Ormat Technologies, Inc. (ORA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-243.0%

-$130.43

vs $91.24 price

Levered DCF

-$232.81

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.3

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	54.15×	33.03×	36.26×	73.91×	71.44×	54.39×	43.08×	27.1×
P/B	2.64×	1.69×	1.95×	2.6×	2.39×	2.58×	2.72×	2.01×
P/S	6.78×	4.65×	5.43×	6.6×	6.7×	6.6×	5.08×	3.68×
EV / EBITDA	17.17×	12.59×	13.88×	17.81×	16.62×	14.11×	13.61×	11.22×
Gross margin	27.6%	31.0%	31.8%	36.6%	39.9%	39.2%	36.1%	37.6%
Operating margin	18.5%	19.6%	20.1%	20.8%	25.5%	30.3%	26.0%	25.7%
Net margin	12.5%	14.1%	15.0%	9.0%	9.4%	12.1%	11.8%	13.6%
Current ratio	0.81×	0.91×	1.2×	1.33×	1.11×	3.13×	1.1×	1.31×
Debt / equity	1.12×	1.01×	0.91×	1.1×	1.04×	0.82×	0.91×	0.96×
Interest coverage	1.29×	1.29×	1.68×	1.74×	2.05×	2.75×	2.41×	2.61×
Dividend yield	0.4%	0.7%	0.6%	0.6%	0.6%	0.5%	0.6%	1.0%
Payout ratio	23.5%	23.5%	22.8%	41.2%	43.5%	26.3%	25.4%	27.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.9%	5.1%	5.4%	3.5%	3.3%	4.7%	6.3%	7.4%
Return on invested capital	3.0%	3.2%	3.2%	2.9%	3.0%	3.5%	4.2%	4.6%
Return on assets	2.0%	2.2%	2.4%	1.4%	1.4%	2.2%	2.7%	3.1%
Free cash flow yield	-4.2%	-1.9%	-6.9%	-5.8%	-3.6%	-1.2%	-1.1%	-4.3%
Earnings yield	1.8%	3.0%	2.8%	1.4%	1.4%	1.8%	2.3%	3.7%
Enterprise value	$9.3B	$6.5B	$6.4B	$6.8B	$6.1B	$5.7B	$5B	$3.8B
Net debt / EBITDA	4.76×	4.6×	4.15×	5.12×	4.59×	2.57×	3.27×	3.44×
Cash conversion cycle (days)	45	49	58	45	40	65	76	92