Oil Refineries

ORL.TA

Oil & Gas Refining & Marketing · Energy

Price

192.00 ILA

-1.00 (-0.52%)

Market Cap

5.99B ILA

Exchange

Tel Aviv Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−2.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 3.20B (2021) → 3.11B (2025)

Oil Refineries Ltd. (ORL) is Israel's largest oil refining company. It takes crude oil and turns it into everyday products like gasoline, diesel, jet fuel, heating oil, and chemicals. Its main customers are fuel distributors, industrial companies, and the Israeli government, and it also sells petrochemical products to manufacturers.

The company earns money by buying crude oil, refining it, and selling the finished products at a markup — a margin that can be very thin and changes with global oil prices. ORL operates primarily in Israel, with its main refinery located in Haifa, and it is a dominant player in the local fuel supply chain, giving it a strong position in a market with high infrastructure barriers to entry. The biggest risk the company faces is the volatility of refining margins, which are driven by global crude oil prices and regional fuel demand — factors largely outside its control.

Winston Score History

Score breakdown

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Quality

Gross Margin

3.9%

Thin — 3.9% gross margin

Operating Margin

1.1%

Thin — 1.1% operating margin

ROCE

0.7%

Weak — 0.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-10.9%

Shrinking sales (-10.9% YoY)

EPS YoY

+115.0%

Earnings growing fast (+115.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

549%

Turns 549% of profit into real cash

FCF Margin

2.3%

Thin free cash flow (2.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.74

Moderate — manageable debt (0.74)

Interest Cover

1.26x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

27.8x

Growth-priced — P/E 27.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.71%

Small dividend — 1.71% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-29.9%

Dividend cut (-29.9% YoY) — warning sign

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