.93B | $1.48B | $1.27B | $1.27B | $913.6M | $938.8M |
| Cash & short-term investments | $280.9M | $94.4M | $195.8M | $95.9M | $282.6M | $448.3M | $71.2M | $98.8M | $47.8M | $230.2M |
| Net debt | $2.58B | $2.36B | $1.92B | $1.96B | $1.65B | $1.04B | $1.20B | $1.17B | $865.8M | $708.6M |
| Debt / equity | 1.12 | 1.01 | 0.91 | 1.10 | 1.04 | 0.82 | 0.91 | 0.96 | 0.76 | 0.87 |
| Debt / assets | 0.46 | 0.43 | 0.41 | 0.45 | 0.44 | 0.38 | 0.39 | 0.41 | 0.36 | 0.38 |
| Net debt / EBITDA | 4.76 | 4.60 | 4.15 | 5.12 | 4.47 | 2.57 | 3.27 | 3.48 | 2.60 | 2.31 |
| Current ratio | 0.81 | 0.91 | 1.20 | 1.33 | 1.11 | 3.13 | 1.10 | 1.31 | 1.14 | 2.50 |
| Quick ratio | 0.75 | 0.85 | 1.12 | 1.26 | 1.05 | 2.99 | 1.01 | 1.18 | 1.07 | 2.44 |
| Interest coverage | 1.3 | 1.3 | 1.7 | 1.7 | 2.0 | 2.7 | 2.4 | 2.6 | 3.8 | 3.0 |
| Working capital | −$140.6M | −$51.0M | $109.0M | $112.8M | $57.8M | $530.5M | $39.2M | $111.1M | $38.3M | $283.6M |
| Invested capital | $5.12B | $4.78B | $4.23B | $3.82B | $3.51B | $2.84B | $2.59B | $2.49B | $2.06B | $1.79B |
| Tangible asset value | $2.25B | $2.11B | $2.05B | $1.61B | $1.55B | $1.73B | $1.31B | $1.23B | $1.18B | $1.11B |
| Net current asset value | −$2.96B | −$2.56B | −$2.11B | −$2.12B | −$1.82B | −$1.16B | −$1.32B | −$1.20B | −$962.2M | −$818.7M |
| Graham number | $43.40 | $42.74 | $42.60 | $29.44 | $28.54 | $35.88 | $32.43 | $33.46 | $42.26 | $30.11 |
| Graham net-net per share | −$50.16 | −$46.21 | −$39.07 | −$41.42 | −$35.60 | −$25.57 | −$28.99 | −$27.58 | −$21.71 | −$18.80 |
| Capital allocation | ||||||||||
| Dividends paid | $29.1M | $29.1M | $28.4M | $27.1M | $27.0M | $22.5M | $22.4M | $26.8M | $20.5M | $25.7M |
| Share buybacks (net) | $0 | $0 | $0 | $18.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 23.5% | 23.5% | 22.8% | 41.2% | 43.5% | 26.3% | 25.4% | 27.4% | 12.0% | 27.3% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | — | — | 349.2% |
| Capex / revenue | 62.6% | 55.4% | 74.6% | 76.8% | 63.2% | 45.5% | 37.5% | 35.9% | 37.5% | 22.9% |
| Capex / operating cash flow | 185.0% | 118.7% | 199.9% | 200.5% | 162.0% | 121.0% | 118.4% | 177.3% | 105.9% | 95.4% |
| Capex / depreciation | 2.12 | 1.86 | 2.75 | 2.83 | 2.29 | 2.05 | 1.88 | 1.96 | 2.26 | 1.43 |
| Stock-based compensation / revenue | 2.0% | 2.3% | 1.9% | 1.6% | 1.4% | 1.4% | 1.3% | 1.4% | 1.3% | 0.8% |
| R&D / revenue | 0.6% | 0.7% | 0.9% | 0.7% | 0.6% | 0.8% | 0.6% | 0.6% | 0.5% | 0.4% |
| SG&A / revenue | 8.0% | 9.1% | 10.4% | 10.6% | 13.7% | 8.5% | 9.5% | 9.4% | 8.4% | 9.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 87.7 | 107.0 | 98.8 | 81.6 | 94.3 | 105.2 | 101.3 | 92.4 | 83.2 | 65.8 |
| Days of inventory on hand | 21.2 | 25.0 | 21.9 | 20.1 | 29.2 | 29.9 | 30.6 | 26.3 | 13.6 | 14.0 |
| Days payables outstanding | 63.3 | 79.8 | 70.4 | 59.9 | 69.1 | 63.4 | 49.6 | 49.0 | 48.4 | 41.8 |
| Cash conversion cycle (days) | 45.6 | 52.2 | 50.3 | 41.9 | 54.4 | 71.7 | 82.3 | 69.7 | 48.3 | 38.0 |
| Receivables turnover | 4.16 | 3.41 | 3.69 | 4.47 | 3.87 | 3.47 | 3.60 | 3.95 | 4.39 | 5.55 |
| Payables turnover | 5.77 | 4.57 | 5.18 | 6.09 | 5.28 | 5.76 | 7.36 | 7.44 | 7.54 | 8.74 |
| Inventory turnover | 17.20 | 14.60 | 16.66 | 18.15 | 12.51 | 12.21 | 11.92 | 13.90 | 26.90 | 26.06 |
| Asset turnover | 0.17 | 0.16 | 0.17 | 0.16 | 0.16 | 0.20 | 0.23 | 0.25 | 0.28 | 0.28 |
| Average receivables | $237.8M | $257.8M | $224.6M | $164.2M | $171.2M | $203.3M | $207.0M | $182.1M | $157.8M | $119.4M |
| Average payables | $124.3M | $132.7M | $109.1M | $76.4M | $75.5M | $74.5M | $64.8M | $60.3M | $56.3M | $44.8M |
| Average inventory | $41.7M | $41.6M | $33.9M | $25.6M | $31.9M | $35.1M | $40.0M | $32.3M | $15.8M | $15.0M |
| Intangibles / total assets | 7.1% | 8.0% | 7.6% | 9.2% | 10.2% | 5.6% | 6.3% | 7.0% | 4.1% | 2.4% |
Computed from ORA's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ORA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Ormat Technologies traded at 54.7 times earnings, against a 10-year median of 39.9. Based on the latest twelve months, the trailing P/E is 43.8 and the forward P/E is 35.8. Ormat Technologies earned a return on equity of 5.0% and a return on invested capital of 3.7% in fiscal 2025. It ended the year with $2.9 billion of debt and $280.9 million in cash and short-term investments, net debt of $2.6 billion. It returned $29.1 million to shareholders: $29.1 million in dividends and $0 in share buybacks. The share count rose 22.4% from 50.1M to 61.4M over 9 years.
See the ORA income statement, the ORA chart for price history, or the ORA stock overview for the latest quote and news.
ORA key metrics FAQ
What is Ormat Technologies's P/E ratio?
Ormat Technologies's trailing P/E ratio is 43.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 35.8. At the end of fiscal 2025 it was 54.7, compared with a 10-year median of 39.9.
What is Ormat Technologies's EV/EBITDA?
Ormat Technologies's enterprise value was 17.3 times EBITDA at the end of fiscal 2025 (enterprise value $9.4 billion, EBITDA $540.7 million); the current EV/EBITDA is 15.7.
What is Ormat Technologies's return on equity?
Ormat Technologies's return on equity (ROE) was 5.0% in fiscal 2025: net income of $123.9 million on average shareholders' equity of $2.5 billion.
What is Ormat Technologies's ROIC?
Ormat Technologies's return on invested capital was 3.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ormat Technologies have?
Ormat Technologies had total debt of $2.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.12 and $2.6 billion of net debt (4.76 times EBITDA).
What is Ormat Technologies's dividend yield?
Ormat Technologies's forward dividend yield is 0.54%. Ormat Technologies paid $29.1 million in dividends in fiscal 2025 ($0.47 per share), a payout ratio of 23.5%.
What is Ormat Technologies's free cash flow yield?
Ormat Technologies generated -$284.7 million of free cash flow in fiscal 2025, a free cash flow yield of −4.2% on its market value at year-end ($6.8 billion).
What is Ormat Technologies's current ratio?
Ormat Technologies's current ratio was 0.81 at the end of fiscal 2025: current assets were 0.81 times current liabilities.