ORAORMAT TECHNOLOGIES, INC.

Electric Services

Revenue: $990M; 12% YoY
Operating margin: 17.1%; 13% YoY
EBITDA: $461M; 6.0% YoY
Market cap: $5.5B
Employees: —
Net debt / EBITDA: 4.7×; $2.1B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
264% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$663M	$734M	$829M	$880M	$990M	12%
Operating income	$169M	$153M	$167M	$172M	$169M	1.9%
Net income	$76M	$78M	$133M	$131M	$127M	3.2%
Operating cash flow	$259M	$281M	$309M	$411M	$335M	18%
Capex	$419M	$563M	$618M	$488M	$620M	27%
Stock-based comp	$9M	$12M	$15M	$20M	$19M	4.0%
Buybacks	$0	$18M	$0	$0	—
Dividends	$27M	$27M	$28M	$29M	$29M	0.1%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 13, 2024	ORIX CORP	SC 13D/A	4.9%	Passive
Nov 29, 2022	ORIX CORP	SC 13D/A	11.9%	Passive
Nov 23, 2022	ORIX CORP	SC 13D/A	12.9%	Passive
Nov 27, 2020	ORIX CORP	SC 13D/A	19.7%	Passive
Apr 16, 2020	ORIX CORP	SC 13D/A	21.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $12M · 24
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$9M	148	90
FY2024	$4M	$3M	91	59
FY2023	$3M	$2M	102	87
FY2022	$2M	$3M	116	112
FY2021	$1M	$197K	106	209