ORMAT TECHNOLOGIES, INC. (ORA) FY2025 10-K Annual Report
ORMAT TECHNOLOGIES, INC. (ORA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ORMAT TECHNOLOGIES, INC. FY2025 10-K Analysis
Business Overview
- • Core business: Development, construction, and operation of geothermal, recovered energy-based, solar PV, and energy storage power plants globally
- • Emphasis this year on new energy storage projects alongside traditional geothermal and solar PV facilities
- • Strategic risk highlighted: increased dependence on government incentives subject to change, potentially impacting competitive positioning vs wind and solar developers
- • Indebtedness $2.66B as of Dec 31, 2025, including $431.3M convertible senior notes issued in 2022, affecting financial flexibility and growth strategy
- • Noteworthy risk: potential loss of insurance claim post-2018 Kilauea volcano eruption and challenges securing future natural disaster coverage
Management Discussion & Analysis
- • Revenue details not explicitly provided; net income $127.0M in 2025 vs $131.2M in 2024 vs $133.1M in 2023, showing slight decline
- • Adjusted EBITDA $582.0M in 2025, up 5.7% YoY from $550.5M in 2024; EBITDA $545.1M in 2025 vs $517.9M in 2024, margin data not disclosed
- • Best segment performance reflected in increase of EBITDA primarily from unconsolidated investments (Sarulla and Ijen), specifics by segment not numerically detailed
- • No explicit cash flow figures; noted use of $100M short-term commercial paper, long-term debt principal payments $2.66B with $613.7M interest due over multiple years; no dividend or buyback info provided
- • Outlook notes market risks including electricity price volatility limited by PPAs, currency exchange exposure, inflation impact partially offset by contract pricing, interest rates normalized after sharp increases
Risk Factors
- • Regulatory risk: Hawaii PUC approved 2024 PPA with fixed prices and extension to 2052 for 25 MW Puna Complex, replacing variable price PPA linked to oil prices
- • Macroeconomic threat: U.S. inflation rise may increase expenses, reduce margins; 40% total revenues from foreign markets including Kenya, Honduras, Guatemala
- • Operational risk: Product segment revenues highly volatile due to dependence on customer orders, financing contingencies, and raw material delivery timing
- • Market disruption: Energy storage revenues exposed to volatility in merchant markets PJM, ISO New England, ERCOT, CAISO; shifting toward long-term tolling agreements to mitigate
- • Financial risk: Royalty payments approx. 4.5% of Electricity segment revenues in 2025, creating cost sensitivity to revenue fluctuations
ORMAT TECHNOLOGIES, INC. FY2025 Key Financial MetricsXBRL
Revenue
$990M
▲ +12.5% YoY
Net Income
$124M
▲ +0.1% YoY
Gross Margin
27.6%
▼ -343bp YoY
Operating Margin
17.1%
▼ -251bp YoY
Net Margin
12.5%
▼ -155bp YoY
ROE
4.9%
▼ -23bp YoY
Total Assets
$6.2B
▲ +10.2% YoY
EPS (Diluted)
$2.02
▼ -1.0% YoY
Operating Cash Flow
$335M
▼ -18.5% YoY
Source: XBRL data from ORMAT TECHNOLOGIES, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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