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North American utility and renewable power generator, owning regulated water/electric/gas utilities plus wind, solar and hydro generation assets.
North American utility and renewable power generator, owning regulated water/electric/gas utilities plus wind, solar and hydro generation assets.
Utility earnings come from rates approved by regulators in the US states where Liberty Utilities operates, while renewable plants sell power under contracts of fixed price and length. Headquartered in Oakville, Ontario, it announced in 2023 a plan to focus on regulated utilities and reduce debt.
In one line: A regulated utility plus renewable IPP hybrid like a smaller AES Corporation.
Moat: narrow (regulatory licence, installed base). Regulated utility franchises provide stable, government-protected returns, though renewable assets face merchant/PPA competition.
Headquarters: Oakville, Canada · Founded: 1988 · Employees: 3,233
Size Algonquin Power & Utilities (AQN.TO) is a Canada Utilities company (Electric Utilities) with a market value of $4.29B, the 131st largest of 420 Canada companies the cockpit tracks. Shares closed at C$7.80 on 6 Nov 2026.
Performance Over six months the shares fell 8.9%, against -6.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 5.6% over the last twelve months (peer median +2.3%); the operating margin is 19.9% (peer median 10.5%).
Valuation It trades at 14.2× forward earnings against a peer median of 11.1× (6th most expensive of 19).
Capital Return on invested capital runs 2.7 points below its cost of capital (5.8% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.48B | C$3.36B | C$3.14B | C$3.20B | C$3.52B |
| Revenue growth | — | +7% | -2% | -9% | — |
| Gross profit | C$693M | C$807M | C$670M | C$705M | C$687M |
| EBITDA | C$1.26B | C$1.25B | C$1.12B | C$1.08B | C$1.18B |
| Net income | C$206M | C$254M | -C$1.89B | C$38.7M | -C$276M |
| Free cash flow | -C$81.8M | -C$249M | -C$535M | -C$537M | -C$612M |
| Capital expenditure | C$923M | C$1.10B | C$1.21B | C$1.40B | C$1.45B |
| Total debt | C$9.41B | C$8.97B | C$9.65B | C$9.90B | C$10.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Algonquin Power & Utilities AQN.TO | $4.29B | -9% | +6% | 20% | 14.2× | n/a |
| AES AES | $10.6B | +4% | +12% | 20% | 6.8× | n/a |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
| Northland Power NPI.TO | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AQN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | -1.0% | 4th highest of 21 |
| 6-month return | -8.9% | -6.9% | 10th lowest of 21 |
| Distance from 52-week high | -19.5% | -28.5% | 8th highest of 21 |
| Revenue growth (TTM) | +5.6% | +2.3% | 8th highest of 21 |
| Operating margin | 19.9% | 10.5% | 5th highest of 20 |
| Forward P/E | 14.2× | 11.1× | 6th most expensive of 19 |
| ROIC minus cost of capital | -2.7 pp | -1.4 pp | 6th lowest of 20 |
| EV / EBITDA | 12.8× | 11.7× | 5th most expensive of 12 |
| Net debt / EBITDA | 7.4× | 6.1× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Algonquin Power & Utilities AQN.TO | Canada | $4.29B | -9% | +6% | 20% | 14.2× | n/a | n/a |
| China Power International Development 2380.HK | Hong Kong | $4.29B | -20% | -5% | 20% | 13.6× | n/a | n/a |
| Jiangsu Guoxin 002608.SZ | China | $4.30B | -1% | +7% | 5% | 12.6× | -0.7% | +10.5% |
| Northland Power NPI.TO | Canada | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% | +3.4% |
| AGL Energy AGL.AX | Australia | $4.21B | -3% | -6% | 11% | 10.5× | n/a | n/a |
| Electric Power Development 9513.T | Japan | $4.39B | +2% | +4% | 10% | 8.2× | 4.5% | +5.4% |
| Tokyo Elec Power Co Hldgs 9501.T | Japan | $4.17B | -31% | -2% | 1% | 3.7× | n/a | n/a |
| TransAlta TA.TO | Canada | $4.15B | +5% | -12% | 8% | 49.9× | 21.9% | +4.1% |
| Shenzhen Energy 000027.SZ | China | $4.49B | -8% | +4% | 13% | 11.2× | n/a | n/a |
| Wintime Energy 600157.SS | China | $4.55B | -21% | -9% | 7% | 104.2× | 0.8% | +1.4% |
| TAURON Polska Energia TPE.WA | Poland | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% | +10.4% |
| Shaanxi Energy Investment 001286.SZ | China | $4.68B | -16% | +4% | 24% | 12.9× | -9.2% | +18.6% |
| Tohoku Electric Power 9506.T | Japan | $3.89B | +13% | +17% | 3% | 4.9× | n/a | n/a |
| Drax DRX.L | United Kingdom | $3.88B | 0% | -8% | 9% | 10.4× | -0.2% | +4.8% |
| Brookfield Renewable BEPC | United States | $4.79B | -13% | +6% | 19% | 249.6× | n/a | n/a |
| Pampa Energia SA Sponsored ADR PAM | United States | $3.78B | -19% | +29% | 21% | 7.4× | n/a | n/a |
| Shanghai Electric Power 600021.SS | China | $4.98B | -31% | -6% | 13% | 8.9× | n/a | n/a |
| Huadian Energy 600726.SS | China | $5.01B | -33% | -7% | 10% | n/a | n/a | n/a |
| Guangdong Electric Power Development 000539.SZ | China | $3.64B | -21% | +8% | -1% | n/a | 9.8% | +8.9% |
| Beijing Jingneng Power 600578.SS | China | $5.06B | +3% | -6% | 11% | 11.0× | -2.8% | +12.2% |
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |