KEN
Kenon Holdings Ltd.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 shippi
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 250.0 | 82.5 | -- | 16.3 | -- | 37.5 | -31.3 | 1,842 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 285.0 | 105.5 | -- | 21.4 | -- | 48.5 | -34.2 | 1,805 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 225.0 | 65.3 | -- | 7.9 | -- | 20.3 | -28.1 | 1,756 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 205.0 | 63.6 | -- | 10.3 | -- | 26.7 | -27.7 | 1,736 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 240.0 | 76.8 | -- | 14.4 | -- | 33.6 | -31.2 | 1,709 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 275.0 | 104.5 | -- | 22.0 | -- | 49.5 | -33.0 | 1,676 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 215.0 | 60.2 | -- | 6.5 | -- | 17.2 | -28.0 | 1,626 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 195.0 | 58.5 | -- | 8.8 | -- | 23.4 | -27.3 | 1,609 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 227.9 | 67.0 | 21.4 | 24.3 | 102.8 | 52.4 | -49.4 | 1,586 | 1,779 | 52.2 | 3.1% | 68.7x | 7.7x |
| Act | 2025-Q3 | 265.0 | 128.0 | 34.0 | 25.0 | 100.0 | 44.0 | -29.0 | 1,261 | 1,375 | 55.6 | 4.8% | 4.7x | 15.1x |
| Act | 2025-Q2 | 196.0 | 45.0 | -2.0 | 5.0 | 19.0 | -27.0 | -25.0 | 1,030 | 1,415 | 50.0 | -0.5% | 2.1x | 12.1x |
| Act | 2025-Q1 | 183.0 | 78.0 | 9.0 | 12.0 | 62.0 | 26.0 | -13.0 | 1,119 | 1,259 | 54.6 | 1.3% | 3.4x | 6.4x |
| Act | 2024-Q4 | 159.3 | -88.6 | -5.5 | 434.7 | 52.1 | 32.4 | -15.7 | 1,158 | 1,280 | 52.7 | -1.2% | -21.9x | 6.3x |
| Act | 2024-Q3 | 237.0 | 138.0 | 37.0 | 43.0 | 126.0 | -114.0 | -188.0 | 773.0 | 1,531 | 53.1 | 7.3% | 2.6x | 5.6x |
| Act | 2024-Q2 | 181.0 | 162.0 | 9.0 | 112.0 | 17.0 | -82.0 | -68.0 | 751.0 | 1,520 | 52.6 | 2.2% | 5.2x | 23.0x |
| Act | 2024-Q1 | 174.0 | 36.0 | 14.0 | 8.0 | 59.0 | -31.0 | -69.0 | 870.0 | 1,550 | 52.8 | 3.6% | 1.7x | -- |
| Act | 2023-Q4 | 150.8 | 28.7 | 3.7 | 7.0 | 3.6 | -133.8 | -126.1 | 912.6 | 1,592 | 52.8 | 0.6% | 2.5x | -- |
| Act | 2023-Q3 | 229.0 | -130.0 | 32.0 | -205.0 | 76.0 | -9.0 | -62.0 | 885.0 | 1,439 | 53.9 | 6.4% | -5.7x | -- |
| Act | 2023-Q2 | 165.0 | 1.0 | -6.0 | -30.0 | 163.0 | 58.0 | -87.0 | 869.0 | 1,431 | 53.9 | -1.1% | 0.1x | -- |
| Act | 2023-Q1 | 147.0 | 22.0 | 32.0 | 5.0 | 26.0 | -45.0 | -57.0 | 1,065 | 1,322 | 53.9 | 6.3% | 1.6x | -- |
| Act | 2022-Q4 | 145.0 | -915.3 | 75.3 | -835.3 | 48.4 | -31.3 | -45.3 | 925.9 | 1,201 | 53.9 | 23.8% | -26.6x | -- |
| Act | 2022-Q3 | 163.0 | 314.0 | 299.0 | 251.0 | 163.0 | 91.0 | -60.0 | 918.0 | 1,193 | 54.0 | 57.7% | 26.2x | -- |
| Act | 2022-Q2 | 121.0 | 288.0 | 273.0 | 265.0 | 542.0 | 450.0 | -78.0 | 1,200 | 1,206 | 53.9 | 64.5% | 20.6x | -- |
| Act | 2022-Q1 | 146.0 | 28.0 | 685.0 | 639.0 | 18.0 | -81.0 | -87.0 | 718.0 | 1,266 | 53.9 | 130.1% | 2.3x | -- |
AI Analysis
LLM Evaluations
Kenon is a complex, opaque holding company trading at a substantial premium to its fundamentals. The core asset—OPC Energy—is a decent Israeli power generator benefiting from rising electricity demand, but it carries heavy project-level debt ($3.1B+), faces FX translation risk (NIS/USD), and operates in a geopolitically volatile region. The stock trades at 66x trailing P/E and ~28x EV/FCF, pricing in growth that is far from assured given market liberalization headwinds, lumpy earnings, and a dividend policy that appears to exceed sustainable earnings. The Qoros arbitration ($300M) is likely unrecoverable, ZIM is at zero book value, and institutional holders are exiting. The 9.8% dividend yield looks attractive but is a classic value trap funded partly by asset liquidations rather than recurring cash flow. At current prices, risk/reward is poor—you're paying a growth premium for a business with shrinking earnings, high leverage, and concentrated geopolitical risk.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $70.00 | $14.40/$19.00 | 0 | $0.50/$1.85 | 23 |
| $75.00 | $10.10/$14.50 | 1 | $1.10/$2.50 | 14 |
| $80.00 | $6.10/$10.50 | 6 | $0.40/$4.90 | 4 |
| $85.00 | $2.90/$7.00 | 82 | $1.65/$6.40 | 0 |
| $90.00 | $0.60/$5.00 | 4 | $4.00/$8.30 | 1 |
| $95.00 | $0.05/$4.90 | 1 | $8.00/$12.30 | 0 |
| $100.00 | $0.05/$4.80 | 1 | $12.50/$16.80 | 0 |
| $105.00 | --/$4.80 | 1 | $17.00/$21.50 | 1 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 6.5% of float, sold 3.1%. 1 filer moved >1% of shares (1 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Clal Insurance Enterprises Holdings Ltd | $330M | $40.58 | +$48.6M | +$81.1M | -0.4% | $16.53B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $20.3M | $35.20 | +$3.7M | +$4.3M | +0.1% | $184.72B |
| Y.D. More Investments Ltd | $17.3M | $27.20 | −$62K | +$970K | +2.8% | $2.52B |
| Altshuler Shaham Ltd | $15.5M | $22.44 | +$730K | +$1.1M | +0.4% | $5.46B |
| GOLDMAN SACHS GROUP INC | $11.8M | $28.82 | +$431K | +$1.7M | -0.2% | $760.93B |
| BlackRock, Inc.Passive | $10.3M | $34.38 | +$1.1M | +$1.8M | -0.2% | $5.69T |
| UBS Group AG | $10.3M | $43.21 | +$6.7M | +$3.5M | -0.3% | $562.11B |
| CANADA PENSION PLAN INVESTMENT BOARD | $5.2M | $40.21 | +$0 | +$2.1M | +0.6% | $155.02B |
| LPL Financial LLC | $4.2M | $35.43 | −$3K | +$1.5M | -0.2% | $372.65B |
| Invesco Ltd. | $3.4M | $37.37 | +$478K | +$1.5M | -0.2% | $652.04B |
| Swiss National Bank | $3.4M | $39.42 | +$0 | +$13K | -0.4% | $173.67B |
| JPMORGAN CHASE & CO | $2.5M | $26.29 | +$944K | −$1.8M | -0.2% | $1.47T |
| CITIGROUP INC | $2.4M | $21.15 | −$155K | −$3.8M | -0.3% | $156.55B |
| STIFEL FINANCIAL CORP | $2.4M | $66.64 | +$50K | +$2.4M | -0.3% | $108.17B |
| RENAISSANCE TECHNOLOGIES LLC | $2.3M | $35.90 | +$881K | +$807K | +1.2% | $63.91B |
| Redhawk Wealth Advisors, Inc. | $2.0M | $30.67 | −$293K | −$389K | +0.0% | $893M |
| Bridgewater Associates, LP | $2.0M | $76.45 | +$1.3M | +$2.0M | -0.1% | $22.35B |
| Legal & General Group Plc | $2.0M | $49.99 | +$1.1M | +$801K | -0.1% | $432.24B |
| Sowell Financial Services LLC | $2.0M | $46.47 | −$566K | +$2.0M | +0.1% | $2.68B |
| THRIVENT FINANCIAL FOR LUTHERANS | $1.6M | $43.93 | −$713K | +$1.6M | -0.2% | $51.55B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
Top-5 holders · 85.3%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Corporate
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
Kenon Holdings: A Volatile Holding Shell Masking Associate Decay and Aggressive Capital Returns
Counter-Thesis
Counter-Thesis & Recent News
In March 2026, Kenon reported a dramatic 94% year-over-year plummet in Q4 2025 net income attributable to common shareholders, despite a 43% rise in revenue. Its core subsidiary, OPC Energy, reported a comprehensive loss of NIS 469 million for 2025, primarily driven by a 12.5% USD/NIS exchange rate decline and foreign currency translation losses. Additionally, Kenon announced a $200 million interim dividend ($3.85/share) in April 2026, which critics argue is unsustainable given that the payout ratio currently exceeds the company's actual earnings (Simply Wall St, Quiver Quantitative, March/April 2026).
The primary bear case rests on a massive valuation disconnect; KEN trades at a trailing P/E of 66.1x, which is nearly 4x the Asian Renewable Energy industry average of 15.9x. Analysts at Seeking Alpha (Dec 2025) downgraded the stock to 'Hold,' noting that upside is fully priced in and current energy demand may be artificially inflated by an 'AI bubble' that could soon correct. Furthermore, earnings have shrunk by an average of 23.9% annually over the last five years, casting doubt on the company's ability to maintain its high-growth premium (Simply Wall St, Seeking Alpha).
Kenon faces significant leverage risks, with its subsidiary OPC Energy carrying $1.769 billion in debt and an additional $1.376 billion in associated project debt. A major concern is the difficulty in collecting a RMB 2.2 billion (~$300M) arbitration award against Shenzhen Baoneng related to the failed Qoros venture, which remains a 'frozen' asset with uncertain recovery. Additionally, several institutional investors, including Kingstone Capital and Altshuler Shaham, have recently exited or significantly reduced their positions (20-F Filing, Quiver Quantitative).
The liberalization of the Israeli energy market is a looming threat, as it is expected to introduce new private competitors and potentially stabilize or lower energy tariffs that were previously expected to rise. Furthermore, ongoing Middle East geopolitical conflict poses a direct physical threat to OPC's infrastructure and gas supply chains, while the broader shift toward renewable energy in the US could pressure the margins of its conventional power generation projects if carbon regulations tighten (Seeking Alpha, 20-F Filing).
Investor sentiment is increasingly skeptical regarding 'earnings quality' as the company utilizes significant non-IFRS adjustments to mask net income declines. While income-seeking investors were initially buoyed by the April 2026 dividend, market commentary indicates growing fear that the dividend policy is being funded by asset liquidations (like the ZIM stake divestment) rather than recurring operational cash flow, making the current yield a potential 'value trap' (Simply Wall St, Perplexity Research).