Ormat Technologies Stock (NYSE: ORA): What It Owns, Earns and Pays

By Geothermal Insider · Updated September 13, 2026

Ormat's SEC filings and investor releases show what the company owns, what it earns, and how the stock was valued in September 2026.

Ormat Technologies (NYSE: ORA) already operates like a conventional public power company. It owned and operated 35 power plants and complexes with 1,340 MW of generating capacity as of February 25, 2026, booked $989.5 million of revenue and $127.0 million of GAAP net income in fiscal 2025, and pays a quarterly dividend. If Fervo Energy is the geothermal stock people get excited about, Ormat is the one that has been quietly sending out power bills the whole time. The difference is maturity: operating plants, current revenue, profits and a dividend.

What Ormat Technologies Does

Ormat reports its business in three segments. The fiscal 2025 figures from its Form 10-K, filed February 26, 2026, show how much each one matters:

• Electricity — Ormat owns and operates power plants and sells the output. FY2025 revenue was $693.9 million, about 70% of the company total.
• Product — equipment sales. FY2025 revenue was $216.7 million, about 22%. The company's main Product manufacturing operation is located in Israel.
• Energy Storage — operating storage assets, all located in the United States. FY2025 revenue was $79.0 million, about 8%.

So the "is it a pure-play" question has a two-part answer. Roughly seven dollars in ten came from generating and selling electricity in 2025, and the 10-K splits that generating fleet three ways: 1,090 MW of consolidated and unconsolidated geothermal, 200 MW of solar, and 50 MW of recovered-energy generation — plants that make electricity from waste heat in industrial and pipeline processes rather than from the ground. That is about as close to a listed geothermal pure-play as you will find, but it is not 100% geothermal: there is an equipment business, a storage business, some solar, and the recovered-energy fleet in the mix.

For how the plants themselves turn underground heat into electricity, see our explainer on how geothermal power plants work. For where Ormat sits among the other names in the field, our guide to geothermal companies covers the wider landscape.

Ormat Stock Price and Market Cap

Ormat common stock trades on the New York Stock Exchange under the ticker ORA. Its fiscal year ends December 31.

The stock closed at $94.89 on September 11, 2026, down 1.82% that session. Its 52-week range as of that date was $90.77 to $146.39 — the low set on September 15, 2025, the high on June 3, 2026. That puts the shares, as of mid-September 2026, a few dollars above the bottom of their own one-year range and roughly 35% below the June high. Ormat's filings do not offer an explanation for that slide, and we are not going to invent one.

On valuation: Ormat reported 61,496,941 shares outstanding as of August 1, 2026 in its second-quarter Form 10-Q. Multiply that by the September 11 close and you get an estimated market capitalization of about $5.84 billion. It is an estimate because the share count is from August and the price is from September. A market-data provider published $5.877 billion for the same day; its share-count methodology is not stated. Either way, this is a mid-cap a little under $6 billion.

Consistent with that size, S&P Dow Jones Indices added Ormat to the S&P MidCap 400 effective before the open on July 7, 2022. That is the dated primary record of the addition; we found no current S&P constituent file republishing the membership, so treat continued membership as likely but unconfirmed here.

The Numbers Behind the Stock

Fiscal 2025, the full year

For the year ended December 31, 2025 (Form 10-K filed February 26, 2026; results release February 25, 2026), Ormat reported:

• Revenue: $989.5 million.
• GAAP net income: $127.0 million, of which $123.9 million was attributable to Ormat stockholders.
• Gross profit: $272.7 million, a 27.6% gross margin.
• Adjusted EBITDA: $582.0 million. Adjusted EBITDA is a company-defined, non-GAAP measure — Ormat decides what gets added back — so it is useful for tracking the company against its own history and guidance, not a substitute for GAAP earnings.

The three segments carry different margins, which matters if you want to understand what kind of growth helps the bottom line most:

Storage was the highest-margin segment in 2025 and the smallest; Product was the lowest-margin; Electricity carries the bulk of the dollars.

The latest quarter

For the three months ended June 30, 2026 (Form 10-Q filed August 6, 2026; results release August 5, 2026), Ormat reported revenue of $258.8 million, up 10.6% year over year; GAAP net income of $26.0 million, with $27.1 million attributable to Ormat stockholders; and adjusted EBITDA of $143.9 million, up 6.9% year over year. Adjusted EBITDA grew more slowly than revenue in the quarter.

That is a profitable, growing, operating business. Those growth rates are not spectacular, but Ormat is a profitable operating business — still the exception in geothermal.

Where the Power Comes From

Ormat's Form 10-K plant table lists 35 owned and operated power plants and complexes with 1,340 MW of generating capacity as of February 25, 2026, up from 1,310 MW in the Electricity portfolio at December 31, 2025.

In its August 5, 2026 results release Ormat described its portfolio as 1,850 MW — 1,355 MW of generation plus 495 MW of energy storage — which is the 1,340 MW February snapshot plus the Cove Fort and Dominica additions below. Ormat's undated corporate-profile page, accessed September 12, 2026, rounds the same portfolio to 1.8 GW. The same page places the generating fleet across the United States, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe, with the storage assets in the United States.

Two additions arrived after the 10-K snapshot: Ormat completed a 5 MW upgrade at Cove Fort in June 2026 and began commercial operation of the 10 MW Dominica geothermal plant in July 2026, per the August 5, 2026 results release.

The Dividend

Ormat pays a quarterly dividend. The latest declaration was $0.12 per share, approved August 5, 2026, payable September 2, 2026 to holders of record on August 19, 2026.

Four quarters at that rate would be $0.48 per share a year. That is arithmetic, not a company commitment — a board can change a dividend at any time. Against the September 11, 2026 closing price of $94.89, $0.48 works out to an indicated yield of roughly 0.51%.

Half a percent is not much of an income yield, but the dividend shows the company generates enough cash to return some to shareholders.

What Ormat Says About 2026

Everything in this section is Ormat's own forecast, published in its August 5, 2026 results release. It is what management expects, not a reported result, and companies miss their own guidance regularly in both directions.

Ormat's FY2026 guidance, as of August 5, 2026:

• Total revenue: $1.150 billion to $1.200 billion.
• Electricity segment revenue: $710 million to $725 million.
• Product segment revenue: $300 million to $320 million.
• Energy Storage segment revenue: $140 million to $155 million.
• Adjusted EBITDA: $630 million to $650 million, including approximately $17 million attributable to minority interests.

That August forecast was a raise. In its February 25, 2026 release the company had guided to $1.110 billion to $1.160 billion of revenue and $615 million to $645 million of adjusted EBITDA.

For scale against the actual FY2025 revenue of $989.5 million, the bottom of the current range would be growth of about 16% and the top about 21% — if the company delivers it. The segment guidance also makes the storage point concrete: management is forecasting $140 million to $155 million from a segment that produced $79.0 million in 2025. Whether Ormat hits that FY2026 forecast will not be known until it reports full-year results, which it would ordinarily do in early 2027.

What Happened in 2026 So Far

Ormat's 2026 results releases and filings record the following, by the month each event occurred:

• January 2026 — Acquired Hoku, a 30 MW solar plus 30 MW/120 MWh battery project in Hawaii, for $80.5 million in cash.
• January 2026 — A customer exercised its purchase option on the 50 MW Topp 2 project in New Zealand for approximately $100 million.
• January 2026 — Invested $25 million in Sage Geosystems, and signed a 20-year power purchase agreement for approximately 13 MW at Salt Wells with Switch. Our profile of Sage Geosystems covers what that company is building.
• February 2026 — Executed a 15-year geothermal portfolio PPA for up to 150 MW serving Google data centers through NV Energy.
• March 2026 — Priced an $875 million offering of convertible senior notes due 2031 on March 18, then closed at $1.0 billion on March 20 once purchasers exercised their options in full: $825.0 million of 1.50% Series A notes and $175 million of 0.00% Series B notes, for net proceeds of $976.1 million.
• May 2026 — Obtained an exploration-financing facility of up to $40 million for the Wapsalit geothermal project in Indonesia.
• June 2026 — Completed the 5 MW Cove Fort upgrade.
• July 2026 — Began commercial operation of the 10 MW Dominica geothermal plant.
• August 2026 — Authorized development of Denali, a 100 MW/400 MWh storage project in California under a 20-year tolling agreement with Clean Power Alliance, with completion expected by year-end 2028. That is a development target, not built capacity.
• August 2026 — Raised FY2026 revenue and adjusted-EBITDA guidance, as described above.

The year combined geothermal and storage expansion with a $25 million development-stage investment and $1.0 billion of new convertible debt.

The Honest Risk Picture

Ormat's Form 10-K, filed February 26, 2026, and its Form 10-Q, filed August 6, 2026, lay out the risks in the company's own words. The filings identify the following:

• The resource itself. Ormat's risk factors state that drilling may produce dry holes or commercially inadequate resources, and that its existing plants have experienced cooling, uncontrolled flow and reservoir-pressure decline — any of which can reduce output or require additional capital. Geothermal is a mining-adjacent business; the heat is real, but so is the geology.
• Customer concentration. Three customers supplied a large share of FY2025 revenue: SCPPA at 17.8%, NV Energy at 13.8% and Kenya Power (KPLC) at 11.9%. Together that is more than 43% of revenue from three counterparties.
• International exposure. International operations generated 40.3% of FY2025 revenue. Ormat states that Kenya contributes disproportionately to gross profit and net income, and it identifies political, enforcement, state-utility and legal-system risks abroad.
• Cash held overseas. As of June 30, 2026, $179.8 million of Ormat's $513.7 million cash balance was held by foreign subsidiaries.
• Leverage. Ormat carries meaningful debt, including the 2031 convertible notes. Ormat priced an $875 million offering on March 18, 2026, then closed at $1.0 billion on March 20 once the purchasers exercised their options in full — $825.0 million of 1.50% Series A notes and $175 million of 0.00% Series B notes, for net proceeds of $976.1 million. Its net-debt-to-adjusted-EBITDA covenant ratio stood at 4.26× at June 30, 2026, against a covenant maximum of 6×. That leaves headroom, but it is a levered balance sheet.
• Regulation and incentives. The 10-K warns that changes to PURPA or qualifying-facility status, permitting rules, renewable-energy regulation, or the reduction, elimination or inability to monetize incentives and tax credits could hurt results and cash flow.
• Israel. Much of senior management and the main Product manufacturing operation are located in Israel; the company says regional conditions could disrupt production, sales and operational support.

These risks are ordinary for an international power producer; customer concentration, 4.26x covenant leverage and resource-performance exposure are the specific ones for Ormat.

Ormat Versus Fervo Energy

Ormat and Fervo are two different kinds of geothermal exposure: established operations and development-stage growth. Both companies' own SEC filings make the distinction.

Ormat is an established operating company. Its 10-K lists 35 generating plants and complexes and 1,340 MW as of February 25, 2026, and fiscal 2025 produced $989.5 million of revenue and $127.0 million of GAAP net income.

Fervo remained primarily development-stage at June 30, 2026. Its Form 10-Q, filed August 13, 2026, says the company had not commenced large-scale commercial operations and had focused mainly on technology development, capital raising and establishing production capabilities. Fervo expected its first standardized Cape Station plants to operate at the end of 2026 and approximately 100 MW to be operating by early 2027 — those are the company's expectations, not operating facts as of the reporting date.

Put plainly: ORA gives you exposure to existing geothermal generation, equipment sales and operating storage assets, with current revenue, earnings, debt and a dividend. FRVO gives you more concentrated exposure to the commercialization of enhanced geothermal, with materially greater dependence on development, construction, financing and ramp-up going right. Neither is the "correct" geothermal stock; they answer different questions.

Our Fervo Energy stock explainer covers the FRVO side in depth, and our guide to geothermal stocks and investing lays out the full menu of public names, the private companies you keep reading about but cannot buy, and the stale or inactive tickers.

Frequently Asked Questions