Northland Power Inc. (NPI.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

+149.6%

CA$54.08

vs CA$21.67 price

Levered DCF

CA$33.01

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.5

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	-28.79×	17.38×	-33.39×	10.73×	30.85×	24.55×	10.84×	14.28×
P/B	1.15×	1.1×	1.45×	2×	3.01×	5.06×	4.61×	3.7×
P/S	1.92×	1.96×	2.71×	3.58×	3.97×	4.41×	2.96×	2.55×
EV / EBITDA	12.12×	7.47×	9.12×	8.7×	11.15×	11.88×	10.03×	10.19×
Gross margin	39.8%	100.0%	72.3%	74.6%	74.1%	75.6%	80.1%	78.1%
Operating margin	32.3%	34.6%	25.8%	42.9%	67.6%	43.7%	49.0%	47.1%
Net margin	-6.7%	11.6%	-7.8%	33.8%	9.1%	18.5%	19.3%	17.9%
Current ratio	1.07×	1.05×	1.13×	1.23×	1.01×	1.02×	0.91×	1.35×
Debt / equity	1.77×	1.78×	1.78×	1.63×	2.95×	4.6×	7.32×	7.39×
Interest coverage	2.28×	2.14×	1.68×	3.16×	4.14×	2.46×	2.46×	2.18×
Dividend yield	6.3%	4.5%	3.5%	2.4%	2.2%	2.6%	4.7%	4.4%
Payout ratio	-179.1%	76.0%	-120.5%	25.1%	96.8%	60.8%	71.1%	63.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.0%	6.5%	-4.2%	18.8%	6.9%	21.3%	30.2%	26.0%
Return on invested capital	4.4%	4.1%	4.4%	6.1%	7.4%	6.6%	7.0%	6.0%
Return on assets	-1.2%	2.0%	-1.3%	5.8%	1.5%	3.3%	3.1%	2.7%
Free cash flow yield	20.9%	2.8%	0.3%	11.9%	10.3%	8.7%	3.5%	10.7%
Earnings yield	-3.5%	5.9%	-2.9%	9.4%	2.3%	4.2%	6.5%	7.0%
Enterprise value	CA$11.2B	CA$11.4B	CA$12.8B	CA$14.5B	CA$15.8B	CA$16.9B	CA$12.4B	CA$11.6B
Net debt / EBITDA	7.05×	4.46×	4.78×	3.43×	5.28×	5.5×	6.07×	6.71×
Cash conversion cycle (days)	5	43	-46	-46	-242	-95	-115	-127