ORA (Ormat Technologies, Inc.): Themes, ETFs, and Basket Ideas
Last updated June 2026
Short answer
What does Ormat Technologies, Inc. do?
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.
Where is Ormat Technologies, Inc. heading?
1. Baseload renewable power.
Geothermal produces firm, around-the-clock electricity, unlike intermittent solar and wind. As grids add variable renewables and demand rises (including from data centers), the value of always-on clean baseload power increases, and Ormat is one of the few scaled pure-play geothermal operators positioned to supply it.
2. Long-term contracted cash flows.
Ormat sells most of its electricity under long-term power purchase agreements, producing relatively stable, recurring revenue from its operating plant fleet. This contracted base gives the Electricity segment a utility-like, predictable cash-flow profile that anchors the company.
3. Energy storage growth.
Ormat's Energy Storage segment builds and operates battery assets that provide grid services and capacity. This is its fastest-growing area and diversifies the company beyond geothermal, letting it participate in the broader buildout of grid flexibility and storage needed alongside renewables.
Risks worth tracking: Geothermal projects are capital-intensive, geologically risky, and slow to develop, with long lead times and the chance that resource performance disappoints. Ormat carries meaningful debt to fund its capital-heavy plant fleet, so rising interest rates raise financing costs and pressure returns. Results depend on the stability of renewable-energy incentives and tax credits, and policy changes are a risk. Geographic concentration in specific resource regions and exposure to weather, seismic, and resource-depletion factors add operational variability. The Product segment is lumpy, tied to third-party project timing, and the Storage segment, while growing, competes in a crowded market.
Earnings and valuation (approximate, early 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Ormat Technologies, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$900 million
- Operating margin: ~20%+
- Net income (TTM): positive
- Generating capacity: ~1+ GW across geothermal and storage
- Dividend yield: modest, ~0.5%
- Net debt: meaningful, funding capital-intensive plants
- Contract profile: majority of electricity under long-term PPAs
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.
ORA's competitors
Geothermal power
Few large pure-play geothermal peers exist publicly; Ormat is a scaled leader. It competes with utilities and independent power producers for renewable offtake contracts and with emerging next-generation geothermal startups.
Other renewable generation
Solar, wind, and hydro developers compete for the same utility offtake and clean-energy capacity. Ormat differentiates on firm, around-the-clock baseload power versus intermittent sources.
Energy storage
In its Storage segment, Ormat competes with battery developers and operators (such as Fluence and various IPPs) providing grid services and capacity in deregulated power markets.
Using ORA in a Walnut basket
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Open the AI assistant on Walnut and describe a thesis (for example: “the AI infrastructure buildout”, “dividend growth large-caps”, “global semiconductors”) where ORA would naturally fit. The AI proposes 5 to 6 constituents with target weights, you review, and you can fund the basket through your broker once you're ready.
Build a basket around ORA with Walnut
Use Ormat Technologies, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is ORA's ticker symbol?
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ORA, listed on the New York Stock Exchange. The company is Ormat Technologies, Inc., headquartered in Reno, Nevada. It is one of the few scaled pure-play geothermal companies traded publicly.
What does Ormat Technologies do?
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Ormat generates renewable electricity from geothermal energy and sells it under long-term contracts, supplies geothermal power-plant equipment and engineering to third parties, and builds and operates battery energy-storage assets. It is a vertically integrated geothermal and storage company.
Who are Ormat's main competitors?
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In geothermal, Ormat is a scaled leader with few large pure-play public peers, competing with utilities and IPPs for offtake. Solar, wind, and hydro compete for the same clean-energy contracts, and in storage it competes with battery developers like Fluence.
Why is Ormat a clean-energy stock?
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Geothermal is a renewable source that produces firm, around-the-clock electricity. Ormat operates a fleet of geothermal plants plus a growing battery-storage business, making it a play on clean, dispatchable power and grid flexibility within the energy transition.
What is geothermal power?
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Geothermal power taps underground heat to produce steam or hot fluid that drives turbines, generating electricity around the clock. Unlike intermittent solar and wind, geothermal provides firm baseload power, which is increasingly valuable as grids add variable renewables.
Is Ormat profitable?
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Yes. Ormat is profitable as of early 2026, anchored by its contracted Electricity segment. Profitability can vary with the timing of its lumpier Product segment and with financing costs given its capital-intensive plant fleet.
Does Ormat pay a dividend?
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Yes, a modest one, yielding roughly half a percent as of early 2026. Ormat directs most of its cash toward funding capital-intensive geothermal and storage projects, so the dividend is small relative to its reinvestment needs.
What are Ormat's business segments?
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Three: Electricity (generating and selling power from its geothermal fleet under long-term contracts), Product (designing and supplying geothermal equipment and engineering to third parties), and Energy Storage (building and operating battery assets for grid services).
Why does geothermal matter for data centers?
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Data centers need large amounts of reliable, around-the-clock power, and geothermal provides firm clean baseload that intermittent renewables cannot. That has drawn attention to geothermal operators like Ormat as potential suppliers of always-on clean energy.
What are the main risks for Ormat?
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Geothermal projects are capital-intensive, geologically risky, and slow to build. Ormat carries meaningful debt, so higher interest rates raise costs. Results also depend on renewable-energy incentives, resource performance, and geographic concentration, all of which add variability.
Which thematic baskets typically include Ormat?
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On Walnut, ORA commonly appears in clean energy and renewable-power baskets, geothermal or baseload-clean-energy themes, and energy-transition baskets that emphasize firm, dispatchable power and grid storage alongside solar and wind.
Is Ormat a good stock to buy?
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Descriptive, not a recommendation. ORA is a scaled pure-play geothermal and storage company with contracted, utility-like electricity cash flows. The bull case is clean baseload scarcity value and storage growth; the bear case is capital intensity, leverage, interest-rate sensitivity, and policy risk. Walnut is informational, not investment advice.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Ormat Technologies, Inc.'s investor relations page or your broker before making investment decisions.