Ormat Technologies, Inc. (ORA) Stock Price & How to Invest

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.

The numbers have grown. Revenue reached about $990 million in 2025 and about $1.19 billion over the trailing twelve months, helped by an unusually large first quarter of 2026 (about $404 million). In the June 2026 quarter revenue rose about 11% year over year to roughly $259 million and EPS of about $0.50 came in well above the roughly $0.26 consensus. The stock has not followed. In early September Ormat cut its 2028 run-rate targets, now a revenue run rate of $1.225 to $1.275 billion and adjusted EBITDA of $750 to $800 million (versus $582 million of adjusted EBITDA in 2025), which UBS read as limited margin improvement until 2029 when it downgraded the shares to neutral. The stock fell about 16% in the third quarter, and RBC trimmed its price target to $114 while keeping an Outperform rating. On the positive side, the Department of Energy selected Ormat in October 2026 for up to $35 million tied to two research projects. Ormat reports third-quarter results on November 4, 2026, with consensus near $249 million of revenue and EPS of about $0.33.

Geothermal projects are capital-intensive, geologically risky, and slow to develop, with long lead times and the chance that resource performance disappoints. Ormat carries about $3.41 billion of debt against roughly $514 million of cash, and trailing free cash flow is negative, so rising interest rates raise financing costs and pressure returns. The September 2026 trim to the 2028 EBITDA run-rate target shows growth expectations can slip, and at about 44x trailing and 35x forward earnings the stock leaves little room for further disappointment; consensus actually expects 2027 EPS (about $2.57) slightly below 2026 (about $2.68). Results depend on the stability of renewable-energy incentives and tax credits, and policy changes are a risk, as is reliance on Chinese batteries in the Storage segment. 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.

12 analysts publish price targets on ORA, averaging $126.33 against a $89.31 price as of October 2026, or +41.5%. The published targets run from $100.00 to $145.00, a moderate spread, and the ratings split 7 buy, 6 hold, 0 sell. Over the last six months there have been 6 raises and 3 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full ORA forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Ormat Technologies, Inc.. 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. Baseload renewable power. Geothermal produces firm, around-the-clock electricity, unlike intermittent solar and wind. The most optimistic published target, $145.00, assumes this works close to its best case.

The case against. Geothermal projects are capital-intensive, geologically risky, and slow to develop, with long lead times and the chance that resource performance disappoints. The most pessimistic target, $100.00, is roughly what ORA is worth if this bites instead.

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

No. Ormat Technologies, Inc. (ORA) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

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): ~$1.19 billion
• Revenue growth (Q2 2026, YoY): ~+11%
• Operating / net margin (TTM): ~14% / ~11%
• Net income (TTM): ~$127 million
• P/E (trailing / forward): ~44x / ~35x
• Dividend yield: ~0.5% ($0.48 per year)
• Total debt / cash: ~$3.41 billion / ~$514 million
• Market cap: ~$5.5 billion

Ormat combines a stable, contracted Electricity segment with lumpier Product revenue and a growing Storage business. Even after falling about 21% in 2026, it trades at roughly 44x trailing earnings and about 16x EV to EBITDA, a premium that reflects clean-baseload scarcity value balanced against high capital intensity, leverage, and a trimmed 2028 outlook. Third-quarter results are due November 4, 2026; figures are as of October 16, 2026.

If you want ORA exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses ORA naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to ORA: 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 ORA exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (PBW, RNRG), which spreads the position across many companies. Or build it into a focused thematic portfolio, so ORA sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where ORA 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.

Ormat (ORA) pairs predictable, PPA-backed geothermal cash flows with lumpier equipment sales and a growing battery-storage arm, making it a clean-baseload and energy-transition holding rather than an intermittent renewable play. In a portfolio it behaves as a capital-heavy, leveraged infrastructure position whose returns hinge on commodity-like power demand, financing costs, and renewable-energy policy. In 2026 the shares have lagged even as quarterly earnings beat estimates, after management trimmed its 2028 adjusted EBITDA run-rate target by about 3% in September and analysts questioned a valuation of roughly 35x forward earnings.

Whether ORA 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 ORA a buy or a sell?, and where the stock could go from here in the ORA stock forecast.

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