Ormat Technologies (ORA) FY2023 results: revenue $829 million, up 13.0% on the year
Ormat Technologies, Inc. (ORA) reported revenue of $829 million for fiscal 2023, the year ended 31 December 2023, up 13.0% on the year before. Net income was $124 million, up 88.9%, and diluted earnings per share $2.08. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.
Revenue
$829 million
+13.0% on the year
FY2016FY2023
Operating margin
20.1%
20.8% a year earlier
FY2016FY2023
Net income
$124 million
+88.9% on the year
FY2016FY2023
Diluted EPS
$2.08
+77.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
309
281
259
+10.1%
Capital expenditure
618
563
419
+9.7%
Free cash flow
-309
-283
-160
Free cash flow margin
-37.3%
-38.5%
-24.2%
Cash from investing
-628
-523
-638
Cash from financing
380
126
186
+200.9%
Depreciation and amortisation
225
199
183
+13.1%
Share-based compensation
15.5
11.6
9.2
+32.9%
Buybacks
0.0
18.0
0.0
Dividends paid
28.4
27.1
27.0
+4.7%
Dividend per share
$0.48
$0.48
$0.48
0.0%
Diluted shares, weighted
60m
57m
56m
+5.8%
Shares outstanding at period end
60m
56m
56m
+7.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,315
1,868
1,855
+24.0%
Non-controlling interest
126
153
143
-18.2%
Redeemable equity
10.6
9.6
9.3
+10.5%
Short-term borrowings
n/a
0.0
n/a
Debt
1,990
2,053
1,926
-3.1%
Operating lease liabilities
19.8
19.8
16.5
+0.0%
Finance lease liabilities
2.2
2.3
4.4
-1.1%
Other liabilities
745
506
472
+47.1%
Total liabilities and equity
5,208
4,612
4,426
+12.9%
Fixed assets
2,999
2,493
2,295
+20.3%
Goodwill
90.5
90.3
90.0
+0.2%
Intangible assets
308
334
363
-7.9%
Securities held for sale or to maturity
n/a
0.0
43.3
Cash and equivalents
196
95.9
239
+104.2%
Receivables
209
129
123
+62.0%
Inventory
45.0
22.8
28.4
+97.3%
Other assets
1,362
1,446
1,243
-5.9%
Total assets
5,208
4,612
4,426
+12.9%
10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.