Algonquin Power & Utilities Corp. (AQNB) 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

-194.2%

-$23.98

vs $25.46 price

Levered DCF

-$14.65

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.25

Distress zone

Rating

C-

Overall 1 / 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	94.26×	157.63×	804.33×	-71.07×	66.34×	19.27×	26.36×	67.11×
P/B	3.67×	3.93×	3.3×	2.77×	2.89×	3.03×	3.64×	3.71×
P/S	7×	7.98×	6.16×	5.57×	7.7×	9.07×	8.59×	7.6×
EV / EBITDA	25.63×	30.33×	26.8×	22.93×	30.35×	30.83×	16.94×	25.44×
Gross margin	37.9%	36.4%	31.0%	19.5%	18.0%	25.3%	25.2%	25.5%
Operating margin	20.7%	19.2%	17.3%	15.5%	18.8%	22.1%	21.7%	22.2%
Net margin	7.4%	-59.5%	0.8%	-7.8%	11.9%	47.5%	33.1%	11.3%
Current ratio	1×	0.76×	0.63×	0.71×	0.69×	0.73×	0.59×	0.99×
Debt / equity	1.41×	1.43×	1.7×	1.44×	1.06×	0.87×	1.02×	1.05×
Interest coverage	1.79×	1.23×	1.25×	1.45×	1.93×	1.87×	1.84×	2.33×
Dividend yield	1.2%	1.6%	2.0%	2.6%	1.9%	1.8%	1.5%	1.4%
Payout ratio	117.1%	-21.4%	1658.1%	-182.7%	119.4%	33.5%	38.6%	94.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.9%	-29.3%	0.4%	-3.9%	4.5%	15.8%	14.0%	5.5%
Return on invested capital	2.6%	-0.2%	2.7%	2.0%	1.8%	2.8%	3.1%	2.3%
Return on assets	1.3%	-8.1%	0.1%	-1.2%	1.6%	6.2%	5.0%	1.9%
Free cash flow yield	-1.0%	-2.1%	-2.4%	-3.3%	-7.2%	-2.0%	0.1%	0.5%
Earnings yield	1.1%	-7.5%	0.1%	-1.4%	1.6%	5.2%	3.9%	1.5%
Enterprise value	$23.6B	$25.2B	$25.1B	$21.9B	$23B	$20.2B	$18B	$15.1B
Net debt / EBITDA	7.1×	8.05×	9.09×	7.82×	8.04×	6.79×	3.65×	5.56×
Cash conversion cycle (days)	94	81	73	81	65	52	40	60