KENNYSEElectric ServicesFiscal year ends December 31
Kenon Holdings Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 30, 2026
$62.13−1.31 (-2.06%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 48.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
16.8%−1.6 pts over 5 years
Operating margin
7.2%+1.2 pts over 5 years
Net margin
7.6%−123.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.1% | +15.0% | +17.7% | +10.3% | |
| Gross profit | +2.1% | +13.7% | +15.6% | +10.2% | |
| Operating income | +31.2% | +180.5% | +22.1% | -12.8% | |
| Net income | -88.9% | -40.4% | -33.4% | -1.0% | |
| EPS, diluted | -88.8% | -39.7% | -33.0% | -0.7% | |
| Free cash flow | – | -30.1% | +56.7% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 60.0% | 4.1% | |
| Return on assets | – | 25.4% | 1.4% | |
| Current ratio | 0.82 | 4.04 | 4.94 | |
| Debt to equity | 4.86 | 0.86 | 1.11 | |
| Net debt to EBITDA | -68.40× | 11.05× | 2.16× | |
| Interest coverage | -1.5× | 0.4× | 0.7× | |
| Inventory turnover | – | – | – | |
| Capex to revenue | 86.6% | 19.3% | 13.4% | |
| Diluted shares | 54M | 0M | 52M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Kenon generated $1.84B from operations and spent $2.77B on capital expenditure, dividends and share buybacks. 47% of that went back into the business.
Generated
$1.84B
Used
$2.77B
Capital expenditure$1.31B47%Dividends$1.46B53%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.6%
×Asset turnover0.18×
×Equity multiplier3.00×
=Return on equity, FY20254.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.6% | 0.18× | 3.00× | 4.1% |
| FY2024 | 79.6% | 0.18× | 2.96× | 42.5% |
| FY2023 | -34.1% | 0.18× | 2.81× | -16.8% |
| FY2022 | 54.5% | 0.15× | 2.30× | 18.4% |
| FY2021 | 190.7% | 0.15× | 2.28× | 65.0% |
| FY2020 | 131.2% | 0.19× | 2.36× | 60.0% |
| FY2019 | -3.6% | 0.25× | 2.33× | -2.1% |
| FY2018 | 119.3% | 0.18× | 2.44× | 53.2% |
| FY2017 | 64.7% | 0.10× | 4.61× | 28.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$66.27M
- Cash generatingOperating cash flow above zero$283.79M
- Return on assets improvedROA up on the prior year14.5% → 1.6%
- Earnings backed by cashOperating cash flow above net income$283.79M vs $66.27M
- Less leverageLong-term debt to assets fell28.1% → 30.7%
- Better liquidityCurrent ratio rose6.91 → 4.94
- No dilutionShare count did not rise53M → 52M
- Gross margin improvedGross margin up on the prior year19.14% → 16.84%
- More efficientAsset turnover rose0.18 → 0.21