Kenon Holdings Ltd. (KEN) Stock Price & How to Invest

Kenon Holdings was spun out of Israel Corporation in January 2015 as a vehicle for a set of unrelated stakes, and over the following decade it sold nearly all of them. Tower Semiconductor was distributed to shareholders in 2015, the Latin American power business (Inkia) went for about $1.3 billion in 2017, and the last ZIM shipping shares were sold in 2024 after realizing roughly $2.1 billion in total from a position originally bought for $200 million. What is left is one primary business: approximately 46% of OPC Energy Ltd, which is separately listed in Tel Aviv. OPC accounted for all of Kenon's revenue in 2025. It runs four gas-fired plants in Israel (Rotem 466 MW, Zomet 396 MW, Hadera 144 MW, Gat 75 MW) plus onsite generation for industrial customers, and it owns roughly 71% of CPV Group in the US, which holds interests in combined-cycle plants in Pennsylvania, Connecticut, Maryland, New Jersey and New York alongside a wind and solar portfolio. Kenon also still holds a 12% stake in Qoros, the China-based carmaker, which is a legal claim more than an operating asset.

The structure is the thing to understand before the numbers. Kenon consolidates OPC even at a 46% economic interest, so the ~$872 million of 2025 revenue and the ~$2.3 billion of debt on the balance sheet are OPC's, not the parent's, and the large non-controlling interest line (~$1.8 billion at March 2026) is the 54% of OPC plus the OPC minorities that Kenon does not own. CPV's US gas plants were historically held as equity-method associates rather than consolidated, which is why the share of profit of associates line is so large relative to operating profit, and why revenue jumped from $183 million in Q1 2025 to $317 million in Q1 2026 once CPV Shore came onto the books. At the parent level Kenon had about $671 million of cash and no material debt at the end of 2025, it distributed roughly $200 million ($3.85 per share) in April 2026, and it collected about $93 million in August 2026 from a long-running ICSID arbitration award against Peru. The result is a company whose reported earnings say relatively little and whose value is best read as the market price of the OPC stake, plus holding-company cash, minus a discount for tax leakage and for the fact that a 62% shareholder decides what happens next.

Concentration is the first risk and it is close to total: one 46% stake in one listed company, whose own results depend on Israeli electricity tariffs, natural gas supply and a war-affected operating environment. Kenon does not control OPC's dividend policy, and OPC paid no dividends in either 2024 or 2025, so cash reaching the parent is not automatic. Leverage sits below Kenon rather than at it, but it is real: OPC carried about $2.28 billion of consolidated debt at March 31, 2026, plus roughly $904 million as its proportionate share of CPV associate debt, and merchant gas plants in PJM, ISO-NE and NYISO are exposed to spark spreads and capacity auction outcomes that swing hard. Ansonia Holdings owns 62.4% and the effective free float is only about 19.5 million shares, which means minority holders neither set direction nor enjoy much liquidity, and average daily volume around 20,000 shares makes the price sensitive to modest order flow. Finally, two of the more interesting assets, the Qoros claim and the residual legal positions, are recoveries that may not arrive, and OPC's functional currency is the shekel while Kenon reports in dollars, so translation moves earnings on their own.

We give no verdict on Kenon Holdings Ltd.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. OPC's Israeli development pipeline. OPC Israel's operating fleet is roughly 1,080 MW across its four gas-fired plants today, and the projects in construction or advanced development are larger than the base.

The case against. Concentration is the first risk and it is close to total: one 46% stake in one listed company, whose own results depend on Israeli electricity tariffs, natural gas supply and a war-affected operating environment.

Read the full bull and bear case on KEN, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Kenon Holdings Ltd.'s investor relations page or your broker.

• Revenue (TTM): ~$1.0 billion (FY2025 ~$872M; Q1 2026 ~$317M vs ~$183M)
• Profit attributable to Kenon (TTM): ~$80 million, about ~$1.54 per share
• Market capitalization: ~$3.4 billion (~$65 per share on ~52.1M shares)
• Trailing P/E and P/B: ~41x earnings, ~2.3x the ~$1.5 billion of equity attributable to Kenon
• Debt and cash: ~$2.28 billion of debt and ~$1.77 billion of cash, all at OPC; ~$671 million standalone cash and no material debt at the parent
• Distribution: ~$3.85 per share (~$200 million) paid April 2026, declared case by case rather than on a fixed policy

Kenon reports in US dollars and files a Form 20-F as a foreign private issuer, not a 10-K, so there are no quarterly 10-Qs and interim figures arrive as unaudited 6-K exhibits. OPC changed its presentation currency from shekels to dollars on January 1, 2026 while keeping the shekel as its functional currency, so dollar comparatives shift with the exchange rate even when volumes do not. The trailing P/E is not especially informative here, because reported profit attributable to Kenon swings with equity-method results, one-off recoveries and non-controlling interest allocations rather than tracking the value of the OPC stake.

Other names that sit close to KEN: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get KEN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so KEN sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where KEN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Kenon is a controlled holding company that trades at a discount to the listed power business it owns, so the case for it and the risk in it are the same thing.

Whether KEN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is KEN a buy or a sell?, and where the stock could go from here in the KEN stock forecast.

For income investors, whether KEN pays a dividend and how the payout looks is covered in does KEN pay a dividend? And to weigh KEN against a peer, read the full side-by-side comparisons: KEN vs NE and KEN vs NRG.