Ormat Technologies, Inc. (ORA) Stock Price & Analysis
Ormat Technologies, Inc. (ORA) is trading at USD 86.82, down 1.45% today, as of October 23, 2026 at 18:37 UTC (US market open; quotes may be delayed), according to Nexqual market data.
ORA last closed at USD 88.1; today's session has ranged USD 86.3–87.6 on volume of 201,816 shares. Market capitalization is $5.34B, with a 52-week range of USD 85.77–146.39 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 18:38 UTC.
Also available as compact Markdown for AI agents: nexqual.com/ORA.md
Key facts (ORA)
- Last four reported quarters (through Jun 30, 2026): revenue $1.19B, net income $127M (10.7% margin), free cash flow -$265M (SEC filings).
- Valuation: P/E 42.2x (avg 41.5x at the last 3 fiscal year-ends), EV/EBITDA 11.3x, net debt $393M.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $5.4M; 7 not under a Rule 10b5-1 plan ($4.0M); 4 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.23 on a 1–5 scale) (13 analysts), mean target USD 123.58 (range 98–145).
- Total return with dividends: 1Y -16.7% vs S&P 500 +14.5%; 5Y +23.6% vs S&P 500 +77.1%.
- Next earnings: 2026-11-04, EPS estimate USD 0.33, revenue estimate $249M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (ORA)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $663M | $734M | $829M | $880M | $990M | $1.19B |
| Gross profit | $264M | $269M | $264M | $273M | $273M | — |
| Operating income | $169M | $153M | $167M | $172M | $169M | $197M |
| Net income | $62.1M | $65.8M | $124M | $124M | $124M | $127M |
| EPS (diluted) | $1.10 | $1.17 | $2.08 | $2.04 | $2.02 | — |
| Free cash flow | -$160M | -$283M | -$309M | -$76.8M | -$285M | -$265M |
| Gross margin | 39.9% | 36.6% | 31.8% | 31.0% | 27.6% | — |
| Operating margin | 25.5% | 20.8% | 20.1% | 19.6% | 17.1% | 16.6% |
| Net margin | 9.4% | 9.0% | 15.0% | 14.1% | 12.5% | 10.7% |
| Revenue growth | -6.0% | +10.7% | +13.0% | +6.1% | +12.5% | — |
| Cash + short-term investments | $239M | $95.9M | $196M | $94.4M | $147M | — |
| Total debt | $1.93B | $2.05B | $2.09B | $2.44B | $2.76B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (ORA)
P/E 42.2x · P/S 4.5x · EV/EBITDA 11.3x · EV/Sales 4.8x · P/B 2.1x · FCF yield -4.96% · Earnings yield 2.37% · Dividend yield (paid, TTM) 0.55% · Net debt $393M · EV $5.73B
P/E at fiscal year-ends: Dec 2025 54.7x, Dec 2024 33.3x, Dec 2023 36.4x.
Insider sales (SEC Form 4, open-market, last ~7 months) (ORA)
2 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-01 | Willis Aron John | EVP, Electricity Segment | 451 | $48K | 24.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Stern Stanley | Director | 250 | $35K | 4.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-20…2026-05-21 | Granot David | Director | 3,519 | $470K | 100% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-19 | Marom Michal | Director | 3,080 | $403K | 63.6% | No | Too little history (no open-market trades in 2023) |
| 2026-05-15 | Stern Stanley | Director | 577 | $75K | 8.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14 | Ginzburg Assi | Chief Financial Officer | 17,776 | $2.4M | 90% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Benyosef Ofer | EVP, Energy Storage & BD | 9,429 | $1.2M | 100% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Wong Byron G. | Director | 4,500 | $604K | 43.2% | No | Too little history (no open-market trades in 2023) |
| 2026-05-11 | Sharir Dafna | Director | 883 | $108K | 21.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (ORA)
Consensus Buy (mean 2.23 on a 1–5 scale), 13 analysts; mean target USD 123.58 (low 98, high 145).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | JP Morgan | Target lowered | Neutral | $131 → $98 |
| 2026-10-01 | UBS | Downgrade | Buy → Neutral | $157 → $100 |
| 2026-09-09 | JP Morgan | Target raised | Neutral | $122 → $131 |
| 2026-09-09 | Oppenheimer | Target raised | Outperform | $141 → $145 |
| 2026-09-09 | RBC Capital | Reiterated | Outperform | $130 |
| 2026-09-04 | Bernstein | Upgrade | Underperform → Market Perform | $112 |
| 2026-08-10 | Barclays | Target lowered | Overweight | $127 → $122 |
| 2026-08-07 | Oppenheimer | Target lowered | Outperform | $144 → $141 |
| 2026-07-16 | Barclays | Target raised | Overweight | $126 → $127 |
Total return (dividends reinvested) (ORA)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -16.7% | +23.6% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | -16.7% | +4.3% |
| Volatility (annualized) | 37.3% | 29.1% |
| Max drawdown | -40.2% (Jun 2026→Oct 2026) | -38.9% (Nov 2022→Nov 2023) |
ORA revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Electricity | $169.3M | 65.4% | +5.8% |
| Product | $46.7M | 18.1% | -21.6% |
| Energy Storage | $42.8M | 16.5% | +195.1% |
| Total revenue | $258.8M | 100% | — |
ORA revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Electricity | $169.3M | 65.4% | +5.8% |
| Accounted for Under ASC 606 | $48.8M | 18.9% | +55.4% |
| Product | $46.7M | 18.1% | -21.6% |
| Energy Storage | $42.8M | 16.5% | +195.1% |
| Total revenue | $258.8M | 100% | — |
ORA revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $164.5M | 63.6% | +27.1% |
| Non-US | $94.3M | 36.4% | -9.8% |
| Total revenue | $258.8M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
ORA suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Sage Geosystems | “This includes advancing internal R&D, and building on existing pilot initiatives, including our collaboration with SLB and Sage, while selectively developing capabilities internally or with third parties to address technical gaps and unlock new market opportunities aligned with our strategic plan.” |
| Partner | Kenya Power and Lighting | “Any change in KPLC's financial condition or the terms of our agreement with KPLC, may adversely affect us.” |
| Partner | Morgan Stanley Renewables | “•In May 2025, we announced the signing of a $62.0 million Hybrid Tax Equity partnership with Morgan Stanley Renewables, Inc. The partnership's transaction covers the Lower Rio 60MW/120MWh storage facility and the Arrowleaf 35MW/140MWh storage and 42MW solar projects, which are expected to achieve COD by the end of 2025.” |
| Competitor | Chevron (CVX) | “In Indonesia, Ormat faces competition from companies such as Kaishan, PT Pertamina Geothermal Energy, PT Star Energy, and, in a recent tender, Chevron (in partnership with Pertamina).” |
Quoted from the company's 10-K filed Feb 26, 2026.
ORA customer concentration
In the period ended Jun 30, 2026, 3 direct customers each accounted for at least 10% (16.6%, 13%, 12.3%) of revenue, per the company's 10-Q filed Aug 6, 2026. The company does not name them.
ORA company outlook (results filed Aug 5, 2026)
- “Based on our strong first-half performance and positive momentum across our business, we are raising our full-year 2026 revenue and Adjusted EBITDA guidance," said Doron Blachar, Chief Executive Officer of Ormat.”
- “Today, we have 202 MW of electricity generation projects under construction and development, all backed by long-term PPAs, together with 497 MW / 1,888 MWh of energy storage projects under construction and development, providing strong visibility into our continued growth.”
- “At the Desert Peak project with SLB, we completed geophysical data acquisition, updated the subsurface model, advanced permitting and procurement of long-lead materials, and entered the final stages of vendor selection ahead of planned drilling in the fourth quarter of 2026.”
- “The decrease was primarily driven by a $6.6 million write-off of storage projects that we decided to no longer pursue. • Adjusted net income for the three months ended June 30, 2026, was $31.0 million, or $0.50 per diluted share, compared to $29.1 million, or $0.48 per diluted share, in the prior year period.”
Quoted word-for-word from the SEC 8-K results press release.
ORA analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.33 | $0.23 | +42.5% | $249.3M | 8 |
| Next quarter (ends Dec 2026) | $0.53 | $0.52 | +2.2% | $268.4M | 8 |
| Current fiscal year (ends Dec 2026) | $2.68 | $2.26 | +18.7% | $1.18B | 9 |
| Next fiscal year (ends Dec 2027) | $2.57 | $2.47 | +3.8% | $1.15B | 10 |
Key Statistics (as of October 23, 2026 at 18:38 UTC)
| Price | USD 86.82 |
|---|---|
| Change | ▼ 1.45% (down) |
| Previous Close | USD 88.1 |
| Open | USD 87.5 |
| Day Range | USD 86.3 – 87.6 |
| 52-Week Range | USD 85.77 – 146.39 |
| Volume | 201,816 shares |
| Market Cap | $5.34B |
| Exchange | NYQ |
Technical Analysis (ORA)
Nexqual's technical model rates ORA "SELL" based on 1 bullish and 5 bearish signals across 128 daily candles, as of October 23, 2026 at 18:38 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 35.51 (neutral) |
| vs SMA50 | Below (USD 97.03) |
| MACD | -2.46 (negative) |
Analyst Ratings (ORA)
Wall Street analysts rate ORA "Buy" based on 13 analysts, with a mean price target of USD 123.58 (range USD 98–145), per Nexqual as of October 23, 2026 at 18:38 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 13 |
| Mean Target | USD 123.58 |
| High Target | USD 145 |
| Low Target | USD 98 |
| Buy / Hold / Sell | 7 / 6 / 0 |
Earnings (ORA)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 0.33 |
| Revenue Estimate | $249.26M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.5 vs est 0.26 ▲ beat |
| 2026-03-31 | USD 1.3 vs est 0.9 ▲ beat |
| 2025-12-31 | USD 0.67 vs est 0.64 ▲ beat |
| 2025-09-30 | USD 0.41 vs est 0.38 ▲ beat |
Source: Nexqual, October 23, 2026 at 18:38 UTC.
Financials & Fundamentals (ORA)
| Total Revenue | $1.19B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +10.60% |
| Gross Margin | +27.93% |
| Operating Margin | +13.60% |
| Profit Margin | +10.66% |
| ROE | +4.78% |
| Debt / Equity | 1.24 |
| Current Ratio | 1.05 |
| Total Cash | $513.75M |
| Total Debt | $3.41B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$264.77M (-22.3% of revenue) |
Source: Nexqual, October 23, 2026 at 18:38 UTC.
Financial Health Score (ORA)
Nexqual rates Ormat Technologies, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 18:38 UTC.
| Growth | Solid — Revenue +12% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 28%, operating 14% (last 12 months) |
| Balance Sheet | Mixed — $514M cash and investments vs $906M debt (Jun 2026, SEC) |
| Cash Flow | Weak — FCF negative: -$265M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Weak — ROE 5%, ROA 2.0% |
Ownership (ORA)
| Insider Ownership | +0.42% |
|---|---|
| Institutional Ownership | +96.70% |
| Shares Outstanding | 61.50M |
| Float | 61.33M |
| Short % of Float | +11.38% |
Source: Nexqual, October 23, 2026 at 18:38 UTC.
Leadership (ORA)
Ormat Technologies, Inc. is led by Doron Blachar, Chief Executive Officer, per Nexqual as of October 23, 2026 at 18:38 UTC.
| Chief Executive Officer | Doron Blachar |
|---|---|
| Chief Financial Officer | Assaf Ginzburg C.P.A. |
| Executive Vice President of Energy Storage & Business Development | Ofer Ben Yosef |
| Executive Vice President of Electricity Segment | Aron John Willis |
| Executive VP & Chief Technology Officer | Nirit Grushko |
Major Backers & Investors (ORA)
Notable institutional backers of Ormat Technologies, Inc. include Clal Insurance Enterprises Holdings Ltd, Canada Pension Plan Investment Board, Neuberger Berman Group, LLC, according to Nexqual as of October 23, 2026 at 18:38 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Clal Insurance Enterprises Holdings Ltd | 3.87% |
| Canada Pension Plan Investment Board | 2.59% |
| Neuberger Berman Group, LLC | 2.28% |
| Global Alpha Capital Management Ltd. | 2.21% |
| American Century ETF Trust-Avantis U.S. Small Cap Value ETF | 1.14% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 13.38% |
| Vanguard Group | 9.32% |
| State Street | 4.09% |
| Dimensional Fund Advisors | 3.15% |
| Geode Capital | 2.91% |
Source: Nexqual, October 23, 2026 at 18:38 UTC.
From Ormat Technologies, Inc.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- We are a leading vertically integrated company primarily engaged in the geothermal power business.
- Our proprietary technology involves original designs of Organic Rankine Cycles including equipment such as turbines, pumps, and heat exchangers, as well as formulation of organic motive fluids (all of which are non-ozone-depleting substances).
- As part of our continuous cost reduction and performance enhancement, we developed and patented the extraction ORC, extraction and injection turbines that allow bleed or injection of motive fluid between stages from or to the organic turbine.
- Our Company-owned power plants include both power plants that we have built and acquired.
Partnerships
- The purchasers of electricity from our foreign power plants are primarily state-owned entities in countries with below investment grade ratings.
- As a strategic investor, Ormat New Ventures seeks to provide portfolio companies with access to the Company's technical expertise, project development capabilities and operational experience, in addition to capital.
Legal & Regulatory Risks (Item 1A, quoted)
- We could be impacted by regulatory and other responses to climate change and other sustainability-related matters.
- Our financial performance could be adversely affected by changes in the legal and regulatory environment affecting our operations.
- We could be exposed to significant liability for violations of hazardous substances laws because of the use or presence of such substances at our power plants.
- Litigation, legal proceedings, regulatory investigations or other administrative proceedings could expose us to significant liabilities and reputational damage that could have a material adverse effect on us.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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| ENIC | Enel Chile S.A. | USD 4.35 | ▲ 0.12% |
| MWH | SOLV Energy, Inc. | USD 21.57 | ▲ 0.19% |
| CWEN | Clearway Energy, Inc. | USD 31.28 | ▼ 0.48% |
| ENLT | Enlight Renewable Energy Ltd. | USD 68.51 | ▼ 1.17% |
| RNW | ReNew Energy Global plc | USD 6.88 | ▼ 0.07% |
| FRVO | Fervo Energy Company | USD 8.04 | ▼ 2.61% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 18:38 UTC. This page is informational and not investment advice.
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