Forensic Analysis · Electric Utilities · as of Nov 9, 2026
Ormat Technologies, Inc. (ORA)
A forensic read on Ormat Technologies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
2
Forensic signals
5.0%
ROE
12.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ormat Technologies, Inc. earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2.9%
FY2025
Return on invested capital.Return on invested capital is 2.9% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.4-point range. After-tax operating profit was $150M in FY2023 and $152M in FY2025, with operating income at 20.1% of revenue in FY2023, 19.6% in FY2024 and 17.1% in FY2025. The capital base behind it grew +15% across FY2023–FY2025, from $4.6B to $5.3B, while the return fell 0.4 points, so the dollars added over that window earned less than the 3.3% the older base was already earning. $1.0B of the $5.3B base at FY2025 is construction in progress (19.9%) — paid for, not yet in service, and so in the denominator of this return.
FCF ($285M)
FY2025
Shareholder returns.Returned $29M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($285M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $335M — 9% of that. Capex and the payout together ran $314M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered part of it: total debt rose $316M over FY2025, while cash rose $53M — $263M of the $314M. The FY2025 cash-flow statement filed $265M of debt repaid; net cash used in investing activities of $726M; net cash provided by financing activities of $466M.
Key fundamentals
Latest Revenue$989.5M
Revenue Growth YoY+12.5%
Revenue CAGR (2yr)+9.2%
Net Margin12.5%
Free Cash Flow-$284.7M
Return on Equity5.0%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ormat Technologies, Inc.'s actual 10-K/10-Q/8-K filings?