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Independent power producer developing and operating offshore wind farms (mainly Europe/Asia) plus onshore renewable and gas power assets.
Independent power producer developing and operating offshore wind farms (mainly Europe/Asia) plus onshore renewable and gas power assets.
Sells nearly all its output under long-term power contracts or government-set tariffs, which fix revenue for many years, and finances each wind farm with project-level debt, so results are tied to interest rates and construction schedules. Offshore wind farms in the Netherlands and Germany are running, while projects in Taiwan and Poland are being built.
In one line: An offshore-wind-focused independent power producer.
Moat: narrow (installed base, regulatory licence). Offshore wind development expertise and secured seabed/grid rights are scarce and slow for new entrants to obtain.
Headquarters: Toronto, Canada · Founded: 1987 · Employees: 1,139
Size Northland Power (NPI.TO) is a Canada Utilities company (Electric Utilities) with a market value of $4.22B, the 133rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$22.64 on 6 Nov 2026.
Performance Over six months the shares fell 3.7%, against -8.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 15.4% over the last twelve months (peer median +2.3%); the operating margin is 34.2% (peer median 9.9%).
Valuation It trades at 14.3× forward earnings against a peer median of 10.9× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points above its cost of capital (5.2% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$2.56B | C$2.43B | C$2.35B | C$2.23B | C$2.45B |
| Revenue growth | — | +4% | +5% | -9% | — |
| Gross profit | C$1.07B | C$968M | C$1.01B | C$1.36B | C$1.55B |
| EBITDA | C$1.60B | C$1.51B | C$1.52B | C$1.38B | C$1.67B |
| Net income | -C$141M | -C$163M | C$272M | -C$175M | C$828M |
| Free cash flow | C$824M | C$977M | C$131M | C$18.3M | C$1.04B |
| Capital expenditure | C$205M | C$164M | C$552M | C$442M | C$453M |
| Total debt | C$6.73B | C$7.03B | C$7.38B | C$7.38B | C$7.17B |
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 |
|---|---|---|---|---|---|---|
| Northland Power NPI.TO | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% |
| Orsted ORSTED.CO | $29.5B | -8% | +15% | 2% | 20.4× | n/a |
| Rwe RWE.DE | $50.4B | +2% | -34% | 0% | 18.6× | n/a |
| Brookfield Renewable BEPC | $4.79B | -13% | +6% | 19% | 249.6× | n/a |
| Sse SSE.L | $43.2B | +7% | +1% | 19% | 14.2× | n/a |
| Boralex BLX.TO | n/a | +35% | n/a | n/a | n/a | n/a |
| 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% |
| Iberdrola IBE.MC | $168B | +16% | +1% | 21% | 21.9× | 11.4% |
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 | NPI.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.6% | -0.7% | 8th highest of 21 |
| 6-month return | -3.7% | -8.7% | 8th highest of 21 |
| Distance from 52-week high | -12.2% | -26.8% | 2nd highest of 21 |
| Revenue growth (TTM) | +15.4% | +2.3% | 3rd highest of 21 |
| Operating margin | 34.2% | 9.9% | highest of 20 |
| Forward P/E | 14.3× | 10.9× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -1.7% | 2.7% | 2nd least demanding of 11 |
| Growth delivered (Del g) | +3.4% | +9.4% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | -5.1 pp | -2.9 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | +0.6 pp | -1.7 pp | 5th highest of 20 |
| EV / EBITDA | 7.8× | 11.7× | 5th cheapest of 12 |
| Net debt / EBITDA | 3.8× | 6.1× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Tokyo Elec Power Co Hldgs 9501.T | Japan | $4.17B | -31% | -2% | 1% | 3.7× | n/a | n/a |
| 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% |
| TransAlta TA.TO | Canada | $4.15B | +5% | -12% | 8% | 49.9× | 21.9% | +4.1% |
| Electric Power Development 9513.T | Japan | $4.39B | +2% | +4% | 10% | 8.2× | 4.5% | +5.4% |
| TAURON Polska Energia TPE.WA | Poland | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% | +10.4% |
| 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% |
| 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% |
| Shaanxi Energy Investment 001286.SZ | China | $4.68B | -16% | +4% | 24% | 12.9× | -9.2% | +18.6% |
| Pampa Energia SA Sponsored ADR PAM | United States | $3.78B | -19% | +29% | 21% | 7.4× | n/a | n/a |
| Brookfield Renewable BEPC | United States | $4.79B | -13% | +6% | 19% | 249.6× | n/a | n/a |
| Guangdong Electric Power Development 000539.SZ | China | $3.64B | -21% | +8% | -1% | n/a | 9.8% | +8.9% |
| 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 |
| Guangzhou Development 600098.SS | China | $3.56B | -3% | +4% | 4% | 14.9× | -1.0% | +9.9% |
| Iren IRE.MI | Italy | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% | +12.0% |