Algonquin Power & Utilities Cor(AQNB)Earnings, Financials & Key Ratios

AQNB•NYSE•Utilities

$26.11

$19.17B mkt cap·174.1× P/E·Price updated May 6, 2026

SectorUtilities IndustryElectric Utilities Sub-IndustryElectric utilities with large renewables arm

AboutAlgonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission. The Renewable Energy Group segment focuses on operating a diversified portfolio of renewable and thermal electric generation assets. The company was founded on August 1, 1988 and is headquartered in Oakville, Canada.Show more

Revenue$2.32B-14.0%
EBITDA$842M+2.5%
Net Income-$1.38B-6894.6%
Free Cash Flow-$391M+1.9%
EBITDA Margin36.29%+19.2%
Net Margin-59.52%-8003.2%
ROE-21.04%-7397.3%
Interest Coverage1.23-1.5%
Debt/Equity1.09-11.6%
Net Debt/EBITDA7.95-23.1%
CapEx / Revenue37.61%-1.1%
CapEx Coverage0.55-9.8%

Analysis→Technical→

AQNB Key Insights

Algonquin Power & Utilities Cor (AQNB) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Trading near 52-week high

✗Weaknesses

✗High leverage: 8.0x Debt/EBITDA
✗Weak interest coverage of 1.2x

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

AQNB Price & Volume

Algonquin Power & Utilities Cor (AQNB) stock price & volume — 10-year historical chart

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AQNB Growth Metrics

Algonquin Power & Utilities Cor (AQNB) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years11.05%

5 Years7.16%

3 Years1.82%

TTM-3.68%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM-1168.44%

EPS CAGR

10 Years-1.81%

5 Years-32.37%

3 Years-27.89%

TTM-52.12%

Return on Capital

10 Years3.63%

5 Years2.92%

3 Years2.73%

Last Year2.77%

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
AESThe AES CorporationDirect Competitor	10.23B	14.34	11.38	-0.37%	8.42%	10.65%	2.54
NINiSource Inc.Direct Competitor	22.72B	47.48	24.35	21.76%	14.1%	8.4%	1.39
PNWPinnacle West Capital CorporationDirect Competitor	12.14B	100.17	19.84	4.2%	11.99%	9.27%	2.52
AVAAvista CorporationDirect Competitor	3.35B	40.58	17.05	1.34%	9.83%	7.25%	1.25
OTTROtter Tail CorporationDirect Competitor	3.73B	88.89	13.57	-1.99%	21.34%	15.21%	0.59
UTLUnitil CorporationDirect Competitor	886.59M	49.28	16.59	8.33%	9.6%	9.41%	1.54
NEENextEra Energy, Inc.Product Competitor	198.92B	95.39	28.99	11%	29.3%	12.66%	1.44
BEPBrookfield Renewable Partners L.P.Product Competitor	10.55B	34.49	-511.72	10.95%	3.3%	0.63%	1.02

Compare AQNB vs Peers

Algonquin Power & Utilities Cor (AQNB) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AES

Most directly comparable listed peer for AQNB.

Scale Benchmark

vs GE

Larger-name benchmark to compare AQNB against a more recognizable public peer.

Peer Set

Compare Top 5

vs AES, NI, PNW, AVA

AQNB Income Statement

Algonquin Power & Utilities Cor (AQNB) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Revenue	822.92M	1.58B	1.55B	1.64B	1.74B	2.2B	2.59B	2.7B	2.32B	2.38B
Revenue Growth %	10.66%	92.48%	-2.13%	5.88%	5.73%	26.63%	18.05%	4%	-14.03%	-3.68%
Cost of Revenue	607.89M	1.15B	1.16B	1.23B	1.3B	1.8B	2.09B	2.15B	1.47B	1.49B
Gross Profit	215.02M▲ 0%	438.23M▲ 103.8%	394.91M▼ 9.9%	413.92M▲ 4.8%	438.45M▲ 5.9%	394.61M▼ 10.0%	507.01M▲ 28.5%	836.51M▲ 65.0%	845.26M▲ 1.0%	885.89M▲ 0%
Gross Margin %	26.13%	27.67%	25.47%	25.22%	25.26%	17.96%	19.54%	31%	36.44%	37.25%
Gross Profit Growth %	31.14%	103.81%	-9.88%	4.81%	5.93%	-10%	28.48%	64.99%	1.05%	-
Operating Expenses	34.56M	51.45M	50.02M	58.12M	66.46M	66.14M	77.05M	369.22M	399.17M	425.22M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA	319.83M	647.32M	592.36M	646.71M	698.15M	816.07M	857.57M	821.37M	841.78M	792.2M
EBITDA Margin %	38.87%	40.87%	38.21%	39.4%	40.23%	37.13%	33.06%	30.44%	36.29%	33.31%
EBITDA Growth %	31.87%	102.4%	-8.49%	9.17%	7.95%	16.89%	5.09%	-4.22%	2.48%	-6.09%
Depreciation & Amortization	139.37M	260.54M	247.47M	290.91M	314.12M	402.96M	455.52M	354.08M	395.69M	331.54M
D&A / Revenue %	16.94%	16.45%	15.96%	17.72%	18.1%	18.34%	17.56%	13.12%	17.06%	13.94%
Operating Income (EBIT)	180.46M▲ 0%	386.78M▲ 114.3%	344.89M▼ 10.8%	355.79M▲ 3.2%	384.03M▲ 7.9%	413.1M▲ 7.6%	402.05M▼ 2.7%	467.29M▲ 16.2%	446.09M▼ 4.5%	460.67M▲ 0%
Operating Margin %	21.93%	24.42%	22.25%	21.68%	22.13%	18.8%	15.5%	17.32%	19.23%	19.37%
Operating Income Growth %	33.99%	114.33%	-10.83%	3.16%	7.93%	7.57%	-2.68%	16.23%	-4.54%	-
Interest Expense	101.43M	167.49M	148.11M	193.16M	205.06M	214.17M	277.91M	375.09M	363.58M	4M
Interest Coverage	1.78x	2.31x	2.33x	1.84x	1.87x	1.93x	1.45x	1.25x	1.23x	-
Interest / Revenue %	12.33%	10.57%	9.55%	11.77%	11.82%	9.75%	10.71%	13.9%	15.67%	0.17%
Non-Operating Income	-1000K	-1000K	-1000K	1000K	1000K	0	-1000K	0	-1000K	-4M
Pretax Income	96.57M▲ 0%	180.41M▲ 86.8%	128.63M▼ 28.7%	614.97M▲ 378.1%	792.41M▲ 28.9%	142.23M▼ 82.1%	-369.67M▼ 359.9%	-62.12M▲ 83.2%	177.18M▲ 385.2%	169.72M▲ 0%
Pretax Margin %	11.74%	11.39%	8.3%	37.47%	45.66%	6.47%	-14.25%	-2.3%	7.64%	7.14%
Income Tax	27.69M	75.98M	50.65M	71.75M	64.58M	43.42M	-59.08M	37.05M	186.8M	186.69M
Effective Tax Rate %	28.67%	42.11%	39.38%	11.67%	8.15%	30.53%	15.98%	-59.66%	105.43%	109.99%
Net Income	97.63M▲ 0%	154.11M▲ 57.9%	175.55M▲ 13.9%	543.23M▲ 209.4%	823.8M▲ 51.6%	262.53M▼ 68.1%	-203.59M▼ 177.5%	20.32M▲ 110.0%	-1.38B▼ 6894.6%	-1.37B▲ 0%
Net Margin %	11.86%	9.73%	11.32%	33.1%	47.47%	11.95%	-7.85%	0.75%	-59.52%	-57.66%
Net Income Growth %	15.44%	57.86%	13.91%	209.44%	51.65%	-68.13%	-177.55%	109.98%	-6894.55%	-1168.44%
EPS (Diluted)	0.36▲ 0%	0.40▲ 11.1%	0.38▼ 5.0%	1.06▲ 178.9%	1.44▲ 35.8%	0.40▼ 72.2%	-0.30▼ 175.0%	0.03▲ 110.0%	0.15▲ 400.0%	-1.78▲ 0%
EPS Growth %	9.09%	11.11%	-5%	178.95%	35.85%	-72.22%	-175%	110%	400%	-52.12%
EPS (Basic)	0.36	0.40	0.38	1.07	1.46	0.41	-0.30	0.03	0.16	-
Diluted Shares Outstanding	274.08M	385.99M	466.05M	504.74M	564.37M	628.95M	677.86M	690.76M	734.05M	772.41M

AQNB Balance Sheet

Algonquin Power & Utilities Cor (AQNB) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Total Assets	6.15B	8.41B	9.4B	10.92B	13.22B	16.77B	17.62B	18.37B	16.96B	13.69B
Asset Growth %	71.18%	36.67%	11.79%	16.2%	21.09%	26.85%	5.04%	4.28%	-7.69%	-60.6%
PP&E (Net)	3.65B	6.31B	6.39B	7.24B	8.24B	11.03B	11.94B	12.45B	9.45B	9.59B
PP&E / Total Assets %	59.28%	75.09%	68.03%	66.3%	62.32%	65.74%	67.76%	67.78%	55.71%	70.03%
Total Current Assets	366.77M	498.99M	491.61M	513.19M	695.2M	937.47M	1.09B	1.07B	1.14B	1.01B
Cash & Equivalents	82.34M	43.54M	46.82M	62.48M	101.61M	124.99M	57.6M	25.05M	34.84M	54.3M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	27.73M	89.6M	95.6M	91.1M	134.65M	177.52M	224.82M	227.13M	223.6M	214.1M
Other Current Assets	55.93M	104.81M	103.46M	100.46M	134.1M	232.08M	283.75M	261.56M	385.31M	206.5M
Long-Term Investments	1.65B	137.56M	1B	1.49B	2.09B	2.36B	1.88B	1.82B	67.76M	1.65B
Goodwill	228.66M	954.73M	954.28M	1.03B	1.21B	1.2B	1.32B	1.32B	1.31B	1.32B
Intangible Assets	48.4M	51.1M	54.99M	47.62M	114.91M	105.12M	96.68M	93.94M	69.14M	69.5M
Other Assets	194.14M	391.01M	429.64M	568.38M	849.13M	1.11B	1.21B	1.53B	4.93B	1.49B
Total Liabilities	4.28B	5.04B	5.36B	6.18B	7.23B	9.08B	10.47B	11.43B	10.78B	8.57B
Total Debt	3.2B	3.1B	3.34B	3.94B	4.55B	6.23B	7.53B	8.55B	6.73B	6.34B
Net Debt	3.12B	3.05B	3.29B	3.88B	4.45B	6.1B	7.47B	8.49B	6.69B	6.29B
Long-Term Debt	3.19B	3.09B	3.32B	3.71B	4.4B	5.85B	7.09B	7.91B	6.22B	6.03B
Short-Term Borrowings	7.51M	12.38M	13.05M	225.01M	139.87M	355.91M	423.08M	636.07M	493.29M	309M
Capital Lease Obligations	0	0	3.44M	9.7M	14.29M	22.48M	21.82M	20.49M	10.69M	17.73M
Total Current Liabilities	407.55M	564.75M	498.98M	872.07M	955.4M	1.36B	1.53B	1.69B	1.5B	926.8M
Accounts Payable	67.55M	120.06M	89.74M	150.34M	192.16M	185.04M	186M	210.41M	164.15M	89.9M
Accrued Expenses	0	0	0	0	0	0	0	0	503.25M	1.75B
Deferred Revenue	29.06M	50.51M	62.61M	73.94M	92.72M	114.39M	125.6M	20.39M	0	0
Other Current Liabilities	303.43M	381.81M	333.58M	422.77M	530.64M	707.52M	799.09M	838.7M	336.72M	155.2M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Liabilities	462.25M	991.78M	1.09B	1.1B	1.3B	1.32B	1.26B	1.25B	3.05B	1.61B
Total Equity	1.88B▲ 0%	3.37B▲ 79.4%	4.04B▲ 20.0%	4.74B▲ 17.3%	5.99B▲ 26.4%	7.69B▲ 28.4%	7.15B▼ 7.0%	6.94B▼ 2.9%	6.18B▼ 11.0%	5.13B▲ 0%
Equity Growth %	12.42%	79.45%	19.99%	17.33%	26.4%	28.41%	-7%	-2.93%	-10.97%	-70.83%
Shareholders Equity	1.43B	2.72B	3.18B	3.88B	5.2B	5.85B	5.22B	5.04B	4.71B	4.68B
Minority Interest	441.29M	644.99M	860.88M	863.32M	785.79M	1.84B	1.94B	1.9B	1.47B	444.2M
Common Stock	1.47B	2.96B	3.56B	4.02B	4.94B	6.02B	6.18B	6.23B	7.39B	7.4B
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-414.62M	-493.11M	-595.26M	-367.11M	45.75M	-288.03M	-997.49M	-1.28B	-2.93B	-2.92B
Accumulated OCI	190.1M	45.35M	-19.39M	-9.76M	-22.51M	-71.58M	-159.99M	-102.29M	62.18M	12.7M
Return on Assets (ROA)	2%	2.12%	1.97%	5.35%	6.82%	1.75%	-1.18%	0.11%	-7.81%	-10.01%
Return on Equity (ROE)	5.51%	5.88%	4.74%	12.38%	15.36%	3.84%	-2.74%	0.29%	-21.04%	-26.75%
Debt / Equity	1.71x	0.92x	0.83x	0.83x	0.76x	0.81x	1.05x	1.23x	1.09x	1.09x
Debt / Assets	52%	36.85%	35.54%	36.09%	34.43%	37.11%	42.74%	46.54%	39.67%	46.31%
Net Debt / EBITDA	9.74x	4.72x	5.56x	6.00x	6.38x	7.48x	8.71x	10.34x	7.95x	7.95x
Book Value per Share	6.84	8.72	8.67	9.39	10.61	12.23	10.55	10.05	8.42	6.64

AQNB Cash Flow Statement

Algonquin Power & Utilities Cor (AQNB) cash flow — operating, investing & free cash flow history

Line item	Dec'16	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	TTM
Cash from Operations	214.69M	365.37M	503.31M	625.47M	505.22M	157.47M	619.1M	628.03M	481.72M	481.72M
Operating CF Growth %	13.28%	70.19%	37.75%	24.27%	-19.23%	-68.83%	293.16%	1.44%	-23.3%	-162.94%
Operating CF / Revenue %	26.09%	23.07%	32.47%	38.11%	29.11%	7.17%	23.86%	23.28%	20.77%	20.26%
Net Income	97.63M	154.11M	175.55M	172.1M	504.19M	264.86M	-74.5M	29.2M	-1.38B	-1.37B
Depreciation & Amortization	139.37M	260.54M	247.47M	290.91M	314.12M	402.96M	455.52M	467M	395.69M	331.54M
Deferred Taxes	21.38M	68.07M	39.88M	54.93M	0	-50.22M	-66.61M	0	0	0
Other Non-Cash Items	203.32M	495.21M	568.21M	34.78M	-256.16M	48.89M	506.6M	227.43M	1.54B	1.56B
Working Capital Changes	2.76M	-59.08M	-7.71M	61.7M	-81.57M	-517.43M	-212.84M	-106.89M	-91.37M	-99.36M
Capital Expenditures	-2.16B	-597.9M	-1.06B	-1.25B	-850.1M	-1.38B	-1.79B	-1.03B	-872.42M	2.15B
CapEx / Revenue %	262.37%	37.75%	68.64%	76.08%	48.98%	62.62%	68.94%	38.03%	37.61%	90.53%
CapEx / D&A	15.49x	2.29x	4.30x	4.29x	2.71x	3.42x	3.93x	2.20x	2.20x	6.49x
CapEx Coverage (OCF/CapEx)	0.10x	0.61x	0.47x	0.50x	0.59x	0.11x	0.35x	0.61x	0.55x	0.22x
Cash from Investing	-2.16B	-603.97M	-1.06B	-1.25B	-1.23B	-1.8B	-1.79B	-1.1B	132.74M	2.14B
Acquisitions	-322.66M	-1.55B	319.83M	-209.46M	-416.16M	1.12B	-341.59M	110.02M	0	0
Purchase of Investments	-1.76B	-65.8M	-953.82M	-685.4M	-293.94M	-616.84M	-212.51M	-248.21M	0	0
Sale of Investments	0	1000K	1000K	1000K	0	218.06K	1000K	1000K	0	0
Other Investing	222.71M	12.97M	17.03M	256.96M	330.3M	-925.78M	-165.76M	56.78M	1.01B	3B
Cash from Financing	1.94B	197.24M	567.34M	644.28M	766.86M	1.67B	1.11B	442.81M	-556.41M	-2.64B
Dividends Paid	-95.85M	-144.14M	-165.52M	-209.64M	-276.01M	-313.34M	-371.97M	-336.89M	-295.55M	-245.4M
Dividend Payout Ratio %	98.18%	93.53%	94.28%	38.59%	33.5%	119.35%	-	1658.09%	-	-
Debt Issuance (Net)	0	0	0	0	1000K	-1000K	1000K	1000K	-1000K	-2M
Stock Issued	14.9M	454.44M	454.02M	370.79M	0	976.95M	41.82M	5.32M	0	0
Share Repurchases	-3.89M	-3.31M	-2.09M	-5.28M	-5.27M	-3.37M	-4.67M	-2.43M	-3.48M	-1.23M
Other Financing	2.03B	357.18M	732.86M	853.92M	736.93M	2.05B	190.46M	45.98M	1.05B	154.02M
Net Change in Cash	-7.62M▲ 0%	-38.8M▼ 409.0%	3.28M▲ 108.5%	15.67M▲ 377.4%	42.75M▲ 172.9%	31.37M▼ 26.6%	-60.2M▼ 291.9%	-25.05M▲ 58.4%	54.95M▲ 319.4%	-64.9M▲ 0%
Exchange Rate Effect	-1000K	598K	-606K	1000K	573K	-1000K	-1000K	-267K	-1000K	1.4M
Cash at Beginning	89.96M	82.34M	43.54M	46.82M	62.48M	101.61M	124.99M	101.19M	76.14M	90.5M
Cash at End	82.34M	43.54M	46.82M	62.48M	101.61M	124.99M	57.6M	76.14M	131.09M	82.6M
Free Cash Flow	-1.94B▲ 0%	-232.53M▲ 88.0%	-560.74M▼ 141.1%	-623.34M▼ 11.2%	-318.2M▲ 49.0%	-1.22B▼ 283.4%	-1.17B▲ 4.2%	-398.14M▲ 66.0%	-390.7M▲ 1.9%	2.59B▲ 0%
FCF Growth %	-5509.88%	88.04%	-141.15%	-11.16%	48.95%	-283.43%	4.16%	65.95%	1.87%	862.62%
FCF Margin %	-236.28%	-14.68%	-36.17%	-37.98%	-18.33%	-55.52%	-45.07%	-14.76%	-16.84%	108.97%
FCF / Net Income %	-1991.62%	-150.88%	-319.41%	-114.75%	-38.63%	-464.73%	574.35%	-1959.53%	28.3%	-188.99%

AQNB Key Ratios

Algonquin Power & Utilities Cor (AQNB) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	TTM
Return on Equity (ROE)	5.51%	5.88%	4.74%	12.38%	15.36%	3.84%	-2.74%	0.29%	-21.04%	-26.75%
EBITDA Margin	38.87%	40.87%	38.21%	39.4%	40.23%	37.13%	33.06%	30.44%	36.29%	33.31%
Net Debt / EBITDA	9.74x	4.72x	5.56x	6.00x	6.38x	7.48x	8.71x	10.34x	7.95x	7.95x
Interest Coverage	1.78x	2.31x	2.33x	1.84x	1.87x	1.93x	1.45x	1.25x	1.23x	-
CapEx / Revenue	262.37%	37.75%	68.64%	76.08%	48.98%	62.62%	68.94%	38.03%	37.61%	90.53%
Dividend Payout Ratio	98.18%	93.53%	94.28%	38.59%	33.5%	119.35%	-	1658.09%	-	-17.9%
Debt / Equity	1.71x	0.92x	0.83x	0.83x	0.76x	0.81x	1.05x	1.23x	1.09x	1.09x
EPS Growth	9.09%	11.11%	-5%	178.95%	35.85%	-72.22%	-175%	110%	400%	-52.12%

AQNB Frequently Asked Questions

Algonquin Power & Utilities Cor (AQNB) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Algonquin Power & Utilities Cor (AQNB) reported $2.38B in revenue for fiscal year 2024. This represents a 274% increase from $635.7M in 2013.

Algonquin Power & Utilities Cor (AQNB) saw revenue decline by 14.0% over the past year.

Algonquin Power & Utilities Cor (AQNB) reported a net loss of $1.37B for fiscal year 2024.

Dividend & Returns

Yes, Algonquin Power & Utilities Cor (AQNB) pays a dividend with a yield of 1.54%. This makes it attractive for income-focused investors.

Algonquin Power & Utilities Cor (AQNB) has a return on equity (ROE) of -21.0%. Negative ROE indicates the company is unprofitable.

Algonquin Power & Utilities Cor (AQNB) generated $2.59B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Algonquin Power & Utilities Cor (AQNB) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

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Algonquin Power & Utilities Cor (AQNB) financial analysis — history, returns, DCA and operating performance tools

Full AQNB Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

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Dividend History

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Earnings History

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Price History

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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