Ormat Technologies, Inc.
- Open
- 106.63
- Day high
- 110.00
- Day low
- 106.25
- Prev close
- 108.90
- Volume
- 501K
- Mkt cap
- $6.7B
- P/E (TTM)
- 52.3
- EPS (TTM)
- $2.10
- P/B
- 2.6
- P/S
- 5.8
- Yield
- 0.44%
- Per share
- $0.48
- ▼Insiders net selling -$5.4M over the last 3 months (0 open-market buys, 14 sales)
- 🏛Institutions accumulating (13F)
Ormat Technologies, Inc. (ORA) is a Utilities company listed on NYSE. The stock is up 28% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 14 sales (SEC Form 4).
Ormat Technologies, Inc. (ORA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ORA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.92 | $1.30 | +41.3% | $404M | +15.7% |
| Feb 26, 2026 | $0.67 | $0.67 | +0.0% | $276M | -19.9% |
| Aug 6, 2025 | $0.37 | $0.48 | +29.7% | $234M | -0.4% |
| Feb 26, 2025 | $0.47 | $0.72 | +53.2% | $231M | -1.8% |
| Feb 21, 2024 | $0.59 | $0.59 | +0.0% | $241M | +15.3% |
| Aug 2, 2023 | $0.34 | $0.40 | +17.6% | $195M | -8.1% |
| Feb 22, 2023 | $0.48 | $0.73 | +52.1% | $205M | +3.1% |
| Nov 2, 2022 | $0.26 | $0.33 | +26.9% | $176M | +5.2% |
| Aug 3, 2022 | $0.20 | $0.22 | +10.0% | $169M | +2.7% |
| May 2, 2022 | $0.33 | $0.35 | +6.1% | $184M | +4.7% |
| Feb 23, 2022 | $0.30 | $0.41 | +36.7% | $191M | +4.9% |
| Nov 3, 2021 | $0.22 | $0.32 | +45.5% | $159M | +0.3% |
ORA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 4, 2026 | Wong Byron G.director | Grant | 899 | — |
| Jun 4, 2026 | Marom Michaldirector | Grant | 899 | — |
| Jun 4, 2026 | Angel Isaacdirector | Grant | 1,245 | — |
| Jun 4, 2026 | STERN STANLEYdirector | Grant | 899 | — |
| Jun 4, 2026 | SHARIR DAFNAdirector | Grant | 899 | — |
| Jun 4, 2026 | Corfee Karindirector | Grant | 899 | — |
| Jun 4, 2026 | Granot Daviddirector | Grant | 899 | — |
| Jun 4, 2026 | Barniv Ravitdirector | Grant | 899 | — |
| May 29, 2026 | STERN STANLEYdirector | Sell | 250 | $138.42 |
| May 21, 2026 | Granot Daviddirector | Sell | 1,753 | $132.70 |
| May 21, 2026 | Granot Daviddirector | Sell | 323 | $72.99 |
| May 21, 2026 | Granot Daviddirector | Sell | 1,766 | $134.43 |
| May 21, 2026 | Marom Michaldirector | Sell | 3,080 | $130.97 |
| May 21, 2026 | Granot Daviddirector | Sell | 112 | $73.84 |
| May 21, 2026 | Granot Daviddirector | Sell | 111 | $73.01 |
Source: ORA SEC Form 4 filings, latest Jun 4, 2026. For informational purposes only — not investment advice.
See the full ORA insider & 13F page →Ormat Technologies, Inc. company profile
Overview
Ormat Technologies, Inc. (NYSE:ORA) is a Nevada-based renewable energy company founded in 1965 that specializes in geothermal power generation and energy storage solutions. The company has evolved from its origins as an engineering firm into a vertically integrated renewable energy developer, manufacturer, and operator with a global presence spanning the United States, Indonesia, Kenya, Turkey, Chile, and other international markets. Ormat went public in 2004 and has established itself as a leading player in the geothermal energy sector, leveraging proprietary technology and decades of expertise to develop, build, own, and operate renewable energy facilities while also manufacturing specialized equipment for the industry.
Business
Ormat operates in the renewable energy sector with a focus on geothermal power generation, which harnesses heat from the Earth's core to produce electricity. Geothermal energy works by drilling deep wells to access underground reservoirs of hot water and steam, which are then used to drive turbines that generate electricity. This form of renewable energy provides baseload power, meaning it can operate continuously regardless of weather conditions, unlike solar or wind power. The company operates through three distinct business segments: 1. Electricity Segment (~89% of adjusted EBITDA): This is Ormat's core business, involving the development, construction, ownership, and operation of geothermal power plants, solar photovoltaic facilities, and recovered energy-based power plants. The segment generates revenue by selling electricity to utilities and other customers under long-term power purchase agreements (PPAs). The company currently operates facilities with approximately 1.2 gigawatts of capacity and is targeting 2.6-2.8 gigawatts by 2028. 2. Product Segment (~6% of adjusted EBITDA): This segment designs, manufactures, and sells specialized equipment for geothermal and recovered energy power generation, including turbines, heat exchangers, and complete power plant systems. The segment also provides engineering, procurement, construction, operation, and maintenance services. Customers include contractors, power plant developers and operators, and companies in energy-intensive industries. The segment currently has a record backlog of $340 million. 3. Energy Storage Segment (~5% of adjusted EBITDA): This newer segment develops, owns, and operates battery energy storage systems that help stabilize electrical grids and provide backup power. These systems store electricity during periods of low demand and release it during peak demand periods. The company is developing seven storage projects totaling 435 megawatts of capacity and 1,240 megawatt-hours of storage capacity expected to be operational by 2026.
Revenue model
Ormat generates revenue through multiple business models across its three segments. The Electricity segment operates on a power generation model, selling electricity under long-term power purchase agreements (PPAs) typically lasting 15-25 years with utilities, independent system operators, and increasingly with data centers and hyperscale computing companies. Recent PPA pricing has exceeded $100 per megawatt-hour, reflecting strong demand for renewable baseload power. The company benefits from predictable, contracted cash flows and inflation escalations built into these agreements. The Product segment operates on a manufacturing and services model, generating revenue through equipment sales, engineering services, and long-term operation and maintenance contracts. This segment provides higher-margin revenue but is more cyclical based on global geothermal development activity. The Energy Storage segment employs both merchant market pricing and tolling agreements, where customers pay for the right to dispatch stored energy during peak demand periods. Several factors influence Ormat's profitability margins. Positive factors include the Inflation Reduction Act tax credits (providing 30-50% tax credits for new projects), increasing demand from data centers requiring 24/7 renewable power, rising electricity prices due to grid constraints, and the company's vertical integration reducing supply chain costs. Negative factors include potential tariffs on energy storage equipment (primarily batteries from China), permitting delays for new geothermal projects on federal lands, competition from other renewable sources, and commodity price inflation affecting construction costs. The company's geothermal focus provides some insulation from weather-related generation variability that affects solar and wind competitors.
Competitive moat
Ormat possesses a moderate to strong competitive moat built primarily on its specialized expertise and vertical integration in geothermal energy. The company's moat stems from several key factors: proprietary technology and patents developed over nearly 60 years in geothermal development, including Organic Rankine Cycle (ORC) technology for power generation; extensive geological knowledge and relationships in prime geothermal regions globally; and vertical integration spanning the entire value chain from exploration and development to manufacturing, construction, and operations. The geothermal industry itself presents high barriers to entry due to the specialized technical knowledge required, significant upfront capital requirements, long development timelines (often 3-7 years), and geological risks in identifying viable sites. Ormat's established relationships with utilities and land access rights in key geothermal regions provide additional competitive advantages. The company's manufacturing capabilities also create switching costs for customers who rely on Ormat's specialized equipment and ongoing maintenance services. However, the moat faces potential challenges from emerging Enhanced Geothermal Systems (EGS) technology, which could democratize geothermal development by making it viable in more geographic locations, potentially reducing Ormat's advantage in traditional geothermal regions. Additionally, the rapid growth of solar and wind power, combined with battery storage, could compete with geothermal's baseload advantages. Large technology companies developing their own renewable energy capabilities and new entrants with significant capital could also pose competitive threats, though the technical complexity of geothermal development provides some protection against casual entry.
Risks & safety
Ormat presents a moderate margin of safety with mixed financial strength indicators and reasonable but not exceptional valuation metrics. • Liquidity and Solvency: Current ratio of 0.97 indicates tight short-term liquidity, though $113 million in cash provides some cushion. Debt-to-equity ratio of 1.05 shows moderate leverage levels typical for capital-intensive utilities. • Cash Flow: Strong operating cash flow of $411 million in 2024, but negative free cash flow of -$77 million due to heavy capital investments in growth projects. This is typical during expansion phases but requires monitoring. • Valuation Metrics: Trading at 26.5x P/E ratio and 11.9x EV/EBITDA, which are reasonable for a growing utility but not deeply discounted. Graham number of $24.69 suggests potential overvaluation at current price of $74.11. • Other Considerations: Long-term contracted revenue provides stability, IRA tax credits offer significant cash benefits ($160 million expected in 2025), but execution risk exists with ambitious 2.6-2.8 GW capacity target by 2028.
Recent development
Over the past few years, Ormat has executed several strategic initiatives to accelerate growth and diversify its renewable energy portfolio. The company completed a significant acquisition of Enel Green Power North America assets in early 2024, adding substantial geothermal capacity to its portfolio. This acquisition, combined with organic development projects, added 133 megawatts of new capacity in 2024 alone. The company has aggressively expanded its energy storage business, bringing three new facilities online in 2024 including the 80 MW Bottleneck project, and developing seven additional storage projects totaling 435 megawatts expected to be operational by 2026. Ormat has also secured multiple tolling agreements for energy storage, including two 15-year agreements in Israel for 150 MW/600 MWh capacity. Strategic partnerships and market expansion have been key focus areas, with Ormat signing multiple power purchase agreements exceeding $100 per megawatt-hour and actively pursuing contracts with hyperscale data centers requiring 24/7 renewable power. The company signed a 10-year PPA with Calpine Energy Solutions and is negotiating additional contracts across utilities and technology companies. Recent regulatory developments have been favorable, with executive orders aimed at expediting permitting on Bureau of Land Management lands potentially reducing geothermal permit processing times from 1-3 years to 14-28 days. The company has also been proactively securing tax credit eligibility under the Inflation Reduction Act, expecting to receive up to $160 million in tax credit cash proceeds in 2025. Additionally, Ormat is exploring Enhanced Geothermal Systems (EGS) technology, leveraging patents from previous research to potentially expand geothermal development to new geographic areas.
ORA company profile · for informational purposes only — not investment advice.
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