Ormat builds and runs geothermal power plants that turn underground heat into electricity, then sells that power to utilities—like a underground-heat miner with power lines.
Money comes from selling electricity from geothermal plants, plus equipment sales and storage services; 2025 revenue was USD 0.99B with a 27.93% gross margin, recurring power sales dominate.
Geothermal resources are scarce and Ormat has decades of drilling and plant expertise, making sites hard to replicate; competitors like Enel Green Power and Calpine face high entry costs, but new geothermal tech and solar could erode their edge.
