Recent News
On March 30, 2026 Kenon filed its Form 20‑F and announced board approval of an interim cash dividend of approximately $200 million, or $3.85 per share, with an ex‑dividend date of April 13, 2026 and payment scheduled on or about April 20, 2026. The filings also referenced capital allocations to OPC and ongoing corporate updates related to prior asset transactions and cash uses.
Technical Analysis
ADX at 10.52 signals no established directional trend; momentum lacks the strength to sustain a directional breakout, which supports an expectation of sideways price action in the near term relative to the current valuation.
DI+ at 25.45 shows higher positive directional movement but the DI+ trend is decreasing, which reads as rising downside pressure building from a recent peak in positive momentum. DI‑ at 22.81 registered a peak‑and‑reversal (decreasing), which produces countervailing bullish pressure as negative directional force eases; the result implies mixed directional signals with a net loss of conviction for a sustained trend.
MACD at 1.28 with a peak‑and‑reversal trend and MACD signal equal to the MACD line indicates bearish momentum emerging and no bullish MACD cross; short‑term momentum likely weakens further before any renewed upside acceleration.
MRO at 16.52 (peak‑and‑reversal) shows price sits above the WMDST target and, given the positive MRO, implies a probability of price mean reversion downward as momentum cools.
RSI at 57.84 with a peak‑and‑reversal reading points to a recent internal top; while not overbought, the indicator’s reversal suggests waning buying intensity and a higher chance of consolidation or pullback versus a sustained advance.
Price sits above key averages: 20‑day average $81.30, 50‑day average $78.53 and 200‑day average $58.02, and near the 1× upper Bollinger band ($83.52). The 12‑day EMA shows a recent peak‑and‑reversal. These observations indicate the trend remains structurally higher versus the long term, while short‑term signals show topping behavior likely to produce rangebound action around current levels.
Volume at 15,497 trades below the 10‑day average of 27,030 but approximates the 200‑day average of 15,561; low near‑term volume during a momentum rollover reduces conviction for a decisive move until higher participation returns.
Fundamental Analysis
Profitability: Total revenue $227,929,000 and net income $25,274,000 produce an EBIT of $49,534,000 and an EBIT margin of 21.73%. That EBIT margin sits above the industry peer mean (approximately 1.52%) and median (about 8.77%) and close to the industry peer high (about 22.18%), signaling relatively strong operating profitability versus peers.
Margins show deterioration on a timing basis: QoQ change in EBIT margin -47.17% and YoY change -131.47%, while operating margin stands at 9.37% with QoQ and YoY declines; these moves imply margin compression versus prior periods even though current absolute EBIT margin remains high relative to peers.
Growth and efficiency: Reported revenue growth stands negative at -13.99% with QoQ contraction of -139.74% and YoY change of -57.33%; asset turnover at 0.04528 exceeds the industry peer mean of ~0.03935 but fell QoQ (-22.90%). The revenue trajectory shows material pressure that offsets some margin strengths and reduces near‑term operating leverage upside.
Cash, liquidity and capital structure: Cash and short‑term investments total $1,585,652,000 and cash alone $1,478,339,000, with net debt $290,805,000 and a current ratio of 4.94. The cash ratio at 4.34 and net debt modest relative to enterprise value illustrate strong liquidity and a conservative net leverage position by absolute measures; debt to assets at 33.07% sits slightly below the reported industry peer low, indicating lower balance‑sheet leverage than typical peer benchmarks.
Free cash flow and returns: Free cash flow $53,387,000 yields 1.59% and free cash growth shows contraction YoY and QoQ; return on equity 1.59% and return on assets 0.50% remain low, reflecting capital intensity and recent weakness in operating momentum despite positive absolute earnings.
Valuation: Price/Book at 2.12 sits below the industry peer median (about 2.79) while enterprise multiple registers at 53.09. WMDST values the stock as under‑valued, driven by a strong cash position, high absolute EBIT margin versus peers and a sizeable planned cash dividend; valuation metrics show a dislocation between enterprise multiple and balance‑sheet strength consistent with an under‑valued classification by WMDST.
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: 204.812 median: 189.173 KEN: 53.088 low: -12.079 |
|
| 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: 0.774 mean: 0.462 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: -11.618 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: -3.724 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: 20.738 KEN: 14.744 low: 1.458 |
|
| 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 | high: 1.074 KEN: 0.045 mean: 0.039 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: 1.97 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 median: 38.165 mean: 25.151 KEN: -23.927 low: -24.64 |
|
| 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: 0.579 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: -0.199 median: -0.55 low: -6.216 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: 21.875 % 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: 54.821 % KEN: 9.574 % low: 9.146 % |
|
| 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: 1.515 % 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: 21.114 % median: 21.109 % KEN: 9.366 % low: -19.477 % |
|
| 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: -4.462 % 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: 545.938 % KEN: -24.807 % median: -60.786 % mean: -671.438 % 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: -0.485 % low: -24.295 % |
|
| 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: 0.6 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: -0.46 % low: -35.133 % |
|