Latest Ratios: P/E Ratio 54.5x · EV/EBITDA 19.9x · ROE 4.7%. (2002–2025 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 | $6.8B | $6.8B | $4.1B | $4.5B | $4.9B | $4.5B | $4.7B | $3.8B | $2.7B | $3.2B | $2.7B |
| Enterprise Value | $9.3B | $9.4B | $6.5B | $6.4B | $6.8B | $6.2B | $5.7B | $5.0B | $3.8B | $4.1B | $3.4B |
| P/E Ratio → | 54.49 | 54.69 | 33.20 | 36.44 | 73.91 | 72.09 | 54.72 | 43.33 | 27.24 | 24.51 | 30.29 |
| P/S Ratio | 6.84 | 6.85 | 4.68 | 5.46 | 6.66 | 6.75 | 6.65 | 5.12 | 3.71 | 4.69 | 4.06 |
| P/B Ratio | 2.51 | 2.52 | 1.61 | 1.85 | 2.41 | 2.23 | 2.40 | 2.52 | 1.84 | 2.53 | 2.30 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 365.53 |
| P/OCF | 20.19 | 20.23 | 10.02 | 14.64 | 17.39 | 17.28 | 17.69 | 16.14 | 18.28 | 13.51 | 16.88 |
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 | — | 9.45 | 7.36 | 7.77 | 9.32 | 9.30 | 8.12 | 6.72 | 5.33 | 5.94 | 5.13 |
| EV / EBITDA | 19.86 | 19.89 | 14.87 | 16.48 | 19.46 | 17.51 | 15.45 | 14.64 | 12.24 | 13.16 | 10.98 |
| EV / EBIT | 51.11 | 37.64 | 25.96 | 27.10 | 37.32 | 33.12 | 23.21 | 23.04 | 18.43 | 18.29 | 17.07 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 461.88 |
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 | 27.6% | 27.6% | 31.0% | 31.8% | 36.6% | 39.9% | 39.2% | 36.1% | 37.6% | 38.7% | 40.9% |
| Operating Margin | 18.5% | 18.5% | 19.6% | 20.1% | 20.8% | 25.5% | 30.3% | 26.0% | 25.7% | 29.6% | 30.5% |
| Net Profit Margin | 12.5% | 12.5% | 14.1% | 15.0% | 9.0% | 9.4% | 12.1% | 11.8% | 13.6% | 24.6% | 14.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.7% | 4.7% | 4.9% | 5.6% | 3.3% | 3.1% | 4.9% | 6.0% | 7.2% | 13.9% | 8.3% |
| ROA | 2.1% | 2.1% | 2.3% | 2.5% | 1.5% | 1.5% | 2.4% | 2.8% | 3.4% | 6.8% | 4.0% |
| ROIC | 2.7% | 2.7% | 2.8% | 3.0% | 3.0% | 3.8% | 5.6% | 5.5% | 5.8% | 7.6% | 8.2% |
| ROCE | 3.5% | 3.5% | 3.5% | 3.7% | 3.8% | 4.5% | 6.6% | 6.9% | 7.3% | 9.0% | 9.2% |
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 | 1.06 | 1.06 | 0.96 | 0.86 | 1.01 | 0.96 | 0.76 | 0.84 | 0.88 | 0.71 | 0.80 |
| Debt / EBITDA | 6.08 | 6.08 | 5.63 | 5.40 | 5.84 | 5.49 | 4.00 | 3.70 | 4.05 | 2.92 | 3.03 |
| Net Debt / Equity | — | 0.96 | 0.92 | 0.78 | 0.96 | 0.84 | 0.53 | 0.79 | 0.81 | 0.67 | 0.61 |
| Net Debt / EBITDA | 5.48 | 5.48 | 5.42 | 4.90 | 5.57 | 4.81 | 2.79 | 3.50 | 3.73 | 2.77 | 2.29 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | 96.35 |
| Interest Coverage | 1.75 | 1.75 | 1.86 | 2.41 | 2.09 | 2.25 | 3.16 | 2.71 | 2.93 | 4.15 | 2.95 |
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 | 0.81 | 0.81 | 0.91 | 1.20 | 1.33 | 1.11 | 3.13 | 1.10 | 1.31 | 1.14 | 2.50 |
| Quick Ratio | 0.75 | 0.75 | 0.85 | 1.12 | 1.26 | 1.05 | 2.99 | 1.01 | 1.18 | 1.07 | 2.44 |
| Cash Ratio | 0.38 | 0.38 | 0.16 | 0.36 | 0.28 | 0.52 | 1.80 | 0.19 | 0.27 | 0.17 | 1.22 |
| Asset Turnover | — | 0.16 | 0.16 | 0.16 | 0.16 | 0.15 | 0.18 | 0.23 | 0.23 | 0.27 | 0.27 |
| Inventory Turnover | 15.84 | 15.84 | 15.94 | 12.55 | 20.38 | 14.02 | 12.15 | 13.64 | 9.97 | 21.71 | 32.65 |
| 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 | 0.4% | 0.4% | 0.7% | 0.6% | 0.6% | 0.6% | 0.5% | 0.6% | 1.0% | 0.6% | 1.0% |
| Payout Ratio | 23.5% | 23.5% | 23.5% | 22.8% | 41.2% | 43.5% | 26.3% | 25.4% | 27.4% | 12.0% | 27.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 1.8% | 3.0% | 2.7% | 1.4% | 1.4% | 1.8% | 2.3% | 3.7% | 4.1% | 3.3% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 0.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.4% | 0.4% | 0.7% | 0.6% | 0.9% | 0.6% | 0.5% | 0.7% | 1.0% | 0.6% | 1.0% |
| Shares Outstanding | — | $61M | $61M | $60M | $57M | $56M | $52M | $51M | $51M | $51M | $50M |
Geothermal resource degradation risk
According to current market data, Ormat trades at a forward P/E of 50.10, which appears significantly elevated compared to traditional utility peers, suggesting that investors are pricing in a scarcity premium for its geothermal baseload technology rather than standard regulated utility growth expectations.
The high valuation multiple warrants caution, as it implies aggressive long-term growth assumptions that may be difficult to sustain given the company's recent margin compression. Investors should monitor whether the market's perception of Ormat as a unique technology provider holds up if the storage segment continues to dilute the core geothermal margin profile.
Based on reported financial statements, the debt-to-capital ratio has trended upward to 0.56 in 2026Q1, indicating that the company is increasingly relying on external debt to fund its capital-intensive geothermal and storage infrastructure projects in a higher interest rate environment.
The steady increase in leverage suggests a tightening of the company's financial flexibility, which may limit its ability to absorb unexpected operational shocks or reservoir underperformance. The decline in interest coverage ratios further implies that the cost of servicing this debt is becoming a more significant drag on net income.
As reported in recent filings, Ormat maintains a dividend payout ratio of 17.0% in 2026Q1, which appears well-covered by operating cash flow, yet this dividend policy exists alongside a persistent negative free cash flow position that necessitates ongoing external financing.
While the dividend is not currently threatened by cash flow deficits, the reliance on external capital to fund growth suggests that the payout is essentially being financed by debt or equity issuance rather than organic cash generation. Investors should evaluate whether this capital allocation strategy remains prudent if the company's internal rate of return on new projects continues to face pressure.
Market participants frequently misapply the standard utility P/E ratio to Ormat, which obscures the reality that the company functions more as a resource technology firm with significant project-based revenue volatility rather than a stable, rate-regulated utility with predictable earnings growth.
Comparing Ormat to traditional regulated utilities ignores the inherent risks of geothermal exploration and the lumpiness of the Product segment's EPC contracts. A more appropriate analytical framework would involve adjusting for project-level debt and stripping out non-recurring tax equity gains to reveal the true underlying cash-generating capacity of the core geothermal assets.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying ORA stock.
Ormat Technologies, Inc.'s current P/E ratio is 54.5x. The historical average is 40.2x. This places it at the 75th percentile of its historical range.
Ormat Technologies, Inc.'s current EV/EBITDA is 19.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
Ormat Technologies, Inc.'s return on equity (ROE) is 4.7%. The historical average is 6.5%.
Based on historical data, Ormat Technologies, Inc. is trading at a P/E of 54.5x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ormat Technologies, Inc.'s current dividend yield is 0.43% with a payout ratio of 23.5%.
Ormat Technologies, Inc. has 27.6% gross margin and 18.5% operating margin. Operating margin between 10-20% is typical for established companies.
Ormat Technologies, Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.