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Screener / SEC EDGAR /CIK 0001296445 /10-K filed Feb 26, 2026, compared with Feb 27, 2025 /Numbers from the XBRL of the 10-Ks
Utilities peers:
HTOORAOTTRCWTNWNCPK
NYSE Utilities · Electric Utilities

Ormat Technologies, Inc. ORA

ORA quote by TradingView

We are a leading vertically integrated company primarily engaged in the geothermal power business. 10-K, Item 1

Headquarters
Reno, NV
CEO
Mr. Doron Blachar
Next results
around Feb 25, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $989.5M through the costs to a net profit of $123.9M · income statement of the 10-K

17% operating margin
Revenue to Gross profit: $272.7MRevenue to Cost of revenue: $716.9MGross profit to Operating profit: $169.2MGross profit to Operating expenses: $103.5MOperating profit to Net profit: $123.9MOperating profit to Interest, tax, other: $45.3MOperating expenses to R&D: $6.3MOperating expenses to Sales, admin & other: $97.2M Revenue: $989.5M REVENUE $989.5M +12% Y/Y Gross profit: $272.7M · 28% margin GROSS PROFIT $272.7M 28% margin · +0% Y/Y Cost of revenue: $716.9M · 72% of revenue COST OF REVENUE $716.9M 72% of revenue Operating profit: $169.2M · 17% margin OPERATING PROFIT $169.2M 17% margin · −2% Y/Y Operating expenses: $103.5M · 10% of revenue OPERATING EXPENSES $103.5M 10% of revenue Net profit: $123.9M · 13% margin NET PROFIT $123.9M 13% margin · +0% Y/Y Interest, tax, other: $45.3M · 5% of revenue INTEREST, TAX, OTHER $45.3M 5% of revenue R&D: $6.3M · 1% of revenue R&D $6.3M 1% of revenue Sales, admin & other: $97.2M · 10% of revenue SALES, ADMIN & OTHER $97.2M 10% of revenue
Gross profit $272.7M 28% margin · +0% Y/Y
Operating profit $169.2M 17% margin · −2% Y/Y
Net profit $123.9M 13% margin · +0% Y/Y
The full income statement, year by year

ORA among Utilities peers

Six ratios from the latest 10-K. Each corner is the share of 58 peers the company is above, not a score.

Compare
Revenue growth: 12.5%, above 71% of 58 peers (their median 9.5%) REVENUE GROWTH 12.5% · above 71% Gross margin: 28.4%, above 12% of 8 peers (their median 65.0%) GROSS MARGIN 28.4% · above 12% Operating margin: 16.7%, above 18% of 56 peers (their median 22.9%) OPERATING MARGIN 16.7% · above 18% Net margin: 11.1%, above 22% of 58 peers (their median 13.5%) NET MARGIN 11.1% · above 22% FCF margin: -19.4%, above 28% of 47 peers (their median -11.5%) FCF MARGIN -19.4% · above 28% Return on capital: 3.7%, above 4% of 51 peers (their median 5.3%) RETURN ON CAPITAL 3.7% · above 4%
ORA Peer median Below the median

What changed

16 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 26, 2026 against Feb 27, 2025.

Risk factors
16 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: Tel-Aviv, Israel Kesselman & Kesselman; February 26, 2026 Certified Public Accountants (Isr.); A member firm of PricewaterhouseCoopers International Limited. No longer listed: Tel-Aviv, Israel. Same as last year: Estimates of Future Costs in Product Revenue Recognition
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Critical audit matters changed
    New this year: Tel-Aviv, Israel Kesselman & Kesselman; February 26, 2026 Certified Public Accountants (Isr.); A member firm of PricewaterhouseCoopers International Limited. No longer listed: Tel-Aviv, Israel. Same as last year: Estimates of Future Costs in Product Revenue Recognition
  • Receivables +0.4% ($164.1M to $164.8M) vs revenue +12.5% ($879.7M to $989.5M), -12.1 pts apart
9 more checks with nothing to note
  • Cash from operations $335.1M vs net income $123.9M (FY ending Dec 31, 2025)
  • Inventory +18.8% ($38.1M to $45.3M) vs revenue +12.5% ($879.7M to $989.5M), +6.3 pts apart
  • Same auditor in both 10-Ks: Kesselman & Kesselman C.P.A.s
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

16 paragraphs in Risk Factors that were not in the 10-K filed Feb 27, 2025. Quoted as filed.

All 16 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    The energy storage market is impacted by battery prices that are linked to lithium prices and tariffs affecting China. 2025 was a volatile year for BESS pricing as tariffs were enacted and changed as well as the increase in demand due to the enactment of the OBBBA. These tariffs, the adoption and expansion of trade restrictions, the…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    Our investments in next-generation geothermal technologies including in EGS involve significant risks and may not achieve anticipated returns. We have made, and may continue to make, investments in EGS, which is an emerging geothermal technology that differs materially from conventional geothermal development. EGS projects seek to…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    Existing congestion of transmission capacity, as well as expansion of transmission systems and competition from other developers seeking access to expanded systems, could also affect our performance.
  4. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    The absence of new or renewed BLM permits for solar PV projects on U.S. federal lands could impair our development activities, project pipeline and growth prospects. The BLM has not issued new permits or renewed certain permits for standalone solar facilities, solar projects paired with energy storage, or solar installations intended to…

New risk paragraphs, against peers

Latest 10-K of each, Utilities companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$734.2M$829.4M$879.7M$989.5M
Net income$65.8M$124.4M$123.7M$123.9M
Operating cash flow$281.0M$309.4M$410.9M$335.1M
Free cash flow−$282.5M−$309.0M−$76.8M−$284.7M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$989.5M ▲ 12.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Ormat Technologies, Inc., Reno, NV · from the 10-K filed Feb 26, 2026

We are a leading vertically integrated company primarily engaged in the geothermal power business. We leverage our core capabilities, proprietary technologies, and global presence to expand our activities in conventional geothermal development, recovered energy generation and emerging geothermal technologies, including piloting of new EGS technologies. In addition, we are expanding into different complementary energy solutions, including stand alone utility scale energy storage services and solar PV generation (including hybrid geothermal and solar PV as well as solar plus energy storage).

Headquarters
Reno, NV
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 4, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Feb 26, 2026 (open at SEC), compared with the 10-K filed Feb 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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