Kenon Holdings Ltd KEN

UtilitiesElectric Utilities & IPPsSingapore

Last close 64.11 USD on Nov 1, 2026, +1.3% year to date

Quant rating

Quant rating D Rank 79 of 89 in Utilities

Growth D 80 of 89
Valuation D 77 of 89
Quality C 50 of 89
Revisions D 80 of 89
Momentum B 28 of 89

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.3B
Enterprise value: 6.4B
52-week range: 52.07 – 95.74
3-year range: 19.15 – 95.74
Dividend yield: 6.01%
Beta (5 years): 1.27
Shares outstanding: 52.1M
Next earnings: –

About the company

Kenon Holdings Ltd. is a Singapore-based holding company that operates dynamic, primarily growth-oriented businesses. The holdings are at various stages of development, ranging from established, cash generating businesses to early-stage companies. The Company has interests in the businesses: OPC (54.5% interest)-an owner, operator and developer of power generation facilities in the Israeli and United States power markets and ZIM (16.5% interest)-an international shipping company. OPC’s portfolio in Israel consists of OPC Rotem, approximately a 466 megawatt (MW) combined cycle power plant and OPC Hadera, a 148MW co-generation power plant. OPC’s portfolio in the United States consists of the CPV Group, a business engaged in the development, construction and management of power plants running conventional energy (powered by natural gas) and renewable energy in the United States. ZIM operates a fleet of approximately 80 container vessels, with a total container capacity of 385,000 TEUs.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	872	751	692	574	488	–
Revenue growth	16.1%	8.6%	20.5%	17.7%	26.2%	17.7%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	7.6%	2.2%	4.5%	1.3%	190.7%	41.2%
ROE	4.1%	1.2%	2.2%	0.4%	65.0%	14.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,773
Current ratio	3.22x
Long-term debt (mil)	2,773
Net debt (mil)	3,044
Total equity (mil)	1,560
Net debt / equity	1.95x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	872	+16.1%	7.3x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Sep 2015	Dec 2015	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	336	297	–	–	–	–	–	–	–	–
Sales mean (mil)	329	324	–	–	–	–	–	–	–	–
Surprise	+2.2%	−8.2%	–	–	–	–	–	–	–	–
EPS reported	−0.62	−2.08	–	–	–	–	–	–	–	–
EPS mean	−0.60	−0.42	–	–	–	–	–	–	–	–
Surprise	−3.3%	−395.2%	–	–	–	–	–	–	–	–

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KEN Kenon Holdings Ltd	3.3B	–	7.6%	2.14x	–	–	–	–
VST Vistra Corp.	46.4B	3.86x	4.2%	8.48x	15.5x	13.3x	9.5x	8.6x
DNNGY Oersted A/S	26.1B	1.31x	2.4%	1.21x	11.6x	12.0x	5.8x	5.7x
TLN Talen Energy Corporation	16.2B	9.05x	−8.5%	10.17x	18.5x	11.1x	12.1x	9.6x
AES The AES Corporation	10.6B	13.29x	7.7%	2.14x	6.6x	6.3x	14.7x	13.2x
CPX Capital Power Corp	7.1B	4.42x	3.7%	2.09x	43.1x	20.9x	10.7x	9.7x
Mean		6.39x	2.8%	4.37x	19.1x	12.7x	10.6x	9.4x
Median		4.42x	3.9%	2.14x	15.5x	12.0x	10.7x	9.6x

Technical analysis

1M0.0%
3M−4.9%
1Y+31.2%
3Y+413.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Kenon Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	872	751	692	574	488	386
Cost of revenue	553	433	394	318	236	180
Gross profit	319	318	298	256	251	207
Selling, general & administrative expenses	54.7	57.4	51.6	67.0	58.0	19.7
Research & development	–	–	–	–	–	–
Depreciation/amortization	5.1	4.5	4.2	3.3	2.6	1.0
Interest expense (income), operating	–	–	–	–	0.1	–
Unusual expense (income)	0.1	14.6	0.6	0.7	84.9	−19.4
Other operating expenses	197	209	200	182	167	151
Operating income	62.3	32.9	41.9	2.1	−61.7	54.7
Net interest income (expense)	117	63.6	49.6	82.0	943	447
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−2.3	−3.2	−10.3	−1.8	−2.0	−1.4
Net income before taxes	177	93.3	81.2	82.3	880	500
Provision for taxes	28.2	40.6	25.2	38.0	4.3	4.7
Minority interest	−82.0	−36.4	−25.0	−37.0	55.0	2.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	66.3	16.4	30.9	7.3	930	499
Extraordinary items	0	581	−267	305	0	8.5
Net income	66.3	598	−236	313	930	507
EBIT, normalized	62.3	47.5	42.6	2.8	23.4	35.2
EBITDA, normalized	135	141	134	65.7	81.0	69.4
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Kenon Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,586	1,158	913	926	475	850
Receivables	184	80.4	143	73.9	63.0	47.9
Total inventory	–	–	–	1.9	–	–
Prepaid expenses	14.8	11.0	12.9	11.2	–	4.9
Other current assets	18.3	12.8	27.4	48.7	44.0	16.5
Total current assets	1,803	1,263	1,096	1,062	582	920
Property, plant & equipment	1,573	1,332	1,889	1,322	1,224	905
Goodwill	69.3	60.6	192	117	–	0.1
Intangibles	14.2	11.2	129	104	225	1.3
Long-term investments	1,626	1,459	703	1,079	1,899	532
Note receivable	45.7	38.8	44.6	18.0	–	17.9
Other long-term assets	249	49.7	54.1	70.4	109	106
Total assets	5,380	4,213	4,108	3,772	4,039	2,482
Liabilities
Accounts payable	131	64.0	78.9	106	171	114
Payable/accrued	–	–	–	–	–	–
Accrued expenses	28.1	26.7	24.5	36.4	19.0	22.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	117	84.5	170	39.3	38.0	46.5
Other current liabilities	88.3	7.6	85.7	11.4	219	44.7
Total current liabilities	365	183	359	193	447	228
Long-term debt	1,652	1,183	1,360	1,124	1,172	872
Minority interest	1,596	1,052	867	697	487	209
Other liabilities	179	188	319	159	139	107
Total liabilities	3,792	2,605	2,905	2,174	2,245	1,416
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	50.1	50.1	50.1	50.1	602	602
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,502	1,555	1,157	1,547	1,166	448
Treasury stock	–	–	–	–	–	–
Other equity	36.2	2.6	−3.7	1.2	26.0	15.9
Total equity	1,589	1,608	1,203	1,598	1,794	1,067
Total liabilities & shareholders' equity	5,380	4,213	4,108	3,772	4,039	2,482

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Kenon Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	148	634	−211	350	875	504
Depreciation, depletion & amortization	72.4	93.4	90.9	62.9	57.6	34.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	−66.7	−602	231	−366	−839	−488
Changes in working capital	130	140	166	725	146	41.6
Cash from operations	284	265	277	771	241	92.2
Investing activities
Capital expenditures	−116	−341	−332	−270	−233	−74.8
Other investing cash flows	−246	477	−100	66.8	27.2	−147
Cash from investing	−362	136	−432	−203	−205	−222
Financing activities
Financing cash flow items	−47.5	30.1	217	201	279	163
Cash dividends paid	−268	−201	−150	−741	−100	−120
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	821	86.4	258	46.6	−32.0	213
Cash from financing	506	−84.1	325	−494	147	256
Foreign exchange effects	34.9	2.2	−7.5	−13.6	6.7	12.6
Net change in cash	462	319	162	60.6	188	139
Free cash flow	167	−75.6	−55.3	501	7.8	17.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.