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Kenon Holdings Ltd.

KEN Clue Score46
Singapore Fiscal year ends December CIK 0001611005
$61.26 +2.37% Close, 12 Oct 2026
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Price $61.26 +49.71% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue324.3Operating income−70.9Net income−411.9Fiscal year 2017Revenue365.7 +12.8%Operating income42.3Net income236.6Fiscal year 2018Revenue364.0 −0.5%Operating income42.2Net income434.2 +83.5%Fiscal year 2019Revenue373.5 +2.6%Operating income56.0Net income−13.4 −103.1%Fiscal year 2020Revenue386.5 +3.5%Operating income23.0Net income507.1EPS, diluted9.41Fiscal year 2021Revenue487.8 +26.2%Operating income22.5Net income930.3 +83.4%EPS, diluted17.27 +83.5%Fiscal year 2022Revenue574.0 +17.7%Operating income2.8Net income312.7 −66.4%EPS, diluted5.80 −66.4%Fiscal year 2023Revenue691.8 +20.5%Operating income42.6Net income−236.0 −175.5%EPS, diluted−4.42 −176.2%Fiscal year 2024Revenue751.3 +8.6%Operating income47.5Net income597.7EPS, diluted11.34Fiscal year 2025Revenue871.9 +16.1%Operating income62.3Net income66.3 −88.9%EPS, diluted1.27 −88.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 324.3 365.7 364.0 373.5 386.5 487.8 574.0 691.8 751.3 871.9
Growth +12.8% −0.5% +2.6% +3.5% +26.2% +17.7% +20.5% +8.6% +16.1%
Operating income −70.9 42.3 42.2 56.0 23.0 22.5 2.8 42.6 47.5 62.3
Net income −411.9 236.6 434.2 −13.4 507.1 930.3 312.7 −236.0 597.7 66.3
Growth +83.5% −103.1% +83.4% −66.4% −175.5% −88.9%
EPS, diluted n/a n/a n/a n/a 9.41 17.27 5.80 −4.42 11.34 1.27
Growth +83.5% −66.4% −176.2% −88.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin14.2%Operating margin−21.9%Net margin−127.0%Free cash flow margin−36.6%Fiscal year 2017Gross margin18.7%Operating margin11.6%Net margin64.7%Free cash flow margin44.9%Fiscal year 2018Gross margin20.5%Operating margin11.6%Net margin119.3%Free cash flow margin−4.7%Fiscal year 2019Gross margin23.1%Operating margin15.0%Net margin−3.6%Free cash flow margin13.7%Fiscal year 2020Gross margin18.4%Operating margin6.0%Net margin131.2%Free cash flow margin4.6%Fiscal year 2021Gross margin20.2%Operating margin4.6%Net margin190.7%Free cash flow margin0.2%Fiscal year 2022Gross margin17.4%Operating margin0.5%Net margin54.5%Free cash flow margin85.4%Fiscal year 2023Gross margin17.3%Operating margin6.2%Net margin−34.1%Free cash flow margin−8.0%Fiscal year 2024Gross margin19.1%Operating margin6.3%Net margin79.6%Free cash flow margin−10.1%Fiscal year 2025Gross margin16.8%Operating margin7.2%Net margin7.6%Free cash flow margin19.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 14.2% 18.7% 20.5% 23.1% 18.4% 20.2% 17.4% 17.3% 19.1% 16.8%
Operating margin −21.9% 11.6% 11.6% 15.0% 6.0% 4.6% 0.5% 6.2% 6.3% 7.2%
Net margin −127.0% 64.7% 119.3% −3.6% 131.2% 190.7% 54.5% −34.1% 79.6% 7.6%
Free cash flow margin −36.6% 44.9% −4.7% 13.7% 4.6% 0.2% 85.4% −8.0% −10.1% 19.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow162.3Capital expenditure−281.0Free cash flow−118.6Fiscal year 2017Operating cash flow391.9Capital expenditure−227.6Free cash flow164.3Fiscal year 2018Operating cash flow52.4Capital expenditure−69.3Free cash flow−16.9 −110.3%Dividends paid−100.1Fiscal year 2019Operating cash flow85.4Capital expenditure−34.1Free cash flow51.2Dividends paid−65.2Fiscal year 2020Operating cash flow92.2Capital expenditure−74.5Free cash flow17.7 −65.4%Dividends paid−120.1Fiscal year 2021Operating cash flow240.5Capital expenditure−239.7Free cash flow0.9 −95.1%Dividends paid−100.2Fiscal year 2022Operating cash flow771.4Capital expenditure−281.3Free cash flow490.1 +56,493.0%Dividends paid−740.9Fiscal year 2023Operating cash flow276.8Capital expenditure−332.1Free cash flow−55.3 −111.3%Dividends paid−150.4Fiscal year 2024Operating cash flow265.1Capital expenditure−340.7Free cash flow−75.6Dividends paid−200.6Fiscal year 2025Operating cash flow283.8Capital expenditure−116.4Free cash flow167.4Dividends paid−267.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 162.3 391.9 52.4 85.4 92.2 240.5 771.4 276.8 265.1 283.8
Capital expenditure −281.0 −227.6 −69.3 −34.1 −74.5 −239.7 −281.3 −332.1 −340.7 −116.4
Free cash flow −118.6 164.3 −16.9 51.2 17.7 0.9 490.1 −55.3 −75.6 167.4
Growth −110.3% −65.4% −95.1% +56,493.0% −111.3%
Dividends paid n/a n/a −100.1 −65.2 −120.1 −100.2 −740.9 −150.4 −200.6 −267.9

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash and securitiesTotal debt
Fiscal year 2016Cash and securities326.6Total debt3,312.4Net cash (debt)−2,985.8Shareholders’ equity681.2Debt to equity4.86Fiscal year 2017Cash and securities1,417.4Total debt1,036.5Net cash (debt)380.9Shareholders’ equity983.1Debt to equity1.05Fiscal year 2018Cash and securities131.1Total debt563.2Net cash (debt)−432.1Shareholders’ equity649.0Debt to equity0.87Fiscal year 2019Cash and securities147.2Total debt576.7Net cash (debt)−429.5Shareholders’ equity623.4Debt to equity0.93Fiscal year 2020Cash and securities286.2Total debt871.8Net cash (debt)−585.7Shareholders’ equity1,066.8Debt to equity0.82Fiscal year 2021Cash and securities474.5Total debt1,171.8Net cash (debt)−697.3Shareholders’ equity1,793.7Debt to equity0.65Fiscal year 2022Cash and securities535.2Total debt1,123.8Net cash (debt)−588.6Shareholders’ equity1,598.5Debt to equity0.70Fiscal year 2023Cash and securities696.8Total debt1,360.4Net cash (debt)−663.6Shareholders’ equity1,203.3Debt to equity1.13Fiscal year 2024Cash and securities1,015.9Total debt1,182.6Net cash (debt)−166.7Shareholders’ equity1,607.9Debt to equity0.74Fiscal year 2025Cash and securities1,478.3Total debt1,651.7Net cash (debt)−173.4Shareholders’ equity1,588.5Debt to equity1.04
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash and securities 326.6 1,417.4 131.1 147.2 286.2 474.5 535.2 696.8 1,015.9 1,478.3
Total debt 3,312.4 1,036.5 563.2 576.7 871.8 1,171.8 1,123.8 1,360.4 1,182.6 1,651.7
Net cash (debt) −2,985.8 380.9 −432.1 −429.5 −585.7 −697.3 −588.6 −663.6 −166.7 −173.4
Shareholders’ equity 681.2 983.1 649.0 623.4 1,066.8 1,793.7 1,598.5 1,203.3 1,607.9 1,588.5
Debt to equity 4.86 1.05 0.87 0.93 0.82 0.65 0.70 1.13 0.74 1.04

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
14.2% 18.7% 20.5% 23.1% 18.4% 20.2% 17.4% 17.3% 19.1% 16.8%
−21.9% 11.6% 11.6% 15.0% 6.0% 4.6% 0.5% 6.2% 6.3% 7.2%
−131.7% −37.1% 126.9% −1.5% 129.5% 180.3% 14.3% 11.7% 12.4% 20.2%
−127.0% 64.7% 119.3% −3.6% 131.2% 190.7% 54.5% −34.1% 79.6% 7.6%
−36.6% 44.9% −4.7% 13.7% 4.6% 0.2% 85.4% −8.0% −10.1% 19.2%
Spending
n/a n/a 0.3% 0.5% 0.5% 0.3% 2.6% 2.3% 1.6% 0.5%
14.5% 15.4% 9.5% 9.8% 12.9% 15.5% 17.4% 12.2% 12.8% 13.8%
86.6% 62.2% 19.0% 9.1% 19.3% 49.1% 49.0% 48.0% 45.3% 13.4%
n/a n/a 2.5% n/a 0.9% 0.5% 46.2% 31.0% 43.5% 16.0%
Returns
−60.5% 24.1% 66.9% −2.1% 47.5% 51.9% 19.6% −19.6% 37.2% 4.2%
−8.0% 9.4% 29.8% −0.9% 20.4% 23.0% 8.3% −5.7% 14.2% 1.2%
Balance and payout
4.86 1.05 0.87 0.93 0.82 0.65 0.70 1.13 0.74 1.04
82.6% 58.4% 50.8% 52.8% 48.6% 43.5% 39.1% 49.6% 36.9% 40.8%
n/a n/a 23.0% n/a 23.7% 10.8% 237.0% n/a 33.6% 404.3%
n/a n/a n/a 127.2% 677.1% 11,571.5% 151.2% n/a n/a 160.1%