ORA
Ormat Technologies, Inc.
ORA's fundamentals are mixed: revenue grew 29%, but free cash flow was negative. At 42x earnings, it's trading below its usual 48x. Analysts expect earnings to hold roughly steady, though they disagree widely on how much.
ORA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Weak | |
| Stable |
ORA's revenue and profitability are currently healthy, and its balance sheet is stable, but its cash flow is weak.
ORA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 36x | $77.10 | -15% |
| Forward | 40x | $90.45 | — |
| Current | 42x | $90.45 | — |
| Fair | 48x | $104 | +15% |
| Expensive | 69x | $149 | +65% |
Historical ranges are pointers, not guarantees.
ORA's PE is in its fair range at 42x. On analysts' estimates for next year's earnings, today's price would be 40x, in its cheap range.
ORA Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect ORA's profitability to improve, with its earnings and revenue holding steady. However, they disagree widely on these estimates.
ORA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.24 | +3.5% |
| Q3 2026 | $2.16 | -0.9% |
| Q2 2026 | $2.04 | -5.1% |
| Q1 2026 | $2.07 | +0.5% |
| Q4 2025 | $2.02 | -1% |
| Q3 2025 | $2.18 | +12% |
| Q2 2025 | $2.15 | -1.4% |
| Q1 2025 | $2.06 | -6.8% |
| Q4 2024 | $2.04 | -1.9% |
ORA earned $2.16 per share over the past year, about the same as the year before.
ORA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $275.1M | +10% |
| Q2 2026 | $258.8M | +11% |
| Q1 2026 | $403.9M | +76% |
| Q4 2025 | $276M | +20% |
| Q3 2025 | $249.7M | +18% |
| Q2 2025 | $234M | +9.9% |
| Q1 2025 | $229.8M | +2.5% |
| Q4 2024 | $230.7M | -4.4% |
ORA's revenue has grown year over year for seven quarters in a row: $275M last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | +0.3 points |
| Q2 2026 | 13% | -1.9 points |
| Q1 2026 | 20% | -2.3 points |
| Q4 2025 | 15% | -5.8 points |
| Q3 2025 | 16% | -0.6 points |
| Q2 2025 | 15% | -1.4 points |
| Q1 2025 | 22% | -1.3 points |
| Q4 2024 | 21% | -0.1 points |
ORA's operating margin was 16% last quarter, about level with the same quarter a year ago.
ORA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$72.9M | +$29.2M |
| Q2 2026 | -$87.4M | -$49.5M |
| Q1 2026 | -$35.2M | +$69.4M |
| Q4 2025 | -$40M | -230% |
| Q3 2025 | -$102.1M | -$98.8M |
| Q2 2025 | -$37.9M | +$78.2M |
| Q1 2025 | -$104.6M | -985% |
| Q4 2024 | $30.9M | +$61.3M |
ORA has burned cash in most quarters: −$236M over the past year, against −$214M the year before.
ORA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -369K shares |
| 1 year | +1.5% | +913K shares |
| 3 years | +2.6% | +1.6M shares |
| 5 years | +10% | +5.9M shares |
| Available history | +21% | +10.7M shares |
ORA has 62M diluted shares, up 1.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $5,000 |
| Q1 2026 | $24.4M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | $18M |
ORA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.8x | Healthy |
| Q2 2026 | 1.5x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 5.7x | High |
| Q3 2025 | 1.1x | Healthy |
| Q2 2025 | 1.3x | Healthy |
| Q1 2025 | 1.0x | Healthy |
| Q4 2024 | 5.4x | High |
ORA's net debt is about 1.8 years of its operating earnings (EBITDA), up from 1.1 years a year ago.
ORA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.6 | Neutral |
| Stochastic | 15.7 | Oversold |
ORA's weekly RSI is 39 (neutral) and its Stochastic is 16 (oversold).
ORA PE vs Utilities Sector
| Metric | ORA | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 20x | 105% above |
| PE % | 34 | 44 | 10 pts below |
ORA is trading at 42x earnings, a 105% premium to the Utilities sector's median of 20x.
ORA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $90.5 | 0% below |
| 20 week MA | $99.0 | 8.6% below |
| 50 week MA | $110.8 | 18% below |
| 100 week MA | $96.8 | 6.5% below |
| 200 week MA | $86.2 | 5% above |
ORA has fallen below most of its moving averages, though it's still 5% above its 200-week average.
ORA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.5 | $86.2 | +16% |
| 2021 | $86.2 | $73.7 | -15% |
| 2022 | $73.7 | $87.6 | +19% |
| 2023 | $87.6 | $75.8 | -13% |
| 2024 | $75.8 | $67.9 | -10% |
| 2025 | $67.9 | $112.9 | +66% |
| 2026 YTD | $112.9 | $90.5 | -20% |
ORA has finished lower in three of the last six years. It's down 20% so far in 2026.