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Ormat Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$72.9M in Q3 2026 · −$236M over twelve months

Operating cash flow$99.7M
Capital spending−$173M
Free cash flow−$72.9M
Cash / net income3.3×
Cash conversion cycle-10 days

Analysis

In Q3 2026, Ormat Technologies generated $99.7M of operating cash flow and spent $173M on capital projects, leaving free cash flow of −$72.9M. That is $29.2M more than in Q3 2025 (−$102M).

Over the twelve months to Sep 30, 2026, operating cash flow was $334M; the largest uses were capital spending ($570M), other financing ($362M), acquisitions ($78.3M); besides operations, cash came from net borrowing (+) / repaid (−) ($939M), other investing ($72.9M); the cash balance rose by $306M.

Operating cash flow was $99.7M against net income of $29.8M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$82.5M, payables +$26.7M, prepaid and other assets −$23.8M.

Its cash conversion cycle was -10 days (receivables 57 + inventory 21 − payables 88): suppliers fund its working capital.

Free cash flow

Ormat Technologies: free cash flow by quarterOrmat Technologies: free cash flow by quarter$30.9MQ4 2024−$105MQ1 2025−$37.9MQ2 2025−$102MQ3 2025−$40.0MQ4 2025−$35.2MQ1 2026−$87.4MQ2 2026−$72.9MQ3 2026
Operating cash flow less capital spending.
Ormat Technologies: operating cash flow against capital spendingOrmat Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$159M$128MQ4 2024$88.0M$193MQ1 2025$96.9M$135MQ2 2025$45.2M$147MQ3 2025$105M$145MQ4 2025$78.6M$114MQ1 2026$50.6M$138MQ2 2026$99.7M$173MQ3 2026
Latest (Q3 2026): Operating cash flow $99.7M, Capital spending $173M.

Capital allocation, year by year

Ormat Technologies: where the cash came from (up) and went (down), by fiscal yearOrmat Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $259MFY2021: Net borrowing −$3.2MFY2021: Shares issued $311KFY2021: Capital spending −$419MFY2021: Acquisitions −$171MFY2021: Dividends −$27.0M$259MFY2021FY2022: Operating cash flow $281MFY2022: Net borrowing $198MFY2022: Shares issued $39KFY2022: Capital spending −$563MFY2022: Buybacks −$18.0MFY2022: Dividends −$27.1M$479MFY2022FY2023: Operating cash flow $309MFY2023: Net borrowing −$89.0MFY2023: Shares issued $342MFY2023: Capital spending −$618MFY2023: Dividends −$28.4M$651MFY2023FY2024: Operating cash flow $411MFY2024: Net borrowing −$187MFY2024: Capital spending −$488MFY2024: Acquisitions −$275MFY2024: Dividends −$29.1M$411MFY2024FY2025: Operating cash flow $335MFY2025: Net borrowing −$187MFY2025: Capital spending −$620MFY2025: Acquisitions −$88.7MFY2025: Dividends −$29.1M$335MFY2025
Over these 5 years operating cash flow totalled $1.6B; the largest uses were capital spending ($2.7B) and acquisitions ($534M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$348M
Debt$2.8B
Net debt$2.4B
Due within a year$304M

Ormat Technologies's operations bring cash in ($334M over twelve months), and it spends more than that on capital projects: a gap of $236M funded from its $348M of cash and investments and from borrowing ($2.8B of debt, $304M due within a year). That is a choice to invest, not a cash runway running down.

Ormat Technologies: debt maturities by year (FY2025)Ormat Technologies: debt maturities by year (FY2025)$304MYear 1$781MYear 2$335MYear 3$313MYear 4$212MYear 5$716MAfter year 5
Principal due in each year as disclosed in the annual report, against $348M of cash and investments now.

Where the cash came from and went

Ormat Technologies: sources (+) and uses (−) of cash, Q3 2026Ormat Technologies: sources (+) and uses (−) of cash, Q3 2026Capital spending−$173MCash drawn (+) / kept (−)$146MOperating cash flow$99.7MOther financing−$70.2MDividends−$7.4MOther investing$7.0MPartners−$1.7MNet borrowing (+) / repaid (−)−$521KExchange rates−$201K
Ormat Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Ormat Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$939MCapital spending−$570MOther financing−$362MOperating cash flow$334MCash drawn (+) / kept (−)−$306MAcquisitions−$78.3MOther investing$72.9MDividends−$29.3MExchange rates−$979KPartners$700K

From profit to cash

Ormat Technologies: net income to operating cash flow, Q3 2026Ormat Technologies: net income to operating cash flow, Q3 2026Net income$29.8MDepreciation & amortization$82.5MStock-based pay$5.5MDeferred taxes−$17.1MImpairments$150KGains on disposals$1KReceivables$18.5MInventory$3.0MPayables$26.7MDeferred revenue−$2.7MPrepaid and other assets−$23.8MOther liabilities−$1.1MOperating cash flow$99.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026572188-10
Q2 2026602289-7
Q1 2026371468-16
Q3 20255622100-22
Q2 20256422106-20
Q1 20256623125-36

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$99.7M−$173M——−$7.4M−$521K—$146M−$72.9M
Q2 2026$50.6M−$138M—$5K−$7.2M−$954K—$105M−$87.4M
Q1 2026$78.6M−$114M−$78.3M−$24.4M−$7.5M$585M—−$482M−$35.2M
Q4 2025$105M−$145M——−$7.2M−$17.8M—−$75.1M−$40.0M
Q3 2025$45.2M−$147M——−$7.3M−$128M—$327K−$102M
Q2 2025$96.9M−$135M−$88.7M—−$7.3M$17.0M−$754K$18.6M−$37.9M
Q1 2025$88.0M−$193M——−$7.3M−$58.1M$754K−$18.9M−$105M
Q4 2024$159M−$128M$1K—−$7.3M−$45.2M−$150K−$29.0M$30.9M

Ormat Technologies: income statement and cash flow

Ormat Technologies, Q3 2026: revenue $275M (+10% year over year), operating margin 16.4%. The chart follows the revenue to costs, profit and cash.

Ormat Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.