Kenon Holdings
KENNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $61.80 Prior regular-session close from the quote source.
- $61.81–$62.70 Regular-session low and high so far today.
- 5.8K Regular-session shares traded · Nov 12, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $54.56–$95.93 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own KEN if operating power assets keep producing cash and management converts that cash and portfolio value into per-share returns rather than value-dilutive reinvestment.
KEN price history
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Investment thesis
What must happen next
Kenon’s electric-services assets continue to find demand for output because customers still need reliable power capacity in the markets where the portfolio operates.StrengtheningMateriality: High
IFRS annual revenue increased from $573.957 million in FY2022 to $691.796 million in FY2023, $751.304 million in FY2024 and $871.929 million in FY2025. If demand keeps converting into contracted or dispatched output, Kenon can grow intrinsic value; if demand shifts away from its assets, revenue growth and utilization lose their foundation.
Watch: Regulators or grid operators in Kenon’s key power markets shift procurement toward competing renewable, storage or state-utility capacity in a way that reduces dispatch or contracted volumes for Kenon-linked assets.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue increased from $573.957 million in FY2022 to $691.796 million in FY2023, $751.304 million in FY2024 and $871.929.
Open source ↗Kenon’s investable value depends on portfolio cash generation staying resilient despite swings in accounting earnings from investments, marks or one-time items.StrengtheningMateriality: High
IFRS annual operating cash flow was positive in each year shown: $771.381 million in FY2022, $276.788 million in FY2023, $265.081 million in FY2024 and $283.793 million in FY2025. If cash generation remains durable, management has optionality to fund projects, reduce risk or return capital; if cash flow weakens, the cash-rich holding-company story becomes much less compelling.
Watch: Project-level debt covenants, minority-owner restrictions or subsidiary funding needs prevent cash generated by power assets from reaching Kenon.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating cash flow was positive in each year shown: $771.381 million in FY2022, $276.788 million in FY2023, $265.081.
Open source ↗Kenon’s power revenue must be earned at acceptable spreads; the thesis weakens if incremental sales are driven by low-margin dispatch, fuel-cost leakage or unfavorable tariffs rather than profitable capacity demand.HoldingMateriality: Medium
IFRS annual gross profit rose from $99.843 million in FY2022 to $119.459 million in FY2023, $143.787 million in FY2024 and $146.822 million in FY2025. Revenue growth that does not carry gross profit does little for intrinsic value and can make the business more capital intensive without improving owner returns.
Watch: Tariff resets, merchant power prices or contract renewals fail to compensate Kenon’s assets for fuel, availability or financing costs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual gross profit rose from $99.843 million in FY2022 to $119.459 million in FY2023, $143.787 million in FY2024 and.
Open source ↗Kenon’s large liquidity position gives it strategic optionality only if management allocates cash into distributions, disciplined power investments or value-accretive portfolio moves rather than empire-building.StrengtheningMateriality: Medium
IFRS cash and cash equivalents increased from $535.171 million at FY2022 year-end to $696.838 million at FY2023 year-end, $1.016 billion at FY2024 year-end and $1.478 billion at FY2025 year-end. The cash balance can reduce downside and support per-share value, but poor deployment can turn a balance-sheet strength into a value trap.
Watch: Management announces a large acquisition or development commitment without contracted returns or a clear path to cash distributions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS cash and cash equivalents increased from $535.171 million at FY2022 year-end to $696.838 million at FY2023 year-end, $1.016 billion.
Open source ↗Kenon should be underwritten on asset cash flows and capital allocation, not smooth EPS compounding, because reported earnings can swing sharply with investment outcomes.StrengtheningMateriality: Medium
IFRS annual diluted EPS moved from $5.80 in FY2022 to negative $4.42 in FY2023, $11.34 in FY2024 and $1.27 in FY2025. Owners who value Kenon as a stable earnings-growth utility may overpay; owners focused on NAV realization and cash deployment have the right scoreboard.
Watch: Recurring power operations become the overwhelming driver of net income and EPS, making Kenon resemble a conventional utility earnings compounder rather than a holding-company/NAV case.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual diluted EPS moved from $5.80 in FY2022 to negative $4.42 in FY2023, $11.34 in FY2024 and $1.27 in.
Open source ↗
Full investment case & evidence
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Original research
Kenon’s electric-services assets continue to find demand for output because customers still need reliable power capacity in the markets where the portfolio operates. If demand keeps converting into contracted or dispatched output, Kenon can grow intrinsic value; if demand shifts away from its assets, revenue growth and utilization lose their foundation.
Kenon’s investable value depends on portfolio cash generation staying resilient despite swings in accounting earnings from investments, marks or one-time items. If cash generation remains durable, management has optionality to fund projects, reduce risk or return capital; if cash flow weakens, the cash-rich holding-company story becomes much less compelling.
Kenon’s power revenue must be earned at acceptable spreads; the thesis weakens if incremental sales are driven by low-margin dispatch, fuel-cost leakage or unfavorable tariffs rather than profitable capacity demand. Revenue growth that does not carry gross profit does little for intrinsic value and can make the business more capital intensive without improving owner returns.
Kenon’s large liquidity position gives it strategic optionality only if management allocates cash into distributions, disciplined power investments or value-accretive portfolio moves rather than empire-building. The cash balance can reduce downside and support per-share value, but poor deployment can turn a balance-sheet strength into a value trap.
Kenon should be underwritten on asset cash flows and capital allocation, not smooth EPS compounding, because reported earnings can swing sharply with investment outcomes. Owners who value Kenon as a stable earnings-growth utility may overpay; owners focused on NAV realization and cash deployment have the right scoreboard.
All standing thesis claims
Original report summary
operating power assets keep producing cash and management converts that cash and portfolio value into per-share returns rather than value-dilutive reinvestment.
Bull case and bear case
Bull case and bear case for Kenon Holdings
Where the evidence on Kenon Holdings stands: Holding on the latest evidence (Nov 8, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Kenon’s electric-services assets continue to find demand for output because customers still need reliable power capacity in the markets where the portfolio operates.
Kenon’s investable value depends on portfolio cash generation staying resilient despite swings in accounting earnings from investments, marks or one-time items.
Kenon’s power revenue must be earned at acceptable spreads; the thesis weakens if incremental sales are driven by low-margin dispatch, fuel-cost leakage or unfavorable tariffs rather than profitable capacity demand.
Kenon’s large liquidity position gives it strategic optionality only if management allocates cash into distributions, disciplined power investments or value-accretive portfolio moves rather than empire-building.
Kenon should be underwritten on asset cash flows and capital allocation, not smooth EPS compounding, because reported earnings can swing sharply with investment outcomes.
Bear case: what would count against it
Regulators or grid operators in Kenon’s key power markets shift procurement toward competing renewable, storage or state-utility capacity in a way that reduces dispatch or contracted volumes for Kenon-linked assets.
Project-level debt covenants, minority-owner restrictions or subsidiary funding needs prevent cash generated by power assets from reaching Kenon.
Tariff resets, merchant power prices or contract renewals fail to compensate Kenon’s assets for fuel, availability or financing costs.
Thesis-Break Engine
Thesis-break watch · Kenon Holdings
No break has crossed Kenon Holdings’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
Kenon Holdings filed an SEC report on 2026-10-28: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Kenon Holdings filed an SEC report on 2026-09-30: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Kenon Holdings filed an SEC report on 2026-09-29: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Regulators or grid operators in Kenon’s key power markets shift procurement toward competing renewable, storage or state-utility capacity in a way that reduces dispatch or contracted volumes for Kenon-linked assets.
- Project-level debt covenants, minority-owner restrictions or subsidiary funding needs prevent cash generated by power assets from reaching Kenon.
- Tariff resets, merchant power prices or contract renewals fail to compensate Kenon’s assets for fuel, availability or financing costs.
- Management announces a large acquisition or development commitment without contracted returns or a clear path to cash distributions.
- Recurring power operations become the overwhelming driver of net income and EPS, making Kenon resemble a conventional utility earnings compounder rather than a holding-company/NAV case.
KEN news
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Financial statements
KEN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
KEN: quick answers
- What is KEN's short interest?
- As of October 30, 2026, 59,898 KEN shares were sold short, down 5.3% from the count before. At the stock's average daily volume that is 2.8 days to cover. FINRA publishes the count twice a month. KEN short interest history