KEN (Kenon Holdings) Cyclically Adjusted PB Ratio: (As of Sep. 10, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

KEN Kenon Holdings Ltd KEN
66 GF Score
Price $69.23
GF Value $52.03
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Kenon Holdings Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Kenon Holdings  (NYSE:KEN) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Kenon Holdings Cyclically Adjusted PB Ratio Related Terms


Kenon Holdings Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Kenon Holdings's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Kenon Holdings Cyclically Adjusted PB Ratio Chart

Kenon Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 1.01 1.39 2.65

Kenon Holdings Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.67 1.81 2.65 3.22 0.00

KEN vs HNRG, OKLO, TLN: Cyclically Adjusted PB Ratio Comparison

For the Utilities - Independent Power Producers subindustry, Kenon Holdings's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Kenon Holdings Cyclically Adjusted PB Ratio vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Kenon Holdings's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Kenon Holdings's Cyclically Adjusted PB Ratio falls into.


KEN
66GF Score
Kenon Holdings Ltd KEN
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Kenon Holdings Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Kenon Holdings's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Kenon Holdings's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=30.136/333.9520*333.9520
=30.136

Current CPI (Jun. 2026) = 333.9520.

Kenon Holdings Quarterly Data

Book Value per Share CPI Adj_Book
201609 13.366 241.428 18.488
201612 12.681 241.432 17.541
201703 12.491 243.801 17.110
201706 12.826 244.955 17.486
201709 13.697 246.819 18.532
201712 18.271 246.524 24.751
201803 15.364 249.554 20.560
201806 15.234 251.989 20.189
201809 15.104 252.439 19.981
201812 12.058 251.233 16.028
201903 11.778 254.202 15.473
201906 12.094 256.143 15.768
201909 13.276 256.759 17.267
201912 11.574 256.974 15.041
202003 11.676 258.115 15.107
202006 16.540 257.797 21.426
202009 17.820 260.280 22.864
202012 19.803 260.474 25.389
202103 24.388 264.877 30.748
202106 25.799 271.696 31.711
202109 29.344 274.310 35.724
202112 33.291 278.802 39.876
202203 45.208 287.504 52.512
202206 39.566 296.311 44.592
202209 45.150 296.808 50.800
202212 29.664 296.797 33.378
202303 27.276 301.836 30.178
202306 26.348 305.109 28.839
202309 22.742 307.789 24.675
202312 22.805 306.746 24.828
202403 19.061 312.332 20.380
202406 21.165 314.175 22.497
202409 22.385 315.301 23.709
202412 30.688 315.605 32.472
202503 30.719 319.799 32.078
202506 26.635 322.561 27.576
202509 28.732 324.800 29.542
202512 30.489 324.054 31.420
202603 28.806 330.213 29.132
202606 30.136 333.952 30.136

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Kenon Holdings (KEN) Overvalued in 2026?

Based on GuruFocus' analysis, Kenon Holdings stock appears to be overvalued. The current stock price of $69.23 is trading 33.1% above its estimated GF Value™ of $52.03. GuruFocus considers Kenon Holdings to be Significantly Overvalued.

Key valuation signals for KEN:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: $52.03 vs. price of $69.23 (33.1% above fair value)
  • GF Score™: 66/100 with 7 warning signs

No single metric tells the full story. See the KEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Kenon Holdings Business Description

Other Exchanges KEN:Israel76N:Germany
Address 1 Temasek Avenue, No. 37-02B, Millenia Tower, Singapore, SGP, 039192
Kenon Holdings Ltd is a holding company that operates dynamic, growth-oriented businesses. The company's operating segments include: OPC Power Plants, which generates and supplies electricity and energy in Israel; and CPV Group, which generates and supplies electricity and energy in the United States. It generates maximum revenue from the OPC Power Plants segment, which generates and supplies electricity and energy in Israel. CPV Group is a limited partnership owned by OPC, which generates and supplies electricity and energy in the United States. Geographically, the company generates a majority of its revenue from Israel and the rest from the United States.
66GF Score

Get the complete analysis for KEN

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$69.23
Price
$52.03
GF Value