Ormat Technologies
Develops geothermal power plants, supplies generation equipment, and operates grid-scale battery storage.
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Profile
Develops and operates geothermal, solar, recovered-energy, and battery-storage assets while selling proprietary power-generation equipment and turnkey plant services. Vertical integration connects its Organic Rankine Cycle technology with resource development, construction, and power-plant operations.
Develops, builds, owns, and operates geothermal, solar, and recovered-energy power plants, selling their output through the Electricity segment. The Product segment designs and manufactures Ormat Energy Converters and supplies equipment and engineering, procurement, and construction services for geothermal and waste-heat projects. Energy Storage owns grid-connected battery systems that sell energy, capacity, and ancillary services.
Vertical integration links proprietary Organic Rankine Cycle equipment with resource exploration, plant engineering, construction, and operations. Owned generation is concentrated in the United States, with geothermal plants in Kenya, Guatemala, Guadeloupe, Honduras, and Indonesia; Product sales are mostly international.
Electricity revenue depends on geothermal-resource performance, power purchasers, long-term contracts, transmission access, and regulatory approvals. Storage combines contracted tolling revenue with merchant-market exposure, while Product revenue depends on project awards and delivery schedules.
Company facts
Categories
Key statistics
Year to date −9.4% · Average volume (30d) 793.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 10, 2026 | Bernstein | Reiterate | Underperform | $112 | |
| Aug 10, 2026 | Barclays | Reiterate | Overweight | $127 | $122 |
| Aug 7, 2026 | Oppenheimer | Reiterate | Outperform | $144 | $141 |
| Jul 16, 2026 | Barclays | Reiterate | Overweight | $126 | $127 |
| May 18, 2026 | Piper Sandler | Reiterate | Overweight | $125 | $142 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.26 | $0.50 | +91.1% | $240.0M | $258.8M | +7.8% | +9.55% |
| May 6, 2026Q1 FY26 | $0.92 | $1.30 | +41.3% | $349.2M | $403.9M | +15.7% | +6.67% |
| Feb 25, 2026Q4 FY25 | $0.67 | $0.67 | 0.0% | $257.7M | $276.0M | +7.1% | −9.05% |
| Nov 3, 2025Q3 FY25 | $0.37 | $0.41 | +10.8% | $257.7M | $249.7M | −3.1% | +0.77% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $229.8M | $234.0M | $249.7M | $276.0M | $403.9M | $258.8M | |
| Gross profit | $72.9M | $56.9M | $64.0M | $78.8M | $120.4M | $68.7M | |
| Operating income | $50.9M | $35.3M | −$3.1M | $54.9M | $91.2M | $34.2M | |
| Net income | $40.4M | $28.0M | $24.1M | $31.4M | $44.1M | $27.1M | |
| Diluted EPS | $0.66 | $0.46 | $0.39 | $0.50 | $0.71 | $0.43 | |
| Gross margin | 31.7% | 24.3% | 25.6% | 28.6% | 29.8% | 26.5% | |
| Operating margin | 22.2% | 15.1% | -1.3% | 19.9% | 22.6% | 13.2% |
Fiscal years (4-quarter sums)FY21 $663.1M · FY22 $734.2M · FY23 $829.4M · FY24 $879.7M · FY25 $989.5M
Revenue by product · Q2 FY26
Revenue by geography · Q4 FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $513.7M · Total debt $3.41B · Total assets $6.79B · Shareholders' equity $2.60B
Dividends
Raised for 13 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 19, 2026 | Aug 19 | Sep 2 | $0.12 | |
| May 20, 2026 | May 20 | Jun 3 | $0.12 | |
| Mar 10, 2026 | Mar 10 | Mar 24 | $0.12 | |
| Nov 17, 2025 | Nov 17 | Dec 1 | $0.12 | |
| Aug 20, 2025 | Aug 20 | Sep 3 | $0.12 | |
| May 21, 2025 | May 21 | Jun 4 | $0.12 | |
| Mar 12, 2025 | Mar 12 | Mar 26 | $0.12 | |
| Nov 20, 2024 | Nov 20 | Dec 4 | $0.12 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 61.45M · Float 58.32M · 94.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 8.23M | 13.39% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management | 3.09M | 5.02% | 13G | Jul 31, 2026 |
| Vanguard Capital Management LLC | 2.67M | 4.34% | 13F | Aug 13, 2026 |
| State Street Corp | 2.51M | 4.09% | 13F | Aug 7, 2026 |
| Clal Insurance Enterprises Holdings Ltd | 2.38M | 3.88% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 1, 2026 | Aron John Willis | officer: EVP, Electricity Segment | −451 | $106.64 |
| May 27, 2026 | Stanley Stern | director | −250 | $138.42 |
| May 13, 2025 | David Granot | director | −950 | $73.10 |
| May 21, 2026 | David Granot | director | −1,766 | $134.43 |
| May 20, 2026 | David Granot | director | −1,753 | $132.70 |
Peers
- NextEra Energy
World's largest renewable IPP; leads in US utility-scale battery storage.
- Brookfield Renewable Partners
Global renewable IPP: hydro, wind, solar, storage across five continents.
- Fluence Energy
Top-3 global BESS integrator; direct rival in utility-scale energy storage.
- AES
Global IPP with 34 GW portfolio and a major US storage buildout.
- Mercury General
NZ's largest geothermal operator; closest listed pure-play geothermal peer.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ormat Technologies | $102.00 | −1.00% | $6.33B | 50.8 | 53.3 | 5.3 | +10.6% |
| NextEra Energy | $81.84 | +0.02% | $170.72B | 18.3 | 19.9 | 5.9 | +12.5% |
| Brookfield Renewable Partners | $32.20 | +1.42% | $9.71B | 69.0 | — | 1.5 | +1.1% |
| Fluence Energy | $10.92 | +0.36% | $2.01B | — | — | 0.8 | +7.9% |
| AES | $14.72 | 0.00% | $10.50B | 5.6 | 7.6 | 0.8 | +19.9% |
| Mercury General | $102.97 | 0.00% | $5.70B | 6.1 | 8.6 | 0.9 | +5.5% |
| Median | 12.2 | 8.6 | 0.9 | +7.9% |