BKR vs ORA: How Baker Hughes and Ormat Technologies Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: BKR is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BKR and ORA share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BKR and ORA exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Baker Hughes operates two segments. Oilfield Services & Equipment (OFSE) provides drilling, completions, production, and equipment to upstream oil and gas operators, and moves with the traditional exploration-and-production spending cycle. Industrial & Energy Technology (IET) supplies rotating equipment, gas turbines, compressors, and turbomachinery for LNG export facilities, gas infrastructure, floating production (FPSO) projects, and increasingly for power generation at AI data centers. The company acquired Chart Industries in 2025 for about $13.6 billion to deepen its LNG and decarbonization equipment offering.

Full BKR guide

Ormat Technologies is a vertically integrated geothermal and energy-storage company. Its core business is generating baseload renewable electricity from geothermal energy: tapping underground heat to drive turbines that produce around-the-clock power, unlike intermittent solar and wind. Ormat operates its own fleet of geothermal and recovered-energy power plants and sells the electricity under long-term contracts to utilities and other offtakers, which it calls its Electricity segment. It also designs, builds, and supplies geothermal power-plant equipment and engineering services to third parties (its Product segment), and it has grown a fast-expanding Energy Storage segment that builds and operates battery storage assets providing grid services. Founded in 1965 and headquartered in Reno, Nevada, Ormat is one of the few pure-play geothermal companies of scale and is positioned as a provider of firm, dispatchable clean power, an increasingly valued attribute as grids add intermittent renewables and face rising demand.

Full ORA guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BKR drivers: Record IET backlog and LNG demand; AI data-center power.
• ORA drivers: Baseload renewable power; Long-term contracted cash flows.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: OFSE remains tied to upstream oil and gas capital spending, which can fall quickly when commodity prices weaken, and Middle East regional instability and asset dispositions have already pressured that segment. For ORA, geothermal projects are capital-intensive, geologically risky, and slow to develop, with long lead times and the chance that resource performance disappoints.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BKR if you believe its drivers more; ORA if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BKR and ORA guides.

BKR. Q1 2026 revenue of about $6.6 billion and adjusted EPS near $0.58 came in ahead of consensus, driven by IET strength (revenue up about 14%) while OFSE revenue fell roughly 7%. The stock trades at a forward P/E around 20x, richer than oilfield-services peers like Halliburton and SLB, reflecting the higher-quality IET backlog. Figures are approximate and change with each quarterly report and market moves.

ORA. Ormat combines a stable, contracted Electricity segment with lumpier Product revenue and a growing Storage business. Its valuation reflects predictable geothermal cash flows and clean-baseload scarcity value, balanced against high capital intensity, leverage, and sensitivity to interest rates and renewable-energy policy.

Headline figures (approximate, JULY 2026): BKR shows revenue (ttm) ~$27B, q1 2026 revenue ~$6.6B, q1 2026 adjusted eps ~$0.58, market cap ~$57B; ORA shows revenue (ttm) ~$900 million, operating margin ~20%+, net income (ttm) positive, generating capacity ~1+ GW across geothermal and storage.

BKR and ORA are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BKR and ORA exposure against your real portfolio. It is not an investment adviser.