Algonquin Power & Utilities Corp. (AQN) 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

-410.0%

-$17.25

vs $5.57 price

Levered DCF

-$12.27

After debt service

Piotroski score

5 / 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	26.74×	-2.46×	210.67×	-13.31×	35.24×	11.93×	13.35×	25.13×
P/B	1.02×	0.69×	0.86×	0.79×	1.53×	1.77×	1.83×	1.46×
P/S	1.94×	1.4×	1.81×	1.48×	3.95×	5.49×	4.35×	2.82×
EV / EBITDA	12.11×	10.52×	18.88×	30.44×	19.51×	10.59×	10.72×	15.24×
Gross margin	73.7%	74.4%	69.1%	68.7%	68.6%	76.1%	72.7%	70.6%
Operating margin	21.5%	19.2%	19.4%	14.5%	18.2%	22.9%	22.6%	22.9%
Net margin	7.4%	-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×	1.42×	1.49×	1.44×	1.06×	0.87×	1.01×	1.05×
Interest coverage	1.66×	1.29×	1.42×	1.37×	1.81×	2.11×	2.02×	2.48×
Dividend yield	4.6%	8.6%	7.7%	9.1%	3.5%	3.0%	3.0%	3.6%
Payout ratio	119.2%	-20.4%	1174.9%	-175.5%	118.3%	35.3%	39.5%	89.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.9%	-29.3%	0.6%	-4.1%	4.5%	15.0%	13.7%	5.8%
Return on invested capital	2.7%	-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%	-11.4%	-9.3%	-11.0%	-13.1%	-3.2%	0.4%	1.3%
Earnings yield	3.8%	-42.4%	0.7%	-5.2%	2.9%	8.5%	7.5%	4.0%
Enterprise value	$11.2B	$9.9B	$11.8B	$11.6B	$15.1B	$13.6B	$10.9B	$7.9B
Net debt / EBITDA	7.01×	7.07×	11.93×	19.64×	7.87×	3.44×	3.79×	6.32×
Cash conversion cycle (days)	120	103	82	86	61	18	9	59