公司概述
Ormat Technologies, Inc. is a specialized operator within the geothermal and recovered energy power sector, serving diverse international markets including the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, France, and the Philippines. The company conducts its operations through three distinct segments focused on electricity generation and related products, positioning it firmly within the Utilities sector and specifically the Utilities - Renewable industry. This classification as a renewable utility provider signifies a reliance on natural geothermal resources to generate power, offering a potential hedge against fossil fuel price volatility while adhering to environmental sustainability goals. The company currently commands a market capitalization of $6.97B and generates an annual revenue of $989.54M, supported by a workforce of 1648 employees. These valuation and revenue figures indicate that Ormat operates as a substantial entity within the renewable energy landscape, possessing a significant asset base and operational footprint that allows for diversified geographic exposure and established infrastructure capabilities.
财务健康
The company reported a total revenue of $989.54M over the trailing twelve months, with a net income of $123.90M and an EBITDA of $467.13M, highlighting a substantial gap between operating cash generation and bottom-line profit. This significant disparity between EBITDA and net income reveals a cost structure heavily influenced by non-operating expenses, such as interest payments and taxes, which are substantial given the company's high debt load. While the EBITDA suggests strong underlying operational cash flow potential, the free cash flow stands at -$291,521,248, indicating a current lack of financial flexibility and a reliance on external capital or debt servicing to fund operations. The company holds $147.63M in cash against a total debt of $2.86B, resulting in a debt-to-equity ratio of 106.16, which characterizes the balance sheet as highly leveraged rather than conservative. Profitability metrics show a gross margin of 27.6%, an operating margin of 17.9%, and a profit margin of 12.5%, illustrating that while the business retains a healthy portion of sales as gross profit, significant costs erode these figures down to the final net profit. Liquidity is constrained by a current ratio of 0.81, suggesting that short-term assets are insufficient to cover short-term liabilities without refinancing or asset sales. Efficiency metrics further reflect the capital-intensive nature of the business, with a return on equity of 4.8% and a return on assets of 1.7%, indicating that management effectiveness in generating returns on the heavy capital base remains modest relative to the high leverage employed.
估值评估
Valuation multiples for Ormat Technologies, Inc. include a trailing P/E ratio of 56.18 and a forward P/E of 43.65, where the notable difference between these two figures implies an expectation of improved earnings in the coming year that could lower the price relative to future profits. The price-to-book ratio is recorded 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 assets and operational contracts. Alternative valuation metrics such as a price-to-sales ratio of 7.05 and an EV/EBITDA of 20.90 suggest that investors are pricing in growth expectations and asset quality that exceed simple earnings or book value multiples. Regarding price volatility, the 52-week high is $132.58 and the 52-week low is $64.39; without a specific current price, the range demonstrates a wide trading band, but the beta of 0.80 indicates that the stock's price volatility is historically lower than the broader market, offering a relatively stable profile compared to high-growth tech sectors. The beta value of 0.80 specifically means that for every 1% move in the broader market, ORA tends to move 0.8%, providing a measure of defensive characteristics often sought in utility stocks.
Growth & Income
Growth dynamics for the company are defined by a revenue growth rate of 19.6% year-over-year contrasted sharply with an earnings growth rate of -24.4%, revealing that earnings are currently declining much faster than revenue, which implies rising costs or one-time charges impacting the bottom line more severely than top-line sales. As a non-dividend payer, Ormat reinvests its earnings back into the business rather than distributing cash to shareholders, evidenced by a dividend yield of 0.4% and a payout ratio of 23.8%, though the low yield reflects the absence of a meaningful dividend program. The combination of robust revenue expansion in the renewable energy sector and the retention of profits for capital expenditure suggests a strategy focused on expanding geothermal capacity and infrastructure rather than immediate income generation. Overall, the growth and income profile presents a capital-intensive utility play where recent earnings compression despite strong sales growth signals a transitional phase likely driven by significant investment requirements to maintain or expand the geothermal portfolio.