Algonquin Power & Utilities Corp. (AQN.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-743.4%

-CA$50.51

vs CA$7.85 price

Levered DCF

-CA$21.99

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.28

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.72×	-2.33×	301.56×	-13.28×	35.23×	11.91×	13.33×	25.15×
P/B	1.02×	0.69×	0.86×	0.78×	1.55×	1.78×	1.82×	1.46×
P/S	1.93×	1.4×	1.81×	1.48×	3.99×	5.53×	4.34×	2.82×
EV / EBITDA	12.34×	11.93×	14.37×	12.1×	20.04×	21.02×	17.18×	12.52×
Gross margin	24.0%	36.4%	34.8%	37.9%	37.7%	45.3%	43.7%	42.0%
Operating margin	20.6%	19.2%	19.4%	14.5%	18.2%	22.9%	22.6%	23.0%
Net margin	7.5%	-59.5%	1.2%	-7.7%	11.6%	46.7%	32.6%	11.2%
Current ratio	1×	0.76×	0.63×	0.71×	0.69×	0.73×	0.59×	0.99×
Debt / equity	1.41×	1.43×	1.49×	1.44×	1.07×	0.88×	1.02×	1.05×
Interest coverage	1.76×	1.29×	1.49×	1.49×	2.01×	2.01×	2.03×	2.61×
Dividend yield	4.6%	8.7%	7.7%	9.2%	3.4%	3.0%	2.9%	3.6%
Payout ratio	116.6%	-20.4%	1172.4%	-177.3%	117.3%	35.2%	38.5%	89.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.0%	-29.3%	0.6%	-4.1%	4.5%	15.0%	13.7%	5.8%
Return on invested capital	2.6%	-0.2%	1.1%	2.0%	2.6%	2.8%	3.1%	2.5%
Return on assets	1.3%	-8.1%	0.2%	-1.2%	1.6%	5.9%	4.9%	2.0%
Free cash flow yield	-3.8%	-11.5%	-9.3%	-11.1%	-12.9%	-3.2%	0.4%	1.3%
Earnings yield	3.9%	-42.6%	0.7%	-5.2%	2.9%	8.4%	7.5%	4.0%
Enterprise value	CA$11.2B	CA$9.9B	CA$11.8B	CA$11.6B	CA$15.2B	CA$13.8B	CA$10.9B	CA$7.9B
Net debt / EBITDA	7.15×	8.04×	9.09×	7.82×	8.07×	6.86×	6.09×	5.19×
Cash conversion cycle (days)	89	81	71	78	63	48	35	57