企業概要
Ormat Technologies, Inc. is engaged in the geothermal and recovered energy power business, operating facilities across a diverse geographic footprint that includes the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, France, the Philippines, and other international locations. The company operates within the Utilities sector, specifically the Utilities - Renewable industry, positioning it as a provider of clean energy solutions derived from natural heat sources rather than fossil fuels. As a publicly traded entity with the ticker symbol ORA, the company commands a market capitalization of $6.97B and generates annual revenue of $989.54M while employing 1,648 individuals. These financial scales indicate that the company has established a significant presence in the renewable energy landscape, supported by a substantial workforce and a valuation that reflects investor confidence in its long-term utility asset base.
財務健全性
The company reported a total revenue of $989.54M for the trailing twelve months, with a net income of $123.90M and an EBITDA of $467.13M, revealing a cost structure where operational expenses and taxes consume a significant portion of top-line earnings to arrive at the final bottom line. Free cash flow stands at -$291,521,248, indicating a current outflow of cash that suggests the company is investing heavily in capital expenditures or experiencing timing differences in working capital that limit immediate financial flexibility for share buybacks or acquisitions. The gross margin is 27.6%, which indicates the efficiency of production costs relative to sales, while the operating margin of 17.9% reflects the profitability of core operations before interest and taxes, and the profit margin of 12.5% demonstrates the final return on sales after all expenses. On the balance sheet, the company holds $147.63M in cash against $2.86B in debt, resulting in a debt-to-equity ratio of 106.16, which characterizes a highly leveraged financial position reliant on interest coverage rather than cash reserves. The current ratio is 0.81, signaling that current liabilities exceed current assets, which implies a potential liquidity challenge in meeting short-term obligations without accessing external financing. Return on equity is 4.8% and return on assets is 1.7%, metrics that reveal that management effectiveness in generating returns on shareholder capital and total asset base is currently low relative to typical utility peers.
バリュエーション評価
The trailing twelve-month P/E ratio is 56.18, while the forward P/E is 43.65, implying that the market expects earnings growth to narrow the valuation multiple over the coming year as the stock price adjusts to anticipated profitability improvements. The price-to-book ratio stands at 2.71, indicating that the market values the company at a significant premium over its net asset book value, likely due to the intangible value of its geothermal licenses and long-lived assets. Alternative valuation metrics show a price-to-sales ratio of 7.05 and an EV/EBITDA of 20.90, suggesting that investors are willing to pay a high multiple for revenue and earnings potential despite the current earnings compression. The stock has traded between a 52-week low of $64.39 and a 52-week high of $132.58, placing the current trading level within a range that reflects significant recent volatility and a distance from the absolute yearly peak. With a beta of 0.80, the stock exhibits price volatility that is lower than the broader market benchmark, suggesting it may provide a stabilizing component to a diversified portfolio during periods of high market uncertainty.
Growth & Income
Revenue growth for the year-over-year period is 19.6%, whereas earnings growth is -24.4%, indicating that earnings are growing significantly slower than revenue, which implies that margin compression or one-time costs are currently outweighing top-line expansion. The company offers a dividend yield of 0.4% with a payout ratio of 23.8%, meaning that the dividend payments are funded by a small fraction of net income and appear sustainable even during periods of earnings decline. Given the negative earnings growth and the presence of a dividend, the payout ratio of 23.8% suggests a conservative approach to distributing cash, prioritizing debt service and capital needs over aggressive shareholder payouts. Overall, the company presents a profile characterized by robust revenue expansion in the renewable sector but faces challenges in translating that growth into proportional earnings, supported by a modest dividend yield and a highly leveraged capital structure.