Latest Ratios: P/E Ratio 53.1x · EV/EBITDA 28.3x · ROE 2.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $3.5B | $1.8B | $1.3B | $1.8B | $2.8B | $1.6B | $1.1B | $794M | $1.2B | $626M |
| Enterprise Value | $3.8B | $3.8B | $2.1B | $2.2B | $2.4B | $3.6B | $2.3B | $1.6B | $1.2B | $786M | $3.6B |
| P/E Ratio → | 53.13 | 52.21 | 3.00 | — | 5.69 | 3.04 | 3.20 | — | 1.83 | 4.92 | — |
| P/S Ratio | 4.03 | 3.97 | 2.39 | 1.88 | 3.10 | 5.80 | 4.20 | 3.04 | 2.18 | 3.19 | 1.93 |
| P/B Ratio | 1.10 | 1.09 | 0.67 | 0.63 | 0.77 | 1.24 | 1.27 | 1.59 | 1.11 | 1.11 | 0.70 |
| P/FCF | — | — | — | — | 3.55 | 360.70 | — | 22.23 | — | 1.19 | — |
| P/OCF | 12.39 | 12.18 | 6.76 | 4.69 | 2.31 | 11.76 | 17.62 | 13.28 | 15.16 | 2.97 | 3.86 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.31 | 2.74 | 3.17 | 4.26 | 7.38 | 5.88 | 4.32 | 3.43 | 2.15 | 11.14 |
| EV / EBITDA | 28.33 | 27.89 | 14.59 | 16.43 | 37.17 | 44.46 | 39.74 | 18.34 | 17.21 | 3.56 | 11.13 |
| EV / EBIT | 61.22 | 15.25 | 11.49 | 16.44 | 18.81 | 3.86 | 4.33 | 95.64 | 2.54 | — | — |
| EV / FCF | — | — | — | — | 4.87 | 458.83 | — | 31.67 | — | 0.80 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.8% | 16.8% | 19.1% | 17.3% | 17.4% | 20.2% | 18.4% | 23.1% | 20.5% | 18.7% | 14.2% |
| Operating Margin | 7.2% | 7.2% | 6.3% | 6.2% | 0.5% | 4.8% | 6.0% | 15.0% | 11.6% | 11.6% | 46.9% |
| Net Profit Margin | 7.6% | 7.6% | 79.6% | -34.1% | 54.5% | 190.7% | 131.2% | -3.6% | 119.3% | 64.7% | -127.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.3% | 2.3% | 25.3% | -10.8% | 13.7% | 52.3% | 51.0% | -1.9% | 49.2% | 24.3% | -38.2% |
| ROA | 1.4% | 1.4% | 14.4% | -6.0% | 8.0% | 28.4% | 25.4% | -0.9% | 21.8% | 6.2% | -8.6% |
| ROIC | 1.5% | 1.5% | 1.2% | 1.1% | 0.1% | 0.7% | 1.1% | 3.6% | 3.4% | 1.4% | 3.1% |
| ROCE | 1.4% | 1.4% | 1.2% | 1.2% | 0.1% | 0.8% | 1.3% | 4.0% | 2.7% | 1.5% | 3.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 0.48 | 0.77 | 0.52 | 0.55 | 0.73 | 0.88 | 0.82 | 0.99 | 3.71 |
| Debt / EBITDA | 13.20 | 13.20 | 9.08 | 11.92 | 18.25 | 15.37 | 16.39 | 7.13 | 8.08 | 4.70 | 10.21 |
| Net Debt / Equity | — | 0.09 | 0.10 | 0.43 | 0.29 | 0.34 | 0.51 | 0.68 | 0.64 | -0.36 | 3.34 |
| Net Debt / EBITDA | 2.23 | 2.23 | 1.88 | 6.70 | 10.11 | 9.51 | 11.38 | 5.46 | 6.27 | -1.72 | 9.20 |
| Debt / FCF | — | — | — | — | 1.33 | 98.13 | — | 9.44 | — | -0.39 | — |
| Interest Coverage | 3.52 | 3.52 | 1.94 | 2.08 | 2.73 | 6.84 | 13.94 | 0.73 | 16.21 | -1.10 | -8.07 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.94 | 4.94 | 6.91 | 3.05 | 5.50 | 1.30 | 4.04 | 3.14 | 3.64 | 1.87 | 0.82 |
| Quick Ratio | 4.94 | 4.94 | 6.91 | 3.05 | 5.49 | 1.30 | 1.56 | 3.14 | 2.56 | 1.87 | 0.73 |
| Cash Ratio | 4.34 | 4.34 | 6.34 | 2.54 | 4.80 | 1.06 | 1.25 | 1.40 | 2.01 | 1.77 | 0.40 |
| Asset Turnover | — | 0.16 | 0.18 | 0.17 | 0.15 | 0.12 | 0.16 | 0.25 | 0.25 | 0.14 | 0.06 |
| Inventory Turnover | — | — | — | 1075.82 | 150.66 | 228.26 | 0.56 | — | 2.97 | — | 3.03 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.6% | 7.7% | 11.2% | 11.6% | 41.7% | 3.5% | 7.4% | 5.7% | 96.3% | 0.0% | 0.1% |
| Payout Ratio | 404.3% | 404.3% | 33.6% | — | 237.0% | 10.8% | 23.7% | — | 176.1% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 1.9% | 33.4% | — | 17.6% | 32.9% | 31.3% | — | 54.7% | 20.3% | — |
| FCF Yield | — | — | — | — | 28.2% | 0.3% | — | 4.5% | — | 83.8% | — |
| Buyback Yield | 0.3% | 0.3% | 0.6% | 2.2% | 10.9% | 0.0% | 20.3% | 0.0% | 83.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.9% | 8.0% | 11.8% | 13.7% | 52.5% | 3.5% | 27.7% | 5.7% | 100.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $52M | $53M | $53M | $54M | $54M | $54M | $54M | $54M | $54M | $54M |
Geopolitical and capital deployment
According to recent market data, Kenon's P/E ratio of 51.86 appears significantly elevated compared to regional peers, suggesting that investors are currently applying a substantial conglomerate discount that fails to account for the underlying stability of the firm's core Israeli power generation infrastructure assets.
The high P/E multiple likely reflects market confusion regarding the company's hybrid nature, as the valuation is tethered to volatile shipping dividends rather than the predictable cash flows of its utility segment. Investors should monitor whether the market begins to re-rate the stock as a pure-play utility as the shipping contribution normalizes.
Based on reported financial statements, Kenon maintains a debt-to-capital ratio of 0.43 as of 2026Q1, which indicates a remarkably conservative leverage profile that provides significant strategic flexibility for the company to fund its aggressive infrastructure development without relying on external debt markets.
This low leverage is a critical differentiator for Kenon, allowing it to navigate the capital-intensive nature of power plant construction while maintaining a fortress-like balance sheet. The current debt levels appear well-managed, suggesting that the firm is positioned to absorb potential operational shocks without immediate liquidity concerns.
As reported in historical filings, Kenon's dividend yield of 7.8% is heavily influenced by non-recurring distributions from minority investments, which may mislead investors regarding the sustainability of payouts derived solely from the company's core regulated utility operations in the Israeli and U.S. energy markets.
The volatility in dividend payout ratios, which reached 179.5% in 2024Q2, suggests that distributions are not currently anchored to recurring utility earnings. Investors should exercise caution, as the normalization of shipping-related cash inflows may necessitate a recalibration of the dividend policy to align with core operational cash generation.
Based on an analysis of Kenon's financial structure, the most commonly misapplied metric is the standard P/E ratio, which obscures the company's true economic value by failing to adjust for equity-method accounting and the significant, non-operating cash reserves held on the balance sheet.
Using a standard P/E ratio for Kenon is fundamentally flawed because it treats one-time revaluations of the ZIM stake as recurring earnings, leading to distorted valuation conclusions. Analysts should instead utilize a sum-of-the-parts valuation that separates the cash-rich holding company from the underlying utility assets to avoid the current market mispricing.
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Quick answers to the most common questions about buying KEN stock.
Kenon Holdings Ltd.'s current P/E ratio is 53.1x. The historical average is 10.2x. This places it at the 100th percentile of its historical range.
Kenon Holdings Ltd.'s current EV/EBITDA is 28.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.7x.
Kenon Holdings Ltd.'s return on equity (ROE) is 2.3%. The historical average is 12.3%.
Based on historical data, Kenon Holdings Ltd. is trading at a P/E of 53.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kenon Holdings Ltd.'s current dividend yield is 7.61% with a payout ratio of 404.3%.
Kenon Holdings Ltd. has 16.8% gross margin and 7.2% operating margin.
Kenon Holdings Ltd.'s Debt/EBITDA ratio is 13.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.