Ormat Technologies, Inc. — Earnings Quality Grade F
ORA · Utilities
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 61 days, change -7 days YoY
AR growth 0.4% vs revenue growth 12.5%
Revenue grew 12.5% but CFFO declined -18.5%
Expense Quality
Inventory 18.8% vs COGS 18.1%. Normal
CapEx growth 27.1% is >2x revenue growth 12.5%
SG&A/Gross Profit = 36.1%. Normal
Gross margin 27.6%, change -3.4pp. Stable
Cash Flow Quality
CFFO/NI = 2.70. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -3.4%. Low accruals
Cash $0.1B covers only 5% of debt $2.9B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 17% of equity. Manageable
Debt/EBITDA = 5.3x (>4x). Interest coverage = 1.3x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.57 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25