Recent News
On March 30, 2026 Kenon filed its annual report and the board approved an interim cash dividend of $3.85 per share (approximately $200 million) with payment scheduled for April 2026; the company also disclosed settlement of a capped-call arrangement over five million ZIM shares that produced gross cash proceeds in Q1 2026. On March 3, 2026 Kenon’s OPC/CPV unit executed an asset swap that increased its stake in the CPV Maryland 745 MW plant in exchange for interests and cash, and on February 3, 2026 Kenon completed consolidation of the Basin Ranch (Texas) power project into CPV to reach full ownership.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX sits at 19.49, indicating no dominant trend at present; DI+ stands at 32.34 and shows an increasing trend, while DI- at 17.38 displays a dip & reversal. The combination—DI+ above DI- with DI+ increasing—favours short-term bullish directional pressure despite a lack of confirmed trend strength.
MACD and signal: MACD at 2.60 and rising, with the MACD line above the signal (1.77), constitutes a bullish momentum signal for near-term price bias and supports upside continuation while the crossover remains intact.
MRO (Momentum/Regression Oscillator): MRO reads 29.8 with a peak & reversal. The positive MRO indicates the current price sits above the model target and suggests increased probability of mean reversion; the peak & reversal pattern signals a bearish inflection in momentum that can translate into short-lived pullbacks from elevated levels.
RSI: RSI at 59.79 and rising points to constructive momentum without overbought conditions; this supports further upward moves while leaving room before overbought thresholds.
Price vs moving averages and overlays: Last close at $90.10 sits well above the 20-day average ($84.87), the 50-day average ($81.01), and the 200-day average ($60.36). The 12-day EMA (price12dayEMA) is increasing, reinforcing short-term bullish bias. SuperTrend lower support appears near $87.29, with Bollinger band 1x/2x upper levels at $89.85 and $94.84 respectively, and lower bands at $79.89 and $74.90—these define a wide near-term trading corridor.
Ichimoku: Tenkan-sen at $87.22 and Kijun-sen at $84.81 sit below the price while Senkou A ($78.92) and Senkou B ($73.69) form a cloud below current levels, providing structural support consistent with bullish technical positioning.
Fundamental Analysis
Profitability and margins: EBIT at $49,534,000 and EBITDA at $66,949,000 yield an EBIT margin of 21.73%. That margin sits well above the industry peer mean of 1.52% and the industry peer median of 8.77%, and closely approaches the industry peer high of 22.18%. Quarter-over-quarter, EBIT margin contracted by 47.17% and year-over-year fell by 131.47%, indicating sizable period-to-period margin compression despite the still-strong level versus peers.
Revenue and cash-flow dynamics: Total revenue equals $227,929,000, with YoY revenue growth at -57.33% and QoQ revenue growth at -139.74% (both negative). Operating cash flow reached $102,793,000 and free cash flow came in at $53,387,000; free cash flow yield stands at 1.59% but declined QoQ by 45.07% and YoY by 2.87 percentage points, while free cash growth shows notable contraction (down ~24.81% YoY).
Leverage and liquidity: Total debt sits at $1,779,303,000 with net debt of $290,805,000. Debt-to-EBITDA measures 26.58x, and debt-to-equity equals 1.12. Current ratio of 4.94 and cash plus short-term investments of $1,585,652,000 produce a cash ratio of 4.34, reflecting substantial short-term liquidity on the balance sheet.
Operational efficiency and returns: Asset turnover remains low at 0.0453 (QoQ -22.90%, YoY +18.32%), and return on equity measures 1.59% (QoQ -4.73%, YoY -94.12%). Return on invested capital and return on assets sit at modest positive levels but declined sharply YoY. Cash conversion cycle at -23.93 days compares favourably to an industry peer mean of 25.15 days and suggests strong working-capital positioning.
Capital allocation and shareholder returns: Dividend coverage ratio of 3.64, a dividend payout ratio of 27.46%, and a declared dividend rate of $0.1332 per share (yield ≈0.21%) underpin explicit shareholder distributions; the board’s aggregate ~$200 million dividend approved for April 2026 signals a material cash return to holders while preserving liquidity.
Valuation: WMDST values the stock as under-valued. Market multiples show an EV/Revenue relationship (enterprise multiple) of 53.09 and an EVR of 15.59; price-to-book runs at 2.12 and price-to-sales at 14.74. Forward EPS and forward PE metrics present negative forward earnings expectations, which reflect near-term forecasting dynamics rather than the balance-sheet strength the company currently holds.
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 % |
|