Kenon (KEN) AI Stock Analysis

• Market Cap: $3.91B
• Dividend Yield: 7.33%
• Average Volume (3M): 13.35K
• Price to Earnings (P/E): 8.3
• Beta (1Y): 0.83
• Revenue Growth: 8.15%
• EPS Growth: 180.89%
• Country: US
• Employees: 344
• Sector: Utilities
• Sector Strength: 65
• Industry: Independent Power Producers
• EPS (TTM): 0.48
• Shares Outstanding: 52,150,240
• 10 Day Avg. Volume: 15,742
• 30 Day Avg. Volume: 13,345
• PEG Ratio: >-0.01
• Price to Book (P/B): 1.11
• Price to Sales (P/S): 2.39
• P/FCF Ratio: -23.71
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 5.15
• Enterprise Value/Gross Profit: 28.37
• Enterprise Value/Ebitda: 25.47
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: $79.00 ▲(12.06% Upside)

Kenon's strong valuation and technical indicators drive a positive outlook, supported by solid financial performance. The low P/E ratio and high dividend yield make the stock attractive, while the upward price trend indicates strong market momentum. However, increased leverage and potential overbought conditions warrant cautious optimism.

Positive Factors

Improved free cash flow

A ~764% TTM increase in free cash flow demonstrates materially stronger cash generation from operations. Durable cash flow improvement enhances the company's ability to fund capex and project buildouts, service debt, and support distributions without relying heavily on external equity markets.

High profitability and efficient capital use

Very high ROE and net margins point to strong asset and capital efficiency versus peers. Sustained profitability supports internal funding for growth, cushions project returns against volatility, and indicates management extracts substantial value from invested capital over the medium term.

Consolidation of U.S. power assets

Taking full ownership of a 725 MW plant and consolidating project stakes increases operational control and scale in the U.S. market. Greater control can improve operating flexibility, simplify cash flow consolidation, and enhance ability to optimize dispatch and contract terms over the long term.

Negative Factors

Rising leverage and funding needs

An elevated and rising debt-to-equity ratio alongside large project financings increases balance sheet risk and interest exposure. Higher leverage can limit strategic flexibility, pressure coverage metrics during downturns, and raise refinancing needs as multi-year project debt comes due.

Concentration in gas-fired generation

Heavy exposure to large gas-fired projects increases transition and regulatory risk as policy and markets shift toward lower-carbon sources. Project concentration in fossil-fuel generation could face long-term demand, pricing, or permitting pressure versus diversified or renewables-focused peers.

Reduced ownership and potential dilution in OPC

Lowering ownership in OPC to ~47% through share sales and placements reduces Kenon’s earnings share and strategic influence over its largest energy asset. Reduced control can limit ability to direct capital allocation, capture upside from project scale, and may increase reliance on minority-interest dynamics.

Kenon Business Overview & Revenue Model

Company Description

Kenon Holdings Ltd., through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel, the United States, and internationally. It operates in four segments: OPC Israel, CPV Group, ZIM, and Quantum. The company engages in the generation and supply of electricity and energy; development, construction, and management of renewable energy and conventional natural gas-fired power plants; manufacture of automobiles; and provision of container liner shipping services. As of December 31, 2021, the company had an installed capacity of approximately 610 MW; and operated a fleet of 118 vessels. The company was incorporated in 2014 and is based in Singapore. Kenon Holdings Ltd. is a subsidiary of Ansonia Holdings Singapore B.V.

How the Company Makes Money

Kenon generates revenue through multiple key streams, including its investments in clean energy projects, which produce energy sold to utility companies and other consumers. The company also earns income from its stakes in technology firms that develop software and hardware solutions for various industries. Additionally, Kenon has significant partnerships with leading companies in the energy sector, allowing for shared resources and joint ventures that further enhance its revenue capabilities. By focusing on sectors poised for growth and sustainability, Kenon positions itself to capitalize on emerging market trends and demands.

Kenon Financial Statement Overview

Summary

Kenon demonstrates solid financial performance with strong profitability and improving cash flow metrics. While leverage has increased, the company maintains a stable equity position. Continued focus on revenue growth and operational efficiency will be crucial to sustain financial health.

Income Statement

Kenon shows a moderate revenue growth rate of 3.61% TTM, with a strong net profit margin of 63.80%. However, the gross profit margin has slightly decreased compared to the previous year. The EBIT and EBITDA margins indicate stable operational efficiency, though EBIT margin has declined from the previous year.

Balance Sheet

The debt-to-equity ratio of 1.02 TTM suggests a balanced leverage position, though it has increased from the previous year, indicating rising debt levels. Return on equity remains strong at 34.33%, reflecting effective use of equity capital. The equity ratio is stable, showing a solid asset base.

Cash Flow

Free cash flow has significantly improved with a growth rate of 763.75% TTM, indicating enhanced cash generation capabilities. The operating cash flow to net income ratio is close to 1, suggesting efficient cash conversion. However, the free cash flow to net income ratio is relatively low, indicating potential reinvestment needs.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	803.30M	751.30M	691.80M	574.00M	487.76M	386.00M
Gross Profit	145.79M	143.79M	119.46M	100.00M	98.35M	71.00M
EBITDA	162.42M	233.96M	224.40M	-620.12M	80.93M	69.41M
Net Income	476.67M	597.67M	-235.98M	312.65M	930.27M	507.11M
Balance Sheet
Total Assets	4.69B	4.21B	4.11B	3.77B	4.07B	2.48B
Cash, Cash Equivalents and Short-Term Investments	1.26B	1.16B	912.63M	926.00M	474.77M	286.00M
Total Debt	1.38B	1.28B	1.59B	1.20B	1.24B	937.00M
Total Liabilities	1.75B	1.55B	2.04B	1.48B	1.79B	1.21B
Stockholders Equity	1.50B	1.61B	1.20B	1.60B	1.79B	1.07B
Cash Flow
Free Cash Flow	150.41M	-75.59M	-55.33M	501.00M	7.84M	18.00M
Operating Cash Flow	233.08M	265.08M	276.79M	771.00M	240.53M	92.00M
Investing Cash Flow	110.85M	135.85M	-432.24M	-203.00M	-205.45M	-222.00M
Financing Cash Flow	170.91M	-84.08M	324.58M	-494.00M	146.58M	256.00M

Kenon Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 70.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KEN, the sentiment is Positive. The current price of 70.5 is below the 20-day moving average (MA) of 70.89, above the 50-day MA of 65.94, and above the 200-day MA of 48.70, indicating a bullish trend. The MACD of 2.32 indicates Negative momentum. The RSI at 65.32 is Neutral, neither overbought nor oversold. The STOCH value of 68.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KEN.

Kenon Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AVA	77 Outperform	$3.43B	17.97	7.31%	5.10%	2.14%	-6.51%
PAM	74 Outperform	$4.68B	13.11	10.44%	―	6.37%	7.35%
NWN	73 Outperform	$1.98B	18.98	7.20%	4.18%	11.27%	20.04%
KEN	73 Outperform	$3.91B	8.25	-7.86%	7.33%	8.15%	180.89%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
RNW	61 Neutral	$1.95B	18.72	7.64%	―	42.09%	219.69%
HE	59 Neutral	$2.84B	21.70	7.14%	―	-16.62%	―

Kenon Corporate Events

Kenon’s OPC Unit Secures Full Ownership of 725 MW CPV Shore Plant in New Jersey

On January 8, 2026, Kenon Holdings announced that its subsidiary OPC Energy’s 70%-owned unit, CPV Group LP, has completed the previously disclosed acquisition of the remaining interest in the CPV Shore power plant, a 725 MW natural gas–fired facility located in New Jersey, bringing CPV Group’s ownership to 100%. The transaction consolidates full control of a sizeable U.S. power generation asset under CPV Group, potentially enhancing operational flexibility and earnings visibility for Kenon’s energy platform and reinforcing its strategic footprint in the U.S. natural gas power market.

The most recent analyst rating on (KEN) stock is a Buy with a $68.00 price target. To see the full list of analyst forecasts on Kenon stock, see the KEN Stock Forecast page.

Kenon’s OPC Unit Secures Extra Bank Leumi Funding for CPV’s Remaining 30% Buyout of Texas Basin Ranch

On January 8, 2026, Kenon Holdings said its power subsidiary OPC Energy reported that majority-owned CPV Group LP has amended its existing $300 million financing agreement with Bank Leumi to add a further $130 million in funding. The additional facility is intended to finance part of CPV Group’s previously agreed purchase of the remaining 30% stake in the Basin Ranch gas-fired power plant project in Texas, which would give CPV Group full ownership of the 1.35 GW asset once the transaction closes. The acquisition remains subject to various conditions precedent, and its completion would deepen Kenon’s exposure to U.S. gas-fired generation while potentially enhancing scale and control over a key project in its portfolio, though the deal is still contingent on meeting financing and regulatory conditions.

The most recent analyst rating on (KEN) stock is a Buy with a $68.00 price target. To see the full list of analyst forecasts on Kenon stock, see the KEN Stock Forecast page.

Kenon Holdings Reports Strong Q3 2025 Results and Strategic Developments

Kenon Holdings Ltd. reported its financial results for the third quarter of 2025, highlighting significant developments and financial achievements. In November 2025, Kenon sold a portion of its OPC shares, generating $100 million, while OPC itself issued new shares and bonds, raising substantial capital. Additionally, OPC announced the commencement of construction on the Basin Ranch Project in Texas, a major gas-fired power plant, and completed acquisitions to consolidate its interests in key projects. Financially, OPC demonstrated robust growth with a net profit of $69 million for Q3 2025, a significant increase from the previous year, driven by higher revenues and improved profitability.

The most recent analyst rating on (KEN) stock is a Buy with a $54.00 price target. To see the full list of analyst forecasts on Kenon stock, see the KEN Stock Forecast page.

Kenon Subsidiary OPC Energy Announces $140 Million Bond Offering

On November 26, 2025, Kenon Holdings Ltd.’s subsidiary, OPC Energy Ltd., announced a bond offering of approximately NIS 460 million ($140 million) in Series D Bonds to be listed on the Tel Aviv Stock Exchange. The offering includes a preliminary phase for institutional investors and a retail offering in Israel, with institutional orders reaching approximately NIS 850 million ($260 million). The proceeds are intended primarily for refinancing existing debt and other business purposes, subject to necessary approvals and updated ratings.

The most recent analyst rating on (KEN) stock is a Buy with a $54.00 price target. To see the full list of analyst forecasts on Kenon stock, see the KEN Stock Forecast page.

Kenon Holdings Announces OPC Energy Share Placement and Sale

On November 20, 2025, Kenon Holdings Ltd. announced that its subsidiary, OPC Energy Ltd., will conduct a private placement of 5,529,322 ordinary shares to institutional investors in Israel, aiming to raise approximately $100 million. Additionally, Kenon plans to sell a small portion of its OPC shares, amounting to 5,422,648 shares, to institutional investors, also for approximately $100 million. These transactions are expected to adjust Kenon’s ownership in OPC to about 47%. The private placement is contingent upon approval from the Tel Aviv Stock Exchange, and the sale is anticipated to be completed on the same day.

The most recent analyst rating on (KEN) stock is a Buy with a $54.00 price target. To see the full list of analyst forecasts on Kenon stock, see the KEN Stock Forecast page.

Kenon Holdings Reports Strong Financial Growth Amidst Strategic Expansion

On November 19, 2025, Kenon Holdings Ltd.’s subsidiary, OPC Energy Ltd., released its periodic report for the nine-month and three-month periods ending September 30, 2025. The report highlighted significant financial growth, with a notable increase in EBITDA and net income compared to the previous year. This financial performance underscores OPC’s strategic positioning in the energy sector, particularly in the U.S. and Israel, and reflects the company’s ongoing development projects and market expansion efforts. The report also discussed various risks and uncertainties that could impact future operations, including regulatory changes and geopolitical factors.

The most recent analyst rating on (KEN) stock is a Buy with a $54.00 price target. To see the full list of analyst forecasts on Kenon stock, see the KEN Stock Forecast page.