Recent News
Mar 30, 2026 — Kenon’s board approved an interim cash dividend of $3.85 per share (≈$200 million) with NYSE/TASE ex-dividend date April 13, 2026 and payment on or about April 20, 2026. In Q1 2026 Kenon settled a capped-call derivative tied to five million ZIM shares, producing gross proceeds of about $34 million. March 2026 — OPC Energy Ltd., Kenon’s main operating subsidiary, completed a private placement raising approximately NIS 800 million (≈$257 million). Kenon filed its Annual Report on Form 20‑F with the SEC on March 30, 2026.
Technical Analysis
Directional indicators show a bullish signal: DI+ at 29.0 with a dip-and-reversal indicates renewed upside pressure, while DI– at 24.84 falling further reinforces a bullish directional shift; however ADX at 12.72 signals no established trend, tempering conviction behind those directional readings.
MACD sits positive at 1.31 and has crossed above the signal line (signal 1.20) following a dip-and-reversal, indicating a return of bullish momentum on short-term price convergence.
MRO reads 25.19 and trends higher; because MRO sits above zero this implies price currently trades above the computed target and contains measurable downside potential to correct toward that target.
RSI at 59.8 with a peak-and-reversal pattern signals short-term topping pressure; the indicator’s behavior suggests susceptibility to a pullback even as momentum indicators flash bullishly.
Price structure shows the market trading near its 52‑week high ($87.6) with close at $87.14 and above the 20‑day average ($83.08), 50‑day average ($80.33) and the 200‑day average ($59.05). Price12‑day EMA (83.75) trends up. Bollinger upper bands (1x/2x) near $85.95/$88.83 place current price at the band’s upper region, increasing odds of range-bound consolidation or a short retracement.
Fundamental Analysis
Kenon reported total revenue of $227,929,000 and net income of $25,274,000 for the period ending 2025-12-31. EBIT registered $49,534,000 and EBITDA $66,949,000. Gross profit totaled $21,822,000. WMDST values the stock as under-valued.
Margins: EBIT margin equals 21.73%, operating margin 9.37%, and gross margin 9.57%. EBIT margin sits above the industry peer mean (≈1.69%) and median (≈8.77%), and approaches the industry peer high (≈22.18%), supporting the view that operating profitability at the Kenon/OPC level remains comparatively strong. QoQ and YoY dynamics show deterioration: EBIT margin fell about 47.2% quarter-over-quarter and about 131.5% year-over-year, reflecting period-to-period volatility in profitability despite a strong absolute EBIT margin.
Top-line dynamics show material contraction: revenue growth year-over-year declined roughly 57.3% and quarter-over-quarter declined roughly 139.7%, signaling revenue volatility that contrasts with margin resilience driven by subsidiary performance and one-time items.
Liquidity and capital structure present strength: cash and short-term investments total $1,585,652,000 and cash equals $1,478,339,000, producing a cash ratio of 4.34 and current ratio of 4.94. Net debt stands at $290,805,000 and total debt at $1,779,303,000; debt-to-assets equals 33.07% and debt-to-equity equals 112.01%. Interest coverage shows a negative read but interest income ($10,205,000) offsets interest expense. High cash balances and limited stand-alone debt provide flexibility for distributions and subsidiary investments.
Cash generation and returns show mixed signals: free cash flow equals $53,387,000 (free cash flow yield ≈1.59%) and free cash growth declined materially; return on equity 1.59% and return on assets 0.50% remain low in absolute terms but compare favorably against an industry peer low-to-median spectrum for return on assets. Dividend metrics: dividend rate $0.1332, payout ratio ~27.46%, dividend coverage ratio ~3.64; current dividend yield calculates near 0.21% on the provided rate, but the approved interim dividend of $3.85 per share materially alters near-term cash return to shareholders.
Valuation context: P/B ~2.12 (below the industry peer median ≈2.79), P/S ~14.74 (below the industry peer mean/median range for the peer set provided), enterprise value / revenue and enterprise multiple metrics sit elevated for some peer comparisons but WMDST’s valuation conclusion remains that the stock is under-valued given consolidated subsidiary cash flows, recent OPC capital raise, and the sizable stand-alone cash position.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-06 |
| NEXT REPORT DATE: | 2026-05-08 |
| CASH FLOW | Begin Period Cash Flow | $ 1.1 B |
| Operating Cash Flow | $ 102.8 M | |
| Capital Expenditures | $ -49.41 M | |
| Change In Working Capital | $ 10.6 M | |
| Dividends Paid | $ -6.94 M | |
| Cash Flow Delta | $ 329.3 M | |
| End Period Cash Flow | $ 1.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 227.9 M | |
| Forward Revenue | $ -38.77 M | |
| COSTS | ||
| Cost Of Revenue | $ 206.1 M | |
| Depreciation | $ 17.4 M | |
| Depreciation and Amortization | $ 17.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 206.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 21.8 M | |
| EBITDA | $ 66.9 M | |
| EBIT | $ 49.5 M | |
| Operating Income | $ 21.3 M | |
| Interest Income | $ 10.2 M | |
| Interest Expense | $ -1.97 M | |
| Net Interest Income | $ 9.9 M | |
| Income Before Tax | $ 51.5 M | |
| Tax Provision | $ 3.2 M | |
| Tax Rate | 6.298 % | |
| Net Income | $ 25.3 M | |
| Net Income From Continuing Operations | $ 48.3 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ -0.33 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 5.4 B | |
| Intangible Assets | $ 83.5 M | |
| Net Tangible Assets | $ 1.5 B | |
| Total Current Assets | $ 1.8 B | |
| Cash and Short-Term Investments | $ 1.6 B | |
| Cash | $ 1.5 B | |
| Net Receivables | $ 137.0 M | |
| Inventory | — | |
| Long-Term Investments | $ 167.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 126.8 M | |
| Short-Term Debt | $ 117.4 M | |
| Total Current Liabilities | $ 365.2 M | |
| Net Debt | $ 290.8 M | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 2.2 B | |
| EQUITY | ||
| Total Equity | $ 1.6 B | |
| Retained Earnings | $ 1.5 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 30.49 | |
| Shares Outstanding | 52.103 M | |
| Revenue Per-Share | $ 4.37 | |
| VALUATION | Market Capitalization | $ 3.4 B |
| Enterprise Value | $ 3.6 B | |
| Enterprise Multiple | 53.088 | |
| Enterprise Multiple QoQ | 164.598 % | |
| Enterprise Multiple YoY | -300.35 % | |
| Enterprise Multiple IPRWA | high: 360.067 mean: 206.646 median: 189.173 low: 70.856 KEN: 53.088 |
|
| EV/R | 15.593 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.387 | |
| Asset To Liability | 2.451 | |
| Debt To Capital | 0.528 | |
| Debt To Assets | 0.331 | |
| Debt To Assets QoQ | 12.758 % | |
| Debt To Assets YoY | 8.847 % | |
| Debt To Assets IPRWA | high: 0.593 mean: 0.459 median: 0.457 low: 0.336 KEN: 0.331 |
|
| Debt To Equity | 1.12 | |
| Debt To Equity QoQ | 21.947 % | |
| Debt To Equity YoY | 40.685 % | |
| Debt To Equity IPRWA | high: 3.034 median: 1.123 KEN: 1.12 mean: -11.693 low: -38.335 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.115 | |
| Price To Book QoQ | 29.042 % | |
| Price To Book YoY | 52.846 % | |
| Price To Book IPRWA | high: 3.876 median: 2.794 KEN: 2.115 mean: -3.709 low: -17.333 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 14.744 | |
| Price To Sales QoQ | 59.204 % | |
| Price To Sales YoY | 5.541 % | |
| Price To Sales IPRWA | high: 30.038 median: 25.753 mean: 20.901 KEN: 14.744 low: 7.502 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -172.109 | |
| Forward PE/G | — | |
| Forward P/S | -86.689 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.9 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.045 | |
| Asset Turnover Ratio QoQ | -22.901 % | |
| Asset Turnover Ratio YoY | 18.317 % | |
| Asset Turnover Ratio IPRWA | KEN: 0.045 high: 0.045 mean: 0.031 median: 0.027 low: 0.02 |
|
| Receivables Turnover | 1.727 | |
| Receivables Turnover Ratio QoQ | -19.193 % | |
| Receivables Turnover Ratio YoY | -3.844 % | |
| Receivables Turnover Ratio IPRWA | high: 2.397 mean: 1.968 median: 1.787 low: 1.754 KEN: 1.727 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 52.839 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -23.927 | |
| Cash Conversion Cycle Days QoQ | -59.4 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 74.12 mean: 12.586 median: 12.533 KEN: -23.927 low: -59.353 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.159 | |
| CapEx To Revenue | -0.217 | |
| CapEx To Depreciation | -2.837 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.2 B | |
| Net Invested Capital | $ 3.4 B | |
| Invested Capital | $ 3.4 B | |
| Net Tangible Assets | $ 1.5 B | |
| Net Working Capital | $ 1.4 B | |
| LIQUIDITY | ||
| Cash Ratio | 4.342 | |
| Current Ratio | 4.937 | |
| Current Ratio QoQ | 5.952 % | |
| Current Ratio YoY | -28.503 % | |
| Current Ratio IPRWA | KEN: 4.937 high: 0.81 median: 0.673 mean: 0.578 low: 0.255 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 26.577 | |
| Cost Of Debt | -0.117 % | |
| Interest Coverage Ratio | -25.093 | |
| Interest Coverage Ratio QoQ | -721.574 % | |
| Interest Coverage Ratio YoY | -518.293 % | |
| Interest Coverage Ratio IPRWA | high: 1.749 mean: -0.148 median: -0.55 low: -1.776 KEN: -25.093 |
|
| Operating Cash Flow Ratio | -0.119 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 76.767 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.642 | |
| Dividend Payout Ratio | 0.275 | |
| Dividend Rate | $ 0.13 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 14.764 % | |
| Revenue Growth | -13.989 % | |
| Revenue Growth QoQ | -139.737 % | |
| Revenue Growth YoY | -57.328 % | |
| Revenue Growth IPRWA | high: 57.254 % mean: 21.984 % median: 10.535 % low: 0.752 % KEN: -13.989 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 9.574 % | |
| Gross Margin QoQ | -63.231 % | |
| Gross Margin YoY | -26.63 % | |
| Gross Margin IPRWA | high: 82.308 % median: 56.93 % mean: 55.208 % low: 28.556 % KEN: 9.574 % |
|
| EBIT Margin | 21.732 % | |
| EBIT Margin QoQ | -47.165 % | |
| EBIT Margin YoY | -131.468 % | |
| EBIT Margin IPRWA | high: 22.182 % KEN: 21.732 % median: 8.77 % mean: 1.693 % low: -25.586 % |
|
| Return On Sales (ROS) | 9.366 % | |
| Return On Sales QoQ | -26.999 % | |
| Return On Sales YoY | -371.557 % | |
| Return On Sales IPRWA | high: 23.525 % mean: 21.457 % median: 21.109 % low: 19.899 % KEN: 9.366 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 53.4 M | |
| Free Cash Flow Yield | 1.589 % | |
| Free Cash Flow Yield QoQ | -45.074 % | |
| Free Cash Flow Yield YoY | -2.873 % | |
| Free Cash Flow Yield IPRWA | KEN: 1.589 % high: -0.563 % mean: -4.46 % median: -5.031 % low: -8.08 % |
|
| Free Cash Growth | -24.807 % | |
| Free Cash Growth QoQ | -98.067 % | |
| Free Cash Growth YoY | -84.372 % | |
| Free Cash Growth IPRWA | high: 21.728 % KEN: -24.807 % median: -60.786 % mean: -681.734 % low: -1963.158 % |
|
| Free Cash To Net Income | 2.112 | |
| Cash Flow Margin | -19.085 % | |
| Cash Flow To Earnings | -1.721 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.502 % | |
| Return On Assets QoQ | -9.386 % | |
| Return On Assets YoY | -95.193 % | |
| Return On Assets IPRWA | high: 0.508 % KEN: 0.502 % median: 0.174 % mean: -0.284 % low: -1.509 % |
|
| Return On Capital Employed (ROCE) | 0.988 % | |
| Return On Equity (ROE) | 0.016 | |
| Return On Equity QoQ | -4.731 % | |
| Return On Equity YoY | -94.115 % | |
| Return On Equity IPRWA | high: 1.739 mean: 0.598 KEN: 0.016 median: 0.012 low: 0.008 |
|
| DuPont ROE | 1.638 % | |
| Return On Invested Capital (ROIC) | 1.382 % | |
| Return On Invested Capital QoQ | -55.606 % | |
| Return On Invested Capital YoY | -146.911 % | |
| Return On Invested Capital IPRWA | KEN: 1.382 % high: 0.902 % median: 0.205 % mean: -0.166 % low: -1.591 % |
|