AQN
Algonquin Power & Utilities Corp.
Renewable Utilities
Market Cap$4.86B
5Y Perf.-54.8%
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Stock Comparison
AQN vs NWE
Revenue, margins, valuation, and 5-year total return — side by side.
NWE
Northwestern Energy Group Inc
Diversified Utilities
Market Cap$4.37B
5Y Perf.+18.2%
AQN vs NWE — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | AQN | NWE |
|---|---|---|
| Industry | Renewable Utilities | Diversified Utilities |
| Market Cap | $4.86B | $4.37B |
| Revenue (TTM) | $2.39B | $1.64B |
| Net Income (TTM) | $-27M | $168M |
| Gross Margin | 65.0% | 61.9% |
| Operating Margin | 20.9% | 19.2% |
| Forward P/E | 17.5x | 18.9x |
| Total Debt | $6.70B | $3.29B |
| Cash & Equiv. | $35M | $9M |
AQN vs NWE — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
AQN
NWE
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Algonquin Power & U… (AQN) | 100 | 45.2 | -54.8% |
| Northwestern Energy… (NWE) | 100 | 118.2 | +18.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: AQN vs NWE
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: NWE leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Algonquin Power & Utilities Corp. is the stronger pick specifically for valuation and capital efficiency and dividend income and shareholder returns. As sector peers, any of these can serve as alternatives in the same allocation.
AQN
Algonquin Power & Utilities Corp.
The Defensive Pick
AQN is the clearest fit if your priority is sleep-well-at-night and defensive.
- Lower volatility, beta 0.35, current ratio 0.76x
- Beta 0.35, yield 5.9%, current ratio 0.76x
- Lower P/E (17.5x vs 18.9x)
Best for: sleep-well-at-night and defensive
NWE
Northwestern Energy Group Inc
The Income Pick
NWE carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 20 yrs, beta 0.24, yield 3.7%
- Rev growth 6.4%, EPS growth -19.5%, 3Y rev CAGR 2.9%
- 63.9% 10Y total return vs AQN's 31.8%
Best for: income & stability and growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | NWE | 6.4% revenue growth vs AQN's -3.5% |
| Value | AQN | Lower P/E (17.5x vs 18.9x) |
| Quality / Margins | NWE | 10.2% margin vs AQN's -1.1% |
| Stability / Safety | NWE | Beta 0.24 vs AQN's 0.35 |
| Dividends | AQN | 5.9% yield, vs NWE's 3.7% |
| Momentum (1Y) | NWE | +27.0% vs AQN's +20.0% |
| Efficiency (ROA) | NWE | 2.0% ROA vs AQN's -0.2%, ROIC 4.0% vs 2.5% |
AQN vs NWE — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2022
FY 2025
AQN vs NWE — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLNWELAGGINGAQN
AQNAlgonquin Power & Uti…
2leads
NWENorthwestern Energy G…
3leads
6 Total Categories
CATEGORYLEADERvs AQNMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
AQN4/6
Valuation MetricsMultiples, price ratios, and targets
AQN5/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
NWE7/9
Total Returns1Y, 3Y, 5Y total returns with dividends
NWE6/6
Risk & VolatilityBeta, volatility, and downside exposure
NWE2/2
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
AQN leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
AQN and NWE operate at a comparable scale, with $2.4B and $1.6B in trailing revenue. NWE is the more profitable business, keeping 10.2% of every revenue dollar as net income compared to AQN's -1.1%. On growth, NWE holds the edge at +6.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | AQNAlgonquin Power &… | NWENorthwestern Ener… |
|---|---|---|
| RevenueTrailing 12 months | $2.4B | $1.6B |
| EBITDAEarnings before interest/tax | $815M | $569M |
| Net IncomeAfter-tax profit | -$27M | $168M |
| Free Cash FlowCash after capex | $2.6B | -$148M |
| Gross MarginGross profit ÷ Revenue | +65.0% | +61.9% |
| Operating MarginEBIT ÷ Revenue | +20.9% | +19.2% |
| Net MarginNet income ÷ Revenue | -1.1% | +10.2% |
| FCF MarginFCF ÷ Revenue | +109.1% | -9.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +1.7% | +6.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +102.7% | -17.6% |
AQN leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
AQN leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
On an enterprise value basis, AQN's 12.5x EV/EBITDA is more attractive than NWE's 13.3x.
| Metric | AQNAlgonquin Power &… | NWENorthwestern Ener… |
|---|---|---|
| Market CapShares × price | $4.9B | $4.4B |
| Enterprise ValueMkt cap + debt − cash | $11.5B | $7.7B |
| Trailing P/EPrice ÷ TTM EPS | -3.50x | 24.18x |
| Forward P/EPrice ÷ next-FY EPS est. | 17.53x | 18.95x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 12.49x | 13.30x |
| Price / SalesMarket cap ÷ Revenue | 2.10x | 2.71x |
| Price / BookPrice ÷ Book value/share | 0.75x | 1.51x |
| Price / FCFMarket cap ÷ FCF | — | — |
AQN leads this category, winning 5 of 5 comparable metrics.
Profitability & Efficiency
NWE leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
NWE delivers a 5.8% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-0 for AQN. AQN carries lower financial leverage with a 1.08x debt-to-equity ratio, signaling a more conservative balance sheet compared to NWE's 1.14x. On the Piotroski fundamental quality scale (0–9), AQN scores 6/9 vs NWE's 5/9, reflecting solid financial health.
| Metric | AQNAlgonquin Power &… | NWENorthwestern Ener… |
|---|---|---|
| ROE (TTM)Return on equity | -0.5% | +5.8% |
| ROA (TTM)Return on assets | -0.2% | +2.0% |
| ROICReturn on invested capital | +2.5% | +4.0% |
| ROCEReturn on capital employed | +2.8% | +4.4% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 1.08x | 1.14x |
| Net DebtTotal debt minus cash | $6.7B | $3.3B |
| Cash & Equiv.Liquid assets | $35M | $9M |
| Total DebtShort + long-term debt | $6.7B | $3.3B |
| Interest CoverageEBIT ÷ Interest expense | 1.29x | 2.25x |
NWE leads this category, winning 7 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
NWE leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in NWE five years ago would be worth $12,256 today (with dividends reinvested), compared to $5,649 for AQN. Over the past 12 months, NWE leads with a +27.0% total return vs AQN's +20.0%. The 3-year compound annual growth rate (CAGR) favors NWE at 9.8% vs AQN's -5.8% — a key indicator of consistent wealth creation.
| Metric | AQNAlgonquin Power &… | NWENorthwestern Ener… |
|---|---|---|
| YTD ReturnYear-to-date | +4.5% | +10.8% |
| 1-Year ReturnPast 12 months | +20.0% | +27.0% |
| 3-Year ReturnCumulative with dividends | -16.3% | +32.4% |
| 5-Year ReturnCumulative with dividends | -43.5% | +22.6% |
| 10-Year ReturnCumulative with dividends | +31.8% | +63.9% |
| CAGR (3Y)Annualised 3-year return | -5.8% | +9.8% |
NWE leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
NWE leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
NWE is the less volatile stock with a 0.24 beta — it tends to amplify market swings less than AQN's 0.35 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NWE currently trades 94.5% from its 52-week high vs AQN's 89.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | AQNAlgonquin Power &… | NWENorthwestern Ener… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.35x | 0.24x |
| 52-Week HighHighest price in past year | $7.11 | $75.18 |
| 52-Week LowLowest price in past year | $5.32 | $50.46 |
| % of 52W HighCurrent price vs 52-week peak | +89.0% | +94.5% |
| RSI (14)Momentum oscillator 0–100 | 51.7 | 51.4 |
| Avg Volume (50D)Average daily shares traded | 4.1M | 459K |
NWE leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Evenly matched — AQN and NWE each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates AQN as "Hold" and NWE as "Hold". Consensus price targets imply 7.3% upside for AQN (target: $7) vs -6.7% for NWE (target: $66). For income investors, AQN offers the higher dividend yield at 5.86% vs NWE's 3.70%.
| Metric | AQNAlgonquin Power &… | NWENorthwestern Ener… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $6.79 | $66.33 |
| # AnalystsCovering analysts | 13 | 18 |
| Dividend YieldAnnual dividend ÷ price | +5.9% | +3.7% |
| Dividend StreakConsecutive years of raises | 0 | 20 |
| Dividend / ShareAnnual DPS | $0.37 | $2.63 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Evenly matched — AQN and NWE each lead in 1 of 2 comparable metrics.
Key Takeaway
NWE leads in 3 of 6 categories (Profitability & Efficiency, Total Returns). AQN leads in 2 (Income & Cash Flow, Valuation Metrics). 1 tied.
Best OverallNorthwestern Energy Group I… (NWE)Leads 3 of 6 categories
Loading custom metrics...
AQN vs NWE: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is AQN or NWE a better buy right now?
For growth investors, Northwestern Energy Group Inc (NWE) is the stronger pick with 6.
4% revenue growth year-over-year, versus -3. 5% for Algonquin Power & Utilities Corp. (AQN). Northwestern Energy Group Inc (NWE) offers the better valuation at 24. 2x trailing P/E (18. 9x forward), making it the more compelling value choice. Analysts rate Algonquin Power & Utilities Corp. (AQN) a "Hold" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — AQN or NWE?
On forward P/E, Algonquin Power & Utilities Corp.
is actually cheaper at 17. 5x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — AQN or NWE?
Over the past 5 years, Northwestern Energy Group Inc (NWE) delivered a total return of +22.
6%, compared to -43. 5% for Algonquin Power & Utilities Corp. (AQN). Over 10 years, the gap is even starker: NWE returned +63. 9% versus AQN's +31. 8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — AQN or NWE?
By beta (market sensitivity over 5 years), Northwestern Energy Group Inc (NWE) is the lower-risk stock at 0.
24β versus Algonquin Power & Utilities Corp. 's 0. 35β — meaning AQN is approximately 47% more volatile than NWE relative to the S&P 500. On balance sheet safety, Algonquin Power & Utilities Corp. (AQN) carries a lower debt/equity ratio of 108% versus 114% for Northwestern Energy Group Inc — giving it more financial flexibility in a downturn.
05Which is growing faster — AQN or NWE?
By revenue growth (latest reported year), Northwestern Energy Group Inc (NWE) is pulling ahead at 6.
4% versus -3. 5% for Algonquin Power & Utilities Corp. (AQN). On earnings-per-share growth, the picture is similar: Northwestern Energy Group Inc grew EPS -19. 5% year-over-year, compared to -61. 3% for Algonquin Power & Utilities Corp.. Over a 3-year CAGR, NWE leads at 2. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — AQN or NWE?
Northwestern Energy Group Inc (NWE) is the more profitable company, earning 11.
2% net margin versus -59. 5% for Algonquin Power & Utilities Corp. — meaning it keeps 11. 2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NWE leads at 20. 2% versus 19. 2% for AQN. At the gross margin level — before operating expenses — NWE leads at 82. 3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is AQN or NWE more undervalued right now?
On forward earnings alone, Algonquin Power & Utilities Corp.
(AQN) trades at 17. 5x forward P/E versus 18. 9x for Northwestern Energy Group Inc — 1. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for AQN: 7. 3% to $6. 79.
08Which pays a better dividend — AQN or NWE?
All stocks in this comparison pay dividends.
Algonquin Power & Utilities Corp. (AQN) offers the highest yield at 5. 9%, versus 3. 7% for Northwestern Energy Group Inc (NWE).
09Is AQN or NWE better for a retirement portfolio?
For long-horizon retirement investors, Northwestern Energy Group Inc (NWE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.
24), 3. 7% yield). Both have compounded well over 10 years (NWE: +63. 9%, AQN: +31. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between AQN and NWE?
Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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