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Canadian power generator operating natural-gas, wind and solar plants across Canada and the US, selling electricity under contracts and into merchant markets.
Canadian power generator operating natural-gas, wind and solar plants across Canada and the US, selling electricity under contracts and into merchant markets.
Earns from plants sold under long-term contracts at set prices and from the rest sold into open markets, notably Alberta's, where prices swing hourly. Spun out of Edmonton's utility EPCOR in 2009, it has expanded into the US with gas and renewable plants.
In one line: A mid-cap Canadian NRG Energy.
Moat: none (installed base). Merchant-exposed power generator; limited pricing power beyond existing contracted capacity.
Headquarters: Edmonton, Alberta, Canada · Founded: 2009 · Employees: 731
Size Capital Power (CPX.TO) is a Canada Utilities company (Electric Utilities) with a market value of $7.13B, the 95th largest of 420 Canada companies the cockpit tracks. Shares closed at C$63.61 on 6 Nov 2026.
Performance Over six months the shares fell 3.8%, against -2.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 25.2% over the last twelve months (peer median +8.0%); the operating margin is 10.1% (peer median 14.7%).
Valuation It trades at 19.5× forward earnings against a peer median of 15.2× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points below its cost of capital (5.2% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.77B | C$3.32B | C$2.95B | C$4.00B | C$4.50B |
| Revenue growth | — | +13% | -26% | -11% | — |
| Gross profit | C$613M | -C$10.0M | C$15.0M | C$630M | C$1.53B |
| EBITDA | C$1.11B | C$380M | C$339M | C$1.06B | C$1.94B |
| Net income | C$25.0M | C$160M | C$699M | C$744M | C$138M |
| Free cash flow | C$148M | C$47.0M | C$5.00M | C$45.0M | C$217M |
| Capital expenditure | C$930M | C$864M | C$1.07B | C$723M | C$682M |
| Total debt | C$6.97B | C$6.88B | C$5.11B | C$4.86B | C$3.88B |
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 |
|---|---|---|---|---|---|---|
| Capital Power CPX.TO | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% |
| TransAlta TA.TO | $4.15B | +5% | -12% | 8% | 49.9× | 21.9% |
| Emera EMA.TO | $15.7B | 0% | +11% | 19% | 20.2× | n/a |
| Northland Power NPI.TO | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% |
| NRG Energy NRG | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% |
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 | CPX.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.1% | +0.3% | 7th lowest of 21 |
| 6-month return | -3.8% | -2.2% | 9th lowest of 21 |
| Distance from 52-week high | -17.4% | -16.4% | 10th lowest of 21 |
| Revenue growth (TTM) | +25.2% | +8.0% | 4th highest of 21 |
| Operating margin | 10.1% | 14.7% | 4th lowest of 21 |
| Forward P/E | 19.5× | 15.2× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 18.9% | -1.0% | most demanding of 13 |
| Growth delivered (Del g) | +11.8% | +7.1% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | +7.1 pp | -8.6 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -2.8 pp | -0.2 pp | 5th lowest of 21 |
| EV / EBITDA | 15.1× | 11.7× | 5th most expensive of 16 |
| Net debt / EBITDA | 6.1× | 4.7× | 4th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| HK Electric Investments & HK Electric Investments 2638.HK | Hong Kong | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% | +3.1% |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| Torrent Power TORNTPOWER.NS | India | $6.78B | -26% | +8% | 13% | 23.3× | n/a | n/a |
| Shenergy 600642.SS | China | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% | +7.2% |
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | United States | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% | +9.4% |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| TXNM Energy TXNM | United States | $6.41B | -1% | +10% | 24% | 22.5× | n/a | n/a |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| ATCO ACO-X.TO | Canada | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% | +5.5% |
| YTL 1773.T | Japan | $6.14B | +1% | +19% | 19% | 12.5× | n/a | n/a |
| Hera HER.MI | Italy | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% | +12.6% |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
| Huadian Power International 600027.SS | China | $8.61B | +3% | -7% | 6% | 13.2× | -0.4% | +6.3% |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |