Ormat Technologies, Inc.ORA
NYSE•Utilities•Utilities - Renewable
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.
Ormat Technologies, Inc. (ORA) reported trailing twelve months revenue of $1.16B as of March 2026, a 31.5% increase year-over-year. Quarterly revenue reached $403.91M, reflecting continued top-line momentum.
Ormat Technologies, Inc. generated $127.60M in TTM net income, with quarterly EBITDA of $156.62M. The operating margin contracted from 22.2% to 19.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (19.9%) and net margin (10.9%) indicates moderate non-operating costs. Net margin has narrowed from 17.6% a year ago, reflecting increased costs or interest expense.
ORA trades at a P/E of 60.3x (a premium multiple) and a P/S of 6.6x. The price-to-book ratio of 3.0x reflects a moderate premium to book value.
The company reported negative free cash flow of $-35.21M, indicating cash consumption over the period. The balance sheet shows $6.77B in total assets with no in long-term debt against $2.57B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~17.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~5.1% on average, adequate but below the threshold typically associated with wide moats.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~31.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 13.3% — watch for continued compression, which may signal competitive or cost pressure.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation