# Ormat Technologies, Inc. (ORA)

> Source: Nexqual · https://nexqual.com/ORA · data as of 2026-10-23 19:19 UTC · cite as "Nexqual, Ormat Technologies, Inc. (ORA), nexqual.com/ORA" · informational, not investment advice.

**Price:** USD 86.94 (-1.32% today) · US market open, as of October 23, 2026 at 19:19 UTC; quotes may be delayed. Prev close 88.1 · day 86.3–87.6 · 52w 85.77–146.39 · market cap $5.35B · NYQ

## Key facts
- 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 -16.6% vs S&P 500 +14.5%; 5Y +23.7% 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)
| 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)
P/E 42.2x · P/S 4.5x · EV/EBITDA 11.3x · EV/Sales 4.8x · P/B 2.1x · FCF yield -4.95% · Earnings yield 2.37% · Dividend yield (paid, TTM) 0.55% · Net debt $393M · EV $5.74B
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)
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
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)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -16.6% | +23.7% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | -16.6% | +4.3% |
| Volatility (annualized) | 37.3% | 29.1% |
| Max drawdown | -40.2% (Jun 2026→Oct 2026) | -38.9% (Nov 2022→Nov 2023) |

## Peers (Utilities - Renewable)
ENIC (Enel Chile S.A.) USD 4.36 +0.46% · MWH (SOLV Energy, Inc.) USD 21.55 +0.07% · CWEN (Clearway Energy, Inc.) USD 31.23 -0.64% · ENLT (Enlight Renewable Energy Ltd.) USD 68.4 -1.33% · RNW (ReNew Energy Global plc) USD 6.88 -0.00% · FRVO (Fervo Energy Company) USD 8.05 -2.48%

## More
Full page: https://nexqual.com/ORA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ORA's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1296445/000129644526000006/ora-20251231.htm):

| 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 techn…" |
| 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 Arrowle…" |
| 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)." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Electricity | $169.3M | 65.4% | +5.8% | $23.7M | 14.0% |
| Product | $46.7M | 18.1% | -21.6% | -$1.8M | -3.9% |
| Energy Storage | $42.8M | 16.5% | +195.1% | $12.3M | 28.8% |
| Total revenue | $258.8M | 100% | — | $34.2M | 13.2% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 118.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $164.5M | 63.6% | +27.1% |
| Non-US | $94.3M | 36.4% | -9.8% |
| Total revenue | $258.8M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 16.6%, 13%, 12.3% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-05)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.33 | $0.23 | +42.5% | $249.3M | 8 |
| Next quarter (ends 2026-12-31) | $0.53 | $0.52 | +2.2% | $268.4M | 8 |
| Current fiscal year (ends 2026-12-31) | $2.68 | $2.26 | +18.7% | $1.18B | 9 |
| Next fiscal year (ends 2027-12-31) | $2.57 | $2.47 | +3.8% | $1.15B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±9.9%; last 8 reports averaged ±4.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 44.1% | ±9.9% |
| 2026-12-18 | 56 | 39.9% | ±12.5% |
| 2027-03-19 | 147 | 39.2% | ±19.7% |
| 2027-06-17 | 237 | 37.6% | ±24.0% |