Recent News
On March 30, 2026, Kenon announced a board-approved interim cash dividend of approximately $200 million ($3.85 per share) with a record/ex-dividend schedule tied to April 13, 2026 and a payment on or about April 20, 2026. The company also reported settling a cash‑settled capped call tied to five million ZIM shares in Q1 2026, generating gross proceeds of about $34 million, and disclosed that OPC completed a private placement in March 2026 raising roughly NIS 800 million (approximately $257 million) for project funding.
Technical Analysis
ADX at 8.63 indicates no established trend; price action therefore remains range‑bound and sensitive to single-event catalysts such as the dividend payment and project updates. That lack of trend tempers conviction for breakout scenarios and favors short-term reversion patterns.
Directional indicators show DI+ at 24.40 (decreasing) and DI‑ at 22.12 (decreasing). DI+ decreasing signals weakening bullish pressure while DI‑ decreasing signals receding downside pressure; together with a low ADX, these readings point to faded directional conviction rather than a clear directional bias.
MACD reads 0.91 with a “peak & reversal” pattern and the MACD signal at 1.11; the peak-and-reversal character denotes bearish momentum development as MACD moves lower versus its signal line, aligning with weakening upside momentum.
MRO stands at 20.26 and is increasing; a positive MRO implies the market price sits above the model target and therefore carries elevated scope for a corrective move downward, with the increasing MRO strengthening that mean-reversion signal.
RSI at 56.66 with a peak-and-reversal label shows fading upward momentum from neutral territory rather than an overbought extreme; the RSI reversal complements the MACD bearish momentum signal while the level itself remains middling.
Price context: closing price $81.67 sits marginally under the 20‑day average ($81.87) while above the 50‑day ($79.56) and well above the 200‑day ($58.99), indicating a long‑term uptrend but short‑term congestion. The 12‑day EMA shows a “dip & reversal” pattern, signaling short-lived recovery attempts within the broader range. Narrow Bollinger bands (20‑day stdev ~ $1.20) imply low volatility and smaller intraday moves until renewed catalyst activity.
Fundamental Analysis
Operating performance and margins: Kenon reported EBIT of $49,534,000 and EBITDA of $66,949,000, producing an EBIT margin of 21.73%. That EBIT margin sits near the upper bound of the industry peer range (industry peer high ~22.18%) and well above the industry peer mean (~1.52%) and median (~8.77%), supporting a premium on operating efficiency versus typical peers. Quarter‑over‑quarter margin change shows a decline (EBIT margin QoQ -47.17%), and year‑over‑year margin change shows a larger decline (EBIT margin YoY -131.47%), indicating recent compression relative to the immediate prior periods despite the still-robust absolute margin level.
Top‑line and productivity: total revenue $227,929,000 with reported revenue growth of -13.99% and year‑over‑year revenue change of -57.33%; asset turnover stands at 0.04528 (above the industry peer mean of ~0.03935 and median of ~0.02656), which signals relatively higher revenue generation per asset base even as absolute revenue contracted. These mixed signals reflect strong asset intensity in power and shipping businesses combined with near‑term top‑line pressure.
Cash, leverage and capital: stand‑alone cash exceeds $1.47 billion with cash and short‑term investments about $1.585 billion and net debt roughly $290.8 million; cash ratio at 4.34 and current ratio near 4.94 show sizable near‑term liquidity. Total debt stands at $1,779,303,000 with debt‑to‑equity around 112.01% and debt‑to‑EBITDA ~26.58, the latter reflecting modest coverage given the company’s earnings base. Interest coverage registers negative (interest coverage ratio ~ -25.09) due to sizeable net interest income dynamics; liquidity and recent derivative settlement proceeds ($34 million) and the OPC private placement proceeds bolster funding flexibility.
Free cash generation: free cash flow $53,387,000 yields about 1.59% on current market measures and free cash flow growth has declined (free cash growth YoY ~ -84.37%), indicating weaker cash momentum versus recent periods despite positive absolute FCF. Dividend metrics: dividend payout ratio ~27.46% and dividend coverage ~3.64, consistent with capacity for the announced interim distribution; the board-approved interim cash dividend of approximately $200 million represents a material shareholder return relative to stand‑alone cash balances.
Valuation: enterprise value approximately $3,554,175,184 and market cap ~$3,360,524,184 produce an enterprise multiple near 53.09 and EV/revenue around 15.59. The current valuation as determined by WMDST classifies the stock as under‑valued, reflecting balance‑sheet strength, high operating margins, and available project value despite near‑term revenue and free‑cash declines.
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 % |
|