Kenon Holdings Ltd. (KEN) stock analysis
Close on Nov 11, 2026Market cap $3.22BP/E 48.7Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak3 of 30 checks passed
Kenon passes 3 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 0/6
- Financial health
- 1/6
- Dividend
- 0/6
What stands out
Revenue growing 10%+ a year
Revenue grew 15.0% a year over the last three fiscal years.
Growing faster than the industry
Revenue grew 16.1% over the last twelve months; the Electric Services median is 7.8%.
Short-term assets cover short-term debts
Current assets are 4.94 times current liabilities.
What to watch
Return on equity under 15%
Return on equity was 4.1% over the last twelve months and averaged 22.7% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 2.8%, below the 10% that usually covers the cost of capital.
High debt
Debt is 111% of shareholders' equity, above the 40% we consider low.
Earnings shrank over 5 years
Net income shrank 33.4% a year on average over the last five fiscal years.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 15.0% a year over the last three fiscal years.
EPS growing under 10% a year
Diluted EPS grew -39.7% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -88.9% over the last twelve months, against a 5-year average of -33.4% a year.
Growing faster than the industry
Revenue grew 16.1% over the last twelve months; the Electric Services median is 7.8%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin slipping
Gross margin was 16.8% over the last twelve months, against 19.1% a year earlier.
Past performance0/6
Return on equity under 15%
Return on equity was 4.1% over the last twelve months and averaged 22.7% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 2.8%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
Kenon's return on equity of 4.1% is below the Electric Services median of 8.3%.
Earnings shrank over 5 years
Net income shrank 33.4% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 7.6% over the last twelve months, against a 5-year average of 59.6%.
Net margin below the industry
Kenon's net margin of 7.6% is below the Electric Services median of 8.8%.
Financial health1/6
High debt
Debt is 111% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 86.1% five years ago to 111%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 16.0% of total debt; we look for at least 20%.
Interest not well covered
Operating income covers interest expense 0.7 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 4.94 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Kenon has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Kenon. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
High risk
- Average value traded per day
- $1.03M
- Value traded per 1% price move
- $405.15K
Downside
Medium risk
- Typical loss in a bad month
- 24.1%
- Volatility (annualized)
- 44%
- Sharpe ratio, 1 year
- 0.16
- Beta to the S&P 500 (5Y)
- 0.84
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
See a number that looks wrong?