Value Investor
Start free

Ormat Technologies

ORA on NYSE. Ormat Technologies sells geothermal electricity to utilities and other customers. Market value $5.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Utilities stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-4.6%low

For every $100 of what the whole company costs, it produced $-4.63 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
42.2×full

You pay 42.2 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
3.1%five-year median

Each dollar kept in the business earns 3 cents a year. Above 10 is good.

Quality score: 63 of 100. Price score: 12 of 100. Our list needs 70 on quality and 60 on price.

$93.07 a share, 7% above its 1-year low

Over the past year the price has ranged from $87.06 to $146.39.

Dividend: 0.5% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.2
-0.3
-0.3
-0.1
-0.3
-0.3
2021202220232024202512 monthsto Jun '26
Revenue
$663m$734m$829m$880m$990m
Operating margin
25.5%20.8%20.1%19.6%17.1%
Debt to equity
1.041.100.901.011.09
Shares outstanding
0.06bn0.06bn0.06bn0.06bn0.06bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt1.09× equity
  • Revenue growth, five yearsSlow, 7.0% a year
  • Buying back its own sharesNo, 10% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $259 million last quarter, up 11% on a year ago.
  • Profit: $27 million, down 3% on a year ago.
  • It keeps 17 cents of each $1 of sales as operating profit, down from 19 cents a year earlier.
  • Over the past 12 months it spent $265 million more cash than it brought in, compared with $115 million a year earlier.
  • 2% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$212m
December 2024$231m
March 2025$230m
June 2025$234m
September 2025$250m
December 2025$276m
March 2026$404m
June 2026$259m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$22m
December 2024$41m
March 2025$40m
June 2025$28m
September 2025$24m
December 2025$31m
March 2026$44m
June 2026$27m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 434 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 11 sold $12m, $3m of it under preset trading plans.

  • Willis Aron John
    EVP, Electricity Segment
    Sold
    Date
    1 July 2026
    Shares
    451
    Price
    $106.64
    Value
    $48,095
  • STERN STANLEY
    Director
    Sold
    Date
    27 May 2026
    Shares
    250
    Price
    $138.42
    Value
    $34,605
  • Granot David
    Director
    Sold
    Date
    21 May 2026
    Shares
    1,766
    Price
    $134.43
    Value
    $237,403
  • Granot David
    Director
    Sold
    Date
    20 May 2026
    Shares
    1,753
    Price
    $132.70
    Value
    $232,623
  • Marom Michal
    Director
    Sold
    Date
    19 May 2026
    Shares
    3,080
    Price
    $130.98
    Value
    $403,418
  • STERN STANLEY
    Director
    Sold
    Date
    15 May 2026
    Shares
    577
    Price
    $130.17
    Value
    $75,108
  • Ginzburg Assi
    Chief Financial Officer
    Sold
    Date
    14 May 2026
    Shares
    17,776
    Price
    $134.75
    Value
    $2m
  • Benyosef Ofer
    EVP, Energy Storage & BD
    Sold
    under a preset trading plan
    Date
    13 May 2026
    Shares
    9,429
    Price
    $131.02
    Value
    $1m
  • Wong Byron G.
    Director
    Sold
    Date
    13 May 2026
    Shares
    4,500
    Price
    $134.32
    Value
    $604,440
  • SHARIR DAFNA
    Director
    Sold
    under a preset trading plan
    Date
    11 May 2026
    Shares
    883
    Price
    $122.44
    Value
    $108,115

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 42.2× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.