Ormat Technologies, Inc. Financial Ratios — HNM.DE Stock

Profitability (USD)

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	40.32	17.84	-21.87	- -	- -	- -	126.69	48.76	48.8	26.14	19.36	16.46	10.94	10.89	18.51
Return on Assets (%)	3.93	1.91	-1.98	-9.68	1.94	2.53	5.48	3.75	5.21	3.41	2.77	2.39	1.49	1.46	2.53
Return on Capital (%)	10.97	- -	-67.88	- -	9.1	10.34	- -	10.95	12.83	8.84	7.38	5.72	4.57	4.65	7.24
Return on Invested Capital (%)	3.8	- -	-34.15	- -	4.15	5.95	- -	7.34	8.26	5.96	4.69	3.73	3.47	3.92	3.76
Gross Margin (%)	29.24	20.8	26.74	25.71	29.97	36.42	36.71	40.87	38.75	37.6	36.1	39.17	39.86	36.62	31.83
EBITDA Margin (%)	32.36	30.38	37.13	36.16	36.38	46.42	45.88	46.92	46.47	46.01	45.92	49.6	53.1	52.45	47.64
Operating Margin (%)	16.74	7.13	14.47	15.77	18.95	28.4	27.86	30.92	29.85	27.63	25.98	27.4	25.5	25.37	20.53
Incremental Operating Margin (%)	12.46	109.19	66.9	23.02	69.7	220.19	19.11	57.78	6.34	-30.67	-18.31	1.29	57.17	24.16	-16.75
Pretax Margin (%)	19.02	8.25	1.01	-42.21	9.59	15.34	19.1	21.29	24.64	19.07	18.4	23.92	15.62	13.02	16.77
Profit Margin (%)	16.71	10	-10.12	-42.45	7.73	9.68	20.24	13.39	19.11	13.62	11.81	12.12	9.36	8.97	15
Net Income to Common Margin (%)	16.71	10	-10.12	-42.45	7.73	9.68	20.24	13.39	19.11	13.62	11.81	12.12	9.36	8.97	15
Effective Tax Rate (%)	19.69	- -	1,117.18	- -	26.5	32.16	- -	26.27	12.69	25.32	33.22	39.71	24	15.42	4.3
Dvd Payout Ratio (%)	17.52	37.4	-13.3	-1.69	9.54	17.11	9.94	24.72	12.68	21.95	22.61	19.02	29.96	30.24	20.03
Sustainable Growth Rate (%)	33.26	11.17	-24.78	- -	- -	- -	114.09	36.71	42.61	20.4	14.98	13.33	7.66	7.6	14.81

Credit (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	622	777	1,025	1,031	1,078	1,001	901	939	914	1,268	1,269	1,484	1,935	2,053	2,115
ST Debt	49	36	56	68	80	92	63	66	109	227	232	85	392	186	304
LT Debt	572	741	969	963	997	910	839	873	804	1,041	1,037	1,399	1,543	1,867	1,811
Total Debt/EBITDA	4.66	6.85	6.49	5.68	5.56	3.86	3.3	3.02	2.84	3.83	3.7	4.24	5.49	5.33	5.35
Net Debt/EBITDA	4.31	6.12	5.86	5.31	5.26	3.7	2.62	2.28	2.69	3.53	3.41	2.88	4.74	5.01	4.79
Total Debt/EBIT	9.01	29.18	16.65	13.03	10.67	6.3	5.44	4.58	4.42	6.38	6.55	7.68	11.44	11.02	12.42
Net Debt/EBIT	8.34	26.07	15.03	12.19	10.1	6.05	4.32	3.46	4.19	5.88	6.02	5.21	9.87	10.37	11.11
EBITDA to Interest Expense	8.21	2.8	2.27	2.83	2.63	3.07	3.76	4.61	5.95	4.67	4.26	4.49	4.26	4.39	4
EBITDA-CapEx/Interest Expense	8.21	2.76	2.25	2.83	2.63	3.07	3.75	4.61	5.93	4.67	4.26	4.49	4.26	4.39	4
EBIT to Interest Expense	4.25	0.66	0.89	1.23	1.37	1.88	2.28	3.04	3.82	2.8	2.41	2.48	2.05	2.12	1.72
Interest Expense	16	40	69	64	74	85	73	67	54	71	80	78	83	88	99
Common Equity/Total Assets	10.57	10.83	7.45	-2.12	-0.14	1.96	6.53	8.75	12.47	13.53	15.01	14.15	13.22	13.53	13.82
Long-Term Debt/Equity (%)	62.76	78.36	106.93	138.38	133.87	115.62	77.38	74.71	62.07	72.02	68.44	71.71	76.84	91.95	73.88
Long-Term Debt/Capital (%)	69.5	73.76	80.43	96.87	91.75	86.24	73.34	70.06	60.69	57.33	55.17	64.2	57.73	65.75	60.96
Long-Term Debt/Total Assets (%)	30.69	36.25	41.88	46.11	46.19	42.88	36.88	35.46	30.65	33.34	31.91	35.98	34.86	40.49	34.78
Total Debt/Equity (%)	68.18	82.17	113.06	148.21	144.66	127.29	83.16	80.36	70.51	87.74	83.74	76.05	96.35	101.09	86.28
Total Debt/Capital (%)	75.5	77.35	85.04	103.74	99.14	94.94	78.81	75.36	68.94	69.84	67.5	68.09	72.38	72.29	71.19
Total Debt/Total Assets (%)	33.35	38.01	44.28	49.39	49.91	47.2	39.64	38.14	34.82	40.62	39.04	38.16	43.71	44.51	40.61
Net Debt to Equity	63.11	73.41	102.04	138.63	136.96	122.17	66.01	60.66	66.82	80.9	77	51.64	83.13	95.09	77.2
Net Debt/Capital (%)	74.04	75.31	83.69	104.01	99.09	94.74	74.7	69.77	67.78	68.1	64.51	58.2	68.59	70.37	68.19
EBITDA	133	113	158	181	194	260	273	311	322	331	343	350	352	385	395
EBITDA-CapEx	133	112	156	181	194	260	272	311	321	331	343	350	352	385	395
Operating Income (Loss)	69	27	62	79	101	159	166	205	207	199	194	193	169	186	170

Liquidity (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.33	0.6	0.61	0.31	0.31	0.2	0.99	1.22	0.17	0.27	0.19	1.8	0.52	0.28	0.36
Current Ratio	1.4	1.49	1.51	1.3	1.55	1.33	1.99	2.5	1.14	1.31	1.1	3.13	1.11	1.33	1.2
Quick Ratio	0.88	1.11	0.95	0.67	1	0.62	1.45	2.01	0.75	0.82	0.76	2.57	0.8	0.8	0.87
CFO/Avg Current Liab	0.73	0.73	0.8	0.44	0.44	1.09	0.96	0.84	1.04	0.45	0.64	0.85	0.65	0.63	0.7
Common Equity/Total Assets	10.57	10.83	7.45	-2.12	-0.14	1.96	6.53	8.75	12.47	13.53	15.01	14.15	13.22	13.53	13.82
Long-Term Debt/Equity (%)	62.76	78.36	106.93	138.38	133.87	115.62	77.38	74.71	62.07	72.02	68.44	71.71	76.84	91.95	73.88
Long-Term Debt/Capital (%)	69.5	73.76	80.43	96.87	91.75	86.24	73.34	70.06	60.69	57.33	55.17	64.2	57.73	65.75	60.96
Long-Term Debt/Total Assets (%)	30.69	36.25	41.88	46.11	46.19	42.88	36.88	35.46	30.65	33.34	31.91	35.98	34.86	40.49	34.78
Total Debt/Equity (%)	68.18	82.17	113.06	148.21	144.66	127.29	83.16	80.36	70.51	87.74	83.74	76.05	96.35	101.09	86.28
Total Debt/Capital (%)	75.5	77.35	85.04	103.74	99.14	94.94	78.81	75.36	68.94	69.84	67.5	68.09	72.38	72.29	71.19
Total Debt/Total Assets (%)	33.35	38.01	44.28	49.39	49.91	47.2	39.64	38.14	34.82	40.62	39.04	38.16	43.71	44.51	40.61
CFO/Total Liabilities	11.63	9.23	9.43	6.43	6.13	15.97	15.97	12.32	18.49	8.7	13.63	13.68	10.7	10.89	11.22
CFO/CapEx	- -	68.89	74.32	- -	- -	- -	380.05	- -	282.92	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.54	0.42	0.43	0.38	0.46	0.58	1.54	1.99	2.15	1.64	1.97	2.17	1.57	1.69	0.53

Working Capital (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	7.47	6.92	8.05	9.38	7.06	7.77	11.45	9.74	7.25	5.8	5.11	4.65	4.87	5.83	4.91
Days Sales Outstanding	48.83	52.77	45.37	38.9	51.69	46.96	31.89	37.49	50.37	62.92	71.46	78.58	74.89	62.58	74.27
Inventory Turnover	19.96	21.1	24.86	22.45	17.39	18.14	21.5	26.06	26.9	13.9	11.92	12.21	12.51	18.15	16.66
Days Inventory Outstanding	18.28	17.3	14.68	16.26	20.99	20.12	16.97	14.01	13.57	26.26	30.62	29.89	29.18	20.11	21.91
Accounts Payable Turnover	4.05	5.95	5.12	6.29	7.43	7.16	8.42	8.6	7.67	7.87	7.2	5.76	5.19	6.02	5.38
Accounts Payable Turnover Days	90.04	61.32	71.32	58.07	49.11	50.99	43.34	42.43	47.58	46.4	50.67	63.34	70.3	60.62	67.78
Cash Conversion Cycle	-22.92	8.76	-11.27	-2.91	23.58	16.09	5.53	9.07	16.36	42.78	51.4	45.12	33.78	22.07	28.39
Inventory to Cash Days	30.55	35.47	30.69	22.64	30.7	26.84	14.92	23.48	36.8	36.67	40.84	48.69	45.71	42.47	52.36
Inventories	15	13	13	21	22	17	18	12	20	45	35	35	28	23	45
Raw Materials	7	7	6	10	6	5	9	5	12	27	22	15	12	11	21
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	8	6	6	11	16	12	9	7	8	18	13	20	17	12	24
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	1,660	2,517	3,115	2,562	3,674	4,580	4,173	4,860	- -
- Cash & Cash Equivalents	46	83	100	67	57	40	186	230	48	99	71	448	239	96	196
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	5	6	8	7	12	12	94	92	84	125	123	145	153	163	136
+ Total Debt	622	777	1,025	1,031	1,078	1,001	901	939	914	1,268	1,269	1,484	1,935	2,053	2,115
Enterprise Value	580	700	915	971	1,033	973	2,469	3,317	4,065	3,856	4,995	5,761	5,978	6,980	2,056
Total Capital	823	1,004	1,205	994	1,087	1,055	1,144	1,246	1,325	1,815	1,880	2,179	2,673	2,840	2,971
Total Debt/Capital (%)	75.5	77.35	85.04	103.74	99.14	94.94	78.81	75.36	68.94	69.84	67.5	68.09	72.38	72.29	71.19
Total Debt / EV	1.07	1.11	1.12	1.06	1.04	1.03	0.37	0.28	0.22	0.33	0.25	0.26	0.32	0.29	1.03
EV/Sales	1.41	1.88	2.15	1.94	1.94	1.74	4.15	5.01	5.87	5.36	6.7	8.17	9.02	9.51	2.48
EV/EBITDA	4.35	6.17	5.79	5.35	5.32	3.75	9.05	10.67	12.63	11.65	14.58	16.47	16.98	18.13	5.2
EV/EBIT	8.41	26.3	14.86	12.28	10.22	6.12	14.91	16.19	19.66	19.41	25.77	29.81	35.35	37.47	12.07
EV/Cash Flow to Firm	4.68	4.88	- -	6.3	7.33	3.59	9.05	15.87	13.88	19.4	17.21	18.46	18.59	19.65	5.09
EV/Free Cash Flow to Firm	4.68	4.83	- -	6.3	7.33	3.59	9.03	15.87	13.84	19.4	17.21	18.46	18.59	19.65	5.09
Diluted Market Cap	- -	- -	- -	- -	- -	- -	1,681	2,551	3,115	2,578	3,700	4,613	4,203	4,898	- -
Diluted Enterprise Value	580	700	933	971	1,033	973	2,491	3,351	4,065	3,873	5,021	5,794	6,051	7,018	2,056
EV per Share	12.78	15.41	20.13	21.38	22.73	21.33	50.85	67.06	80.32	76.15	98.2	111.72	106.74	124.5	- -
TTM Sales	412	373	425	502	533	560	595	663	693	719	746	705	663	734	829
TTM EBITDA	133	113	158	181	194	260	273	311	322	331	343	350	352	385	395
TTM Operating Income	69	27	62	79	101	159	166	205	207	199	194	193	169	186	170
TTM Cash Flow to Firm	124	143	-574	154	141	271	273	209	293	199	290	312	322	355	404
TTM Free Cash Flow to Firm	124	145	-572	154	141	271	273	209	294	199	290	312	322	355	404

Multiples (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	8.82	16.02	12.64	17.68	15.65	17.41	16.24	17.43	- -
EV/EBIT	8.41	26.3	14.86	12.28	10.22	6.12	14.91	16.19	19.66	19.41	25.77	29.81	35.35	37.47	12.07
Enterprise Value	580	700	915	971	1,033	973	2,469	3,317	4,065	3,856	4,995	5,761	5,978	6,980	2,056
Low Price	- -	- -	- -	- -	- -	- -	25.78	32.68	51.47	48.39	50.96	54.56	64.13	60.27	58.68
EV/Sales	1.41	1.88	2.15	1.94	1.94	1.74	4.15	5.01	5.87	5.36	6.7	8.17	9.02	9.51	2.48
EV/EBITDA	4.35	6.17	5.79	5.35	5.32	3.75	9.05	10.67	12.63	11.65	14.58	16.47	16.98	18.13	5.2
Price/Earnings	- -	- -	- -	- -	- -	- -	13.79	28.38	23.52	26.15	41.71	53.59	67.21	73.81	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	13.57	23.1	21.34	27.58	36.23	40.6	69.49	69.42	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	16.32	30.04	25.15	63.93	45.3	55.05	114.86	86.65	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	10.4	18.23	19.67	25.01	29.43	32.92	57.85	51.32	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	11.18	11.69	9.52	6.07	7.53	8.32	7.13	7.79	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	11	9.51	8.63	6.4	6.54	6.31	7.37	7.33	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	13.23	12.37	10.17	14.83	8.18	8.55	12.19	9.14	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	8.43	7.51	7.96	5.8	5.31	5.11	6.14	5.41	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	1.57	2.27	2.62	2.09	2.81	2.64	2.68	3.03	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	1.54	1.85	2.38	2.21	2.44	2	2.78	2.85	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	1.86	2.4	2.8	5.11	3.05	2.72	4.59	3.55	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	1.18	1.46	2.19	2	1.98	1.62	2.31	2.1	- -
Price/Sales	- -	- -	- -	- -	- -	- -	2.79	3.8	4.5	3.56	4.92	6.49	6.29	6.62	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	2.75	3.09	4.08	3.76	4.28	4.92	6.51	6.23	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	3.3	4.02	4.81	8.71	5.35	6.67	10.76	7.77	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	2.11	2.44	3.76	3.41	3.47	3.99	5.42	4.6	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	8.74	15.8	12.68	17.57	15.54	17.28	16.12	17.3	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	8.59	12.87	11.51	18.53	13.5	13.09	16.67	16.27	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	10.34	16.73	13.56	42.95	16.87	17.75	27.55	20.3	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	6.59	10.15	10.61	16.81	10.96	10.62	13.88	12.03	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	8.68	13.04	11.47	18.65	13.59	13.19	16.79	16.39	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	10.44	16.96	13.51	43.23	16.99	17.88	27.75	20.46	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	6.66	10.29	10.57	16.91	11.04	10.69	13.98	12.12	- -
EV/Sales Average	1.41	1.88	2.19	1.94	1.94	1.74	4.11	4.3	5.45	5.56	6.05	6.59	9.29	9.11	2.48
EV/Sales High	1.41	1.88	2.19	1.94	1.94	1.74	4.66	5.23	6.18	10.51	7.12	8.34	13.54	10.66	2.48
EV/Sales Low	1.41	1.88	2.19	1.94	1.94	1.74	3.47	3.65	5.13	5.21	5.25	5.66	8.2	7.49	2.48
EV/EBITDA Average	4.35	6.17	5.91	5.35	5.32	3.75	8.95	9.17	11.73	12.08	13.17	13.29	17.5	17.37	5.2
EV/EBITDA High	4.35	6.17	5.91	5.35	5.32	3.75	10.17	11.15	13.29	22.84	15.51	16.82	25.51	20.32	5.2
EV/EBITDA Low	4.35	6.17	5.91	5.35	5.32	3.75	7.55	7.77	11.04	11.32	11.42	11.42	15.45	14.28	5.2
EV/EBIT Average	8.41	26.3	15.16	12.28	10.22	6.12	14.75	13.91	18.26	20.11	23.29	24.06	36.44	35.92	12.07
EV/EBIT High	8.41	26.3	15.16	12.28	10.22	6.12	16.74	16.91	20.7	38.04	27.41	30.45	53.1	42.01	12.07
EV/EBIT Low	8.41	26.3	15.16	12.28	10.22	6.12	12.44	11.8	17.19	18.85	20.19	20.67	32.17	29.52	12.07
Last Price	- -	- -	- -	- -	- -	- -	34.18	50.88	61.55	50.59	72.23	88.81	74.52	86.69	76.26
High Price	- -	- -	- -	- -	- -	- -	40.45	53.87	65.8	123.67	78.45	91.24	127.35	101.76	94.1
Enterprise Value Average	580	700	933	971	1,033	973	2,443	2,850	3,776	3,997	4,513	4,651	6,163	6,690	2,056
Enterprise Value High	580	700	933	971	1,033	973	2,774	3,465	4,280	7,558	5,311	5,886	8,980	7,825	2,056
Enterprise Value Low	580	700	933	971	1,033	973	2,061	2,417	3,555	3,745	3,913	3,994	5,440	5,499	2,056

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	45	45	45	45	45	46	49	50	51	51	51	56	56	56	60
Diluted Weighted Avg Shares	46	45	45	45	45	46	49	50	51	51	51	52	56	57	- -
Basic Weighted Avg Shares	45	45	45	45	45	46	49	49	51	51	51	52	56	56	- -
Revenue per Share	9.08	8.22	9.36	11.04	11.74	12.26	12.25	13.39	13.69	14.2	14.67	13.68	11.84	13.1	- -
EBITDA per Share	2.94	2.5	3.48	3.99	4.27	5.69	5.62	6.28	6.36	6.53	6.73	6.78	6.29	6.87	- -
Operating Income per Share	1.52	0.59	1.35	1.74	2.22	3.48	3.41	4.14	4.09	3.92	3.81	3.75	3.02	3.32	- -
Basic EPS, GAAP	1.52	0.82	-0.95	-4.69	0.91	1.19	2.48	1.79	2.62	1.93	1.73	1.66	1.11	1.17	- -
Basic EPS from Cont Ops	1.43	0.72	-0.99	-4.76	0.82	1.21	2.56	1.95	2.91	2.17	1.84	1.97	1.36	1.39	- -
Diluted EPS, GAAP	1.51	0.82	-0.95	-4.69	0.91	1.18	2.45	1.77	2.62	1.92	1.72	1.65	1.1	1.17	- -
Diluted EPS from Cont Ops	1.43	0.72	-0.99	-4.76	0.82	1.2	2.52	1.92	2.91	2.16	1.83	1.96	1.35	1.38	- -
Dividend per Share	0.25	0.27	0.13	0.08	0.08	0.21	0.26	0.52	0.41	0.53	0.44	0.44	0.48	0.48	- -
Cash Flow per Share	2.44	2.23	2.92	1.97	1.91	4.67	3.91	3.22	4.85	2.88	4.65	5.14	4.62	5.01	- -
Free Cash Flow per Basic Share	2.44	2.2	2.88	1.97	1.91	4.67	3.9	3.22	4.84	2.88	4.65	5.14	4.62	5.01	- -
Cash & Equivalents per Share	1.02	1.82	2.61	1.47	1.26	0.88	3.83	4.65	0.94	1.95	1.4	8.69	5.05	1.71	- -
Book Value per Share	4.34	4.87	3.79	-0.97	-0.07	0.91	3.06	4.35	6.47	8.34	9.59	10.67	10.45	11.13	- -
Tangible Book Value per Share	19.16	19.92	19.1	14.53	15.69	16.62	21.79	22.42	23.5	24.19	25.73	33.59	27.76	28.65	- -

Ormat Technologies, Inc.

Profitability (USD)

Credit (USD)

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Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)