Ormat Technologies (ORA) financial statements
Ormat Technologies reported revenue of $990M in fiscal 2025, up 4.6% a year over 9 years.
Net income was $124M and the operating margin 17.1%, against 30.5% in 2016.
Free cash flow was -$285M, and the company returned $29M in dividends.
The diluted share count rose 22% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ormat Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $663M | $693M | $719M | $746M | $705M | $663M | $734M | $829M | $880M | $990M |
| Cost of revenue | $392M | $424M | $449M | $477M | $429M | $399M | $465M | $565M | $607M | $717M |
| Gross profit | $271M | $268M | $270M | $269M | $276M | $264M | $269M | $264M | $273M | $273M |
| Research and development | $3M | $3M | $4M | $5M | $5M | $4M | $5M | $7M | $7M | $6M |
| Selling, general and admin | $63M | $58M | $68M | $71M | $78M | $91M | $77M | $86M | $98M | $98M |
| Operating income | $202M | $205M | $185M | $194M | $214M | $169M | $153M | $167M | $172M | $169M |
| Interest expense | $67M | $54M | $71M | $80M | $78M | $83M | $88M | $99M | $134M | $142M |
| Pre-tax income | $141M | $171M | $137M | $137M | $169M | $104M | $96M | $139M | $115M | $106M |
| Income tax | $37M | $22M | $35M | $46M | $67M | $25M | $15M | $6M | -$16M | -$20M |
| Net income | $89M | $132M | $98M | $88M | $85M | $62M | $66M | $124M | $124M | $124M |
| EPS (diluted) | $1.77 | $2.61 | $1.92 | $1.72 | $1.65 | $1.10 | $1.17 | $2.08 | $2.04 | $2.02 |
| Diluted shares | 50M | 51M | 51M | 51M | 52M | 56M | 57M | 60M | 61M | 61M |
| Gross margin | 40.9% | 38.7% | 37.6% | 36.1% | 39.2% | 39.9% | 36.6% | 31.8% | 31.0% | 27.6% |
| Operating margin | 30.5% | 29.6% | 25.7% | 26.0% | 30.3% | 25.5% | 20.8% | 20.1% | 19.6% | 17.1% |
| Net margin | 13.4% | 19.1% | 13.6% | 11.8% | 12.1% | 9.4% | 9.0% | 15.0% | 14.1% | 12.5% |
Balance sheet
Fiscal years, from Ormat Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $230M | $48M | $99M | $71M | $448M | $239M | $96M | $196M | $94M | $147M |
| Receivables | $81M | $110M | $138M | $155M | $149M | $123M | $129M | $209M | $164M | $165M |
| Inventory | $12M | $20M | $45M | $35M | $35M | $28M | $23M | $45M | $38M | $45M |
| Total current assets | $473M | $322M | $473M | $416M | $779M | $602M | $457M | $646M | $547M | $598M |
| Property, plant and equipment | $1.6B | $1.7B | $2.0B | $2.0B | $2.1B | $2.3B | $2.5B | $3.0B | $3.5B | $3.7B |
| Goodwill | $7M | $21M | $20M | $20M | $25M | $90M | $90M | $91M | $151M | $168M |
| Total assets | $2.5B | $2.6B | $3.1B | $3.3B | $3.9B | $4.4B | $4.6B | $5.2B | $5.7B | $6.2B |
| Total current liabilities | $189M | $283M | $362M | $376M | $249M | $544M | $344M | $537M | $598M | $738M |
| Total liabilities | $1.3B | $1.3B | $1.7B | $1.7B | $1.9B | $2.4B | $2.6B | $2.8B | $3.1B | $3.6B |
| Shareholders' equity | $1.1B | $1.2B | $1.3B | $1.4B | $1.8B | $1.9B | $1.9B | $2.3B | $2.4B | $2.5B |
| Net debt | -$230M | -$48M | -$99M | -$71M | -$448M | -$239M | -$96M | -$196M | -$94M | -$147M |
Cash flow
Fiscal years, from Ormat Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $159M | $246M | $146M | $236M | $265M | $259M | $281M | $309M | $411M | $335M |
| Capital spending | $152M | $259M | $259M | $280M | $321M | $419M | $563M | $618M | $488M | $620M |
| Free cash flow | $7M | -$14M | -$113M | -$43M | -$56M | -$160M | -$283M | -$309M | -$77M | -$285M |
| Stock-based compensation | $5M | $9M | $10M | $9M | $10M | $9M | $12M | $15M | $20M | $19M |
| Dividends paid | $26M | $21M | $27M | $22M | $22M | $27M | $27M | $28M | $29M | $29M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$18M | $0 | $0 | — |
| Net borrowing | $80M | -$66M | $152M | — | $419M | — | — | -$207M | -$209M | -$265M |
| Free cash flow margin | 1.1% | -2.0% | -15.7% | -5.8% | -7.9% | -24.2% | -38.5% | -37.3% | -8.7% | -28.8% |
| Dividends per share | $0.51 | $0.40 | $0.53 | $0.44 | $0.43 | $0.48 | $0.48 | $0.48 | $0.48 | $0.47 |
Questions
What was Ormat Technologies's revenue in 2025?
$990M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ormat Technologies generate?
-$285M in fiscal 2025 (operating cash flow minus capital spending).
From Ormat Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.